Mutual Funds

Lazard US Equity Concentrated Portfolio

Fund Description

The Lazard US Equity Concentrated Portfolio (the “Portfolio”) is a concentrated, all cap fund that seeks long-term capital appreciation. It is benchmark agnostic, seeking to outperform any broad based market benchmark (i.e., S&P 500 Index, Russell 1000 Index, Russell 3000 Index) by investing in companies that compound earnings and capital and by taking advantage of valuation anomalies. The Portfolio invests in financially productive companies across the market capitalization spectrum, employing intensive fundamental analysis and accounting validation to identify investment opportunities. The Portfolio typically invests in 15-35 companies with market capitalizations generally greater than $350 million.

Investment Strategy

  • Bottom-up approach to stock selection, 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.

Performance (%)

As of Mar 31, 2014 Annualized
1 Mo 3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception
Lazard US Equity Concentrated Portfolio Institutional -0.39 1.99 1.99 18.05 12.89 19.85 - 6.70
Linked Index*** 0.84 1.81 1.81 21.86 13.13 20.68 - 6.17
Russell 1000 Value Index 2.39 3.02 3.02 21.57 14.80 21.75 - 6.72
S&P 500 Index 0.84 1.81 1.81 21.85 14.65 21.15 - 7.34
As of Mar 31, 2014 Annualized
1 Mo 3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception
Lazard US Equity Concentrated Portfolio Open -0.39 1.81 1.81 17.58 12.51 19.48 - 6.39
Linked Index*** 0.84 1.81 1.81 21.86 13.13 20.68 - 6.17
Russell 1000 Value Index 2.39 3.02 3.02 21.57 14.80 21.75 - 6.72
S&P 500 Index 0.84 1.81 1.81 21.85 14.65 21.15 - 7.34

The performance quoted represents past performance. Past performance does not guarantee future results. Net-of-fees performance is measured from inception. Mutual fund performance fluctuates and currently may be lower than stated. An investor may obtain performance data current to the most recent month-end online at www.LazardNet.com. The investment return and principal value of the Portfolio will fluctuate; an investor’s shares, when redeemed, may be worth more or less than their original cost.

Returns reflect reimbursement of expenses as described in the prospectus. Had expenses not been reimbursed, returns would have been lower and the expense ratio would have been higher.

***As of May 31, 2012, the Portfolio changed its name from “Lazard U.S. Equity Value Portfolio” to “Lazard US Equity Concentrated Portfolio,” adopted the Portfolio’s current investment strategies and compares its performance to the S&P 500 Index. Prior to May 31, 2012, the Portfolio was a “diversified” fund, as such term is defined in the Investment Company Act of 1940, as amended. As such, the Portfolio compares its past performance to a linked index, (a “Linked Index”), comprised of the Russell 1000 Value Index through May 30, 2012 and the S&P 500 Index from May 31, 2012 to the present.

Please consider a fund’s investment objectives, risks, charges, and expenses carefully before investing. For more complete information about The Lazard Funds, Inc. and current performance, you may obtain a prospectus or summary prospectus by calling 800-823-6300 or going to www.LazardNet.com. Read the prospectus or summary prospectus carefully before you invest. The prospectus and summary prospectus contain investment objectives, risks, charges, expenses, and other information about the Portfolio and The Lazard Funds that may not be detailed in this document. The Lazard Funds are distributed by Lazard Asset Management Securities LLC.