Investment objective & strategy
As of April 28, 2025 · prospectusObjective. The Portfolio seeks total return consisting of appreciation and income.
Strategy. The Portfolio invests primarily in equity securities, principally common stocks, of US and non-US companies, including those in emerging markets. The Portfolio normally invests in equity securities listed on a national or other recognized securities exchange of companies that the Investment Manager considers to have an economic franchise, meaning companies that have historically shown an ability to generate unleveraged returns, at or above their cost of capital, for long periods of time. The Investment Manager considers that strong business franchises are often able to accomplish this performance and status because of competitive advantages such as an established or recognized brand, proprietary intellectual property or other intangible assets or industry economics such as relatively high customer switching costs. Under normal circumstances, … The Portfolio invests primarily in equity securities, principally common stocks, of US and non-US companies, including those in emerging markets. The Portfolio normally invests in equity securities listed on a national or other recognized securities exchange of companies that the Investment Manager considers to have an economic franchise, meaning companies that have historically shown an ability to generate unleveraged returns, at or above their cost of capital, for long periods of time. The Investment Manager considers that strong business franchises are often able to accomplish this performance and status because of competitive advantages such as an established or recognized brand, proprietary intellectual property or other intangible assets or industry economics such as relatively high customer switching costs. Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities. The Portfolio may invest in the equity securities of any size company. The Investment Manager may seek to hedge some or all foreign currency exposure in the Portfolio against movements relative to the US dollar by entering into foreign currency forward contracts, but the Investment Manager may determine not to hedge some or all of the Portfolios foreign currency exposure from time-to-time or at any time. The Portfolio is classified as non-diversified under the Investment Company Act of 1940, as amended, which means that it may invest a relatively high percentage of its assets in a limited number of issuers, when compared to a diversified fund.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| EDENRED | — | $2.44M | 6.60% |
| NEXI SPA | — | $2.39M | 6.47% |
| LA FRANCAISE DES | — | $2.34M | 6.33% |
| H&R BLOCK INC | — | $2.31M | 6.24% |
| International Game Technology PLC | BRSL | $2.24M | 6.06% |
| OMNICOM GROUP INC | — | $2.18M | 5.88% |
| FISERV INC | — | $2.17M | 5.85% |
| Bunzl Public Limited Company | BNZL | $1.68M | 4.54% |
| DENTSPLY SIRONA INC | — | $1.48M | 4.00% |
| NICE SYSTEM LTD SPONSORED ADR | NICE | $1.38M | 3.74% |
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 Global Listed Infrastructure Portfolio · GLIFX, GLFOX, RLGLX | 10% | 0.97% |
| VictoryShares Free Cash Flow ETF · VFLO | 10% | 0.39% |
| Vulcan Value Partners Fund | 9% | — |
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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