Morningstar Disclaimer
1 As of 31-July-2025. The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads.
Legal Disclaimer
Investment Products: NOT FDIC INSURED | NOT BANK GUARANTEED | MAY LOSE VALUE
Please consider a fund’s investment objectives, risks, charges, and expenses carefully before investing. For more complete information about The Lazard Funds, Inc. and current performance, you may obtain a prospectus or summary prospectus by calling 800-823-6300 or going to www.lazardassetmanagement.com. Read the prospectus or summary prospectus carefully before you invest. The prospectus and summary prospectus contain investment objectives, risks, charges, expenses, and other information about the Portfolio and The Lazard Funds that may not be detailed in this document.
The Lazard ETFs are distributed by Foreside Fund Services, LLC.
Forward-looking figures represent expected returns. Expected returns do not represent a promise or guarantee of future results and are subject to change.
The Portfolio invests in stocks believed by Lazard to have the potential for growth, but that may not realize such perceived potential for extended periods of time or may never realize such perceived growth potential. Such stocks may be more volatile than other stocks because they can be more sensitive to investor perceptions of the issuing company’s growth potential. The stocks in which the Portfolio invests may respond differently to market and other developments than other types of stocks.
Equity securities will fluctuate in price; the value of your investment will thus fluctuate, and this may result in a loss. Securities in certain non-domestic countries may be less liquid, more volatile, and less subject to governmental supervision than in one’s home market. The values of these securities may be affected by changes in currency rates, application of a country’s specific tax laws, changes in government administration, and economic and monetary policy. Emerging markets securities carry special risks, such as less developed or less efficient trading markets, a lack of company information, and differing auditing and legal standards. The securities markets of emerging markets countries can be extremely volatile; performance can also be influenced by political, social, and economic factors affecting companies in emerging markets countries.
Certain information included herein is derived by Lazard in part from an MSCI index or indices (the “Index Data”). However, MSCI has not reviewed this product or report, and does not endorse or express any opinion regarding this product or report or any analysis or other information contained herein or the author or source of any such information or analysis. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any Index Data or data derived therefrom.
Footnotes
The 30-day SEC yield is a standardized calculation, developed by the U.S. Securities and Exchange Commission, used to measure the income earned by a fund, particularly fixed-income securities, over the past 30 days, annualized, and divided by the fund's net asset value.
The 30-day SEC unsubsidized yield represents the annualized income a bond fund would generate over a year if it continued earning at the same rate, based on the net investment income earned during the previous 30 days, without factoring in any fee waivers or reimbursements.
The gross expense ratio (GER) is the total annual cost of managing the fund, expressed as a percentage of the fund's average net assets, before any fee waivers or reimbursements are considered.
Net Expense Ratio represents the expense ratio applicable to investors.
Alpha is a measure of a stock's performance relative to a benchmark index. A positive alpha indicates the stock has outperformed the market, while a negative alpha means it has underperformed.
Beta is a number that shows how much a stock's price moves compared to the overall market. A beta above 1 means the stock is more volatile than the market, while a beta below 1 means it’s less volatile and may carry less risk.
Tracking Error measures how closely a portfolio follows its benchmark index. A lower tracking error indicates the portfolio closely matches the performance of the benchmark, while a higher tracking error shows more divergence.
R-squared is a statistical measure that shows how well a fund's movements can be explained by the movements of a benchmark index. An R-squared value closer to 100% indicates a strong correlation, meaning the fund's performance closely follows the benchmark.
Standard Deviation measures the amount of variation or dispersion in a set of investment returns. A higher standard deviation indicates greater volatility and risk, while a lower standard deviation suggests more stable returns.
Sharpe Ratio evaluates the risk-adjusted return of an investment. It is calculated by dividing the excess return (over a risk-free rate) by the standard deviation of the investment's returns, with a higher Sharpe ratio indicating better risk-adjusted performance.
Market capitalization is the total dollar value of a company's outstanding shares of stock, calculated by multiplying the current share price by the number of shares outstanding.
Price-to-earnings (P/E) ratio is a metric that compares a company's stock price to its earnings per share
Return on Equity (ROE) is a profitability ratio that measures how effectively a company uses shareholder investments (equity) to generate profits, calculated by dividing net income by shareholders' equity.
Price/Book (P/B) ratio compares a company's current market value to its book value, which is the value of assets minus liabilities
Price/Cash flow (P/CF) ratio is a valuation metric that compares a company's market capitalization to its operating cash flow, helping investors assess whether a stock is overvalued or undervalued.
Free Cash Flow Yield (FCFY) measures the amount of cash generated from the core operations of a company relative to its valuation, expressed as a percentage
"Net Debt to Capital" refers to a company's net debt divided by its total capital, which is calculated as total debt plus shareholder equity
EPS (Earnings per share) growth is the percentage change in a company's earnings per share over a period of time.