Lazard’s U.S. Equity Value portfolio seeks to generate strong relative returns over a long-term time horizon by investing in companies with strong financial productivity at attractive valuations. The portfolio objectives seek to outperform the Russell 1000® Value Index, along with our value peer group, over time.

• A bottom-up approach to stock selection is the hallmark of Lazard’s relative-value investment style.

• Fundamental analysis considers sustainability of returns, while accounting validation examines companies’ stated financial statistics.

• Screening seeks to identify companies that are attractively priced relative to their financial returns.

• Quantitative research techniques are used to monitor risks associated with industry concentrations in order to ensure diversification.