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 of any market capitalization. The Investment Manager, through its bottom-up, fundamental research process, invests in companies it believes have strong and/or improving financial productivity and are undervalued based on their earnings, cash flow or asset values. The Portfolio has a concentrated number of investments, typically investing in 15 to 35 companies with market capitalizations generally greater than $350 million. It seeks to outperform broad-based securities market indices, such as the S&P 500 Index, the Russell 1000 Index and the Russell 3000 Index. 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% … The Portfolio invests primarily in equity securities, principally common stocks of US companies of any market capitalization. The Investment Manager, through its bottom-up, fundamental research process, invests in companies it believes have strong and/or improving financial productivity and are undervalued based on their earnings, cash flow or asset values. The Portfolio has a concentrated number of investments, typically investing in 15 to 35 companies with market capitalizations generally greater than $350 million. It seeks to outperform broad-based securities market indices, such as the S&P 500 Index, the Russell 1000 Index and the Russell 3000 Index. 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. 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 |
|---|---|---|---|
| AMAZON.COM INC | — | $2.81M | 8.88% |
| MARVELL TECHNOLOGY INC | — | $2.59M | 8.17% |
| ADV MICRO DEVICE | — | $2.43M | 7.66% |
| TAKE-TWO INTERACTV SOFTWR INC | — | $2.04M | 6.45% |
| FIRST WATCH RESTAURANT GROUP INC | — | $1.86M | 5.87% |
| MICROSOFT CORP | — | $1.84M | 5.82% |
| ALPHABET INC CL A | — | $1.73M | 5.46% |
| INTERCONTINENTAL EXCHANGE INC | — | $1.54M | 4.86% |
| NVIDIA CORP | — | $1.54M | 4.86% |
| LILLY ELI and CO | — | $1.47M | 4.64% |
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. |
|---|---|---|
| iShares Large Cap Growth Active ETF | 33% | 0.55% |
| FINQ DOLLAR NEUTRAL U.S. Large Cap AI-Managed Equity ETF · AINT | 32% | 1.25% |
| First Trust Bloomberg R&D Leaders ETF · RND | 32% | 0.60% |
Advisers
| Firm | Role |
|---|---|
| Lazard Asset Management LLC | Adviser |
Footnotes
- Expense ratio as of June 25, 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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