The Portfolio invests primarily in equity
securities, principally common stocks, of emerging markets companies. 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 emerging market
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 Investment
Manager uses 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 of companies that are economically
tied to emerging market countries. 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 considers a company to be “economically tied to emerging markets
countries” if: (i) the company is organized under the laws of or domiciled in an emerging markets
country or maintains its principal place of business in an emerging markets country; (ii) the securities
of such company are traded principally in emerging markets countries; or (iii) during the most recent
fiscal year of the company, the company derived at least 50% of its revenues or profits from goods produced
or sold, investments made, or services performed in emerging markets countries or that has at least 50%
of its assets in emerging markets countries. The Portfolio considers emerging markets countries to be
all countries: (i) included in the MSCI Emerging Markets Index; or (ii) not included in the MSCI World
Index. 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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Risk Table - Lazard Retirement Emerging Markets Equity Advantage Portfolio
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Risk [Text Block] |
| Principal Investment Risks |
Principal Investment Risks The
value of your investment in the Portfolio will fluctuate, which means you could lose money.
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| 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, natural disasters, extreme weather, other geological events, man-made disasters, supply
chain disruptions, deflation, inflation, government defaults, government shutdowns, the imposition of
sanctions or 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. Furthermore, the imposition of tariffs, trade restrictions, currency restrictions
or similar actions (or retaliatory measures taken in response to such actions), or the threat or potential
of one or more such events and developments, could lead to price volatility and overall declines in the
US and global investment markets.
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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 governmental actions or developments, exchange controls (including repatriation restrictions),
confiscations, trade restrictions (including tariffs) or problems related to share registration, trade
settlement or asset custody, 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. Further,
investments in securities of issuers located in certain emerging countries involve the risk of loss resulting
from problems in share registration, settlement or custody, substantial economic, political and social
disruptions and the imposition of sanctions or exchange controls (including repatriation restrictions).
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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| 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 qualify 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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| Country Risk |
Country Risk: 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, such as China, and the Portfolio would be expected to be affected by
political, regulatory, market, economic and social developments affecting that country. There are special
risks associated with investments in China, including currency fluctuations, less liquidity,
expropriation, confiscatory taxation, nationalization, exchange control regulations (including currency
blockage), trading halts, limitations on repatriation and differing legal standards. Strained relations
between the United States and China have heightened concerns of increased tariffs and restrictions on
trade between the two countries, such as the potential for an escalation in trade tensions. An increase
in tariffs or trade restrictions (and threats thereof) could lead to a significant reduction in international
trade, which could have a negative impact on China’s export industry, Chinese issuers, the liquidity
or price of the Portfolio’s direct or indirect investments in China and, therefore, the Portfolio. The
economy of China differs, often unfavorably, from the US economy in such respects as structure, general
development, government involvement, wealth distribution, rate of inflation, growth rate, interest rates,
allocation of resources and capital reinvestment, among others. The Chinese central government has historically
exercised substantial control over virtually every sector of the Chinese economy through administrative
regulation and/or state ownership or other involvement and actions of the Chinese central and local government
authorities continue to have a substantial effect on economic conditions in China. In addition, the Chinese
government has from time to time actively intervened in Chinese companies’ operations and structures
and taken actions that influence the prices at which certain goods may be sold, encourage companies to
invest or concentrate in particular industries, induce mergers between companies in certain industries
and induce private companies to publicly offer their securities to increase or continue the rate of economic
growth, control the rate of inflation or otherwise regulate economic expansion. The Chinese government
may do so in the future as well, potentially having a significant adverse effect on economic conditions
in China. Moreover, strained relations, border disputes or other conflict between China and neighboring
countries could adversely affect the Chinese economy. The Portfolio may obtain exposure to companies
based or operated in China by investing through legal structures known as variable interest entities
(“VIEs”). Instead of directly owning the equity securities of a Chinese company, a VIE enters
into service and other contracts with the Chinese company. Although the VIE has no equity ownership of
the Chinese company, the contractual arrangements permit the VIE to consolidate the Chinese company into
its financial statements. VIE investments are subject to the risk that any breach of these contractual
arrangements will be subject to Chinese law and jurisdiction, that Chinese law may be interpreted or
change in a way that affects the enforceability of the VIE’s arrangements, or that contracts between
the Chinese company and the VIE may otherwise not be enforceable under Chinese law. VIE structures also
could face delisting or other ramifications for failure to meet the requirements of the Securities and
Exchange Commission, the Public Company Accounting Oversight Board or other United States regulators.
If any of these or similar risks or developments materialize, the value of investments in VIEs could
be adversely affected and the Portfolios could incur significant losses with no recourse available. A
decline or worsening in diplomatic or other relations between the US and China could increase the risks
associated with the VIE structure. The Portfolio may invest in eligible renminbi-denominated
class A shares of equity securities that are listed and traded on certain Chinese stock exchanges (“China
A-Shares”) through Hong Kong Stock Connect Program (“Stock Connect”). While Stock Connect
is not subject to individual investment quotas, daily and aggregate investment quotas apply to all Stock
Connect participants, which may restrict or preclude the Portfolio’s ability to invest in China
A-Shares (although the Portfolio would be permitted to sell China A-Shares regardless of the quota balance).
Stock Connect is also subject to trading, clearance, settlement and operational risks.
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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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