The Lazard U.S. Small Cap Equity Value Portfolio employs a bottom-up approach to identify attractively valued stocks with underlying financial strength, and which are undergoing positive change. The strategy applies a blend of deep and classic value to find leading companies in classic value industries, and companies with short-term issues sold at attractive valuations.

• Blend of deep and classic value strategies leads to portfolio consistency across market environments
   
• Multi-dimensional approach to research, combining the best of fundamental and quantitative analysis
   
• Fully invested portfolio is well diversified across industries
   
• Continued leadership through history of the strategy