Investment objective & strategy
As of April 28, 2025 · prospectusObjective. The Portfolio seeks long-term capital appreciation.
Strategy. The Portfolio invests primarily in equity securities, including common stocks, of relatively large non-US companies with market capitalizations in the range of companies included in the MSCI All Country World Index ex-US (ranging from approximately $3.3 million to $1.7 trillion as of March 31, 2025) that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. In choosing stocks for the Portfolio, the Investment Manager looks for established companies in economically developed countries, although the Portfolio may invest in securities of companies whose principal business activities are located in emerging market countries in an amount up to the current emerging markets component of the MSCI All Country World Index ex-US plus 15%. The allocation of … The Portfolio invests primarily in equity securities, including common stocks, of relatively large non-US companies with market capitalizations in the range of companies included in the MSCI All Country World Index ex-US (ranging from approximately $3.3 million to $1.7 trillion as of March 31, 2025) that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. In choosing stocks for the Portfolio, the Investment Manager looks for established companies in economically developed countries, although the Portfolio may invest in securities of companies whose principal business activities are located in emerging market countries in an amount up to the current emerging markets component of the MSCI All Country World Index ex-US plus 15%. The allocation of the Portfolios assets to emerging market countries may vary from time to time. Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities. Although the Portfolio is classified as diversified under the Investment Company Act of 1940, as amended, it may invest in a smaller number of issuers than other, more diversified investment portfolios.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| TSMC | — | $3.55M | 6.68% |
| ASML Holding NV | — | $2.00M | 3.76% |
| SAMSUNG ELECTRONICS CO LTD | — | $1.28M | 2.40% |
| TENCENT HOLDINGS LTD | — | $1.19M | 2.23% |
| ITAU UNIBAN-PREF | — | $1.08M | 2.02% |
| RELX PLC | — | $1.05M | 1.98% |
| HOYA CORP | — | $1.03M | 1.95% |
| ANGLO AMER PLC | — | $1.03M | 1.94% |
| AIA Group Ltd | — | $997.57K | 1.88% |
| ENGIE | — | $986.07K | 1.85% |
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 International Equity Portfolio | 55% | 0.85% |
| Lazard International Equity Portfolio · LZIOX, LZIEX, RLIEX | 54% | 0.80% |
| Lazard International Strategic Equity Portfolio · LISOX, LISIX, RLITX | 39% | 0.82% |
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).
Machine-readable: JSON · Markdown. Programmatic access via the agent surface.