XML 34 R29.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Lazard U.S. Small-Mid Cap Equity Portfolio
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Portfolio seeks long-term capital appreciation.

Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Transaction Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 92% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 92.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.


The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Portfolio invests primarily in equity securities, principally common stocks, of small to mid capitalization US companies. The Investment Manager considers “small-mid cap companies” to be those companies that, at the time of initial purchase by the Portfolio, have market capitalizations within the range of companies included in the Russell 2500® Index (ranging from approximately $18.5 million to $10.9 billion as of April 9, 2013).


Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of small-mid cap US companies. The Investment Manager focuses on relative value in seeking to construct a diversified portfolio of investments for the Portfolio that maintains sector and industry balance, using investment opportunities identified through bottom-up fundamental research conducted by the Investment Manager’s small cap, mid cap and global research analysts.


The Portfolio may invest up to 20% of its assets in equity securities of larger US companies and may invest up to 10% of its total assets in equity securities of non-US companies, including ADRs and GDRs.

Risk [Heading] rr_RiskHeading Principal Investment Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

The value of your investment in the Portfolio will fluctuate, which means you could lose money.


Market Risk. Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of the market, can affect the value of the Portfolio’s investments. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Portfolio.


Issuer Risk. The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets.


Small and Mid Cap Companies Risk. Small and mid cap companies carry additional risks because their earnings tend to be less predictable, their share prices more volatile and their securities less liquid than larger, more established companies. The shares of small and mid cap companies tend to trade less frequently than those of larger companies, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when the Investment Manager deems it appropriate.


Value Investing Risk. The Portfolio invests in stocks believed by the Investment Manager to be undervalued, but that may not realize their perceived value for extended periods of time or may never realize their perceived value. The stocks in which the Portfolio invests may respond differently to market and other developments than other types of stocks.


Non-US Securities Risk. The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as exposure to currency fluctuations, less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. In addition, investments denominated in currencies other than US dollars carry the risk that such currencies will decline in value relative to the US dollar and affect the value of these investments held in the Portfolio.

Risk Lose Money [Text] rr_RiskLoseMoney The value of your investment in the Portfolio will fluctuate, which means you could lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The accompanying bar chart and table provide some indication of the risks of investing in Lazard US Small-Mid Cap Equity Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year over the past 10 calendar years. Updated performance information is available at www.LazardNet.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The accompanying bar chart and table provide some indication of the risks of investing in Lazard US Small-Mid Cap Equity Portfolio by showing the Portfolio's year-by-year performance and its average annual performance compared to that of a broad measure of market performance.
Performance Additional Market Index [Text] rr_PerformanceAdditionalMarketIndex The Russell 2000/2500 Linked Index shown in the table is an unmanaged index created by the Investment Manager, which links the performance of the Russell 2000 Index for all periods through August 24, 2008 (when the Portfolio's investment focus was changed from small cap companies to small-mid cap companies) and the Russell 2500 Index for all periods thereafter.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 823-6300
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.LazardNet.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Portfolio's past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Best Quarter:
6/30/09 28.30%

Worst Quarter:
9/30/11 -26.02%

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 28.30%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (26.02%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended December 31, 2012)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses or taxes)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

After-tax returns for the Open Shares vary from those of Institutional Shares. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Russell 2000/2500 Linked Index shown in the table is an unmanaged index created by the Investment Manager, which links the performance of the Russell 2000® Index for all periods through August 24, 2008 (when the Portfolio’s investment focus was changed from small cap companies to small-mid cap companies) and the Russell 2500 Index for all periods thereafter.

Russell 2500 Index (reflects no deduction for fees, expenses or taxes) (Institutional)
  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 17.88%
5 Years rr_AverageAnnualReturnYear05 4.34%
10 Years rr_AverageAnnualReturnYear10 10.49%
Life of Portfolio rr_AverageAnnualReturnSinceInception 10.39%
Russell 2500 Index (reflects no deduction for fees, expenses or taxes) (Open)
  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 17.88%
5 Years rr_AverageAnnualReturnYear05 4.34%
10 Years rr_AverageAnnualReturnYear10 10.49%
Life of Portfolio rr_AverageAnnualReturnSinceInception 8.28%
Russell 2000/2500 Linked Index (reflects no deduction for fees, expenses or taxes) (Institutional)
  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 17.88%
5 Years rr_AverageAnnualReturnYear05 4.78%
10 Years rr_AverageAnnualReturnYear10 10.36%
Life of Portfolio rr_AverageAnnualReturnSinceInception 9.30%
Russell 2000/2500 Linked Index (reflects no deduction for fees, expenses or taxes) (Open)
  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 17.88%
5 Years rr_AverageAnnualReturnYear05 4.78%
10 Years rr_AverageAnnualReturnYear10 10.36%
Life of Portfolio rr_AverageAnnualReturnSinceInception 7.15%
Open Shares
  
Risk/Return: rr_RiskReturnAbstract  
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.21%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.21%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 123
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 384
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 665
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,466
1 Year rr_AverageAnnualReturnYear01 14.97%
5 Years rr_AverageAnnualReturnYear05 5.22%
10 Years rr_AverageAnnualReturnYear10 8.81%
Life of Portfolio rr_AverageAnnualReturnSinceInception 6.89%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 30, 1997
Institutional Shares
  
Risk/Return: rr_RiskReturnAbstract  
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.13%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 0.88%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 90
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 281
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 488
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,084
Annual Return 2003 rr_AnnualReturn2003 38.92%
Annual Return 2004 rr_AnnualReturn2004 15.28%
Annual Return 2005 rr_AnnualReturn2005 4.31%
Annual Return 2006 rr_AnnualReturn2006 17.11%
Annual Return 2007 rr_AnnualReturn2007 (6.38%)
Annual Return 2008 rr_AnnualReturn2008 (34.46%)
Annual Return 2009 rr_AnnualReturn2009 55.47%
Annual Return 2010 rr_AnnualReturn2010 23.67%
Annual Return 2011 rr_AnnualReturn2011 (9.83%)
Annual Return 2012 rr_AnnualReturn2012 15.45%
1 Year rr_AverageAnnualReturnYear01 15.45%
5 Years rr_AverageAnnualReturnYear05 5.58%
10 Years rr_AverageAnnualReturnYear10 9.16%
Life of Portfolio rr_AverageAnnualReturnSinceInception 10.33%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 30, 1991
Institutional Shares | After Taxes on Distributions
  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 14.99%
5 Years rr_AverageAnnualReturnYear05 4.96%
10 Years rr_AverageAnnualReturnYear10 7.23%
Life of Portfolio rr_AverageAnnualReturnSinceInception 8.10%
Institutional Shares | After Taxes on Distributions and Sale of Portfolio Shares
  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 10.64%
5 Years rr_AverageAnnualReturnYear05 4.56%
10 Years rr_AverageAnnualReturnYear10 7.35%
Life of Portfolio rr_AverageAnnualReturnSinceInception 8.13%