Investment objective & strategy
As of June 27, 2025 · prospectusObjective. The Portfolio seeks long-term capital appreciation.
Strategy. As of the Effective Date, the following will replace the Principal Investment Strategies section in each Portfolios summary prospectus: The Portfolio invests primarily in equity securities, principally common stocks, of relatively small capitalization companies that the Investment Manager believes have strong and/or improving financial productivity at attractive valuations. The Investment Manager considers small capitalization companies to be companies with market capitalizations, at the time of initial purchase by the Portfolio, within the range of companies included in the MSCI World Small Cap Index (based on market capitalization of the Index as a whole, which ranged from approximately $77 million to $17 billion as of April 30, 2025). Under normal circumstances, the Portfolio invests at least 80% of its assets in … As of the Effective Date, the following will replace the Principal Investment Strategies section in each Portfolios summary prospectus: The Portfolio invests primarily in equity securities, principally common stocks, of relatively small capitalization companies that the Investment Manager believes have strong and/or improving financial productivity at attractive valuations. The Investment Manager considers small capitalization companies to be companies with market capitalizations, at the time of initial purchase by the Portfolio, within the range of companies included in the MSCI World Small Cap Index (based on market capitalization of the Index as a whole, which ranged from approximately $77 million to $17 billion as of April 30, 2025). Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of small capitalization companies.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| FIRST WATCH RESTAURANT GROUP INC | — | $359.56K | 2.67% |
| BULLISH | — | $292.06K | 2.17% |
| LOTTOMATICA GROU | — | $284.23K | 2.11% |
| MARUWA CO LTD | — | $280.10K | 2.08% |
| NICHIAS CORP | — | $278.00K | 2.07% |
| EBARA CORP | — | $273.32K | 2.03% |
| ORGANO CORP | — | $270.09K | 2.01% |
| NORBIT ASA | NORBT | $258.16K | 1.92% |
| ARCA CONTINENTAL | — | $252.59K | 1.88% |
| RH | — | $245.10K | 1.82% |
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 US Small Cap Equity Select Portfolio · LZCOX, LZSCX, RLSMX | 48% | 0.90% |
| Lazard Retirement US Small Cap Equity Select Portfolio | 47% | 0.95% |
| Lazard US Equity Concentrated Portfolio · LEVOX, LEVIX, RLUEX | 13% | 0.75% |
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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