Lazard Global Fixed Income Portfolio
Data updated: 2023-08-24
C000110020 — Lazard Global Fixed Income Portfolio. Money Market · $2.21M AUM · 0.70% expense ratio. Holdings, fees, performance and SEC filings.
C000110020 Fund Overview
Lazard Global Fixed Income Portfolio is a US mutual fund managed by Lazard Funds INC, categorised as Money Market. 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: Money Market
- Assets under management: $2.21M
- 1-year return: -0.5%
- SEC CIK: 0000874964
- SEC series ID: S000035892
- Share class ID: C000110020
C000110020 Investment Objective and Strategy
Lazard Global Fixed Income Portfolio describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Lazard Funds INC.
Investment objective
The Portfolio seeks total return from current income and capital appreciation.
Principal investment strategy
Under normal circumstances, the Portfolio invests at least 80% of its assets in Fixed Income Investments. Fixed Income Investments include all types of debt and income producing securities and other instruments, including bonds, notes (including structured notes), mortgage-related securities, asset-backed securities, Eurodollar and Yankee dollar instruments, money market instruments and foreign currency forward contracts, including non-deliverable forward contracts. Fixed Income Investments may be issued by US or foreign corporations or entities, including those with business activities located in emerging market countries; US or foreign banks; the US government, its agencies, authorities, instrumentalities or sponsored enterprises; US state and municipal governments; foreign governments and their political subdivisions; and supranational organizations (such as the World Bank).
In managing the Portfolios assets, the Investment Manager employs a relative value approach that is driven by its macroeconomic view of global interest rates, yield curves, sector spreads, and currencies, combined with an opportunistic, but disciplined, security selection process. The Investment Manager seeks to enhance the Portfolios total return by rotating investments through global bond and credit markets, maintaining or seeking exposure to foreign currencies in the discretion of the Investment Manager. The Investment Manager seeks to identify and exploit market inefficiencies (such as spread relationships between sectors in different countries, and undervalued or overlooked markets and securities) in seeking to achieve attractive risk-adjusted returns. The Investment Manager also seeks to identify investment opportunities with asymmetric risk/reward characteristics in seeking to enhance portfolio performance and mitigate risk.
The Portfolios currency exposure generally is managed relative to that of the Bloomberg Barclays Global Aggregate IndexUnhedged in US dollar terms, and tactical exposures to non-US dollar currencies are based on the Investment Managers fundamental macroeconomic outlook, technical factors and the Investment Managers desired market positioning. Under normal market conditions, the Portfolio invests significantly (at least 40%unless market conditions are not deemed favorable by the Investment Manager, in which case the Portfolio would invest at least 30%) in issuers organized or located outside the US or doing a substantial amount of business outside the US, securities denominated in a foreign currency or foreign currency forward contracts. The Investment Manager allocates the Portfolios assets among various regions, countries and currencies, including the United States and the US dollar (but in no less than three different countries or currencies).
The Portfolio may invest in securities of issuers with business activities located in emerging market countries or denominated in an emerging market currency. The Portfolio may invest up to 15% of its assets in securities that are rated below investment grade ( e.g., lower than Baa by Moodys or lower than BBB by S&P) (junk bonds) or the unrated equivalent as determined by the Investment Manager. There are no restrictions on the Portfolios average portfolio maturity or duration or on the maturities of the individual debt and income producing securities and other instruments in which it may invest. Duration is an estimate of the sensitivity of the price (the value of principal) of a fixed-income security to a change in interest rates. Generally, the longer the duration, the higher the expected volatility.
For example, the market price of a fixed-income security with a duration of three years would be expected to decline 3% if interest rates rose 1%. Conversely, the market price of the same security would be expected to increase 3% if interest rates fell 1%. The Portfolio may, but is not required to, use derivative instruments that are part of its primary investment strategy, such as forward currency contracts, for hedging purposes.
C000110020 Performance
Total returns for C000110020 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -0.5% |
| 3 years (annualised) | -6.9% |
C000110020 Risk Information
Risk metrics for C000110020, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 12.6%
C000110020 Costs and Fees
C000110020 costs about $70 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.70%
- Gross expense ratio: 3.36%
- Portfolio turnover: 32%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000110020 Cashflows
Over the 12 months to 2023-06, Lazard Global Fixed Income Portfolio had net outflows of $3.06M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2023-06 | −$799.81K |
| 2023-05 | −$217.94K |
| 2023-04 | −$59.90K |
| 2023-03 | −$1.03M |
| 2023-02 | $64.79K |
| 2023-01 | $5.53K |
C000110020 Debt Constituents
No individual debt constituents are reported in Lazard Global Fixed Income Portfolio's latest SEC N-PORT filing.
C000110020 Prospectus and SEC Filings
Official Lazard Global Fixed Income Portfolio filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2023-04-28
- Prospectus (485BPOS) — filed 2022-04-26
- Prospectus supplement (497) — filed 2022-04-29
- Portfolio holdings (N-PORT) — filed 2023-08-24
- Portfolio holdings (N-PORT) — filed 2023-05-30
- Portfolio holdings (N-PORT) — filed 2023-02-28
- Annual census (N-CEN) — filed 2023-03-15
- Annual census (N-CEN) — filed 2022-03-11
Related Funds
Other Money Market 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.