Investment objective & strategy
As of April 28, 2025 · prospectusObjective. The Portfolio seeks long-term capital appreciation.
Strategy. 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 Portfolios investment strategy may, during certain periods, result in the investment of a significant portion of the Portfolios assets in a particular market sector and/or a particular country. The allocation of the Portfolios assets among countries and regions may vary from time to time based on the Investment Managers judgment and its analysis of market conditions. Emerging market countries include all countries not represented by the MSCI World … 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 Portfolios investment strategy may, during certain periods, result in the investment of a significant portion of the Portfolios assets in a particular market sector and/or a particular country. The allocation of the Portfolios assets among countries and regions may vary from time to time based on the Investment Managers 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.
Top holdings
As of Sept. 30, 2025 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| TENCENT HOLDINGS LTD | — | $9.86M | 7.01% |
| TSMC | — | $9.48M | 6.74% |
| TAIWAN SEMIC MFG CO LTD SP ADR | — | $8.98M | 6.38% |
| BABA-W | — | $7.44M | 5.28% |
| SAMSUNG ELECTRONICS CO LTD | — | $5.95M | 4.22% |
| CHINA MERCHANTS BANK-H COMMON STOCK | 3968 | $4.82M | 3.42% |
| HDFC BANK LTD SPON ADR | — | $3.09M | 2.20% |
| Receive CONTEMPORARY A-A Pay Overnight Rate -1 | — | $3.07M | 2.18% |
| SK HYNIX INC | — | $2.73M | 1.94% |
| SHINHAN FINANCIA | — | $2.65M | 1.88% |
Portfolio moves
Jun 30, 2025 → Sep 30, 2025How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Lazard Emerging Markets Opportunities ETF · EMKT | 67% | 0.74% |
| Lazard Developing Markets Equity Portfolio · LDMIX, LDMOX, RLDMX | 42% | 1.05% |
| ClearBridge Emerging Markets Fund · MACEX, MCECX, MEFIX, MCEIX, MCEMX | 41% | 0.86% |
Advisers
| Firm | Role |
|---|---|
| Lazard Asset Management LLC | Adviser |
Footnotes
- Expense ratio as of June 24, 2025, from the fund's prospectus.
- Net assets and holdings count as of September 30, 2025, from the fund's N-PORT filing.
- Total return for calendar year 2024, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2024 (the latest prospectus does not yet chart this year).
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