Dec. 31, 2024 |
| Lazard International Strategic Equity Portfolio
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| Lazard
International Strategic Equity Portfolio
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| Investment Objective
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The Portfolio seeks
long-term capital appreciation.
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| Fees and Expenses
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This table describes
the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio, a series of
The Lazard Funds, Inc. (the “Fund”). You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected in the table and the
Example below.
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| Annual
Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
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| Example
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This Example is intended to help you compare
the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes
that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of
your shares at the end of those periods. The Example also assumes that your investment has a 5% return
each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense
limitation agreement in year one only. Although your actual costs may be higher or lower, based on these
assumptions your costs would be:
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Expense Example - Lazard International Strategic Equity Portfolio - USD ($)
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Institutional |
Open |
R6 |
| 1 Year |
$ 84
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$ 110
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$ 84
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| 3 Years |
262
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343
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264
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| 5 Years |
455
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595
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460
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| 10 Years |
$ 1,014
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$ 1,317
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$ 1,024
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| Portfolio
Turnover
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The Portfolio pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate
higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account.
These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect
the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio
turnover rate was 62% of the average value of its portfolio.
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| Principal Investment Strategies
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The Portfolio invests primarily in equity
securities, principally common stocks, of non-US companies whose principal activities are located in
countries represented by the MSCI EAFE Index that the Investment Manager believes are undervalued based
on their earnings, cash flow or asset values. The Portfolio also may invest up to 15% of its assets in
securities of companies whose principal business activities are located in emerging market countries,
although the allocation of the Portfolio’s assets to emerging market countries may vary from time
to time. Under normal circumstances, the Portfolio invests at least 80% of its assets in
equity securities. The countries represented by the MSCI EAFE Index currently include: Australia,
Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands,
New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. 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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| Principal
Investment Risks
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Risk Table - Lazard International Strategic 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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| 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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| 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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| Performance Bar Chart and Table
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The
accompanying bar chart and table provide some indication of the risks of investing in Lazard International
Strategic Equity Portfolio by showing the Portfolio’s year-by-year performance and its average
annual performance compared to that of a broad measure of market performance. The bar chart shows how
the performance of the Portfolio’s Institutional Shares has varied from year to year over the past
10 calendar years. Updated performance information is available at www.lazardassetmanagement.com or by
calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily
an indication of how the Portfolio will perform in the future.
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| Year-by-Year
Total Returns for Institutional Shares As of 12/31
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| | | Best Quarter: | 2020, Q4 | 17.19% | | | Worst Quarter: | 2020,
Q1 | -23.80% |
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| Average Annual Total Returns (for
the periods ended December 31, 2024)
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After-tax returns are shown only for Institutional Shares.
After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated
using the historical highest individual marginal income tax rates and do not reflect the impact of state
and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ
from those shown. The after-tax returns shown are not relevant to investors who hold their shares through
tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
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