Lazard Enhanced Opportunities Portfolio
Designed to capitalize on opportunities and uncertainty
Track record
11 Years
An All‑Weather Strategy for Varying Market Cycles
Higher return potential than traditional fixed income
Aims to protect capital during market downturns
Distinct, uncorrelated drivers of returns
Meaningful diversification benefits
Improving Portfolio Outcomes
LEOIX's return profile is driven by distinct opportunities that behave differently from traditional asset classes and bolstered by position-level equity hedges that actively manage downside risk. This combination has delivered strong returns relative to the level of risk taken over varying market cycles.
Risk-Adjusted Performance (Sharpe Ratio)
As of 31 July 2026.
Based on daily returns and calculated net of fees and expenses. LEOIX is an actively managed fund that charges fees. LEOIX is benchmark agnostic. Reference indices include the HFRX Global Hedge Fund Index (HFRXGL Index), the S&P 500 Index (SPTR Index), the Russell 2000 Index (RU20INTR Index), the Bloomberg US Aggregate Bond Index (LBUSTRUU), the ICE BofA Global 300 Convertible Index (VG00 Index), and the ICE BofA US High Yield Index (H0A0 Index). The indices mentioned above are unmanaged and have no fees. One cannot invest directly in an index.
Source: Lazard, Bloomberg
How a Hedged Convertible Bond Strategy Works
The investment process involves pairing long convertible bond positions with short stock positions in the equity of the same company, creating a hedged pair. The long convertible bond position provides income, via coupon, and pull-to-par. The short stock position allows for the ability to monetize market volatility, thus enhancing return potential, while at the same time reducing credit risk, drawdowns, and the volatility of returns.
Unlocking Alpha Beyond Traditional Asset Class Drivers
We access return opportunities from Special Situations, directly negotiated corporate transactions that help companies manage their capital structures and can provide investors with attractive, above-market-price exit dynamics.
As market conditions and company needs evolve, so do these opportunities, creating a recurring source of differentiated return potential.
The team’s depth of experience and credit expertise, supported by Lazard’s broader resources, offers a distinctive edge in identifying and acting on these unique events.
A Meaningful Portfolio Diversifier
The fund’s distinct return drivers, particularly its ability to benefit from market volatility and Special Situation-driven opportunities, tend to be uncorrelated with traditional markets, offering meaningful diversification.
Correlation1
Lazard Enhanced Opportunities2
0.00ICE BofA Global 300 Convertible Index
0.00HFRX Global Hedge Fund Index
0.00ICE BofA US High Yield Index
0.00S&P 500 Index
0.00Russell 2000 Index
0.00Bloomberg US Aggregate Bond Index
0.00As of 31 July 2026.
1 Inception for the Lazard Enhanced Opportunities Fund is 1 January 2015. Performance represented is presented net of fees. The performance quoted represents past performance. Past performance is not a reliable indicator of future results.
2 Based on daily returns. LEOIX is benchmark agnostic. Reference indices include the HFRX Global Hedge Fund Index (HFRXGL Index), the S&P 500 Index (SPTR Index), the Russell 2000 Index (RU20INTR Index), the Bloomberg US Aggregate Bond Index (LBUSTRUU), the ICE BofA Global 300 Convertible Index (VG00 Index), and the ICE BofA US High Yield Index (H0A0 Index). The indices mentioned above are unmanaged and have no fees. One cannot invest directly in an index.
Source: Lazard, Bloomberg.
Highly Experienced Team
A team of seasoned investment professionals, including senior portfolio managers with an average of over 30 years of industry experience and specialists in fundamental credit research, brings exceptional insight and execution capability. This depth of expertise has enabled the team to successfully navigate challenging market environments—including the Global Financial Crisis.
Sean H. Reynolds
Managing Director
Industry: 33 years | Lazard: 19 years
Frank Bianco, CFA
Managing Director
Industry: 35 years | Lazard: 17 years
Sarah M. George
Managing Director
Industry: 16 years | Lazard: 16 years
Douglas Workman, CFA
Director
Industry: 31 years | Lazard: 17 years
Sritharan Nadesan
Senior Vice President
Industry: 34 years | Lazard: 18 years
Michael Porcaro, CFA
Senior Vice President
Industry: 12 years | Lazard: 12 years
Sean Maguire
Vice President
Industry: 6 years | Lazard: 6 years
Jack Ortner
Industry: 4 years | Lazard: 2 years
Important Information
All information as of 31 July 2026.
Information and opinions presented have been obtained or derived from sources believed by Lazard to be reliable. Lazard makes no representation as to their accuracy or completeness. All opinions expressed herein are as the date of this communication and are subject to change.
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.LazardAssetManagement.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 of certain share classes 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.
No risk management technique or process can guarantee return or eliminate risk in any market environment.
Allocations and security selection are subject to change.
The Portfolio pursues both convertible arbitrage and special situation investment opportunities. Convertible arbitrage strategies generally involve price spreads between the convertible security and the underlying equity security. The prices of these investments can be volatile, as market movements are difficult to predict. Event-driven investing requires the fund to make predictions about (i) the likelihood that an event will occur and (ii) the impact such event will have on the value of a company's financial instruments. If the event fails to occur or it does not have the effect foreseen, losses can result. The portfolio invests in initial public offerings (‘‘IPOs’’). The effect of IPOs on the portfolio’s performance may be significant at times. You should be aware that the availability of IPOs is dependent upon market conditions, and IPOs may not always be an available source of investment ideas.
Certain information contained herein constitutes “forward-looking statements” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “target,” “intent,” “continue,” or “believe,” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events may differ materially from those reflected or contemplated in such forward-looking statements.
This document reflects the views of Lazard Asset Management LLC, Lazard Frères Gestion or its affiliates ("Lazard") based upon information believed to be reliable as of the publication date. There is no guarantee that any forecast or opinion will be realized. This document is provided by Lazard for informational purposes only. Nothing herein constitutes investment advice or a recommendation relating to any security, commodity, derivative, investment management service, or investment product. Investments in securities, derivatives, and commodities involve risk, will fluctuate in price, and may result in losses. Certain assets held in Lazard’s investment portfolios, in particular alternative investment portfolios, can involve high degrees of risk and volatility when compared to other assets. Similarly, certain assets held in Lazard’s investment portfolios may trade in less liquid or efficient markets, which can affect investment performance. Past performance does not guarantee future results. The views expressed herein are subject to change, and may differ from the views of other Lazard investment professionals.
This document is intended only for persons residing in jurisdictions where its distribution or availability is consistent with local laws and Lazard’s local regulatory authorizations. Please visit www.lazardassetmanagement.com/global-disclosure for the specific Lazard entities that have issued this document and the scope of their authorized activities.
Issued by Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, NY 10112.
Get In Touch
Please feel free to contact us if you have any inquiries and our team will reach out to you.
©2026 Lazard, Inc. ©2026 Lazard Asset Management LLC.