RLZEX — Lazard Enhanced Opportunities Portfolio
Data updated: 2026-08-21
RLZEX — Lazard Enhanced Opportunities Portfolio. Alternative · $78.19M AUM · 1.29% expense ratio. Holdings, fees, performance and SEC filings.
RLZEX Fund Overview
RLZEX — Lazard Enhanced Opportunities Portfolio is a US mutual fund managed by Lazard Funds INC, categorised as Alternative. 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: Alternative
- Assets under management: $78.19M
- Ticker: RLZEX
- SEC CIK: 0000874964
- SEC series ID: S000047900
- Share class ID: C000150429
RLZEX Investment Objective and Strategy
Lazard Enhanced Opportunities 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 capital appreciation.
Principal investment strategy
The Portfolio seeks to achieve its investment objective over a full market cycle through a hedged strategy investing primarily in convertible fixed income and preferred securities (including those rated below investment grade (junk)). The strategy utilizes a relative value approach, focusing on convertible securities that are considered to have low volatility. It is expected that the Portfolio will invest primarily in small and mid cap companies. The Portfolio also will utilize selective strategy level and position level hedges, primarily through short selling and derivatives, seeking to minimize macro risk (equity and credit) and interest rate risk. The Portfolio may invest in convertible debt and preferred securities of any maturity and any quality. Convertible securities held in the Portfolio generally are expected to have maturities between three and seven years at the time of investment, or between five and seven years if invested at issuance.
Preferred securities generally are of perpetual maturities, callable at various points determined by the issuer. The Portfolio management team utilizes bottom up fundamental credit, equity and quantitative analysis in conjunction with top down macroeconomic analysis to identify individual securities believed to offer compelling value versus comparable risk return. The Portfolio will generally have short positions through selling securities short and through investments in derivative instruments, principally swap agreements on individual securities, and may use short positions to seek to increase returns or to reduce risk. A short sale involves the sale of a security that the Portfolio does not own in the expectation of purchasing the same security (or a security exchangeable therefor) at a later date and at a lower price and profiting from the price decline.
Similarly, when taking short positions with respect to securities through investments in derivative instruments, the Investment Manager is expecting the value of such securities to fall during the period of the Portfolios investment exposure. Although the Portfolios investment focus is U.S. companies, the Portfolio also may invest in non-U.S. companies, including depositary receipts and shares. 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 convertible fixed income and preferred securities and/or take short positions and may determine to tactically shift the Portfolio to invest substantially in money market instruments, such as short-term U.S. Treasury securities and certificates of deposit.
The Portfolio may invest in exchange-traded open-end management investment companies (ETFs), generally those that pursue a passive index-based strategy. In addition, the Portfolio may, but is not required to (1) enter into futures and forward currency contracts and equity, interest rate, credit default and currency swap agreements; and (2) write put and call options on securities (including shares of ETFs), indexes and currencies, in each case for hedging purposes or to seek to increase returns. It is expected that the Portfolio will buy and sell securities, and take short positions in securities, frequently in connection with implementing its investment strategy. The Portfolio is classified as non-diversified under the Investment Company Act of 1940, as amended (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.
RLZEX Holdings
Top 10 holdings of Lazard Enhanced Opportunities Portfolio by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| BNP Paribas SA | 118.10% |
| Nomura International PLC | 12.33% |
| United States Treasury | 9.96% |
| United States Treasury | 6.22% |
| United States Treasury | 4.96% |
| United States Treasury | 4.91% |
| United States Treasury | 4.85% |
| United States Treasury | 4.74% |
| United States Treasury | 4.55% |
| United States Treasury | 4.05% |
RLZEX Portfolio Allocation
Asset-class allocation of Lazard Enhanced Opportunities Portfolio by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Derivatives | 131.5% |
| Cash & Equivalents | 49.7% |
| Fixed Income | 43.5% |
| Equity | 0.6% |
RLZEX Performance
Total returns for RLZEX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 4.7% |
| 1 year | 10.2% |
| 3 years (annualised) | 9.4% |
| 5 years (annualised) | 5.5% |
RLZEX Risk Information
Risk metrics for RLZEX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 1.5%
RLZEX Costs and Fees
RLZEX costs about $129 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.29%
- Gross expense ratio: 1.55%
- Portfolio turnover: 857%
- Brokerage commissions: 5.13 bps of average net assets (SEC N-CEN)
RLZEX Cashflows
Over the 12 months to 2026-06, Lazard Enhanced Opportunities Portfolio had net inflows of $15.92M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | $1.26M |
| 2026-05 | $5.21M |
| 2026-04 | −$1.30M |
| 2026-03 | $666.25K |
| 2026-02 | $202.20K |
| 2026-01 | $8.65M |
RLZEX Debt Constituents
Largest debt holdings of Lazard Enhanced Opportunities Portfolio by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Cloudflare, Inc. | 2.42% |
| Ping An Insurance Group | 2.39% |
| Coreweave, Inc. | 2.25% |
| Guardant Health, Inc. | 1.80% |
| Alibaba Group Holding | 1.46% |
| Akamai Technologies, Inc. | 1.45% |
| Galaxy Digital Holdin LP | 1.38% |
| Datadog, Inc. | 1.37% |
| Microchip Technology, Inc. | 1.29% |
| Fluence Energy, Inc. | 1.16% |
RLZEX Prospectus and SEC Filings
Official Lazard Enhanced Opportunities Portfolio filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-04-23
- Prospectus (485BPOS) — filed 2025-04-28
- Prospectus supplement (497) — filed 2025-06-25
- Portfolio holdings (N-PORT) — filed 2026-08-21
- Portfolio holdings (N-PORT) — filed 2026-05-28
- Portfolio holdings (N-PORT) — filed 2026-03-02
- Annual census (N-CEN) — filed 2026-03-13
- Annual census (N-CEN) — filed 2025-03-13
Related Funds
Other Alternative 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.