Dec. 31, 2024 |
| Lazard Developing Markets Equity Portfolio
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| Lazard Developing Markets Equity 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 $10,000 in the Portfolio for the time periods
indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes
that your investment has a 5% return each year and that the Portfolio’s operating expenses remain
the same, giving effect to the expense limitation agreement in year one only. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:
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Expense Example - Lazard Developing Markets Equity Portfolio - USD ($)
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Institutional |
Open |
R6 |
| 1 Year |
$ 112
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$ 137
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$ 107
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| 3 Years |
382
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481
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377
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| 5 Years |
672
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847
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667
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| 10 Years |
$ 1,498
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$ 1,879
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$ 1,494
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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 24% 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 non-US companies whose principal activities are located in
emerging market countries (also known as “developing markets”). Emerging market countries
include all countries represented by the MSCI Emerging Markets Index, which currently includes: Brazil,
Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia,
Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United
Arab Emirates. The Investment Manager employs a relative growth investment philosophy that is
based on value creation through the process of bottom-up stock selection. The Investment Manager’s
approach consists of an analytical framework, accounting validation, fundamental analysis and portfolio
construction parameters. The Investment Manager’s selection process focuses on growth and considers
the sustainability of growth and the trade off between valuation and growth. 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 and/or a particular country. Under normal circumstances,
the Portfolio invests at least 80% of its assets in equity securities of companies whose principal business
activities are located in emerging market countries. In addition to common stocks, such equity securities
also may include American Depositary Receipts (“ADRs”), Global Depositary Receipts and European
Depositary Receipts.
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| Principal Investment Risks
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Risk Table - Lazard Developing Markets Equity 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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| 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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| Growth Investing Risk |
Growth
Investing Risk: 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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| 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 Developing Markets Equity
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 | 24.47% | | | Worst Quarter: | 2020,
Q1 | -28.66% |
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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. Returns shown below
for the Portfolio’s R6 Shares (which were not operational as of December 31, 2024) reflect the
performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar
returns as Institutional Shares because the share classes are invested in the same portfolio of securities,
and the returns would differ only to the extent that the classes do not have the same expenses.
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