Dec. 31, 2024 |
| Lazard US High Yield Portfolio
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| Lazard
US High Yield Portfolio
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| Investment Objective
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The Portfolio seeks
maximum total return from a combination of capital appreciation and current income.
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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 $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of
your shares at the end of those periods. The Example also assumes that your investment has a 5% return
each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense
limitation agreement described above. Although your actual costs may be higher or lower, based on these
assumptions your costs would be:
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Expense Example - Lazard US High Yield Portfolio - USD ($)
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Institutional |
Open |
R6 |
| 1 Year |
$ 58
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$ 84
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$ 58
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| 3 Years |
222
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328
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183
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| 5 Years |
399
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592
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318
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| 10 Years |
$ 913
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$ 1,347
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$ 714
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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 49% of the average value of its portfolio.
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| Principal
Investment Strategies
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Under normal circumstances, the Portfolio invests at least 80% of its assets in
high yield fixed-income securities issued by corporations or other non-governmental issuers similar to
corporations, which securities are tied economically to the US. The Portfolio considers “high yield”
fixed income securities to be those rated, at the time of purchase, below investment grade by S&P
Global Ratings (“S&P”) or Moody’s Investors Service, Inc. (“Moody’s”)
and as low as C or Ca by S&P or Moody’s, respectively, or the unrated equivalent as determined
by the Investment Manager (“junk bonds”). The Portfolio may invest in dollar-denominated
securities of non-US companies, including, to a limited extent, in emerging market companies. Although the Portfolio
may invest in fixed-income securities without regard to their maturity, the Portfolio’s average
weighted maturity is expected to range between two and ten years. Securities are evaluated based on their fundamental
and structural characteristics. Valuation analysis is tailored to the specific asset class, but may include
credit research, prepayment or call options, maturity, duration, coupon, currency and country risks.
The Portfolio is constructed using a bottom-up discipline in which the Investment Manager follows a systematic
process to seek out undervalued opportunities within each sector. The Portfolio may invest up to 20% of its
assets in other securities which need not be fixed-income securities as described above and need not
be tied economically to the US.
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| Principal Investment Risks
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Risk Table - Lazard US High Yield 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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| 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.
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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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| 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 High Yield 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 and an index that is generally
more representative of the types of the market sectors and/or types of investments in which the Portfolio
invests. 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 | 7.80% | | | Worst Quarter: | 2020,
Q1 | -9.80% |
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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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