Investment objective & strategy
As of April 28, 2025 · prospectusObjective. The Portfolio seeks long-term capital appreciation.
Strategy. The Portfolio invests primarily in equity securities, principally common stocks, of non-US companies whose principal activities are located in emerging market countries (also known as developing markets). Emerging market countries include all countries represented by the MSCI Emerging Markets Index, which currently includes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The Investment Manager employs a relative growth investment philosophy that is based on value creation through the process of bottom-up stock selection. The Investment Managers approach consists of an analytical framework, accounting validation, fundamental analysis and portfolio construction parameters. The Investment Managers selection process focuses on growth … The Portfolio invests primarily in equity securities, principally common stocks, of non-US companies whose principal activities are located in emerging market countries (also known as developing markets). Emerging market countries include all countries represented by the MSCI Emerging Markets Index, which currently includes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The Investment Manager employs a relative growth investment philosophy that is based on value creation through the process of bottom-up stock selection. The Investment Managers approach consists of an analytical framework, accounting validation, fundamental analysis and portfolio construction parameters. The Investment Managers selection process focuses on growth and considers the sustainability of growth and the trade off between valuation and growth. 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. Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of companies whose principal business activities are located in 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 March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| TSMC | — | $15.62M | 15.19% |
| SAMSUNG ELECTRONICS CO LTD | — | $7.85M | 7.63% |
| TENCENT HOLDINGS LTD | — | $4.80M | 4.67% |
| SK HYNIX INC | — | $4.08M | 3.96% |
| BABA-W | — | $3.48M | 3.39% |
| GRUPO F BANORT-O | — | $2.64M | 2.57% |
| PRIO SA | — | $2.41M | 2.35% |
| ASE TECHNOLOGY H | — | $2.31M | 2.24% |
| STANDARD BANK GR | — | $2.09M | 2.03% |
| CAPITEC BANK HOLDINGS LTD COMMON STOCK | CPI | $2.00M | 1.94% |
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 weight| Fund | Overlap | Net exp. |
|---|---|---|
| Fidelity Fundamental Emerging Markets ETF · FFEM | 49% | 0.60% |
| EMERGING MARKETS PORTFOLIO · MGEMX, MMKBX, MSELX, MMMPX, MSEPX, MRGEX | 49% | 0.95% |
| Emerging Markets Equity Portfolio · MSMBX, MEMEX | 48% | 1.25% |
Advisers
| 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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