The Portfolio invests primarily in equity
securities, principally common stocks, of relatively large non-US companies with market capitalizations
in the range of companies included in the MSCI® Europe, Australasia
and Far East (“EAFE®”) Index (ranging from approximately
$3.6 billion to $324.3 billion as of March 31, 2025) that the Investment Manager believes are undervalued
based on their earnings, cash flow or asset values. In choosing stocks for the Portfolio, the
Investment Manager looks for established companies in economically developed countries and may invest
up to 15% of the Portfolio’s assets in securities of companies whose principal business activities
are located in emerging market countries. Under normal circumstances, the Portfolio invests at least
80% of its assets in equity securities.
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Risk Table - Lazard International 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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| 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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| 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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