0000930413-17-003515.txt : 20171006 0000930413-17-003515.hdr.sgml : 20171006 20171006123756 ACCESSION NUMBER: 0000930413-17-003515 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 14 FILED AS OF DATE: 20171006 DATE AS OF CHANGE: 20171006 EFFECTIVENESS DATE: 20171006 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LAZARD FUNDS INC CENTRAL INDEX KEY: 0000874964 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-40682 FILM NUMBER: 171126325 BUSINESS ADDRESS: STREET 1: 30 ROCKEFELLER PLAZA CITY: NEW YORK STATE: NY ZIP: 10112 BUSINESS PHONE: 2126326000 MAIL ADDRESS: STREET 1: 30 ROCKEFELLER PLAZA CITY: NEW YORK STATE: NY ZIP: 10112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LAZARD FUNDS INC CENTRAL INDEX KEY: 0000874964 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-06312 FILM NUMBER: 171126326 BUSINESS ADDRESS: STREET 1: 30 ROCKEFELLER PLAZA CITY: NEW YORK STATE: NY ZIP: 10112 BUSINESS PHONE: 2126326000 MAIL ADDRESS: STREET 1: 30 ROCKEFELLER PLAZA CITY: NEW YORK STATE: NY ZIP: 10112 0000874964 S000059092 Lazard Equity Franchise Portfolio C000193735 Institutional Shares LZFIX C000193736 Open Shares LZFOX C000193737 R6 Shares RLZFX 485BPOS 1 c88796_485bpos.htm Untitled Document

Securities Act File No. 33-40682
Investment Company Act File No. 811-06312

 

 

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

/X/
   

                                                                Post-Effective Amendment No. 122

/X/
   

                                                                  and

 
   

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

/X/
   

                                                                 Amendment No. 122

/X/

 

(Check appropriate box or boxes)

THE LAZARD FUNDS, INC.

 

(Exact Name of Registrant as Specified in Charter)
 
(212) 632-6000
 
(Registrant’s Telephone Number, including Area Code)
 
30 Rockefeller Plaza, New York, New York 10112
 
(Address of Principal Executive: Number, Street, City, State, Zip Code)
 

 

Mark R. Anderson, Esq.
30 Rockefeller Plaza
New York, New York 10112
(Name and Address of Agent for Services)

Copy to:
Janna Manes, Esq.
Proskauer Rose LLP
Eleven Times Square
New York, New York 10036

It is proposed that this filing will become effective (check appropriate box)

X immediately upon filing pursuant to paragraph (b)
  on (DATE) pursuant to paragraph (b)
  60 days after filing pursuant to paragraph (a)(1)
  on (DATE) pursuant to paragraph (a)(1)
  75 days after filing pursuant to paragraph (a)(2)
  on (DATE) pursuant to paragraph (a)(2) of Rule 485.
If appropriate, check the following box:
  this post-effective amendment designates a new effective date for a previously filed post-effective amendment.
     

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Amendment to the Registration Statement under Rule 485(b) of the Securities Act of 1933 and has duly caused this Amendment to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, and State of New York, on the 6th day of October, 2017.

 

 

 

 

THE LAZARD FUNDS, INC.

     
 

By:

/s/ Nathan A. Paul

   

Nathan A. Paul, Chief Executive Officer

 

Pursuant to the requirements of the Securities Act of 1933, this Amendment to Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

 

 

/s/ Nathan A. Paul

Nathan A. Paul

President October 6, 2017
     
/s/ Christopher Snively
Christopher Snively
Chief Financial Officer October 6, 2017
     

/s/ Ashish Bhutani*

Ashish Bhutani

Director October 6, 2017
     

/s/ Franci J. Blassberg*

Franci J. Blassberg

Director October 6, 2017
     
/s/ Kenneth S. Davidson*
Kenneth S. Davidson
Director October 6, 2017
     

/s/ Nancy A. Eckl*

Nancy A. Eckl

Director October 6, 2017
     

/s/ Trevor W. Morrison*

Trevor W. Morrison

Director October 6, 2017
     

/s/ Richard Reiss, Jr.*

Richard Reiss, Jr.

Director October 6, 2017
     
/s/ Robert M. Solmson*
Robert M. Solmson
Director October 6, 2017
     

*By: /s/ Mark R. Anderson

Attorney-in-fact, Mark R. Anderson

 

 

 

 

 

 

EXHIBIT INDEX

 

Exhibit No. Description
EX-101.INS XBRL Instance Document
EX-101.SCH XBRL Taxonomy Extension Schema Document
EX-101.DEF XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE XBRL Taxonomy Extension Presentation Linkbase



 

 

EX-101.INS 2 cik0000874964-20170925.xml 0000874964 2017-09-29 2017-09-29 0000874964 cik0000874964:S000059092Member 2017-09-29 2017-09-29 0000874964 cik0000874964:S000059092Member cik0000874964:C000193735Member 2017-09-29 2017-09-29 0000874964 cik0000874964:S000059092Member cik0000874964:C000193736Member 2017-09-29 2017-09-29 0000874964 cik0000874964:S000059092Member cik0000874964:C000193737Member 2017-09-29 2017-09-29 xbrli:pure iso4217:USD Other Expenses are based on estimated amounts for the current fiscal year. Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until September 29, 2019, to the extent Total Annual Portfolio Operating Expenses exceed .95%, 1.20% and .90% of the average daily net assets of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of "Acquired Funds" and extraordinary expenses. This agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors (the "Board"), and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio. LAZARD FUNDS INC 485BPOS false 0000874964 2017-09-29 2017-09-25 2017-09-29 2017-09-29 Lazard Equity Franchise Portfolio Performance Bar Chart and Table <p style="margin: 2.1mm 0px 0px;"><font style="font-family: sans-serif; font-size: 3.8mm;">Because the Portfolio had not commenced investment operations prior to the date of this Prospectus, no performance returns are presented. Annual performance returns provide some indication of the risks of investing in the Portfolio by showing changes in performance from year to year. Comparison of Portfolio performance to an appropriate index indicates how the Portfolio&#8217;s average annual returns compare with those of a broad measure of market performance. After the Portfolio commences investment operations, performance information will be available at www.LazardNet.com or by calling (800) 823-6300. The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.</font></p> (800) 823-6300 www.LazardNet.com The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. Annual performance returns provide some indication of the risks of investing in the Portfolio by showing changes in performance from year to year. Because the Portfolio had not commenced investment operations prior to the date of this Prospectus, no performance returns are presented. Investment Objective <p style="margin: 2.1mm 0px 0px;"><font style="font-family: sans-serif; font-size: 3.8mm;">The Portfolio seeks total return consisting of appreciation and income.</font></p> Principal Investment Strategies <p style="margin: 2.1mm 0px 0px;"><font style="font-family: sans-serif; font-size: 3.8mm;">The Portfolio invests primarily in equity securities, principally common stocks, of US and non-US companies, including those in emerging markets. The Portfolio normally invests in equity securities listed on a national or other recognized securities exchange of companies that the Investment Manager considers have an &#8220;economic franchise,&#8221; meaning companies that have historically shown an ability to generate unleveraged returns, at or above their cost of capital, for long periods of time. The Investment Manager considers that strong business franchises are often able to accomplish this performance and status because of competitive advantages such as an established or recognized brand, proprietary intellectual property or other intangible assets or industry economics such as relatively high customer switching costs. Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities. The Portfolio may invest in the equity securities of any size company.</font></p> <br/><p style="margin: 2.1mm 0px 0px;"><font style="font-family: sans-serif; font-size: 3.8mm;">The Investment Manager may seek to hedge some or all foreign currency exposure in the Portfolio against movements relative to the US dollar by entering into foreign currency forward contracts, but the Investment Manager may determine not to hedge some or all of the Portfolio&#8217;s foreign currency exposure from time-to-time or at any time.</font></p> <br/><p style="margin: 2.1mm 0px 0px;"><font style="font-family: sans-serif; font-size: 3.8mm;">The Portfolio is classified as &#8220;non-diversified&#8221; under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), 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.</font></p> Portfolio Turnover <p style="margin: 2.1mm 0px 0px;"><font style="font-family: sans-serif; font-size: 3.8mm;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. Because the Portfolio had not commenced investment operations prior to the date of this Prospectus, no portfolio turnover information is presented.</font></p> Fees and Expenses <p style="margin: 2.1mm 0px 0px;"><font style="font-family: sans-serif; font-size: 3.8mm;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio, a series of The Lazard Funds, Inc. (the &#8220;Fund&#8221;). Investors transacting in Institutional Shares through a financial intermediary acting as a broker in an agency capacity may be required to pay a commission directly to the broker.</font></p> 0.0080 0.0080 0.0080 0.0000 0.0025 0.0000 0.0020 0.0020 0.0020 0.0100 0.0125 0.0100 -0.0005 -0.0005 -0.0010 0.0095 0.0120 0.0090 ~ http://lazardnet.com/20170925/role/ScheduleAnnualFundOperatingExpenses20001 column dei_LegalEntityAxis compact cik0000874964_S000059092Member row primary compact * ~ 2019-09-29 Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Other Expenses are based on estimated amounts for the current fiscal year. Example <p style="margin: 2.1mm 0px 0px;"><font style="font-family: sans-serif; font-size: 3.8mm;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</font></p> <br/><p style="margin: 2.1mm 0px 0px;"><font style="font-family: sans-serif; font-size: 3.8mm;">The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or 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&#8217;s operating expenses remain the same, giving effect to the fee waiver and expense reimbursement arrangement described above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></p> 97 313 122 381 92 308 ~ http://lazardnet.com/20170925/role/ScheduleExpenseExampleTransposed20002 column dei_LegalEntityAxis compact cik0000874964_S000059092Member row primary compact * ~ Principal Investment Risks <p style="margin: 2.1mm 0px 0px;"><font style="font-family: sans-serif; font-size: 3.8mm;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</font></p> <br/><p style="margin: 2.1mm 0px 0px;"><font style="font-family: sans-serif; font-size: 3.8mm;"><b>Market Risk</b>. 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&#8217;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.</font></p> <br/><p style="margin: 2.1mm 0px 0px;"><font style="font-family: sans-serif; font-size: 3.8mm;"><b>Issuer Risk</b>. 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&#8217;s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer&#8217;s value, such as investor perception.</font></p> <br/><p style="margin: 2.1mm 0px 0px;"><font style="font-family: sans-serif; font-size: 3.8mm;"><b>Franchise Companies Risk</b>. Changes in the worldwide economy, consumer spending, competition, demographics and consumer preferences, government regulation and economic conditions may adversely affect franchise companies individually or across an industry and may negatively impact the Portfolio to a greater extent than if the Portfolio&#8217;s assets were invested more broadly in a number of types of companies.</font></p> <br/><p style="margin: 2.1mm 0px 0px;"><font style="font-family: sans-serif; font-size: 3.8mm;"><b>Non-US Securities Risk</b>. The Portfolio&#8217;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 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 may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates.</font></p> <br/><p style="margin: 2.1mm 0px 0px;"><font style="font-family: sans-serif; font-size: 3.8mm;"><b>Emerging Market Risk</b>. Emerging market countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile. These market conditions may continue or worsen. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.</font></p> <br/><p style="margin: 2.1mm 0px 0px;"><font style="font-family: sans-serif; font-size: 3.8mm;"><b>Growth Investing Risk. </b>The Portfolio invests in stocks believed by the Investment Manager 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&#8217;s growth potential. The stocks in which the Portfolio invests may respond differently to market and other developments than other types of stocks.</font></p> <br/><p style="margin: 2.1mm 0px 0px;"><font style="font-family: sans-serif; font-size: 3.8mm;"><b>Foreign Currency and Foreign Currency Hedging Risk</b>. Irrespective of any foreign currency exposure hedging, the Portfolio may experience a decline in the value of its portfolio securities, in US dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager may not be able to accurately predict movements in exchange rates and there may be imperfect correlations between movements in exchange rates that could cause the Portfolio to incur significant losses. Currency investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies.</font></p> <br/><p style="margin: 2.1mm 0px 0px;"><font style="font-family: sans-serif; font-size: 3.8mm;"><b>Forward Currency Contracts Risk</b>. Forward currency contracts may increase volatility or reduce returns, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Forward currency contracts are subject to the risk of default by the counterparty to the contracts and can be illiquid. These contracts are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related currency. As such, a small investment could have a potentially large impact on the Portfolio&#8217;s performance. Derivatives transactions incur costs, either explicitly or implicitly, which reduce return. Successful use of derivatives is subject to the Investment Manager&#8217;s ability to predict correctly movements in the direction of the relevant reference asset or market. Use of forward currency contracts, even when entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.</font></p> <br/><p style="margin: 2.1mm 0px 0px;"><font style="font-family: sans-serif; font-size: 3.8mm;"><b>Large Cap Companies Risk</b>. Investments in large cap companies may underperform other segments of the market when such other segments are in favor or because such companies may be less responsive to competitive challenges and opportunities and may be unable to attain high growth rates during periods of economic expansion.</font></p> <br/><p style="margin: 2.1mm 0px 0px;"><font style="font-family: sans-serif; font-size: 3.8mm;"><b>Small and Mid Cap Companies Risk</b>. 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.</font></p> <br/><p style="margin: 2.1mm 0px 0px;"><font style="font-family: sans-serif; font-size: 3.8mm;"><b>Non-Diversification Risk. </b>The Portfolio&#8217;s net asset value (&#8220;NAV&#8221;) may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Portfolio&#8217;s investments consisted of securities issued by a larger number of issuers.</font></p> <br/><p style="margin: 2.1mm 0px 0px;"><font style="font-family: sans-serif; font-size: 3.8mm;"><b>Securities Selection Risk</b>. Securities and other investments selected by the Investment Manager for the Portfolio may not perform to expectations. This could result in the Portfolio&#8217;s underperformance compared to other funds with similar investment objectives or strategies.</font></p> The value of your investment in the Portfolio will fluctuate, which means you could lose money. The Portfolio&#8217;s net asset value (&#8220;NAV&#8221;) may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Portfolio&#8217;s investments consisted of securities issued by a larger number of issuers. 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Prospectus:  
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Document Period End Date Sep. 29, 2017
Registrant Name LAZARD FUNDS INC
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Lazard Equity Franchise Portfolio
Lazard Equity Franchise Portfolio
Investment Objective

The Portfolio seeks total return consisting of appreciation and income.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio, a series of The Lazard Funds, Inc. (the “Fund”). Investors transacting in Institutional Shares through a financial intermediary acting as a broker in an agency capacity may be required to pay a commission directly to the broker.

Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Lazard Equity Franchise Portfolio
Institutional Shares
Open Shares
R6 Shares
Management Fees 0.80% 0.80% 0.80%
Distribution and Service (12b-1) Fees none 0.25% none
Other Expenses [1] 0.20% 0.20% 0.20%
Total Annual Portfolio Operating Expenses 1.00% 1.25% 1.00%
Fee Waiver and Expense Reimbursement [2] 0.05% 0.05% 0.10%
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Reimbursement [2] 0.95% 1.20% 0.90%
[1] Other Expenses are based on estimated amounts for the current fiscal year.
[2] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until September 29, 2019, to the extent Total Annual Portfolio Operating Expenses exceed .95%, 1.20% and .90% of the average daily net assets of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of "Acquired Funds" and extraordinary expenses. This agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors (the "Board"), and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio.
Example

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 hold or 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, giving effect to the fee waiver and expense reimbursement arrangement described above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Lazard Equity Franchise Portfolio - USD ($)
1 Year
3 Years
Institutional Shares 97 313
Open Shares 122 381
R6 Shares 92 308
Portfolio Turnover

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. Because the Portfolio had not commenced investment operations prior to the date of this Prospectus, no portfolio turnover information is presented.

Principal Investment Strategies

The Portfolio invests primarily in equity securities, principally common stocks, of US and non-US companies, including those in emerging markets. The Portfolio normally invests in equity securities listed on a national or other recognized securities exchange of companies that the Investment Manager considers have an “economic franchise,” meaning companies that have historically shown an ability to generate unleveraged returns, at or above their cost of capital, for long periods of time. The Investment Manager considers that strong business franchises are often able to accomplish this performance and status because of competitive advantages such as an established or recognized brand, proprietary intellectual property or other intangible assets or industry economics such as relatively high customer switching costs. Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities. The Portfolio may invest in the equity securities of any size company.


The Investment Manager may seek to hedge some or all foreign currency exposure in the Portfolio against movements relative to the US dollar by entering into foreign currency forward contracts, but the Investment Manager may determine not to hedge some or all of the Portfolio’s foreign currency exposure from time-to-time or at any time.


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.

Principal Investment Risks

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 or factors unrelated to the issuer’s value, such as investor perception.


Franchise Companies Risk. Changes in the worldwide economy, consumer spending, competition, demographics and consumer preferences, government regulation and economic conditions may adversely affect franchise companies individually or across an industry and may negatively impact the Portfolio to a greater extent than if the Portfolio’s assets were invested more broadly in a number of types of companies.


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 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 may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates.


Emerging Market Risk. Emerging market countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile. These market conditions may continue or worsen. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.


Growth Investing Risk. The Portfolio invests in stocks believed by the Investment Manager 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.


Foreign Currency and Foreign Currency Hedging Risk. Irrespective of any foreign currency exposure hedging, the Portfolio may experience a decline in the value of its portfolio securities, in US dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager may not be able to accurately predict movements in exchange rates and there may be imperfect correlations between movements in exchange rates that could cause the Portfolio to incur significant losses. Currency investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies.


Forward Currency Contracts Risk. Forward currency contracts may increase volatility or reduce returns, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Forward currency contracts are subject to the risk of default by the counterparty to the contracts and can be illiquid. These contracts are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related currency. As such, a small investment could have a potentially large impact on the Portfolio’s performance. Derivatives transactions incur costs, either explicitly or implicitly, which reduce return. Successful use of derivatives is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market. Use of forward currency contracts, even when entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.


Large Cap Companies Risk. Investments in large cap companies may underperform other segments of the market when such other segments are in favor or because such companies may be less responsive to competitive challenges and opportunities and may be unable to attain high growth rates during periods of economic expansion.


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.


Non-Diversification Risk. The Portfolio’s net asset value (“NAV”) may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Portfolio’s investments consisted of securities issued by a larger number of issuers.


Securities Selection Risk. Securities and other investments selected by the Investment Manager for the Portfolio may not perform to expectations. This could result in the Portfolio’s underperformance compared to other funds with similar investment objectives or strategies.

Performance Bar Chart and Table

Because the Portfolio had not commenced investment operations prior to the date of this Prospectus, no performance returns are presented. Annual performance returns provide some indication of the risks of investing in the Portfolio by showing changes in performance from year to year. Comparison of Portfolio performance to an appropriate index indicates how the Portfolio’s average annual returns compare with those of a broad measure of market performance. After the Portfolio commences investment operations, performance information will be 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.

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Lazard Equity Franchise Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Lazard Equity Franchise Portfolio
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Portfolio seeks total return consisting of appreciation and income.

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, a series of The Lazard Funds, Inc. (the “Fund”). Investors transacting in Institutional Shares through a financial intermediary acting as a broker in an agency capacity may be required to pay a commission directly to the broker.

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)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Sep. 29, 2019
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. Because the Portfolio had not commenced investment operations prior to the date of this Prospectus, no portfolio turnover information is presented.

Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Other Expenses are based on estimated amounts for the current fiscal year.
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 hold or 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, giving effect to the fee waiver and expense reimbursement arrangement described above. 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 US and non-US companies, including those in emerging markets. The Portfolio normally invests in equity securities listed on a national or other recognized securities exchange of companies that the Investment Manager considers have an “economic franchise,” meaning companies that have historically shown an ability to generate unleveraged returns, at or above their cost of capital, for long periods of time. The Investment Manager considers that strong business franchises are often able to accomplish this performance and status because of competitive advantages such as an established or recognized brand, proprietary intellectual property or other intangible assets or industry economics such as relatively high customer switching costs. Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities. The Portfolio may invest in the equity securities of any size company.


The Investment Manager may seek to hedge some or all foreign currency exposure in the Portfolio against movements relative to the US dollar by entering into foreign currency forward contracts, but the Investment Manager may determine not to hedge some or all of the Portfolio’s foreign currency exposure from time-to-time or at any time.


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.

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 or factors unrelated to the issuer’s value, such as investor perception.


Franchise Companies Risk. Changes in the worldwide economy, consumer spending, competition, demographics and consumer preferences, government regulation and economic conditions may adversely affect franchise companies individually or across an industry and may negatively impact the Portfolio to a greater extent than if the Portfolio’s assets were invested more broadly in a number of types of companies.


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 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 may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates.


Emerging Market Risk. Emerging market countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile. These market conditions may continue or worsen. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.


Growth Investing Risk. The Portfolio invests in stocks believed by the Investment Manager 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.


Foreign Currency and Foreign Currency Hedging Risk. Irrespective of any foreign currency exposure hedging, the Portfolio may experience a decline in the value of its portfolio securities, in US dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager may not be able to accurately predict movements in exchange rates and there may be imperfect correlations between movements in exchange rates that could cause the Portfolio to incur significant losses. Currency investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies.


Forward Currency Contracts Risk. Forward currency contracts may increase volatility or reduce returns, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Forward currency contracts are subject to the risk of default by the counterparty to the contracts and can be illiquid. These contracts are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related currency. As such, a small investment could have a potentially large impact on the Portfolio’s performance. Derivatives transactions incur costs, either explicitly or implicitly, which reduce return. Successful use of derivatives is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market. Use of forward currency contracts, even when entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.


Large Cap Companies Risk. Investments in large cap companies may underperform other segments of the market when such other segments are in favor or because such companies may be less responsive to competitive challenges and opportunities and may be unable to attain high growth rates during periods of economic expansion.


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.


Non-Diversification Risk. The Portfolio’s net asset value (“NAV”) may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Portfolio’s investments consisted of securities issued by a larger number of issuers.


Securities Selection Risk. Securities and other investments selected by the Investment Manager for the Portfolio may not perform to expectations. This could result in the Portfolio’s underperformance compared to other funds with similar investment objectives or strategies.

Risk Lose Money [Text] rr_RiskLoseMoney The value of your investment in the Portfolio will fluctuate, which means you could lose money.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus The Portfolio’s net asset value (“NAV”) may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Portfolio’s investments consisted of securities issued by a larger number of issuers.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Bar Chart and Table
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

Because the Portfolio had not commenced investment operations prior to the date of this Prospectus, no performance returns are presented. Annual performance returns provide some indication of the risks of investing in the Portfolio by showing changes in performance from year to year. Comparison of Portfolio performance to an appropriate index indicates how the Portfolio’s average annual returns compare with those of a broad measure of market performance. After the Portfolio commences investment operations, performance information will be 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 Annual performance returns provide some indication of the risks of investing in the Portfolio by showing changes in performance from year to year.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Because the Portfolio had not commenced investment operations prior to the date of this Prospectus, no performance returns are presented.
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.
Lazard Equity Franchise Portfolio | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.80%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.20% [1]
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.00%
Fee Waiver and Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.05% [2]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Reimbursement rr_NetExpensesOverAssets 0.95% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 97
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 313
Lazard Equity Franchise Portfolio | Open Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.80%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.20% [1]
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.25%
Fee Waiver and Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.05% [2]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Reimbursement rr_NetExpensesOverAssets 1.20% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 122
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 381
Lazard Equity Franchise Portfolio | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.80%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.20% [1]
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.00%
Fee Waiver and Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.10% [2]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Reimbursement rr_NetExpensesOverAssets 0.90% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 92
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 308
[1] Other Expenses are based on estimated amounts for the current fiscal year.
[2] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until September 29, 2019, to the extent Total Annual Portfolio Operating Expenses exceed .95%, 1.20% and .90% of the average daily net assets of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of "Acquired Funds" and extraordinary expenses. This agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors (the "Board"), and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio.
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Prospectus Date rr_ProspectusDate Sep. 29, 2017
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