Lazard US Realty Equity Portfolio
Data updated: 2020-05-26
C000103954 — Lazard US Realty Equity Portfolio. Developed ex-US Blend / Core Equity · $31.03M AUM. Holdings, fees, performance and SEC filings.
C000103954 Fund Overview
Lazard US Realty Equity Portfolio is a US mutual fund managed by Lazard Funds INC, categorised as Developed ex-US Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Lazard Funds INC
- Category: Developed ex-US Blend / Core Equity
- Assets under management: $31.03M
- SEC CIK: 0000874964
- SEC series ID: S000033724
- Share class ID: C000103954
C000103954 Investment Objective and Strategy
Lazard US Realty Equity Portfolio describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Lazard Funds INC.
Investment objective
The Portfolios primary investment objective is long-term capital appreciation,
Principal investment strategy
Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities (including common, convertible and preferred stocks) of US Realty Companies (defined below), as well as certain synthetic instruments related to US Realty Companies. Such synthetic instruments are investments that have economic characteristics similar to the Portfolios direct investments in US Realty Companies and may include warrants, rights, options and shares of ETFs. The Investment Manager conducts proprietary quantitative, qualitative and on-site real estate analysis to select the Portfolios investments, which may include, as appropriate, research at the macroeconomic, sector, company and property level. The Investment Managers individual company research may consider a number of quantitative measures, including earnings growth potential, price to earnings or free cash flow multiples, price to NAV ratios, dividend yield and potential for growth, return on equity and return on assets, as well as qualitative factors such as overall business and growth strategy and quality of management.
Realty Companies are real estate-related companies of any size including, but not limited to, REITs, real estate operating or service companies and companies in the homebuilding, lodging and hotel industries, as well as companies engaged in the natural resources and utility industries, and other companies whose investments, balance sheets or income statements are real estate-intensive ( i.e. the companys actual or anticipated revenues, profits, assets, services or products are related to real estate including, but not limited to, the ownership, renting, leasing, construction, management, development or financing of commercial, industrial or residential real estate). The Portfolio may invest in issuers of any market capitalization and securities of any maturity, and the Portfolios investments also may include securities purchased in IPOs.
The Portfolio also may invest up to 20% of its assets in equity and fixed-income securities and instruments of companies or entities (which need not be US Realty Companies), including, but not limited to, securities of non-US companies and other investment companies. The Portfolios investments in preferred stock and convertible and fixed income securities may include securities which, at the time of purchase, are rated below investment grade by an NRSRO, or the unrated equivalent as determined by the Investment Manager (junk bonds). In addition to purchasing options, the Portfolio may, but is not required to, write put and covered call options on securities and indexes, for hedging purposes or to seek to increase returns. The Portfolio is classified as non-diversified under the 1940 Act, 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.
C000103954 Costs and Fees
C000103954 costs about $125 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.25%
- Gross expense ratio: 1.38%
- Portfolio turnover: 19%
- Brokerage commissions: 2.47 bps of average net assets (SEC N-CEN)
C000103954 Cashflows
Over the 12 months to 2020-03, Lazard US Realty Equity Portfolio had net outflows of $23.43M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2020-03 | −$1.36M |
| 2020-02 | −$887.93K |
| 2020-01 | −$910.22K |
| 2019-12 | $3.16M |
| 2019-11 | −$6.44M |
| 2019-10 | −$13.30M |
C000103954 Debt Constituents
No individual debt constituents are reported in Lazard US Realty Equity Portfolio's latest SEC N-PORT filing.
C000103954 Prospectus and SEC Filings
Official Lazard US Realty Equity Portfolio filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2020-05-08
- Prospectus (485BPOS) — filed 2019-05-14
- Prospectus supplement (497) — filed 2019-12-26
- Portfolio holdings (N-PORT) — filed 2020-05-26
- Portfolio holdings (N-PORT) — filed 2020-02-11
- Portfolio holdings (N-PORT) — filed 2019-11-19
- Annual census (N-CEN) — filed 2020-03-11
- Annual census (N-CEN) — filed 2019-03-18
Related Funds
Other Developed ex-US Blend / Core Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.