The Portfolio invests primarily in equity
securities of non-US companies, including those whose principal business activities are located in emerging
market countries. The Investment Manager seeks to realize the Portfolio’s investment objective
primarily by investing in companies that the Investment Manager considers to be quality growth businesses.
By “quality” the Investment Manager means businesses that it believes can generate, and sustain,
high levels of financial productivity (i.e., return on equity,
return on capital and cash flow return on investment). The Investment Manager considers, among other
factors deemed appropriate and relevant to a particular company, whether the company has a competitive
advantage in its industry and if the Investment Manager believes the company can sustain its competitive
advantage. The Investment Manager also looks for “growth” businesses that it believes can
grow profits and cash flows by investing back into their business at similarly high rates of financial
productivity. The Portfolio may invest in securities of companies across the capitalization
spectrum, but generally focuses on companies with a market capitalization of $3 billion or more. 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 International Quality Growth 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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| 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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| 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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| 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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| 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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