Dec. 31, 2024 |
| Lazard US Equity Focus Portfolio
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| Lazard
US Equity Focus 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 $10,000 in the Portfolio for the time periods
indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes
that your investment has a 5% return each year and that the Portfolio’s operating expenses remain
the same, giving effect to the expense limitation agreement in year one only. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:
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Expense Example - Lazard US Equity Focus Portfolio - USD ($)
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Institutional |
Open |
R6 |
| 1 Year |
$ 72
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$ 97
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$ 72
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| 3 Years |
239
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380
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239
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| 5 Years |
421
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684
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421
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| 10 Years |
$ 948
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$ 1,548
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$ 948
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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 22% 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 companies. The Investment Manager, through its bottom-up,
fundamental research process, invests in companies that it believes have strong and/or improving financial
productivity and are undervalued based on their earnings, cash flow or asset values. The Portfolio typically
invests in 20 to 30 companies with market capitalizations generally over $5 billion. Although the Portfolio
generally focuses on large cap companies, the market capitalizations of issuers in which the Portfolio
invests may vary with market conditions and the Portfolio also may invest in mid cap and small cap companies. Under
normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of US companies.
The Portfolio may invest up to 20% of its assets in securities of non-US companies. The Portfolio is
classified as “non-diversified” under the Investment Company Act of 1940, as amended, which
means that it may invest a relatively high percentage of its assets in a limited number of issuers, when
compared to a diversified fund.
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| Principal Investment Risks
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Risk Table - Lazard US Equity Focus 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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| Risk Nondiversified Status [Member] |
Non-Diversification
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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| 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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| Sector Risk |
Sector 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 market sector, such as information technology companies, and the Portfolio would
be expected to be affected by developments in that sector. Information technology companies generally
operate in intensely competitive markets on a worldwide basis. Also, because technological development
in many areas increases at a rapid rate, these companies often produce products with very short life
cycles and face the risk of product obsolescence.
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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 US Equity Focus 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 | 19.33% | | | Worst Quarter: | 2020,
Q1 | -20.03% |
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| Average
Annual Total Returns (for the periods ended December 31, 2024)
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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.
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