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 small cap US companies. The Investment Manager, through its bottom-up, fundamental research process, invests in companies it believes have strong and/or improving financial productivity and are undervalued based on their earnings, cash flow or asset values. The Investment Manager considers small cap companies to be those companies that, at the time of initial purchase by the Portfolio, have market capitalizations within the range of companies included in the Russell 2000 Index (ranging from approximately $5.2 million to $15.0 billion as of March 31, 2025). Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of small cap US companies. The Investment Manager focuses on … The Portfolio invests primarily in equity securities, principally common stocks, of small cap US companies. The Investment Manager, through its bottom-up, fundamental research process, invests in companies it believes have strong and/or improving financial productivity and are undervalued based on their earnings, cash flow or asset values. The Investment Manager considers small cap companies to be those companies that, at the time of initial purchase by the Portfolio, have market capitalizations within the range of companies included in the Russell 2000 Index (ranging from approximately $5.2 million to $15.0 billion as of March 31, 2025). Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of small cap US companies. The Investment Manager focuses on relative value in seeking to construct a diversified portfolio of investments for the Portfolio that maintains sector and industry balance, using investment opportunities identified through bottom-up fundamental research conducted by the Investment Managers small cap and global research analysts. The Portfolio may invest up to 20% of its assets in the securities of larger or smaller US or non-US companies.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| ADV ENERGY INDS | — | $870.35K | 2.68% |
| TEXAS CAPITAL BANCSHARES INC | — | $738.83K | 2.27% |
| WINTRUST FINL | — | $727.21K | 2.24% |
| TORO CO | — | $685.29K | 2.11% |
| FIRST AMERICAN FINANCIAL CORP | — | $677.36K | 2.08% |
| REGAL REXNORD CORP | — | $641.55K | 1.97% |
| LANDSTAR SYSTEM INC | — | $633.55K | 1.95% |
| MIDDLEBY CORP | — | $623.92K | 1.92% |
| ROKU INC CLASS A | — | $623.45K | 1.92% |
| FIRST WATCH RESTAURANT GROUP INC | — | $621.84K | 1.91% |
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. |
|---|---|---|
| Lazard Retirement US Small Cap Equity Select Portfolio | 99% | 0.95% |
| Lazard Global Small Cap Equity Portfolio · LZSMX, LZISX, RLICX | 48% | 0.98% |
| AMG TimesSquare Small Cap Growth Fund · TSCIX, TSCPX, TSQIX | 19% | 0.97% |
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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