Lazard Explorer Total Return Portfolio
Data updated: 2019-11-19
C000127908 — Lazard Explorer Total Return Portfolio. Money Market · $6.34M AUM · 1.10% expense ratio. Holdings, fees, performance and SEC filings.
C000127908 Fund Overview
Lazard Explorer Total Return 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: $6.34M
- SEC CIK: 0000874964
- SEC series ID: S000041253
- Share class ID: C000127908
C000127908 Investment Objective and Strategy
Lazard Explorer Total Return 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
The Portfolio utilizes a flexible total return investment strategy. It typically invests primarily in debt securities issued or guaranteed by governments, government agencies or supranational bodies; derivatives; debt securities issued by companies or other private-sector entities, including fixed and/or floating rate investment grade and non-investment grade bonds; short- and medium-term obligations; and other fixed-income obligations. At certain times, based on the currently existing market environment, the Investment Manager may not believe it is able to find sufficient opportunities to invest in these types of securities and may determine to tactically shift the Portfolio to invest substantially in money market instruments, such as short-term US Treasury securities and certificates of deposit.
The securities in which the Portfolio invests may be denominated in any currency. The Portfolio typically focuses its investments in securities of companies that are economically tied to emerging market countries. Emerging market countries include all countries not represented by the MSCI World Index. The allocation of the Portfolios assets among countries and regions may vary from time to time based on the Investment Managers judgment and its analysis of market conditions. The Portfolio may invest without limitation in securities rated below investment grade ( e.g., lower than Baa by Moodys or lower than BBB by S&P) (junk bonds) or securities that are unrated. Additionally, the Portfolio is not restricted to investments in securities of any particular maturity or duration. 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 enter into futures contracts on US Treasury securities to seek to hedge the Portfolios exposure to the risk of rising interest rates on US Treasury securities embedded in the Portfolios emerging market debt securities (to a greater or lesser degree, depending on the currency in which the debt security is denominated). Similarly, the Portfolio also may enter into futures contracts on US Treasury securities in combination with a credit default swap that provides exposure to emerging markets debt securities, baskets of securities or indices.
The Investment Manager expects to actively increase and decrease the Portfolios exposures to emerging market securities and currencies, and to significantly utilize derivatives. The Portfolio expects to utilize the following types of derivatives: forward contracts (including non-deliverable forward contracts, which settle in cash based on the difference between the agreed upon contract price or rate and the prevailing spot price or rate on an agreed notional amount), credit default swap agreements (including credit default swap agreements on an index or basket of securities or a single security), interest rate swap agreements and foreign currency options. Derivative positions may represent a substantial investment exposure through the economic leverage embedded in these positions. The aggregate notional amount of derivative positions may typically be expected to range from 20% to 100% of the Portfolios assets.
The Investment Manager may change the Portfolios investment exposures frequently, and positions may be held for only a short period of time as the Investment Manager seeks to add value in different market environments in pursuit of the Portfolios total return objective. An investment in the Portfolio involves a high degree of risk. 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.
C000127908 Costs and Fees
C000127908 costs about $110 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.10%
- Gross expense ratio: 1.10%
- Portfolio turnover: 151%
- Brokerage commissions: 0.02 bps of average net assets (SEC N-CEN)
C000127908 Cashflows
Over the 12 months to 2019-09, Lazard Explorer Total Return Portfolio had net outflows of $104.04M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2019-09 | −$104.46M |
| 2019-08 | $202.74K |
| 2019-07 | $209.79K |
C000127908 Debt Constituents
No individual debt constituents are reported in Lazard Explorer Total Return Portfolio's latest SEC N-PORT filing.
C000127908 Prospectus and SEC Filings
Official Lazard Explorer Total Return Portfolio filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
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.