The Portfolio invests primarily in equity securities, principally common stocks,
of US and non-US companies, including those in emerging markets. In managing the Portfolio, the
Investment Manager utilizes a quantitatively driven, bottom up stock selection process. The Portfolio
management team selects investments for the Portfolio from a broad investment universe of non-US stocks
and depositary receipts, including American Depositary Receipts (“ADRs”), Global Depositary
Receipts and European Depositary Receipts, real estate investment trusts (“REITs”), warrants
and rights. The active, quantitative approach utilized by the Portfolio management team involves initial
screening, risk assessment and evaluation of each company relative to its global peers. The Portfolio
will typically invest the majority of its assets in securities of non-US developed market companies,
using an objective, systematic investment process that blends both risk and stock ranking assessments
designed to capture attractive risk-to-return characteristics. In addition to a multidimensional assessment
of risk, each company is evaluated daily according to four independent measures: growth, value, sentiment
and quality. The Portfolio may invest across the capitalization spectrum. Under normal circumstances,
the Portfolio invests at least 80% of its assets in equity securities. The allocation of the Portfolio’s
assets among countries and regions will vary from time to time based on the Investment Manager’s
judgment and its analysis of market conditions. 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 country. The Portfolio may invest in exchange-traded open-end management
investment companies (“ETFs”), generally those that pursue a passive index-based strategy.
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Risk Table - Lazard International Equity Advantage 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,
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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| Quantitative Model Risk |
Quantitative Model
Risk: The success of the Portfolio’s investment strategy depends largely upon
the effectiveness of the Investment Manager’s quantitative model. A quantitative model, such as
the risk and other models used by the Investment Manager requires adherence to a systematic, disciplined
process. The Investment Manager’s ability to monitor and, if necessary, adjust its quantitative
model could be adversely affected by various factors including incorrect or outdated market and other
data inputs. Factors that affect a security’s value can change over time, and these changes may
not be reflected in the quantitative model. In addition, factors used in quantitative analysis and the
weight placed on those factors may not be predictive of a security’s value.
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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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| REIT Risk |
REIT Risk: REITs are subject to similar risks as an investment in a
realty-related company. Consequently, investments in REITs could lead to investment results that may
be significantly different from investments in the broader securities markets. The risks related to investments
in realty-related companies include, but are not limited to: adverse changes in general economic and
local market conditions; adverse developments in employment; changes in supply or demand for similar
or competing properties; unfavorable changes in applicable taxes, governmental regulations and interest
rates; operating or development expenses; and lack of available financing. Due to certain special considerations
that apply to REITs, investments in REITs may carry additional risks not necessarily present in investments
in other securities. REIT securities (including those trading on national exchanges) typically have trading
volumes that are less than those of securities of other types of companies, which may affect the Portfolio’s
ability to trade or liquidate those securities. An investment in a REIT may be adversely affected if
the REIT fails to comply with applicable laws and regulations, including failing to qualify as a REIT
under the Internal Revenue Code of 1986, as amended. Failure to qualify with any of these requirements
could jeopardize a company’s status as a REIT. The Portfolio generally will have no control over
the operations and policies of a REIT, including qualification as a REIT.
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| ETF Risk |
ETF Risk:
Shares of ETFs may trade at prices that vary from their net asset values, sometimes significantly. The
shares of ETFs may trade at prices at, below or above their net asset value. In addition, the performance
of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. The
Portfolio’s investments in ETFs are subject to the risks of the ETFs’ investments, as well
as to the general risks of investing in ETFs. The Portfolio will bear not only the Portfolio’s
management fees and operating expenses, but also the Portfolio’s proportional share of the management
fees and operating expenses of the ETFs in which the Portfolio invests. Although Section 12 of the Investment
Company Act of 1940, as amended (the “1940 Act”) limits the amount of the Portfolio’s
assets that may be invested in one or more ETFs, Rule 12d1-4 under the 1940 Act allows the Portfolio
to acquire the securities of another investment company, including ETFs, in excess of the limitations
imposed by Section 12 of the 1940 Act, subject to certain limitations and conditions.
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| Other Equity Securities Risk |
Other Equity Securities
Risk: Investments in rights and warrants involve certain risks, including the possible
lack of a liquid market for resale, price fluctuations and the failure of the price of the underlying
security to reach a level at which the right or warrant can be prudently exercised, in which case the
right or warrant may expire without being exercised and result in a loss of the Portfolio’s entire
investment.
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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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