Total |
| Lazard International Equity Advantage Portfolio
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Lazard
International Equity Advantage Portfolio
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| Investment
Objective
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The Portfolio seeks long-term
capital appreciation.
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| Fees
and Expenses
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This table describes the
fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio, a series of The Lazard Funds, Inc. (the “Fund”).
You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table
and the Example below.
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| Annual
Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
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| Example
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This Example is intended to help you compare
the cost of investing in the Portfolio with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000
in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also
assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect
to the expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your
costs would be:
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Expense Example - Lazard International Equity Advantage Portfolio - USD ($)
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Institutional |
Open |
R6 |
| 1 Year |
$ 82
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$ 107
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$ 77
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| 3 Years |
1,253
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1,290
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1,249
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| 5 Years |
2,410
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2,455
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2,406
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| 10 Years |
$ 5,235
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$ 5,295
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$ 5,232
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| Portfolio
Turnover
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The Portfolio pays transaction
costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover
rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs,
which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance. During the
most recent fiscal year, the Portfolio’s portfolio turnover rate was 88%
of the average value of its portfolio.
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| Principal
Investment Strategies
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The Portfolio invests
primarily in equity securities, principally common stocks, of US and non-US companies, including those in emerging markets. In managing
the Portfolio, the Investment Manager utilizes a quantitatively driven, bottom up stock selection process. The Portfolio management team
selects investments for the Portfolio from a broad investment universe of non-US stocks and depositary receipts, including American Depositary
Receipts (“ADRs”), Global Depositary Receipts and European Depositary Receipts, real estate investment trusts (“REITs”),
warrants and rights. The active, quantitative approach utilized by the Portfolio management team involves initial screening, risk assessment
and evaluation of each company relative to its global peers. The Portfolio will typically invest the majority of its assets in securities
of non-US developed market companies, using an objective, systematic investment process that blends both risk and stock ranking assessments
designed to capture attractive risk-to-return characteristics. In addition to a multidimensional assessment of risk, each company is evaluated
daily according to four independent measures: growth, value, sentiment and quality. The Portfolio may invest across the capitalization
spectrum.
Under normal circumstances,
the Portfolio invests at least 80% of its assets in equity securities. The allocation of the Portfolio’s assets among countries
and regions will vary from time to time based on the Investment Manager’s judgment and its analysis of market conditions. Implementation
of the Portfolio’s investment strategy may, during certain periods, result in the investment of a significant portion of the Portfolio’s
assets in a particular country.
The Portfolio may invest
in exchange-traded open-end management investment companies (“ETFs”), generally those that pursue a passive index-based strategy.
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| Principal
Investment Risks
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Risk Table - Lazard International Equity Advantage Portfolio
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Risk [Text Block] |
| Risk Lose Money [Member] |
The value of your investment
in the Portfolio will fluctuate, which means you could lose money.
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| Market Risk |
Market
Risk: The
Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other
things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments
impact specific industries, market sectors, countries or geographic regions, the Portfolio’s investments in such industries, market
sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant
portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed
income markets may negatively affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets
are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide.
As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or
other public health issues, social unrest, supply chain disruptions, government defaults, government shutdowns, the imposition of sanctions
and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions.
For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties,
including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or
operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general
market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary
policies.
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| Issuer Risk |
Issuer
Risk: The
value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial
leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer
and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.
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| Non-US Securities Risk |
Non-US
Securities Risk:
The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies
in which the Portfolio invests. Non-US securities carry special risks,
such as less developed
or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and,
potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments,
which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities.
To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid
(or illiquid). In some cases, the securities may become worthless.
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| Emerging Market Risk |
Emerging
Market Risk:
Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable,
than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries,
may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation
rates. The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed
markets. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal,
market and currency risks. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition
of investments denominated in emerging market currencies.
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| Foreign Currency Risk |
Foreign
Currency Risk:
Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations
in currency exchange rates. The Portfolio’s investments denominated in such currencies, as well as any investments in currencies
themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of currencies. Irrespective
of any foreign currency exposure hedging, the Portfolio may experience a decline in the value of its portfolio securities, in US dollar
terms, due solely to fluctuations in currency exchange rates. The Investment Manager does not intend to actively hedge the Portfolio’s
foreign currency exposure.
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| Depositary Receipts Risk |
Depositary
Receipts Risk:
ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities
of non-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations
will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because
a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar
security is denominated.
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| Quantitative Model Risk |
Quantitative
Model Risk:
The success of the Portfolio’s investment strategy depends largely upon the effectiveness of the Investment Manager’s quantitative
model. A quantitative model, such as the risk and other models used by the Investment Manager requires adherence to a systematic, disciplined
process. The Investment Manager’s ability to monitor and, if necessary, adjust its quantitative model could be adversely affected
by various factors including incorrect or outdated market and other data inputs. Factors that affect a security’s value can change
over time, and these changes may not be reflected in the quantitative model. In addition, factors used in quantitative analysis and the
weight placed on those factors may not be predictive of a security’s value.
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| Small and Mid Cap Companies Risk |
Small
and Mid Cap Companies Risk:
Small and mid cap companies carry additional risks because their earnings tend to be less predictable, their share prices more volatile
and their securities less liquid than larger, more established companies. The shares of small and mid cap companies tend to trade less
frequently than those of larger companies, which can have an adverse effect on the pricing of these securities and on the ability to sell
these securities when the Investment Manager deems it appropriate.
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| Large Cap Companies Risk |
Large
Cap Companies Risk:
Investments in large cap companies may underperform other segments of the market when such other segments are in favor or because such
companies may be less responsive to competitive challenges and opportunities and may be unable to attain high growth rates during periods
of economic expansion.
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| REIT Risk |
REIT
Risk: REITs
are subject to similar risks as an investment in a realty-related company. Consequently, investments in REITs could lead to investment
results that may be significantly different from investments in the broader securities markets. The risks related to investments in realty-related
companies include, but are not limited to: adverse changes in general economic and local market conditions; adverse developments in employment;
changes in supply or demand for similar or competing properties; unfavorable changes in applicable taxes, governmental regulations and
interest rates; operating or development expenses; and lack of available financing. Due to certain special considerations that apply to
REITs, investments in REITs may carry additional risks not necessarily present in investments in other securities. REIT securities (including
those trading on national exchanges) typically have trading volumes that are less than those of securities of other types of companies,
which may affect the Portfolio’s ability to trade or liquidate those securities. An investment in a REIT may be adversely affected
if the REIT fails to comply with applicable laws and regulations, including failing to quality as a REIT under the Internal Revenue Code
of 1986, as amended. Failure to qualify with any of these requirements could jeopardize a company’s status as a REIT. The Portfolio
generally will have no control over the operations and policies of a REIT, including qualification as a REIT.
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| ETF Risk |
ETF
Risk: Shares
of ETFs may trade at prices that vary from their net asset values, sometimes significantly. The shares of ETFs may trade at prices at,
below or above their net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from
the performance of the index. The Portfolio’s investments in ETFs are subject to the risks of the ETFs’ investments, as well
as to the general risks of investing in ETFs. The Portfolio will bear not only the Portfolio’s management fees and operating expenses,
but also the Portfolio’s proportional share of the management fees and operating expenses of the ETFs in which the Portfolio invests.
Although Section 12 of the Investment Company Act of 1940, as amended (the “1940 Act”) limits the amount of the Portfolio’s
assets that may be invested in one or more ETFs, Rule 12d1-4 under the 1940 Act allows the Portfolio to acquire the securities of another
investment company, including ETFs, in excess of the limitations imposed by Section 12 of the 1940 Act, subject to certain limitations
and conditions.
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| Other Equity Securities Risk |
Other
Equity Securities Risk:
Investments in rights and warrants involve certain risks, including the possible lack of a liquid market for resale, price fluctuations
and the failure of the price of the underlying security to reach a level at which the right or warrant can be prudently exercised, in
which case the right or warrant may expire without being exercised and result in a loss of the Portfolio’s entire investment.
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| Securities Selection Risk |
Securities
Selection Risk:
Securities and other investments selected by the Investment Manager for the Portfolio may not perform to expectations. This could result
in the Portfolio’s underperformance compared to other funds with similar investment objectives or strategies.
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| Performance
Bar Chart and Table
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The
accompanying bar chart and table provide some indication of the risks of investing in Lazard International Equity Advantage Portfolio
by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market
performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year
to year. Updated performance information is available at www.lazardassetmanagement.com
or by calling (800)
823-6300. The
Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the
future.
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| Year-by-Year
Total Returns for Institutional Shares
As
of 12/31
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Best
Quarter: |
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2022,
Q4 |
18.40% |
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Worst
Quarter: |
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2020,
Q1 |
-22.12% |
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| Average
Annual Total Returns (for
the periods ended December 31, 2023)
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After-tax
returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary.
After-tax
returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local
taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The
after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or
individual retirement accounts. Returns shown below for the Portfolio’s R6 Shares (which were not operational as
of December 31, 2023) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar
returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ
only to the extent that the classes do not have the same expenses.
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