The Investment Manager allocates the Portfolio’s
assets among various US and non-US equity and fixed-income strategies managed by the Investment Manager
in proportions consistent with the Investment Manager’s evaluation of various economic and other
factors designed to estimate probabilities, including volatility. The Investment Manager makes allocation
decisions among the strategies based on quantitative and qualitative analysis using a number of different
tools, including proprietary software models and input from the Investment Manager’s research analysts.
At any given time the Portfolio’s assets may not be allocated to all strategies. A principal component
of the Investment Manager’s investment process for the Portfolio is volatility management. The
Investment Manager generally will seek to achieve, over a full market cycle, a level of volatility in
the Portfolio’s performance of approximately 10%. Volatility, a risk measurement, measures the
magnitude of up and down fluctuations in the value of a financial instrument or index over time. As
a consequence of allocating its assets among various of the Investment Manager’s investment strategies,
the Portfolio may: · invest in US and
non-US equity and debt securities (including those of companies with business activities located in emerging
market countries and securities issued by governments of such countries), depositary receipts and shares,
currencies and related instruments, and structured notes · invest
in exchange-traded open-end management investment companies (“ETFs”), generally those that
pursue a passive index-based strategy · invest in securities of companies of any size or market capitalization · invest
in debt securities of any maturity or duration · invest
in securities of any particular quality or investment grade and, as a result, the Portfolio may invest
significantly in securities rated below investment grade (e.g., lower than Baa
by Moody’s Investors Service, Inc. or lower than BBB by S&P Global Ratings) (“junk bonds”)
or securities that are unrated · enter into swap
agreements (including credit default swap agreements) and forward contracts, and may purchase and write
put and covered call options, on securities, indexes and currencies, for hedging purposes (although it
is not required to do so) or to seek to increase returns 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 issuers organized or located outside
the US or doing a substantial amount of business outside the US, securities denominated in a foreign
currency or foreign currency forward contracts.
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Risk Table - Lazard Retirement Global Dynamic Multi-Asset 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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| Allocation Risk |
Allocation Risk:
The Portfolio’s ability to achieve its investment objective depends in part on the Investment Manager’s
skill in determining the Portfolio’s allocation among the investment strategies. The Investment
Manager’s evaluations and assumptions underlying its allocation decisions may differ from actual
market conditions.
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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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| Volatility Management Risk |
Volatility Management
Risk: While the Investment Manager generally will seek to achieve, over a full market
cycle, the level of volatility in the Portfolio’s performance as described above, there can be
no guarantee that this will be achieved; actual or realized volatility for any particular period may
be materially higher or lower depending on market conditions. In addition, the Investment Manager’s
efforts to manage the Portfolio’s volatility can be expected, in a period of generally positive
equity market returns, to reduce the Portfolio’s performance below what could be achieved without
seeking to manage volatility and, thus, the Portfolio would generally be expected to underperform market
indices that do not seek to achieve a specified level of volatility.
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| Value Investing and Growth Investing Risks |
Value Investing and
Growth Investing Risks: 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. Growth investments are believed by the Investment Manager to have the potential
for growth, but may not realize such perceived potential for extended periods of time or may never realize
such perceived growth potential. Such securities may be more volatile than other securities because they
can be more sensitive to investor perceptions of the issuing company’s growth potential. These
securities may respond differently to market and other developments than other types of securities.
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| Quantitative Model Risk |
Quantitative
Model Risk: 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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| 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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| Fixed-Income and Debt Securities Risk |
Fixed-Income and Debt Securities Risk: The market value of a debt security may
decline due to general market conditions that are not specifically related to a particular company, such
as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes
in interest or currency rates or adverse investor sentiment generally. The debt securities market can
be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably
in response to overall economic conditions or credit tightening. Prices of bonds and
other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually
greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or
the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity
and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities
at disadvantageous prices. The Portfolio may be subject to heightened interest rate risk because the
Federal Reserve has raised, and may continue to raise, interest rates. The Portfolio’s
investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater
credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make
interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities
tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived
decline, in the credit quality of a debt security (or any guarantor of payment on such security), the
security’s value could fall, potentially lowering the Portfolio’s share price. The prices
of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably
and not necessarily inversely with changes in interest rates. The market for these securities may be
less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially
during times of market volatility or decline. Some debt securities may give the issuer
the option to call, or redeem, the securities before their maturity, and, during a time of declining
interest rates, the Portfolio may have to reinvest the proceeds of called or redeemed securities
in an investment offering a lower yield (and the Portfolio may not fully benefit from any increase in
the value of its portfolio holdings as a result of declining interest rates). Structured notes
are privately negotiated debt instruments where the principal and/or interest is determined by reference
to a specified asset, market or rate, or the differential performance of two assets or markets. Structured
notes can have risks of both debt securities and derivatives transactions.
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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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| 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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| Liquidity Risk |
Liquidity Risk:
The lack of a readily available market may limit the ability of the Portfolio to sell certain securities
and other investments at the time and price it would like. The size of certain securities offerings of
emerging markets issuers may be relatively smaller in size than offerings in more developed markets and,
in some cases, the Portfolio, by itself or together with other Portfolios or other accounts managed by
the Investment Manager, may hold a position in a security that is large relative to the typical trading
volume for that security; these factors can make it difficult for the Portfolio to dispose of the position
at the desired time or price.
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| Derivatives and Hedging Risk |
Derivatives and Hedging Risk: Derivatives and
other similar transactions, including those entered into for hedging purposes (i.e.,
seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify
losses, perhaps substantially, particularly since most derivatives have a leverage component that provides
investment exposure in excess of the amount invested. Swap agreements; forward currency contracts; over-the-counter
options on securities, indexes and currencies; structured notes; and other over-the-counter derivatives
transactions are subject to the risks of the creditworthiness of and default by the counterparty and
consequently may lose all or a portion of their value due solely to the creditworthiness of or default
by the counterparty. Over-the-counter derivatives frequently may be illiquid and difficult to value.
Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives.
These derivatives transactions, as well as the exchange-traded futures and options in which the Portfolio
may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value
of the related reference asset, index or rate. As such, a small investment could have a potentially large
impact on the Portfolio’s performance. In fact, many derivatives may be subject to greater risks
than those associated with investing directly in the underlying or other reference asset. Derivatives
transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging
in such transactions may outweigh any gains or any losses averted from hedging activities. Successful
use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment
Manager’s ability to predict correctly movements in the direction of the relevant reference asset
or market and, for hedging activities, correlation of the derivative instruments used with the investments
seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may
cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.
When the Portfolio enters into derivatives transactions, it may be required to post margin and make settlement
payments while the positions are open,
and the Portfolio may have to sell a security at a disadvantageous time or price to meet such obligations.
Derivatives transactions are also subject to operational and legal risk.
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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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