In managing the Portfolio, the Investment
Manager utilizes a flexible, core investment approach and engages in bottom-up, fundamental security
analysis and selection. The Portfolio may invest in securities across the capitalization spectrum, although
it typically invests in securities of companies with a market capitalization of $300 million or more.
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 and/or
a particular country. The allocation of the Portfolio’s assets among countries and regions may
vary from time to time based on the Investment Manager’s judgment and its analysis of market conditions.
Emerging market countries include all countries not represented by the MSCI World Index. Under normal
circumstances, the Portfolio invests at least 80% of its assets in equity securities of companies that
are economically tied to emerging market countries. In addition to common stocks, such equity securities
also may include American Depositary Receipts (“ADRs”), Global Depositary Receipts and European
Depositary Receipts.
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Risk Table - Lazard Emerging Markets Core 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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| 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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| 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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| 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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| 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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| 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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