The Portfolio invests primarily in equity
securities, principally common stocks, of US and non-US companies, including those in emerging markets.
The Portfolio normally invests in equity securities listed on a national or other recognized securities
exchange of companies that the Investment Manager considers to have an “economic franchise,”
meaning companies that have historically shown an ability to generate unleveraged returns, at or above
their cost of capital, for long periods of time. The Investment Manager considers that strong business
franchises are often able to accomplish this performance and status because of competitive advantages
such as an established or recognized brand, proprietary intellectual property or other intangible assets
or industry economics such as relatively high customer switching costs. Under normal circumstances, the
Portfolio invests at least 80% of its assets in equity securities. The Portfolio may invest in the equity
securities of any size company. The Investment Manager may seek to hedge some or all foreign
currency exposure in the Portfolio against movements relative to the US dollar by entering into foreign
currency forward contracts, but the Investment Manager may determine not to hedge some or all of the
Portfolio’s foreign currency exposure from time-to-time or at any time. 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.
|
Risk Table - Lazard Equity Franchise Portfolio
|
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.
|
| Risk Lose Money [Member] |
The value of your
investment in the Portfolio will fluctuate, which means you could lose money.
|
| 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.
|
| 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.
|
| Franchise Companies Risk |
Franchise
Companies Risk: Changes in the worldwide economy, consumer spending, competition, demographics
and consumer preferences, government regulation and economic conditions may adversely affect franchise
companies individually or across an industry and may negatively impact the Portfolio to a greater extent
than if the Portfolio’s assets were invested more broadly in a number of types of companies.
|
| 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 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.
|
| 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.
|
| Forward Currency Contracts and Currency Hedging Risk |
Forward Currency
Contracts and Currency Hedging Risk: Forward currency contracts, 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 forward currency contracts, like most derivative instruments, have a leverage component that provides
investment exposure in excess of the amount invested. Forward currency contracts 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. Forward currency
contracts also may be illiquid. Changes in liquidity may result in significant, rapid and unpredictable
changes in the value of such contracts. Forward currency contracts are subject to many of the risks of,
and can be highly sensitive to changes in the value of, the related currencies. As such, a small investment
could have a potentially large impact on the Portfolio’s performance. Forward currency contracts
incur costs, which reduce returns, and costs of engaging in such transactions may outweigh any gains
or any losses averted from hedging activities. Successful use of forward currency contracts, whether
for hedging or for other investment purposes, is subject to the Investment Manager’s ability to
accurately predict movements in currency exchange rates and, for hedging transactions, there may be imperfect
correlations between movements in exchange
rates that could cause the Portfolio to incur significant losses. Use of forward currency contracts,
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.
|
| 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.
|
| 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.
|
| 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.
|
| 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.
|
| 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.
|
|