Total |
| Lazard Global Equity Select Portfolio
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Lazard
Global Equity Select 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 $10,000
in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also
assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect
to the expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your
costs would be:
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Expense Example - Lazard Global Equity Select Portfolio - USD ($)
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Institutional |
Open |
R6 |
| 1 Year |
$ 90
|
$ 117
|
$ 87
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| 3 Years |
281
|
455
|
278
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| 5 Years |
488
|
815
|
485
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| 10 Years |
$ 1,084
|
$ 1,832
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$ 1,082
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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 5%
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 companies that the Investment Manager believes have strong and/or improving
financial productivity and are undervalued based on their earnings, cash flow or asset values. In managing the Portfolio, the Investment
Manager utilizes a flexible investment approach and engages in bottom-up, fundamental security analysis and selection. The Portfolio may
invest in securities across the capitalization spectrum.
Under normal circumstances,
the Portfolio invests at least 80% of its assets in equity securities. In addition, under normal market conditions, the Portfolio invests
significantly (at least 40%—unless market conditions are not deemed favorable by the Investment Manager, in which case the Portfolio
would invest at least 30%) in non-US companies. The Investment Manager will allocate the Portfolio’s assets among various regions
and countries, including the United States (but in no less than three different countries). The Portfolio’s investments in non-US
companies may include companies whose principal business activities are located in emerging market countries.
Although the Portfolio
is classified as “diversified” under the Investment Company Act of 1940, as amended, it may invest in a smaller number of
issuers than other, more diversified investment portfolios.
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| Principal
Investment Risks
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Risk Table - Lazard Global Equity Select 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 (particularly currencies of emerging markets
countries), 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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| Focused Investing Risk |
Focused
Investing Risk:
The Portfolio’s net asset value may be more vulnerable to changes in the market value of a single issuer or group of issuers and
may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence
than if the Portfolio’s investments consisted of securities issued by a larger number of issuers.
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| Value Investing Risk |
Value
Investing Risk:
Value investments are believed by the Investment Manager to be undervalued, but may not realize their perceived value for extended periods
of time or may never realize their perceived value. These securities may respond differently to market and other developments than other
types of securities.
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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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| 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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| 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 Global Equity Select 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 over the past 10 calendar
years. 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: |
|
2020,
Q2 |
15.52% |
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Worst
Quarter: |
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2020,
Q1 |
-18.19% |
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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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