The Portfolio invests primarily in equity
securities, principally common stocks, of companies in developed and emerging markets. 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. In managing the Portfolio, the Investment Manager utilizes a flexible investment approach and
engages in bottom-up, fundamental security analysis and selection. The Portfolio may invest in securities
across the capitalization spectrum. Under normal circumstances, the Portfolio invests at least
80% of its assets in equity securities. In addition, under normal market conditions, the Portfolio invests
significantly (at least 40%—unless market conditions are not deemed favorable by the Investment
Manager, in which case the Portfolio would invest at least 30%) in non-US companies. The Investment Manager
will allocate the Portfolio’s assets among various regions and countries, including the United
States (but in no less than three different countries). The Portfolio’s investments in non-US companies
may include companies whose principal business activities are located in emerging market countries. Although
the Portfolio is classified as “diversified” under the Investment Company Act of 1940, as
amended, it may invest in a smaller number of issuers than other, more diversified investment portfolios.
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Risk Table - Lazard Global 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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| 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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| Focused Investing Risk |
Focused Investing 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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| 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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