Investment objective & strategy
As of April 28, 2025 · prospectusObjective. The Portfolio seeks long-term capital appreciation.
Strategy. 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 Portfolios 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 … 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 Portfolios 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.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| TAIWAN SEMIC MFG CO LTD SP ADR | — | $18.53M | 3.74% |
| TENCENT HOLDINGS LTD | — | $17.06M | 3.44% |
| NOVO NORDISK-B | — | $16.00M | 3.22% |
| ASSA ABLOY AB SER B | — | $15.08M | 3.04% |
| ASML Holding NV | — | $14.86M | 3.00% |
| LONDON STOCK EXCHANGE GRP PLC | — | $14.81M | 2.98% |
| LAZARD GOVT MNY MMKT INS | — | $14.24M | 2.87% |
| AON PLC | — | $13.84M | 2.79% |
| TOROMONT INDS | — | $13.63M | 2.75% |
| PARTNERS GROUP HOLDING AG COMMON STOCK | PGHN | $12.89M | 2.60% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How 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 weightAdvisers
| Firm | Role |
|---|---|
| Lazard Asset Management LLC | Adviser |
Footnotes
- Expense ratio as of April 28, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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