Dec. 31, 2024 |
| Lazard Retirement US Small Cap Equity Select Portfolio
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| Lazard
Retirement US Small Cap 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
Lazard Retirement Series, Inc. (the “Fund”), but does not reflect the fees or charges imposed
by the separate accounts of certain insurance companies (the “Participating Insurance Companies”)
under variable annuity contracts or variable life insurance policies (the “Policies” and
each, a “Policy”). If such fees and charges were reflected, the figures in the table would
be higher.
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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 $10,000 in the Portfolio for the time periods
indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes
that your investment has a 5% return each year and that the Portfolio’s operating expenses remain
the same, giving effect to the expense limitation agreement in year one only. The Example does not reflect
fees and expenses imposed by the Participating Insurance Companies under the Policies; if they were reflected,
the figures in the Example would be higher. Although your actual costs may be higher or lower, based
on these assumptions your costs would be:
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Expense Example - Lazard Retirement US Small Cap Equity Select Portfolio - USD ($)
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Service |
Investor |
| 1 Year |
$ 112
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$ 97
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| 3 Years |
403
|
346
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| 5 Years |
715
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614
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| 10 Years |
$ 1,602
|
$ 1,380
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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. 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 98% 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 small cap US companies. The Investment Manager, through its
bottom-up, fundamental research process, invests in companies it believes have strong and/or improving
financial productivity and are undervalued based on their earnings, cash flow or asset values. The Investment
Manager considers “small cap companies” to be those companies that, at the time of initial
purchase by the Portfolio, have market capitalizations within the range of companies included in the
Russell 2000® Index (ranging from approximately
$5.2 million to $15.0 billion as of March 31, 2025). Under normal circumstances, the Portfolio
invests at least 80% of its assets in equity securities of small cap US companies. The Investment Manager
focuses on relative value in seeking to construct a diversified portfolio of investments for the Portfolio
that maintains sector and industry balance, using investment opportunities identified through bottom-up
fundamental research conducted by the Investment Manager’s small cap and global research analysts. The
Portfolio may invest up to 20% of its assets in the securities of larger or smaller US or non-US companies.
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| Principal
Investment Risks
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Risk Table - Lazard Retirement US Small Cap Equity Select 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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| 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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| 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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| 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. In addition, 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. Emerging market countries can generally have economic structures
that are less diverse and mature, and political systems that are less stable, than those of developed
countries.
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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 Retirement US Small Cap
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 Service Shares has varied from year to year over the past 10 calendar years.
Effective September 1, 2023, certain changes were made to the Portfolio’s principal investments
strategies, including removing mid-capitalization companies from its policy with respect to the investment
of 80% of its assets. The Portfolio’s performance information prior to September 1, 2023 relates
only to the Portfolio’s prior principal investment strategies. Performance information does not
reflect the fees or charges imposed by the Participating Insurance Companies under the Policies, and
such fees will have the effect of reducing performance. Updated performance information is available
at www.lazardassetmanagement.com or by calling (800) 823-6300. The Portfolio’s past performance
is not necessarily an indication of how the Portfolio will perform in the future. As a new share Class,
past performance information is not available for Investor Shares as of the date of this Prospectus.
Investor Shares would have had annual returns substantially similar to those of Service Shares because
the shares are invested in the same portfolio of securities, and the annual returns would differ only
to the extent of the different expense ratios of the Classes.
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| Year-by-Year Total Returns
for Service Shares As of 12/31
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| | | Best Quarter: | 2020, Q4 | 23.82% | | | Worst Quarter: | 2020,
Q1 | -30.98% |
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| Average Annual Total Returns (for the periods ended December 31, 2024)
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