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 and that Lazard Asset Management LLC (the Investment Manager) believes are undervalued based on their earnings, cash flow or asset values. 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. 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 … The Portfolio invests primarily in equity securities, principally common stocks, of non-US companies whose principal activities are located in emerging market countries and that Lazard Asset Management LLC (the Investment Manager) believes are undervalued based on their earnings, cash flow or asset values. 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. 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. In addition, 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.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| TSMC | — | $384.08M | 4.87% |
| LAZARD GOVT MNY MMKT INS | — | $279.75M | 3.55% |
| SK HYNIX INC | — | $243.74M | 3.09% |
| CCB-H | — | $178.03M | 2.26% |
| VIBRA ENERGIA SA COMMON STOCK | VBBR3 | $136.54M | 1.73% |
| SHINHAN FINANCIA | — | $135.99M | 1.72% |
| MEDIATEK | — | $130.49M | 1.65% |
| KB FINANCIAL GRO | — | $129.56M | 1.64% |
| GRUPO F BANORT-O | — | $129.09M | 1.64% |
| CHINA MERCHANTS BANK-H COMMON STOCK | 3968 | $127.88M | 1.62% |
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 Emerging Markets Equity Portfolio | 97% | 1.15% |
| EQ/Lazard Emerging Markets Equity Portfolio | 96% | 1.10% |
| Victory Emerging Markets Fund · USEMX, UIEMX | 31% | 1.24% |
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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