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 US companies. The Investment Manager, through its bottom-up, fundamental research process, invests in companies that it believes have strong and/or improving financial productivity and are undervalued based on their earnings, cash flow or asset values. The Portfolio typically invests in 20 to 30 companies with market capitalizations generally over $5 billion. Although the Portfolio generally focuses on large cap companies, the market capitalizations of issuers in which the Portfolio invests may vary with market conditions and the Portfolio also may invest in mid cap and small cap companies. Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of US companies. The Portfolio may … The Portfolio invests primarily in equity securities, principally common stocks, of US companies. The Investment Manager, through its bottom-up, fundamental research process, invests in companies that it believes have strong and/or improving financial productivity and are undervalued based on their earnings, cash flow or asset values. The Portfolio typically invests in 20 to 30 companies with market capitalizations generally over $5 billion. Although the Portfolio generally focuses on large cap companies, the market capitalizations of issuers in which the Portfolio invests may vary with market conditions and the Portfolio also may invest in mid cap and small cap companies. Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of US companies. The Portfolio may invest up to 20% of its assets in securities of non-US companies. 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 |
|---|---|---|---|
| APPLE INC | — | $5.32M | 7.48% |
| MICROSOFT CORP | — | $4.62M | 6.50% |
| ALPHABET INC CL A | — | $4.41M | 6.20% |
| AMAZON.COM INC | — | $4.35M | 6.11% |
| INTERCONTINENTAL EXCHANGE INC | — | $2.97M | 4.17% |
| LAZARD GOVT MNY MMKT INS | — | $2.81M | 3.95% |
| WASTE MANAGEMENT INC | — | $2.56M | 3.59% |
| DANAHER CORP | — | $2.38M | 3.34% |
| ANALOG DEVICES INC | — | $2.36M | 3.32% |
| BROADCOM INC | — | $2.36M | 3.32% |
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. |
|---|---|---|
| Parnassus Core Equity Fund · PRBLX, PRILX | 44% | 0.61% |
| The Jensen Quality Growth Fund Inc · JENSX, JENIX, JENRX, JENYX | 44% | 0.53% |
| Jensen Quality Growth ETF · JGRW | 44% | 0.57% |
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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