0000930413-19-003086.txt : 20191226 0000930413-19-003086.hdr.sgml : 20191226 20191226080907 ACCESSION NUMBER: 0000930413-19-003086 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 100 FILED AS OF DATE: 20191226 DATE AS OF CHANGE: 20191226 EFFECTIVENESS DATE: 20191226 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: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-40682 FILM NUMBER: 191308384 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 S000010263 Lazard International Small Cap Equity Portfolio C000028358 Open Shares LZSMX C000028359 Institutional Shares LZISX C000134184 R6 Shares RLICX 0000874964 S000010264 Lazard Emerging Markets Equity Portfolio C000028360 Open Shares LZOEX C000028361 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RULE 497 DOCUMENT

 

The interactive data file included as an exhibit to this filing relates to the prospectus of The Lazard Funds, Inc. that was filed with the Securities and Exchange Commission pursuant to Rule 497(e) under the Securities Act of 1933, as amended, on December 13, 2019 (Accession No. 0000930413-19-003011), which is incorporated herein by reference.

 

 

 

 

 

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2019-12-13 2019-12-13 0000874964 cik0000874964:S000037196Member rr:AfterTaxesOnDistributionsMember cik0000874964:C000114570Member 2019-12-13 2019-12-13 0000874964 cik0000874964:S000037196Member rr:AfterTaxesOnDistributionsAndSalesMember cik0000874964:C000114570Member 2019-12-13 2019-12-13 0000874964 cik0000874964:S000037196Member cik0000874964:index_MSCI_World_Index_reflects_no_deduction_for_fees_expense_or_taxesMember 2019-12-13 2019-12-13 0000874964 cik0000874964:S000037196Member cik0000874964:index_50_MSCI_World_Index_50_Bloomberg_Barclays_Global_Aggregate_Index_reflects_no_deduction_for_fees_expense_or_taxesMember 2019-12-13 2019-12-13 xbrli:pure iso4217:USD To the extent the Total Annual Portfolio Operating Expenses of the R6 Shares of the Portfolio exceed the Total Annual Portfolio Operating Expenses of the Portfolio's Institutional Shares (in each case, not including management fees, custodial fees or other expenses related to the management of the Portfolio's assets), Lazard Asset Management LLC (the "Investment Manager") has contractually agreed, until May 1, 2020, to bear the expenses of the R6 Shares in the amount of such excess. This expense limitation agreement will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio. Excluding Acquired Fund Fees and Expenses, the Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement are .75%, 1.03% and .75% of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively. Restated to reflect current management fee. Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed .70%, .95% and .70% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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. "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last 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 May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed .85%, 1.10% and .80% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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. Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020 to the extent Total Annual Portfolio Operating Expenses exceed .90%, 1.15% and .85% of the average daily net assets of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively, and from May 1, 2020 to May 1, 2029, to the extent Total Annual Portfolio Operating Expenses exceed 1.15%, 1.40% and 1.10% of the average daily net assets of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively. All limitations on Total Annual Portfolio Operating Expenses are exclusive of taxes, brokerage, interest on borrowings, fees and expenses of "Acquired Funds" and extraordinary expenses. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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. Excluding Acquired Fund Fees and Expenses, the Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement are .90%, 1.15% and .85% of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively. Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed .90%, 1.15% and .85% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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. Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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. 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 December 31, 2020, to the extent Total Annual Portfolio Operating Expenses exceed .85%, 1.10% and .80% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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. Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until October 31, 2020, 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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. Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed .75%, 1.00% and .70% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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. Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed 1.00%, 1.25% and .95% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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. Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed 1.25%, 1.50% and 1.20% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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. To the extent the Total Annual Portfolio Operating Expenses of the R6 Shares of the Portfolio exceed the Total Annual Portfolio Operating Expenses of the Portfolio's Institutional Shares (in each case, not including management fees, custodial fees or other expenses related to the management of the Portfolio's assets), the Investment Manager has contractually agreed, until May 1, 2020, to bear the expenses of the R6 Shares in the amount of such excess. This expense limitation agreement will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio. Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed 1.10%, 1.35% and 1.05% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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. Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio through May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed 1.25%, 1.50% and 1.20% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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. Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed 1.25%, 1.50% and 1.20% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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. Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020 to the extent Total Annual Portfolio Operating Expenses exceed .95%, 1.15% and .90% of the average daily net assets of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively, and from May 1, 2020 to May 1, 2029, to the extent Total Annual Portfolio Operating Expenses exceed 1.10%, 1.35% and 1.05% of the average daily net assets of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively. All limitations on Total Annual Portfolio Operating Expenses are exclusive of taxes, brokerage, interest on borrowings, fees and expenses of "Acquired Funds" and extraordinary expenses. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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. To the extent the Total Annual Portfolio Operating Expenses of the R6 Shares of the Portfolio exceed the Total Annual Portfolio Operating Expenses of the Portfolio's Institutional Shares (in each case, not including management fees, custodial fees or other expenses related to the management of the Portfolio's assets), the Investment Manager has contractually agreed, until May 1, 2020, to bear the expenses of the R6 Shares in the amount of such excess. This expense limitation agreement will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio. Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed .55%, .80% and .55% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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. Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed .40%, .65% and .35% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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. Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed .70%, .95% and .65% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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. Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio through May 1, 2029, to the extent Total Annual Portfolio Operating Expenses exceed 1.00%, 1.30% and 0.95% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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. Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year. Excluding Acquired Fund Fees and Expenses, the Total Annual Portfolio Operating Expenses are .95%, 1.20% and .95% of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively. When there is a cash dividend declared on a security the Portfolio has borrowed to sell short, the Portfolio pays the lender an amount equal to the dividend and this payment is recorded as an expense. Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares for the last fiscal year. Net borrowing expenses on securities sold short, in which the Portfolio may receive income or be charged a fee on the borrowed securities. Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020 to the extent Total Annual Portfolio Operating Expenses exceed 1.25%, 1.50% and 1.20% 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, dividend and interest expenses on securities sold short, fees and expenses of "Acquired Funds" and extraordinary expenses. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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. Excluding Dividend Expenses on Securities Sold Short and Acquired Fund Fees and Expenses, the Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement are 1.25%, 1.50% and 1.20% of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively. Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed 1.02%, 1.27% and 1.02% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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. Excluding Acquired Fund Fees and Expenses, the Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement are 1.02%, 1.27% and 1.02% of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively. Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed .90%, 1.15% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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. false 2019-12-13 2019-12-13 2019-12-13 497 0000874964 N-1A LAZARD FUNDS INC 2019-12-13 Lazard US Equity Concentrated Portfolio Investment Objective <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 or R6 shares through a financial intermediary acting as a broker in an agency capacity may be required to pay a commission directly to the broker.</p> 0.0070 0.0070 0.0070 0.0000 0.0025 0.0000 0.0005 0.0008 0.0146 0.0001 0.0001 0.0001 0.0076 0.0104 0.0217 -0.0141 0.0076 0.0104 0.0076 ~ http://www.lazard.com/20191213/role/ScheduleAnnualFundOperatingExpenses20001 column dei_LegalEntityAxis compact cik0000874964_S000010267Member row primary compact * ~ 2020-05-01 Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Example <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 78 106 78 243 331 264 422 574 467 942 1271 1052 ~ http://www.lazard.com/20191213/role/ScheduleExpenseExampleTransposed20002 column dei_LegalEntityAxis compact cik0000874964_S000010267Member row primary compact * ~ Portfolio Turnover <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 69% of the average value of its portfolio.</p> 0.69 Principal Investment Strategies <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio invests primarily in equity securities, principally common stocks, of US companies of any market capitalization. The Portfolio has a concentrated portfolio of investments, typically investing in 15 to 35 companies with market capitalizations generally greater than $350 million. The Portfolio seeks to outperform broad-based securities market indices, such as the S&amp;P 500<sup>&#174;</sup> Index, the Russell 1000<sup>&#174;</sup> Index and the Russell 3000<sup>&#174;</sup> Index. The Investment Manager's philosophy employed for the Portfolio is based on value creation through its process of bottom-up stock selection, and the Investment Manager implements a disciplined portfolio construction process. The Investment Manager&#8217;s fundamental research seeks to identify investments typically featuring robust organic cash flow, balance sheet strength and operational flexibility.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of US companies. The Portfolio may invest up to 20% of its assets in securities of non-US companies.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio is classified as &#8220;non-diversified&#8221; under the Investment Company Act of 1940, as amended, 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.</p> Principal Investment Risks <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Market Risk.</font> Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of a 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Issuer Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Value Investing Risk.</font> The Portfolio invests in securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Small and Mid Cap Companies Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Large Cap Companies Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Non-US Securities Risk.</font> 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. 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Non-Diversification Risk. </font>The Portfolio&#8217;s net asset value 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Securities Selection Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Concentration Risk.</font> A Portfolio&#8217;s ability to concentrate its investments may be limited by applicable requirements of the Internal Revenue Code of 1986, as amended, for qualification as a regulated investment company.</p> The Portfolio&#8217;s net asset value 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. The value of your investment in the Portfolio will fluctuate, which means you could lose money. Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard US Equity Concentrated Portfolio by showing the Portfolio&#8217;s year-by-year performance and its average annual performance compared to that of broad measures of market performance. The bar chart shows how the performance of the Portfolio&#8217;s Institutional Shares has varied from year to year over the past 10 calendar years. Updated performance information is available at www.lazardassetmanagement.com or by calling (800) 823-6300. 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After-tax returns of the Portfolio&#8217;s other share classes will vary. 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&#8217;s tax situation and may differ from those shown. 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The accompanying bar chart and table provide some indication of the risks of investing in Lazard US Equity Concentrated Portfolio by showing the Portfolio&#8217;s year-by-year performance and its average annual performance compared to that of broad measures of market performance. (reflects no deduction for fees, expense or taxes) Lazard US Equity Focus Portfolio Investment Objective <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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;). 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Example <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 expense limitation agreement in year one only. 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Although the Portfolio generally focuses on large cap companies, the market capitalizations of issuers in which the Portfolio invests may vary with market conditions and the Portfolio also may invest in mid cap and small cap companies.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of US companies. 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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 countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Securities Selection Risk.</font> 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.</p> The value of your investment in the Portfolio will fluctuate, which means you could lose money. Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard US Equity Focus Portfolio by showing the Portfolio&#8217;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&#8217;s Institutional Shares has varied from year to year over the past 10 calendar years. Updated performance information is available at www.lazardassetmanagement.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.</p> 0.2812 0.1313 0.0165 0.1456 0.2838 0.1504 -0.0475 0.0970 0.1817 -0.0312 ~ http://www.lazard.com/20191213/role/ScheduleAnnualTotalReturnsBarChart20009 column dei_LegalEntityAxis compact cik0000874964_S000010266Member row primary compact * ~ Best Quarter: 0.1646 2009-06-30 Worst Quarter: -0.1420 2011-09-30 <table cellpadding="0" cellspacing="0" style="clear:both" width="25%"><tr style="font-size:1pt;"><td style="width:41.44%">&#160;</td><td style="width:58.56%">&#160;</td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Best Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q2 09</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">16.46%</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Worst Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q3 11</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">-14.20%</p></td></tr></table> Average Annual Total Returns (for the periods ended December 31, 2018) <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">After-tax returns are shown only for Institutional Shares. 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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. 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. The accompanying bar chart and table provide some indication of the risks of investing in Lazard US Equity Focus Portfolio by showing the Portfolio&#8217;s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. (reflects no deduction for fees, expense, or taxes) Lazard US Small-Mid Cap Equity Portfolio Investment Objective <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 or R6 shares through a financial intermediary acting as a broker in an agency capacity may be required to pay a commission directly to the broker.</p> 0.0075 0.0075 0.0075 0.0000 0.0025 0.0000 0.0012 0.0018 0.0012 0.0087 0.0118 0.0087 ~ http://www.lazard.com/20191213/role/ScheduleAnnualFundOperatingExpenses20013 column dei_LegalEntityAxis compact cik0000874964_S000010269Member row primary compact * ~ Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) &#8220;Other Expenses&#8221; are based on estimated amounts for the current fiscal year, using &#8220;Other Expenses&#8221; for Institutional Shares from the last fiscal year. 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Lazard Asset Management LLC (the &#8220;Investment Manager&#8221;) considers &#8220;small-mid cap companies&#8221; 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<sup>&#174;</sup> Index (ranging from approximately $8.4 million to $25.5 billion as of March 29, 2019).</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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&#8217;s small cap, mid cap and global research analysts.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio may invest up to 20% of its assets in the securities of larger or smaller US or non-US companies.</p> Principal Investment Risks <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Market Risk.</font> Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of a market, can affect the value of the Portfolio&#8217;s investments. 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(800) 823-6300 Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. www.lazardassetmanagement.com After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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. 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. 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&#8217;s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. 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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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 83 108 82 259 337 258 450 585 449 1002 1294 1001 ~ http://www.lazard.com/20191213/role/ScheduleExpenseExampleTransposed20020 column dei_LegalEntityAxis compact cik0000874964_S000010271Member row primary compact * ~ Portfolio Turnover <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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. 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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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Securities Selection Risk.</font> 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.</p> The value of your investment in the Portfolio will fluctuate, which means you could lose money. Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard International Equity Portfolio by showing the Portfolio&#8217;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&#8217;s Institutional Shares has varied from year to year over the past 10 calendar years. Updated performance information is available at www.lazardassetmanagement.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.</p> 0.2519 0.0804 -0.0717 0.2270 0.2084 -0.0429 0.0162 -0.0418 0.2281 -0.1361 ~ http://www.lazard.com/20191213/role/ScheduleAnnualTotalReturnsBarChart20021 column dei_LegalEntityAxis compact cik0000874964_S000010271Member row primary compact * ~ Best Quarter: 0.2190 2009-06-30 Worst Quarter: -0.1777 2011-09-30 <table cellpadding="0" cellspacing="0" style="clear:both" width="25%"><tr style="font-size:1pt;"><td style="width:41.44%">&#160;</td><td style="width:58.56%">&#160;</td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Best Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q2 09</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">21.90%</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Worst Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q3 11</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">-17.77%</p></td></tr></table> Average Annual Total Returns (for the periods ended December 31, 2018) <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">After-tax returns are shown only for Institutional Shares. 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After-tax returns of the Portfolio&#8217;s other share classes will vary. 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. 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. The accompanying bar chart and table provide some indication of the risks of investing in Lazard International Equity Portfolio by showing the Portfolio&#8217;s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. (reflects no deduction for fees, expense, or taxes) Lazard International Equity Select Portfolio Investment Objective <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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;). 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Example <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 expense limitation agreement described above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 93 118 88 301 420 296 526 743 521 1173 1659 1169 ~ http://www.lazard.com/20191213/role/ScheduleExpenseExampleTransposed20026 column dei_LegalEntityAxis compact cik0000874964_S000010272Member row primary compact * ~ Portfolio Turnover <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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. 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The allocation of the Portfolio&#8217;s assets to emerging market countries may vary from time to time.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Although the Portfolio is classified as &#8220;diversified&#8221; under the Investment Company Act of 1940, as amended, it may invest in a smaller number of issuers than other, more diversified investment portfolios.</p> Principal Investment Risks <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Market Risk.</font> Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of a market, can affect the value of the Portfolio&#8217;s investments. 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The securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Large Cap Companies Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Securities Selection Risk.</font> 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.</p> The value of your investment in the Portfolio will fluctuate, which means you could lose money. Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard International Equity Select Portfolio by showing the Portfolio&#8217;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&#8217;s Institutional Shares has varied from year to year over the past 10 calendar years. Updated performance information is available at www.lazardassetmanagement.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.</p> 0.2086 0.0849 -0.0714 0.2159 0.1493 -0.0429 -0.0363 -0.0063 0.2831 -0.1490 ~ http://www.lazard.com/20191213/role/ScheduleAnnualTotalReturnsBarChart20027 column dei_LegalEntityAxis compact cik0000874964_S000010272Member row primary compact * ~ Best Quarter: 0.1873 2009-06-30 Worst Quarter: -0.1757 2011-09-30 <table cellpadding="0" cellspacing="0" style="clear:both" width="25%"><tr style="font-size:1pt;"><td style="width:41.44%">&#160;</td><td style="width:58.56%">&#160;</td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Best Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q2 09</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">18.73%</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Worst Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q3 11</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">-17.57%</p></td></tr></table> Average Annual Total Returns (for the periods ended December 31, 2018) <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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&#8217;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. Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The MSCI Europe, Australasia and Far East (&#8220;EAFE<font style="font-family:Trebuchet MS; font-weight:normal;"><sup>&#174;</sup></font>&#8221;)/All Country World Index ex-US Linked Index shown in the table is an unmanaged index created by the Investment Manager, which links the performance of the MSCI EAFE Index for all periods through June 30, 2010 (when the Portfolio&#8217;s primary index changed) and the MSCI All Country World Index ex-US for all periods thereafter. </p> -0.1490 0.0002 0.0547 0.0345 -0.1522 -0.0009 0.0531 0.0301 -0.0821 0.0023 0.0462 0.0314 -0.1516 -0.0034 0.0513 0.0313 -0.1490 0.0002 0.0547 0.0345 -0.1420 0.0067 0.0657 0.0482 -0.1420 0.0067 0.0556 0.0377 2001-05-31 2001-05-31 ~ http://www.lazard.com/20191213/role/ScheduleAverageAnnualReturnsTransposed20028 column dei_LegalEntityAxis compact cik0000874964_S000010272Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (800) 823-6300 Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. www.lazardassetmanagement.com After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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 MSCI Europe, Australasia and Far East (&#8220;EAFE&#174;&#8221;)/All Country World Index ex-US Linked Index shown in the table is an unmanaged index created by the Investment Manager, which links the performance of the MSCI EAFE Index for all periods through June 30, 2010 (when the Portfolio&#8217;s primary index changed) and the MSCI All Country World Index ex-US for all periods thereafter. 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. The accompanying bar chart and table provide some indication of the risks of investing in Lazard International Equity Select Portfolio by showing the Portfolio&#8217;s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. (reflects no deduction for fees, expense, or taxes) Lazard International Equity Advantage Portfolio Investment Objective <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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. 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Example <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 92 117 87 1633 3337 1834 3096 5793 3455 6431 9675 7008 ~ http://www.lazard.com/20191213/role/ScheduleExpenseExampleTransposed20032 column dei_LegalEntityAxis compact cik0000874964_S000049415Member row primary compact * ~ Portfolio Turnover <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 72% of the average value of its portfolio.</p> 0.72 Principal Investment Strategies <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio invests primarily in equity securities, principally common stocks, of US and non-US companies. In managing the Portfolio, the Investment Manager utilizes a quantitatively driven, bottom up stock selection process. The Portfolio management team selects investments for the Portfolio from a broad investment universe of non-US stocks and depositary receipts, including American Depositary Receipts (&#8220;ADRs&#8221;), Global Depositary Receipts and European Depositary Receipts, real estate investment trusts (&#8220;REITs&#8221;), warrants and rights. The active, quantitative approach utilized by the Portfolio management team involves initial screening, risk assessment and evaluation of each company relative to its global peers. The Portfolio will typically invest the majority of its assets in securities of non-US developed market companies, using an objective, systematic investment process that blends both risk and stock ranking assessments designed to capture attractive risk-to-return characteristics. In addition to a multidimensional assessment of risk, each company is evaluated daily according to four independent measures: growth, value, sentiment and quality. The Portfolio may invest across the capitalization spectrum. </p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities. The allocation of the Portfolio&#8217;s assets among countries and regions will vary from time to time based on the Investment Manager&#8217;s judgment and its analysis of market conditions.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio may invest in exchange-traded open-end management investment companies (&#8220;ETFs&#8221;) and similar products, which generally pursue a passive index-based strategy.</p> Principal Investment Risks <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Market Risk.</font> Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of a market, can affect the value of the Portfolio&#8217;s investments. 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However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Quantitative Model Risk.</font> The success of the Portfolio&#8217;s investment strategy depends largely upon the effectiveness of the Investment Manager&#8217;s quantitative model. A quantitative model, such as the risk and other models used by the Investment Manager requires adherence to a systematic, disciplined process. The Investment Manager&#8217;s ability to monitor and, if necessary, adjust its quantitative model could be adversely affected by various factors including incorrect or outdated market and other data inputs. Factors that affect a security&#8217;s value can change over time, and these changes may not be reflected in the quantitative model. In addition, factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security&#8217;s value.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Small and Mid Cap Companies Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Large Cap Companies Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Foreign Currency Risk.</font> 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. 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Due to certain special considerations that apply to REITs, investments in REITs may carry additional risks not necessarily present in investments in other securities. REIT securities (including those trading on national exchanges) typically have trading volumes that are less than those of common stocks of other stocks traded on national exchanges, which may affect the Portfolio&#8217;s ability to trade or liquidate those securities. An investment in REITs may be adversely affected if the REIT fails to comply with applicable laws and regulations. Failure to qualify with any of these requirements could jeopardize a company&#8217;s status as a REIT. 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Portfolio shares will bear not only the Portfolio&#8217;s management fees and operating expenses, but also their proportional share of the management fees and operating expenses of the ETFs in which the Portfolio invests. 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This could result in the Portfolio&#8217;s underperformance compared to other funds with similar investment objectives or strategies.</p> The value of your investment in the Portfolio will fluctuate, which means you could lose money. Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard International Equity Advantage Portfolio by showing the Portfolio&#8217;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&#8217;s Institutional Shares has varied from year to year. Updated performance information is available at www.lazardassetmanagement.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.</p> -0.0113 0.2498 -0.1626 ~ http://www.lazard.com/20191213/role/ScheduleAnnualTotalReturnsBarChart20033 column dei_LegalEntityAxis compact cik0000874964_S000049415Member row primary compact * ~ Best Quarter: 0.0831 2017-03-31 Worst Quarter: -0.1325 2018-12-31 <table cellpadding="0" cellspacing="0" style="clear:both" width="25%"><tr style="font-size:1pt;"><td style="width:41.44%">&#160;</td><td style="width:58.56%">&#160;</td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Best Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q1 17</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">8.31%</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Worst Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q4 18</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">-13.25%</p></td></tr></table> Average Annual Total Returns (for the periods ended December 31, 2018) <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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&#8217;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. Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. 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(800) 823-6300 Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. www.lazardassetmanagement.com After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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. 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. The accompanying bar chart and table provide some indication of the risks of investing in Lazard International Equity Advantage Portfolio by showing the Portfolio&#8217;s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. (reflects no deduction for fees, expense, or taxes) Lazard International Equity Concentrated Portfolio Investment Objective <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 or R6 shares through a financial intermediary acting as a broker in an agency capacity may be required to pay a commission directly to the broker.</p> 0.0080 0.0080 0.0080 0.0000 0.0025 0.0000 0.0023 0.0409 0.0023 0.0103 0.0514 0.0103 -0.0008 -0.0394 -0.0013 0.0095 0.0120 0.0090 ~ http://www.lazard.com/20191213/role/ScheduleAnnualFundOperatingExpenses20037 column dei_LegalEntityAxis compact cik0000874964_S000046423Member row primary compact * ~ 2020-05-01 Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) &#8220;Other Expenses&#8221; are based on estimated amounts for the current fiscal year, using &#8220;Other Expenses&#8221; for Institutional Shares from the last fiscal year. Example <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 115 122 115 359 1188 359 622 2250 622 1375 4894 1375 ~ http://www.lazard.com/20191213/role/ScheduleExpenseExampleTransposed20038 column dei_LegalEntityAxis compact cik0000874964_S000046423Member row primary compact * ~ Portfolio Turnover <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 76% of the average value of its portfolio.</p> 0.76 Principal Investment Strategies <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio invests primarily in equity securities, principally common stocks, of non-US companies. The Portfolio has a concentrated portfolio of investments, typically investing in 20 to 30 securities of non-US companies, including those whose principal business activities are located in emerging market countries. The Investment Manager seeks to realize the Portfolio&#8217;s investment objective primarily through stock selection, investing in companies believed to have sustainably high or improving returns and trading at attractive valuations. In choosing stocks for the Portfolio, the Investment Manager generally looks for established companies in economically developed countries that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. The Investment Manager also may invest the Portfolio&#8217;s assets in securities of companies domiciled in emerging market countries in an amount up to the current percentage of securities in the MSCI All Country World Index ex-US issued by companies domiciled in emerging market countries (26% as of March 31, 2019) plus 15%. The Portfolio may invest in securities of companies across the capitalization spectrum.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio is classified as &#8220;non-diversified&#8221; under the Investment Company Act of 1940, as amended, 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.</p> Principal Investment Risks <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Market Risk.</font> Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of a 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Issuer Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Non-US Securities Risk.</font> 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. </p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Emerging Market Risk.</font> Emerging market countries 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Foreign Currency Risk.</font> 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. The Portfolio&#8217;s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio's foreign currency exposure.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Value Investing Risk.</font> The Portfolio invests in securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Small and Mid Cap Companies Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Large Cap Companies Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Non-Diversification Risk. </font>The Portfolio&#8217;s net asset value 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Securities Selection Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Concentration Risk.</font> A Portfolio&#8217;s ability to concentrate its investments may be limited by applicable requirements of the Internal Revenue Code of 1986, as amended, for qualification as a regulated investment company.</p> The Portfolio&#8217;s net asset value 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. The value of your investment in the Portfolio will fluctuate, which means you could lose money. Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard International Equity Concentrated Portfolio by showing the Portfolio&#8217;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&#8217;s Institutional Shares has varied from year to year. Updated performance information is available at www.lazardassetmanagement.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.</p> -0.1206 0.0474 0.2329 -0.1620 ~ http://www.lazard.com/20191213/role/ScheduleAnnualTotalReturnsBarChart20039 column dei_LegalEntityAxis compact cik0000874964_S000046423Member row primary compact * ~ Best Quarter: 0.0785 2017-03-31 Worst Quarter: -0.1540 2015-09-30 <table cellpadding="0" cellspacing="0" style="clear:both" width="25%"><tr style="font-size:1pt;"><td style="width:41.44%">&#160;</td><td style="width:58.56%">&#160;</td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Best Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q1 17</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">7.85%</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Worst Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q3 15</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">-15.40%</p></td></tr></table> Average Annual Total Returns (for the periods ended December 31, 2018) <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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&#8217;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. Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.</p> -0.1620 -0.0220 -0.1688 -0.0248 -0.0873 -0.0150 -0.1647 -0.0247 -0.1620 -0.0220 -0.1420 -0.0037 2014-08-29 2014-08-29 ~ http://www.lazard.com/20191213/role/ScheduleAverageAnnualReturnsTransposed20040 column dei_LegalEntityAxis compact cik0000874964_S000046423Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (800) 823-6300 Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. www.lazardassetmanagement.com After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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. 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. The accompanying bar chart and table provide some indication of the risks of investing in Lazard International Equity Concentrated Portfolio by showing the Portfolio&#8217;s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. (reflects no deduction for fees, expense, or taxes) Lazard International Quality Growth Portfolio Investment Objective <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 or R6 shares through a financial intermediary acting as a broker in an agency capacity may be required to pay a commission directly to the broker.</p> 0.0075 0.0075 0.0075 0.0000 0.0025 0.0000 0.0020 0.0020 0.0020 0.0095 0.0120 0.0095 -0.0010 -0.0010 -0.0015 0.0085 0.0110 0.0080 ~ http://www.lazard.com/20191213/role/ScheduleAnnualFundOperatingExpenses20043 column dei_LegalEntityAxis compact cik0000874964_S000064063Member row primary compact * ~ 2020-12-31 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="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 expense limitation arrangement described above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 516 650 511 1157 1446 1153 ~ http://www.lazard.com/20191213/role/ScheduleExpenseExampleTransposed20044 column dei_LegalEntityAxis compact cik0000874964_S000064063Member row primary compact * ~ Portfolio Turnover <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 commenced investment operations on December 31, 2018, no portfolio turnover information is presented.</p> Principal Investment Strategies <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio invests primarily in equity securities of non-US companies, including those whose principal business activities are located in emerging countries.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Investment Manager seeks to realize the Portfolio&#8217;s investment objective primarily by investing in companies that the Investment Manager considers to be quality growth businesses. By &#8220;quality&#8221; the Investment Manager means businesses that it believes can generate, and sustain, high levels of financial productivity (<font style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">i.e.</font>, return on equity, return on capital and cash flow return on investment). The Investment Manager considers, among other factors deemed appropriate and relevant to a particular company, whether the company has a competitive advantage in its industry and if the Investment Manager believes the company can sustain its competitive advantage. The Investment Manager also looks for &#8220;growth&#8221; businesses that it believes can grow profits and cash flows by investing back into their business at similarly high rates of financial productivity.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio may invest in securities of companies across the capitalization spectrum, but generally focuses on companies with a market capitalization of $3 billion or more.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Although the Portfolio is classified as &#8220;diversified&#8221; under the Investment Company Act of 1940, as amended, it may invest in a smaller number of issuers than other, more diversified investment portfolios.</p> Principal Investment Risks <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Market Risk.</font> Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of a 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Issuer Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Non-US Securities Risk.</font> 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. </p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Emerging Market Risk.</font> Emerging market countries 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Growth Investing Risk.</font> The Portfolio invests in securities 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 securities may be more volatile than other securities because they can be more sensitive to investor perceptions of the issuing company&#8217;s growth potential. The securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Foreign Currency Risk.</font> 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. The Portfolio&#8217;s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio&#8217;s foreign currency exposure.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Small and Mid Cap Companies Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Large Cap Companies Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Focused Investing Risk.</font> The Portfolio&#8217;s net asset value 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Securities Selection Risk.</font> 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.</p> The value of your investment in the Portfolio will fluctuate, which means you could lose money. Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Because the Portfolio did not have a full calendar year of performance 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 the 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 to those of a broad measure of market performance. Updated performance information is available at www.lazardassetmanagement.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.</p> The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (800) 823-6300 Because the Portfolio did not have a full calendar year of performance prior to the date of this Prospectus, no performance returns are presented. www.lazardassetmanagement.com Annual performance returns provide some indication of the risks of investing in the Portfolio by showing the changes in performance from year to year. Lazard International Equity Value Portfolio Investment Objective <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 or R6 shares through a financial intermediary acting as a broker in an agency capacity may be required to pay a commission directly to the broker.</p> 0.0080 0.0080 0.0080 0.0000 0.0025 0.0000 0.0054 0.0686 0.0054 0.0134 0.0791 0.0134 -0.0039 -0.0671 -0.0044 0.0095 0.0120 0.0090 ~ http://www.lazard.com/20191213/role/ScheduleAnnualFundOperatingExpenses20047 column dei_LegalEntityAxis compact cik0000874964_S000063440Member row primary compact * ~ 2020-10-31 Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) &#8220;Other Expenses&#8221; are based on estimated amounts for the current fiscal year, using &#8220;Other Expenses&#8221; for Institutional Shares from the last fiscal year. Example <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 expense limitation arrangement described above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 697 3220 692 1579 6612 1574 ~ http://www.lazard.com/20191213/role/ScheduleExpenseExampleTransposed20048 column dei_LegalEntityAxis compact cik0000874964_S000063440Member row primary compact * ~ Portfolio Turnover <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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. During the period from October 31, 2018 through December 31, 2018, the Portfolio's portfolio turnover rate was 37% of the average value of its portfolio.</p> 0.37 Principal Investment Strategies <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio invests primarily in equity securities, principally common stocks, of non-US companies. The Portfolio has a concentrated portfolio of investments, typically investing in 20 to 30 securities of non-US companies, including those whose principal business activities are located in emerging market countries.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Investment Manager seeks to realize the Portfolio&#8217;s investment objective primarily by investing in companies that the Investment Manager believes are undervalued and whose valuations will benefit from potential company-specific catalysts identified by the Investment Manager. For example, the Investment Manager may seek to invest in companies engaging in activities that the Investment Manager believes will improve the companies&#8217; fundamentals, resolve circumstances that may be negatively affecting valuation and/or improve market and investor perceptions of the companies. The Investment Manager divides these catalysts into three main categories: self-help, positive changes in capital allocation and business simplifications. <font style="word-spacing:10.0pt;">&#160;</font></p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; margin-left:14.40pt; text-align:left; text-indent:-14.40pt;"><font style="font-family:Symbol; font-weight:normal;">&#183;</font><font style="font-family:Symbol; font-weight:normal;"><font style="word-spacing:10.0pt;">&#160;</font></font><font style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">Self-Help</font> &#8211; Many companies undertake self-directed initiatives intended to drive improvement in fundamentals regardless of macroeconomic conditions. These initiatives may range from large-scale corporate restructurings to smaller-scale cost-cutting programs. In many cases, new corporate management teams, changes to the board of directors and/or shifts in a company&#8217;s ownership structure are the impetus for self-help plans.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; margin-left:14.40pt; text-align:left; text-indent:-14.40pt;"><font style="font-family:Symbol; font-weight:normal;">&#183;</font><font style="font-family:Symbol; font-weight:normal;"><font style="word-spacing:10.0pt;">&#160;</font></font><font style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">Positive Changes in Capital Allocation</font> &#8211; The Investment Manager believes companies seeking to address inefficient balance sheets often offer opportunities to add value to shareholders. The Portfolio seeks to invest in companies undertaking special capital returns, deleveraging programs and/or value-enhancing reinvestment or mergers and acquisitions. In-depth analysis of balance sheet and cash flow potential, as well as interviews with corporate management teams, helps the Investment Manager identify potential positive capital allocation change opportunities before they are reflected in equity prices.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; margin-left:14.40pt; text-align:left; text-indent:-14.40pt;"><font style="font-family:Symbol; font-weight:normal;">&#183;</font><font style="font-family:Symbol; font-weight:normal;"><font style="word-spacing:10.0pt;">&#160;</font></font><font style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">Business Simplifications</font> &#8211; The simplification of organizational and ownership structures often enables corporate management to increase returns through more effective resource allocation and less operational distraction. Furthermore, monetization of hidden value within a company may occur as a result of asset sales, spin-offs or wind-downs.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities. The Portfolio may invest in securities of companies across the capitalization spectrum. At times, the Portfolio may engage in active and frequent trading, which will increase portfolio turnover.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio is classified as &#8220;non-diversified&#8221; under the Investment Company Act of 1940, as amended, 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.</p> Principal Investment Risks <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Market Risk.</font> Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of a 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Issuer Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Non-US Securities Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Emerging Market Risk.</font> Emerging market countries 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Value Investing Risk.</font> The Portfolio invests in securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Foreign Currency and Foreign Currency Hedging Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Forward Currency Contracts Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Small and Mid Cap Companies Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Large Cap Companies Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Non-Diversification Risk. </font>The Portfolio&#8217;s net asset value 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Securities Selection Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Concentration Risk.</font> A Portfolio&#8217;s ability to concentrate its investments may be limited by applicable requirements of the Internal Revenue Code of 1986, as amended, for qualification as a regulated investment company.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">High Portfolio Turnover Risk.</font> The Portfolio&#8217;s investment strategy may involve high portfolio turnover (such as 100% or more). A portfolio turnover rate of 100%, for example, is equivalent to the Portfolio buying and selling all of its securities once during the course of the year. A high portfolio turnover rate could result in high transaction costs and an increase in taxable capital gains distributions to the Portfolio&#8217;s shareholders, which will reduce returns to shareholders.</p> The Portfolio&#8217;s net asset value 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. The value of your investment in the Portfolio will fluctuate, which means you could lose money. Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Because the Portfolio did not have a full calendar year of performance 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 the 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 to those of a broad measure of market performance. Updated performance information is available at www.lazardassetmanagement.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.</p> The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (800) 823-6300 Because the Portfolio did not have a full calendar year of performance prior to the date of this Prospectus, no performance returns are presented. www.lazardassetmanagement.com Annual performance returns provide some indication of the risks of investing in the Portfolio by showing the changes in performance from year to year. Lazard International Strategic Equity Portfolio Investment Objective <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 or R6 shares through a financial intermediary acting as a broker in an agency capacity may be required to pay a commission directly to the broker.</p> 0.0075 0.0075 0.0075 0.0000 0.0025 0.0000 0.0005 0.0005 0.0006 0.0001 0.0001 0.0001 0.0081 0.0106 0.0082 -0.0001 0.0081 0.0106 0.0081 ~ http://www.lazard.com/20191213/role/ScheduleAnnualFundOperatingExpenses20051 column dei_LegalEntityAxis compact cik0000874964_S000010273Member row primary compact * ~ 2020-05-01 Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Example <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 83 108 83 259 337 261 450 585 454 1002 1294 1013 ~ http://www.lazard.com/20191213/role/ScheduleExpenseExampleTransposed20052 column dei_LegalEntityAxis compact cik0000874964_S000010273Member row primary compact * ~ Portfolio Turnover <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 40% of the average value of its portfolio.</p> 0.40 Principal Investment Strategies <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio invests primarily in equity securities, principally common stocks, of non-US companies whose principal activities are located in countries represented by the MSCI EAFE Index that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. The Portfolio also may invest up to 15% of its assets in securities of companies whose principal business activities are located in emerging market countries, although the allocation of the Portfolio&#8217;s assets to emerging market countries may vary from time to time.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The countries represented by the MSCI EAFE Index currently include: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Although the Portfolio is classified as &#8220;diversified&#8221; under the Investment Company Act of 1940, as amended, it may invest in a smaller number of issuers than other, more diversified investment portfolios.</p> Principal Investment Risks <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Market Risk.</font> Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of a 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Issuer Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Non-US Securities Risk.</font> 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. </p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Emerging Market Risk.</font> Emerging market countries 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Foreign Currency Risk.</font> 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. The Portfolio&#8217;s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio's foreign currency exposure.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Focused Investing Risk.</font> The Portfolio&#8217;s net asset value 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Value Investing Risk.</font> The Portfolio invests in securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Large Cap Companies Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Small and Mid Cap Companies Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Securities Selection Risk.</font> 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.</p> The value of your investment in the Portfolio will fluctuate, which means you could lose money. Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard International Strategic Equity Portfolio by showing the Portfolio&#8217;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&#8217;s Institutional Shares has varied from year to year over the past 10 calendar years. Updated performance information is available at www.lazardassetmanagement.com or by calling (800) 823-6300. 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Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 110 136 110 343 425 343 595 734 595 1317 1613 1317 ~ http://www.lazard.com/20191213/role/ScheduleExpenseExampleTransposed20058 column dei_LegalEntityAxis compact cik0000874964_S000010263Member row primary compact * ~ Portfolio Turnover <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 59% of the average value of its portfolio.</p> 0.59 Principal Investment Strategies <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio invests primarily in equity securities, principally common stocks, of relatively small non-US companies that Lazard Asset Management LLC (the &#8220;Investment Manager&#8221;) believes are undervalued based on their earnings, cash flow or asset values. The Investment Manager considers &#8220;small non-US companies&#8221; to be those non-US companies with market capitalizations, at the time of initial purchase by the Portfolio, below $5 billion and above $300 million or in the range of companies included in the MSCI EAFE Small Cap Index (based on market capitalization of the Index as a whole, which ranged from approximately $32.3 million to $10.0 billion as of March 29, 2019).</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">In choosing stocks for the Portfolio, the Investment Manager looks for smaller, well-managed non-US companies that the Investment Manager believes have the potential for growth. Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of small cap companies.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio may invest up to 25% of its assets in securities of companies whose principal business activities are located in emerging market countries, although the allocation of the Portfolio&#8217;s assets to emerging market countries may vary from time to time.</p> Principal Investment Risks <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Market Risk.</font> Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of a 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Issuer Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Small and Mid Cap Companies Risk.</font> 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. 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This could result in the Portfolio&#8217;s underperformance compared to other funds with similar investment objectives or strategies.</p> The value of your investment in the Portfolio will fluctuate, which means you could lose money. Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard International Small Cap Equity Portfolio by showing the Portfolio&#8217;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&#8217;s Institutional Shares has varied from year to year over the past 10 calendar years. Updated performance information is available at www.lazardassetmanagement.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.</p> 0.3917 0.2355 -0.1411 0.2228 0.3020 -0.0277 0.0971 -0.0474 0.3667 -0.2488 ~ http://www.lazard.com/20191213/role/ScheduleAnnualTotalReturnsBarChart20059 column dei_LegalEntityAxis compact cik0000874964_S000010263Member row primary compact * ~ Best Quarter: 0.3153 2009-06-30 Worst Quarter: -0.2034 2018-12-31 <table cellpadding="0" cellspacing="0" style="clear:both" width="25%"><tr style="font-size:1pt;"><td style="width:41.44%">&#160;</td><td style="width:58.56%">&#160;</td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Best Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q2 09</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">31.53%</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Worst Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q4 18</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">-20.34%</p></td></tr></table> Average Annual Total Returns (for the periods ended December 31, 2018) <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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&#8217;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. Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.</p> -0.2488 0.0085 0.0939 0.0627 -0.2578 0.0041 0.0909 0.0526 -0.1432 0.0071 0.0784 0.0540 -0.2509 0.0058 0.0908 0.0574 -0.2488 0.0085 0.0939 0.0627 -0.1789 0.0306 0.1051 0.0530 -0.1789 0.0306 0.1051 0.0554 -0.1789 0.0306 0.1051 0.0530 1997-02-13 1997-02-13 1993-12-01 1993-12-01 ~ http://www.lazard.com/20191213/role/ScheduleAverageAnnualReturnsTransposed20060 column dei_LegalEntityAxis compact cik0000874964_S000010263Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (800) 823-6300 Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. www.lazardassetmanagement.com After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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. 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. The accompanying bar chart and table provide some indication of the risks of investing in Lazard International Small Cap Equity Portfolio by showing the Portfolio&#8217;s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. (reflects no deduction for fees, expense, or taxes) Lazard Global Equity Select Portfolio Investment Objective <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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;). 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Example <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 92 117 87 293 681 288 512 1271 507 1140 2872 1136 ~ http://www.lazard.com/20191213/role/ScheduleExpenseExampleTransposed20064 column dei_LegalEntityAxis compact cik0000874964_S000043739Member row primary compact * ~ Portfolio Turnover <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 34% of the average value of its portfolio.</p> 0.34 Principal Investment Strategies <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio invests primarily in equity securities, principally common stocks, of companies that the Investment Manager believes have strong and/or improving financial productivity and are undervalued based on their earnings, cash flow or asset values. In managing the Portfolio, the Investment Manager utilizes a flexible investment approach and engages in bottom-up, fundamental security analysis and selection. The Portfolio may invest in securities across the capitalization spectrum.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities. In addition, under normal market conditions, the Portfolio invests significantly (at least 40%&#8212;unless market conditions are not deemed favorable by the Investment Manager, in which case the Portfolio would invest at least 30%) in non-US companies. The Investment Manager will allocate the Portfolio&#8217;s assets among various regions and countries, including the United States (but in no less than three different countries). The Portfolio&#8217;s investments in non-US companies may include companies whose principal business activities are located in emerging market countries.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Although the Portfolio is classified as &#8220;diversified&#8221; under the Investment Company Act of 1940, as amended, it may invest in a smaller number of issuers than other, more diversified investment portfolios.</p> Principal Investment Risks <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Market Risk.</font> Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of a market, can affect the value of the Portfolio&#8217;s investments. 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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. </p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Emerging Market Risk.</font> Emerging market countries 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. 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The securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Large Cap Companies Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Small and Mid Cap Companies Risk.</font> 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. 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Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard Global Equity Select Portfolio by showing the Portfolio&#8217;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&#8217;s Institutional Shares has varied from year to year. Updated performance information is available at www.lazardassetmanagement.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.</p> 0.0384 0.0046 0.0266 0.2852 -0.0712 ~ http://www.lazard.com/20191213/role/ScheduleAnnualTotalReturnsBarChart20065 column dei_LegalEntityAxis compact cik0000874964_S000043739Member row primary compact * ~ Best Quarter: 0.0817 2017-03-31 Worst Quarter: -0.1195 2018-12-31 <table cellpadding="0" cellspacing="0" style="clear:both" width="25%"><tr style="font-size:1pt;"><td style="width:41.44%">&#160;</td><td style="width:58.56%">&#160;</td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Best Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q1 17</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">8.17%</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Worst Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q4 18</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">-11.95%</p></td></tr></table> Average Annual Total Returns (for the periods ended December 31, 2018) <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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&#8217;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. Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.</p> -0.0712 0.0503 0.0503 -0.0776 0.0463 0.0463 -0.0366 0.0394 0.0394 -0.0733 0.0473 0.0473 -0.0712 0.0503 0.0503 -0.0942 0.0426 0.0426 2013-12-31 2013-12-31 ~ http://www.lazard.com/20191213/role/ScheduleAverageAnnualReturnsTransposed20066 column dei_LegalEntityAxis compact cik0000874964_S000043739Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (800) 823-6300 Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. www.lazardassetmanagement.com After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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. 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. The accompanying bar chart and table provide some indication of the risks of investing in Lazard Global Equity Select Portfolio by showing the Portfolio&#8217;s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. (reflects no deduction for fees, expense, or taxes) Lazard Managed Equity Volatility Portfolio Investment Objective <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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;). 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Example <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 167 102 167 517 1310 517 892 2498 892 1944 5379 1944 ~ http://www.lazard.com/20191213/role/ScheduleExpenseExampleTransposed20070 column dei_LegalEntityAxis compact cik0000874964_S000049416Member row primary compact * ~ Portfolio Turnover <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 122% of the average value of its portfolio.</p> 1.22 Principal Investment Strategies <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio invests primarily in equity securities, principally common stocks, of US and non-US companies. In managing the Portfolio, the Investment Manager utilizes a quantitatively driven, bottom up stock selection process. A principal component of the Investment Manager&#8217;s investment process for the Portfolio is volatility management. Volatility, a risk measurement, measures the magnitude of fluctuations in the value of a financial instrument or index over time. The Investment Manager seeks to generate attractive risk-adjusted equity returns (returns after accounting for the risk taken to achieve those returns) while lowering portfolio volatility (up and down movements in the fund&#8217;s returns). The Investment Manager&#8217;s investment process is benchmark-unaware, which means that the Portfolio&#8217;s assets are not managed by reference to a benchmark index. The Investment Manager examines fundamental company information (such as financial statements) and seeks to identify high quality companies with sustainable operating performance in order to build a well-diversified global portfolio of common stocks. The Investment Manager performs an independent assessment of stock risk and also seeks to manage risk through diversification.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio management team selects investments for the Portfolio from a broad investment universe of stocks and depositary receipts, including American Depositary Receipts (&#8220;ADRs&#8221;), Global Depositary Receipts and European Depositary Receipts, real estate investment trusts (&#8220;REITs&#8221;), warrants and rights. The active, quantitative approach utilized by the Portfolio management team involves initial screening, risk assessment and evaluation of each company relative to its global peers. The Portfolio will typically focus on securities of developed market companies, using an objective, systematic investment process that blends both risk and stock ranking assessments designed to capture attractive risk-to-return characteristics and create a low volatility portfolio. In addition to a multidimensional assessment of risk, each company is evaluated daily according to four independent measures: growth, value, sentiment and quality. The Portfolio may invest across the capitalization spectrum.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio may invest in exchange-traded open-end management investment companies ("ETFs") and similar products, which generally pursue a passive index-based strategy.</p> Principal Investment Risks <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Market Risk.</font> Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of a 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Issuer Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Non-US Securities Risk.</font> 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. </p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Depositary Receipts Risk.</font> ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Quantitative Model Risk.</font> The success of the Portfolio&#8217;s investment strategy depends largely upon the effectiveness of the Investment Manager&#8217;s quantitative model. A quantitative model, such as the risk and other models used by the Investment Manager requires adherence to a systematic, disciplined process. The Investment Manager&#8217;s ability to monitor and, if necessary, adjust its quantitative model could be adversely affected by various factors including incorrect or outdated market and other data inputs. Factors that affect a security&#8217;s value can change over time, and these changes may not be reflected in the quantitative model. 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In addition, the Investment Manager&#8217;s efforts to manage the Portfolio&#8217;s volatility can be expected, in a period of generally positive equity market returns, to reduce the Portfolio&#8217;s performance below what could be achieved without seeking to manage volatility and, thus, the Portfolio would generally be expected to underperform market indices that do not seek to achieve a specified level of volatility.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Small and Mid Cap Companies Risk.</font> 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. 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Due to certain special considerations that apply to REITs, investments in REITs may carry additional risks not necessarily present in investments in other securities. REIT securities (including those trading on national exchanges) typically have trading volumes that are less than those of common stocks of other stocks traded on national exchanges, which may affect the Portfolio&#8217;s ability to trade or liquidate those securities. An investment in REITs may be adversely affected if the REIT fails to comply with applicable laws and regulations. Failure to qualify with any of these requirements could jeopardize a company&#8217;s status as a REIT. The Portfolio generally will have no control over the operations and policies of a REIT, and the generally will have no ability to cause a REIT to take the actions necessary to qualify as a REIT.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">ETF Risk.</font> Shares of ETFs may trade at prices that vary from their net asset values, sometimes significantly. The shares of ETFs may trade at prices at, below or above their most recent net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. The Portfolio&#8217;s investments in ETFs are subject to the risks of such ETF&#8217;s investments, as well as to the general risks of investing in ETFs. Portfolio shares will bear not only the Portfolio&#8217;s management fees and operating expenses, but also their proportional share of the management fees and operating expenses of the ETFs in which the Portfolio invests. The Portfolio may be limited by the Investment Company Act of 1940, as amended, in the amount of its assets that may be invested in ETFs unless an ETF has received an exemptive order from the Securities and Exchange Commission on which the Portfolio may rely or an exemption is available.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Other Equity Securities Risk.</font> Investments in rights and warrants involve certain risks, including the possible lack of a liquid market for resale, price fluctuations and the failure of the price of the underlying security to reach a level at which the right or warrant can be prudently exercised, in which case the right or warrant may expire without being exercised and result in a loss of a Portfolio&#8217;s entire investment.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Securities Selection Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">High Portfolio Turnover Risk.</font> The Portfolio&#8217;s investment strategy may involve high portfolio turnover (such as 100% or more). A portfolio turnover rate of 100%, for example, is equivalent to the Portfolio buying and selling all of its securities once during the course of the year. A high portfolio turnover rate could result in high transaction costs and an increase in taxable capital gains distributions to the Portfolio&#8217;s shareholders, which will reduce returns to shareholders.</p> The value of your investment in the Portfolio will fluctuate, which means you could lose money. Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard Managed Equity Volatility Portfolio by showing the Portfolio&#8217;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&#8217;s Institutional Shares has varied from year to year. Updated performance information is available at www.lazardassetmanagement.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.</p> 0.0645 0.2057 -0.0721 ~ http://www.lazard.com/20191213/role/ScheduleAnnualTotalReturnsBarChart20071 column dei_LegalEntityAxis compact cik0000874964_S000049416Member row primary compact * ~ Best Quarter: 0.0671 2017-03-31 Worst Quarter: -0.0988 2018-12-31 <table cellpadding="0" cellspacing="0" style="clear:both" width="24%"><tr style="font-size:1pt;"><td style="width:45.07%">&#160;</td><td style="width:54.93%">&#160;</td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Best Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q1 17</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">6.71%</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Worst Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q4 18</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">-9.88%</p></td></tr></table> Average Annual Total Returns (for the periods ended December 31, 2018) <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">After-tax returns are shown only for Institutional Shares. 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R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.</p> -0.0721 0.0427 -0.0760 0.0355 -0.0401 0.0322 -0.0750 0.0393 -0.0721 0.0427 -0.0871 0.0354 2015-05-29 2015-05-29 ~ http://www.lazard.com/20191213/role/ScheduleAverageAnnualReturnsTransposed20072 column dei_LegalEntityAxis compact cik0000874964_S000049416Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (800) 823-6300 Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. www.lazardassetmanagement.com After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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. 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. The accompanying bar chart and table provide some indication of the risks of investing in Lazard Managed Equity Volatility Portfolio by showing the Portfolio&#8217;s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. (reflects no deduction for fees, expense, or taxes) Lazard Global Strategic Equity Portfolio Investment Objective <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 or R6 shares through a financial intermediary acting as a broker in an agency capacity may be required to pay a commission directly to the broker.</p> 0.0075 0.0075 0.0075 0.0000 0.0025 0.0000 0.0556 0.1295 0.0556 0.0631 0.1395 0.0631 -0.0531 -0.1270 -0.0536 0.0100 0.0125 0.0095 ~ http://www.lazard.com/20191213/role/ScheduleAnnualFundOperatingExpenses20075 column dei_LegalEntityAxis compact cik0000874964_S000046422Member row primary compact * ~ 2020-05-01 Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) &#8220;Other Expenses&#8221; are based on estimated amounts for the current fiscal year, using &#8220;Other Expenses&#8221; for Institutional Shares from the last fiscal year. Example <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 102 127 97 1397 2769 1393 2659 4958 2655 5671 8932 5669 ~ http://www.lazard.com/20191213/role/ScheduleExpenseExampleTransposed20076 column dei_LegalEntityAxis compact cik0000874964_S000046422Member row primary compact * ~ Portfolio Turnover <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 46% of the average value of its portfolio.</p> 0.46 Principal Investment Strategies <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio invests primarily in equity securities, principally common stocks, of companies that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. The Investment Manager seeks to realize the Portfolio&#8217;s investment objective primarily through stock selection, investing in companies believed to have sustainably high or improving returns and trading at attractive valuations. The Portfolio may invest in securities of companies whose principal business activities are located in emerging market countries, and the allocation of the Portfolio&#8217;s assets to emerging market countries may vary from time to time. The Portfolio may invest in securities of companies across the capitalization spectrum.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities. In addition, under normal market conditions, the Portfolio invests significantly (at least 40%&#8212;unless market conditions are not deemed favorable by the Investment Manager, in which case the Portfolio would invest at least 30%) in non-US companies. The Investment Manager allocates the Portfolio&#8217;s assets among various regions and countries, including the United States (but in no less than three different countries). The allocation of the Portfolio&#8217;s assets among geographic sectors may shift from time to time based on the Investment Manager&#8217;s judgment and its analysis of market conditions.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Although the Portfolio is classified as &#8220;diversified&#8221; under the Investment Company Act of 1940, as amended, it may invest in a smaller number of issuers than other, more diversified investment portfolios.</p> Principal Investment Risks <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Market Risk.</font> Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of a 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Issuer Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Non-US Securities Risk.</font> 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. </p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Emerging Market Risk.</font> Emerging market countries 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Foreign Currency Risk.</font> 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. The Portfolio&#8217;s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio's foreign currency exposure.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Focused Investing Risk.</font> The Portfolio&#8217;s net asset value 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Value Investing Risk.</font> The Portfolio invests in securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Large Cap Companies Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Small and Mid Cap Companies Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Securities Selection Risk.</font> 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.</p> The value of your investment in the Portfolio will fluctuate, which means you could lose money. Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard Global Strategic Equity Portfolio by showing the Portfolio&#8217;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&#8217;s Institutional Shares has varied from year to year. Updated performance information is available at www.lazardassetmanagement.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.</p> -0.0185 -0.0015 0.2420 -0.0916 ~ http://www.lazard.com/20191213/role/ScheduleAnnualTotalReturnsBarChart20077 column dei_LegalEntityAxis compact cik0000874964_S000046422Member row primary compact * ~ Best Quarter: 0.0624 2017-12-31 Worst Quarter: -0.1232 2018-12-31 <table cellpadding="0" cellspacing="0" style="clear:both" width="25%"><tr style="font-size:1pt;"><td style="width:41.44%">&#160;</td><td style="width:58.56%">&#160;</td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Best Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q4 17</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">6.24%</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Worst Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q4 18</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">-12.32%</p></td></tr></table> Average Annual Total Returns (for the periods ended December 31, 2018) <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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&#8217;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. Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.</p> -0.0916 0.0225 -0.1509 -0.0540 -0.0250 0.0102 -0.0939 0.0193 -0.0916 0.0225 -0.0942 0.0326 2014-08-29 2014-08-29 ~ http://www.lazard.com/20191213/role/ScheduleAverageAnnualReturnsTransposed20078 column dei_LegalEntityAxis compact cik0000874964_S000046422Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (800) 823-6300 Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. www.lazardassetmanagement.com After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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. 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. The accompanying bar chart and table provide some indication of the risks of investing in Lazard Global Strategic Equity Portfolio by showing the Portfolio&#8217;s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. (reflects no deduction for fees, expense or taxes) Lazard Equity Franchise Portfolio Investment Objective <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio seeks total return consisting of appreciation and income.</p> Fees and Expenses <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 or R6 shares through a financial intermediary acting as a broker in an agency capacity may be required to pay a commission directly to the broker.</p> 0.0080 0.0080 0.0080 0.0000 0.0025 0.0000 0.0262 0.0912 0.0262 0.0342 0.1017 0.0342 -0.0247 -0.0897 -0.0252 0.0095 0.0120 0.0090 ~ http://www.lazard.com/20191213/role/ScheduleAnnualFundOperatingExpenses20081 column dei_LegalEntityAxis compact cik0000874964_S000059092Member row primary compact * ~ 2020-05-01 Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) &#8220;Other Expenses&#8221; are based on estimated amounts for the current fiscal year, using &#8220;Other Expenses&#8221; for Institutional Shares from the last fiscal year. Example <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 expense limitation agreement described above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 97 122 92 820 2126 815 1566 3928 1562 3537 7677 3533 ~ http://www.lazard.com/20191213/role/ScheduleExpenseExampleTransposed20082 column dei_LegalEntityAxis compact cik0000874964_S000059092Member row primary compact * ~ Portfolio Turnover <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 97% of the average value of its portfolio.</p> 0.97 Principal Investment Strategies <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 to 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio is classified as &#8220;non-diversified&#8221; under the Investment Company Act of 1940, as amended, 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.</p> Principal Investment Risks <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Market Risk.</font> Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of a 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Issuer Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Franchise Companies Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Non-US Securities Risk.</font> 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. </p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Emerging Market Risk.</font> Emerging market countries 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Growth Investing Risk.</font> The Portfolio invests in securities 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 securities may be more volatile than other securities because they can be more sensitive to investor perceptions of the issuing company&#8217;s growth potential. The securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Foreign Currency and Foreign Currency Hedging Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Forward Currency Contracts Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Large Cap Companies Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Small and Mid Cap Companies Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Non-Diversification Risk. </font>The Portfolio&#8217;s net asset value 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Securities Selection Risk.</font> Securities and other investments selected by the Investment Manager for the Portfolio may not perform to expectations. 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(800) 823-6300 Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. www.lazardassetmanagement.com After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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. 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. The accompanying bar chart and table provide some indication of the risks of investing in Lazard Equity Franchise Portfolio by showing the Portfolio&#8217;s performance for the first complete calendar year of operation compared to that of a broad measure of market performance. 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The Example also assumes that your investment has a 5% return each year and that the Portfolio&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 109 134 109 340 418 340 590 723 590 1306 1590 1306 ~ http://www.lazard.com/20191213/role/ScheduleExpenseExampleTransposed20088 column dei_LegalEntityAxis compact cik0000874964_S000010264Member row primary compact * ~ Portfolio Turnover <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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. 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In addition to common stocks, such equity securities also may include American Depositary Receipts (&#8220;ADRs&#8221;), Global Depositary Receipts and European Depositary Receipts.</p> Principal Investment Risks <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Market Risk.</font> Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of a market, can affect the value of the Portfolio&#8217;s investments. 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Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard Emerging Markets Equity Portfolio by showing the Portfolio&#8217;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&#8217;s Institutional Shares has varied from year to year over the past 10 calendar years. Updated performance information is available at www.lazardassetmanagement.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.</p> 0.6982 0.2281 -0.1775 0.2236 -0.0080 -0.0416 -0.2016 0.2052 0.2802 -0.1809 ~ http://www.lazard.com/20191213/role/ScheduleAnnualTotalReturnsBarChart20089 column dei_LegalEntityAxis compact cik0000874964_S000010264Member row primary compact * ~ Best Quarter: 0.3412 2009-06-30 Worst Quarter: -0.2062 2011-09-30 <table cellpadding="0" cellspacing="0" style="clear:both" width="25%"><tr style="font-size:1pt;"><td style="width:41.44%">&#160;</td><td style="width:58.56%">&#160;</td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Best Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q2 09</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">34.12%</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Worst Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q3 11</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">-20.62%</p></td></tr></table> Average Annual Total Returns (for the periods ended December 31, 2018) <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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&#8217;s tax situation and may differ from those shown. 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After-tax returns of the Portfolio&#8217;s other share classes will vary. 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. 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. The accompanying bar chart and table provide some indication of the risks of investing in Lazard Emerging Markets Equity Portfolio by showing the Portfolio&#8217;s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. (reflects no deduction for fees, expense, or taxes) Lazard Emerging Markets Core Equity Portfolio Investment Objective <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 or R6 shares through a financial intermediary acting as a broker in an agency capacity may be required to pay a commission directly to the broker.</p> 0.0100 0.0100 0.0100 0.0000 0.0025 0.0000 0.0018 0.0075 0.0668 0.0118 0.0200 0.0768 -0.0050 -0.0652 0.0118 0.0150 0.0116 ~ http://www.lazard.com/20191213/role/ScheduleAnnualFundOperatingExpenses20093 column dei_LegalEntityAxis compact cik0000874964_S000042723Member row primary compact * ~ 2020-05-01 Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Example <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 120 153 118 375 579 1671 649 1032 3141 1432 2287 6486 ~ http://www.lazard.com/20191213/role/ScheduleExpenseExampleTransposed20094 column dei_LegalEntityAxis compact cik0000874964_S000042723Member row primary compact * ~ Portfolio Turnover <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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. 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The Portfolio may invest in securities across the capitalization spectrum, although it typically invests in securities of companies with a market capitalization of $300 million or more. </p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The allocation of the Portfolio&#8217;s assets among countries and regions may vary from time to time based on the Investment Manager&#8217;s judgment and its analysis of market conditions. Emerging market countries include all countries not represented by the MSCI World Index. Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of companies that are economically tied to emerging market countries. 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The Investment Manager does not intend to actively hedge the Portfolio's foreign currency exposure.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Depositary Receipts Risk.</font> ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-US companies, because their values depend on the performance of the underlying non-US securities. 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The securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Growth Investing Risk.</font> The Portfolio invests in securities 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 securities may be more volatile than other securities because they can be more sensitive to investor perceptions of the issuing company&#8217;s growth potential. The securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Securities Selection Risk.</font> 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.</p> The value of your investment in the Portfolio will fluctuate, which means you could lose money. Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard Emerging Markets Core Equity Portfolio by showing the Portfolio&#8217;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&#8217;s Institutional Shares has varied from year to year. Updated performance information is available at www.lazardassetmanagement.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.</p> -0.0125 -0.1036 0.0347 0.4035 -0.1812 ~ http://www.lazard.com/20191213/role/ScheduleAnnualTotalReturnsBarChart20095 column dei_LegalEntityAxis compact cik0000874964_S000042723Member row primary compact * ~ Best Quarter: 0.1212 2017-03-31 Worst Quarter: -0.1543 2015-09-30 <table cellpadding="0" cellspacing="0" style="clear:both" width="25%"><tr style="font-size:1pt;"><td style="width:41.44%">&#160;</td><td style="width:58.56%">&#160;</td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Best Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q1 17</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">12.12%</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Worst Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q3 15</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">-15.43%</p></td></tr></table> Average Annual Total Returns (for the periods ended December 31, 2018) <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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&#8217;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. Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational for a full calendar year as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.</p> -0.1812 0.0103 0.0066 -0.1824 0.0098 0.0061 -0.1025 0.0095 0.0066 -0.1843 0.0065 0.0030 -0.1812 0.0103 0.0066 -0.1458 0.0165 0.0102 2018-04-06 2013-10-31 2013-10-31 ~ http://www.lazard.com/20191213/role/ScheduleAverageAnnualReturnsTransposed20096 column dei_LegalEntityAxis compact cik0000874964_S000042723Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (800) 823-6300 Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational for a full calendar year as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. www.lazardassetmanagement.com After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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. 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. The accompanying bar chart and table provide some indication of the risks of investing in Lazard Emerging Markets Core Equity Portfolio by showing the Portfolio&#8217;s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. (reflects no deduction for fees, expense, or taxes) Lazard Emerging Markets Equity Advantage Portfolio Investment Objective <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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;). 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Example <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 112 137 107 1402 1763 1398 2660 3290 2656 5663 6712 5661 ~ http://www.lazard.com/20191213/role/ScheduleExpenseExampleTransposed20100 column dei_LegalEntityAxis compact cik0000874964_S000049414Member row primary compact * ~ Portfolio Turnover <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 61% of the average value of its portfolio.</p> 0.61 Principal Investment Strategies <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio invests primarily in equity securities, principally common stocks, of emerging markets companies. In managing the Portfolio, the Investment Manager utilizes a quantitatively driven, bottom up stock selection process. The Portfolio management team selects investments for the Portfolio from a broad investment universe of emerging market stocks and depositary receipts, including American Depositary Receipts (&#8220;ADRs&#8221;), Global Depositary Receipts and European Depositary Receipts, real estate investment trusts (&#8220;REITs&#8221;), warrants and rights. The active, quantitative approach utilized by the Portfolio management team involves initial screening, risk assessment and evaluation of each company relative to its global peers. The Investment Manager uses an objective, systematic investment process that blends both risk and stock ranking assessments designed to capture attractive risk-to-return characteristics. In addition to a multidimensional assessment of risk, each company is evaluated daily according to four independent measures: growth, value, sentiment and quality. The Portfolio may invest across the capitalization spectrum.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of companies that are economically tied to emerging market countries. The allocation of the Portfolio&#8217;s assets among countries and regions will vary from time to time based on the Investment Manager&#8217;s judgment and its analysis of market conditions. </p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio considers a company to be &#8220;economically tied to emerging markets countries&#8221; if: (i) the company is organized under the laws of or domiciled in an emerging markets country or maintains its principal place of business in an emerging markets country; (ii) the securities of such company are traded principally in emerging markets countries; or (iii) during the most recent fiscal year of the company, the company derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in emerging markets countries or that has at least 50% of its assets in emerging markets countries. The Portfolio considers emerging markets countries to be all countries: (i) included in the MSCI Emerging Markets Index; or (ii) not included in the MSCI World Index.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio may invest in exchange-traded open-end management investment companies (&#8220;ETFs&#8221;) and similar products, which generally pursue a passive index-based strategy.</p> Principal Investment Risks <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Market Risk.</font> Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of a market, can affect the value of the Portfolio&#8217;s investments. 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The Investment Manager&#8217;s ability to monitor and, if necessary, adjust its quantitative model could be adversely affected by various factors including incorrect or outdated market and other data inputs. Factors that affect a security&#8217;s value can change over time, and these changes may not be reflected in the quantitative model. In addition, factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security&#8217;s value.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Small and Mid Cap Companies Risk.</font> 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. 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The risks related to investments in realty-related companies include, but are not limited to: adverse changes in general economic and local market conditions; adverse developments in employment; changes in supply or demand for similar or competing properties; unfavorable changes in applicable taxes, governmental regulations and interest rates; operating or development expenses; and lack of available financing. Due to certain special considerations that apply to REITs, investments in REITs may carry additional risks not necessarily present in investments in other securities. REIT securities (including those trading on national exchanges) typically have trading volumes that are less than those of common stocks of other stocks traded on national exchanges, which may affect the Portfolio&#8217;s ability to trade or liquidate those securities. An investment in REITs may be adversely affected if the REIT fails to comply with applicable laws and regulations. Failure to qualify with any of these requirements could jeopardize a company&#8217;s status as a REIT. The Portfolio generally will have no control over the operations and policies of a REIT, and the generally will have no ability to cause a REIT to take the actions necessary to qualify as a REIT.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">ETF Risk.</font> Shares of ETFs may trade at prices that vary from their net asset values, sometimes significantly. The shares of ETFs may trade at prices at, below or above their most recent net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. The Portfolio&#8217;s investments in ETFs are subject to the risks of such ETF&#8217;s investments, as well as to the general risks of investing in ETFs. Portfolio shares will bear not only the Portfolio&#8217;s management fees and operating expenses, but also their proportional share of the management fees and operating expenses of the ETFs in which the Portfolio invests. The Portfolio may be limited by the Investment Company Act of 1940, as amended, in the amount of its assets that may be invested in ETFs unless an ETF has received an exemptive order from the Securities and Exchange Commission on which the Portfolio may rely or an exemption is available.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Other Equity Securities Risk.</font> Investments in rights and warrants involve certain risks, including the possible lack of a liquid market for resale, price fluctuations and the failure of the price of the underlying security to reach a level at which the right or warrant can be prudently exercised, in which case the right or warrant may expire without being exercised and result in a loss of a Portfolio&#8217;s entire investment.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Securities Selection Risk.</font> 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.</p> The value of your investment in the Portfolio will fluctuate, which means you could lose money. Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard Emerging Markets Equity Advantage Portfolio by showing the Portfolio&#8217;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&#8217;s Institutional Shares has varied from year to year. Updated performance information is available at www.lazardassetmanagement.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.</p> 0.0983 0.4252 -0.1623 ~ http://www.lazard.com/20191213/role/ScheduleAnnualTotalReturnsBarChart20101 column dei_LegalEntityAxis compact cik0000874964_S000049414Member row primary compact * ~ Best Quarter: 0.1274 2017-03-31 Worst Quarter: -0.0747 2018-12-31 <table cellpadding="0" cellspacing="0" style="clear:both" width="25%"><tr style="font-size:1pt;"><td style="width:43.59%">&#160;</td><td style="width:56.41%">&#160;</td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Best Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q1 17</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">12.74%</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Worst Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q4 18</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">-7.47%</p></td></tr></table> Average Annual Total Returns (for the periods ended December 31, 2018) <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">After-tax returns are shown only for Institutional Shares. 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(800) 823-6300 Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. www.lazardassetmanagement.com After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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. 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. The accompanying bar chart and table provide some indication of the risks of investing in Lazard Emerging Markets Equity Advantage Portfolio by showing the Portfolio&#8217;s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. (reflects no deduction for fees, expense, or taxes) Lazard Developing Markets Equity Portfolio Investment Objective <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 or R6 shares through a financial intermediary acting as a broker in an agency capacity may be required to pay a commission directly to the broker.</p> 0.0100 0.0100 0.0100 0.0000 0.0025 0.0000 0.0014 0.0026 0.0014 0.0114 0.0151 0.0114 -0.0001 0.0114 0.0150 0.0114 ~ http://www.lazard.com/20191213/role/ScheduleAnnualFundOperatingExpenses20105 column dei_LegalEntityAxis compact cik0000874964_S000023480Member row primary compact * ~ 2020-05-01 Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) &#8220;Other Expenses&#8221; are based on estimated amounts for the current fiscal year, using &#8220;Other Expenses&#8221; for Institutional Shares from the last fiscal year. 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During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 63% of the average value of its portfolio.</p> 0.63 Principal Investment Strategies <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio invests primarily in equity securities, principally common stocks, of non-US companies whose principal activities are located in emerging market countries (also known as &#8220;developing markets&#8221;).</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Emerging market countries include all countries represented by the MSCI Emerging Markets Index, which currently includes: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Investment Manager employs a relative growth investment philosophy that is based on value creation through the process of bottom-up stock selection. 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Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard Developing Markets Equity Portfolio by showing the Portfolio&#8217;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&#8217;s Institutional Shares has varied from year to year over the past 10 calendar years. Updated performance information is available at www.lazardassetmanagement.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.</p> 1.0853 0.2862 -0.2615 0.1716 -0.0390 -0.1027 -0.1284 0.1481 0.4115 -0.2058 ~ http://www.lazard.com/20191213/role/ScheduleAnnualTotalReturnsBarChart20107 column dei_LegalEntityAxis compact cik0000874964_S000023480Member row primary compact * ~ Best Quarter: 0.5664 2009-06-30 Worst Quarter: -0.2853 2011-09-30 <table cellpadding="0" cellspacing="0" style="clear:both" width="25%"><tr style="font-size:1pt;"><td style="width:41.44%">&#160;</td><td style="width:58.56%">&#160;</td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Best Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q2 09</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">56.64%</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Worst Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q3 11</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">-28.53%</p></td></tr></table> Average Annual Total Returns (for the periods ended December 31, 2018) <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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&#8217;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. Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.</p> -0.2058 0.0013 0.0842 0.0383 -0.2059 0.0009 0.0779 0.0323 -0.1195 0.0024 0.0690 0.0303 -0.2083 -0.0023 0.0807 0.0349 -0.2058 0.0013 0.0842 0.0383 -0.1458 0.0165 0.0802 0.0447 2008-09-30 2008-09-30 ~ http://www.lazard.com/20191213/role/ScheduleAverageAnnualReturnsTransposed20108 column dei_LegalEntityAxis compact cik0000874964_S000023480Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (800) 823-6300 Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. www.lazardassetmanagement.com After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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. 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. The accompanying bar chart and table provide some indication of the risks of investing in Lazard Developing Markets Equity Portfolio by showing the Portfolio&#8217;s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. 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Investors transacting in Institutional or R6 shares through a financial intermediary acting as a broker in an agency capacity may be required to pay a commission directly to the broker.</p> 0.0100 0.0100 0.0100 0.0000 0.0025 0.0000 0.0015 0.0028 0.0015 0.0115 0.0153 0.0115 -0.0003 0.0115 0.0150 0.0115 ~ http://www.lazard.com/20191213/role/ScheduleAnnualFundOperatingExpenses20111 column dei_LegalEntityAxis compact cik0000874964_S000028828Member row primary compact * ~ 2020-05-01 Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) &#8220;Other Expenses&#8221; are based on estimated amounts for the current fiscal year, using &#8220;Other Expenses&#8221; for Institutional Shares from the last fiscal year. Example <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 117 153 117 365 480 365 633 831 633 1398 1821 1398 ~ http://www.lazard.com/20191213/role/ScheduleExpenseExampleTransposed20112 column dei_LegalEntityAxis compact cik0000874964_S000028828Member row primary compact * ~ Portfolio Turnover <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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. 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The Investment Manager will make allocation and securities selection decisions based on quantitative and qualitative analysis using a number of different tools, including proprietary software models. Quantitative analysis includes statistical analysis of portfolio risks, factor dependencies and trading tendencies. Qualitative analysis includes analysis of the global economic environment as well as internal and external research on individual securities, portfolio holdings, attribution factors, behavioral patterns and overall market views and scenarios. The Investment Manager may consider a security?s value or growth characteristics in selecting investments for the Portfolio and may invest in securities of any size or market capitalization.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The equity securities in which the Portfolio invests may be denominated in the US dollar, the Canadian dollar, the Euro, the Japanese yen, the Pound Sterling, or the local currency of the issuer. Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of companies whose principal business activities are located in emerging market countries. In addition to common stocks, such equity securities also may include American Depositary Receipts (&#8220;ADRs&#8221;), Global Depositary Receipts and European Depositary Receipts. Emerging market countries include all countries not represented by the MSCI World Index. The allocation of the Portfolio&#8217;s assets among countries and regions may vary from time to time based on the Investment Manager&#8217;s judgment and its analysis of market conditions.</p> Principal Investment Risks <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Market Risk.</font> Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of a 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Issuer Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Non-US Securities Risk.</font> 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. 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Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Foreign Currency Risk.</font> 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. The Portfolio&#8217;s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio's foreign currency exposure.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Depositary Receipts Risk.</font> ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Value Investing and Growth Investing Risks.</font> The Portfolio invests a portion of its assets in securities 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 Portfolio also invests a portion of its assets in securities 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 securities may be more volatile than other securities because they can be more sensitive to investor perceptions of the issuing company&#8217;s growth potential. The securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Quantitative Model Risk.</font> A quantitative model, such as the risk and other models used by the Investment Manager requires adherence to a systematic, disciplined process. The Investment Manager&#8217;s ability to monitor and, if necessary, adjust its quantitative model could be adversely affected by various factors including incorrect or outdated market and other data inputs. Factors that affect a security&#8217;s value can change over time, and these changes may not be reflected in the quantitative model. In addition, factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security&#8217;s value.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Small and Mid Cap Companies Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Large Cap Companies Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Allocation Risk.</font> The Portfolio&#8217;s ability to achieve its investment objective depends in part on the Investment Manager&#8217;s skill in determining the Portfolio&#8217;s allocation between the investment strategies. The Investment Manager&#8217;s evaluations and assumptions underlying its allocation decisions may differ from actual market conditions.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Securities Selection Risk.</font> 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.</p> The value of your investment in the Portfolio will fluctuate, which means you could lose money. Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard Emerging Markets Equity Blend Portfolio by showing the Portfolio&#8217;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&#8217;s Institutional Shares has varied from year to year. Updated performance information is available at www.lazardassetmanagement.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.</p> -0.2043 0.1819 -0.0114 -0.0866 -0.1274 0.1312 0.3598 -0.2105 ~ http://www.lazard.com/20191213/role/ScheduleAnnualTotalReturnsBarChart20113 column dei_LegalEntityAxis compact cik0000874964_S000028828Member row primary compact * ~ Best Quarter: 0.1759 2012-03-31 Worst Quarter: -0.2435 2011-09-30 <table cellpadding="0" cellspacing="0" style="clear:both" width="25%"><tr style="font-size:1pt;"><td style="width:41.44%">&#160;</td><td style="width:58.56%">&#160;</td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Best Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q1 12</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">17.59%</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Worst Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q3 11</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">-24.35%</p></td></tr></table> Average Annual Total Returns (for the periods ended December 31, 2018) <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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&#8217;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. Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.</p> -0.2105 -0.0065 0.0135 -0.2116 -0.0076 0.0123 -0.1198 -0.0026 0.0122 -0.2139 -0.0096 0.0104 -0.2105 -0.0065 0.0135 -0.1458 0.0165 0.0293 2010-05-28 2010-05-28 ~ http://www.lazard.com/20191213/role/ScheduleAverageAnnualReturnsTransposed20114 column dei_LegalEntityAxis compact cik0000874964_S000028828Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (800) 823-6300 Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. www.lazardassetmanagement.com After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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. 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. The accompanying bar chart and table provide some indication of the risks of investing in Lazard Emerging Markets Equity Blend Portfolio by showing the Portfolio&#8217;s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. (reflects no deduction for fees, expense, or taxes) Lazard Emerging Markets Debt Portfolio Investment Objective <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio seeks total return from current income and capital appreciation.</p> Fees and Expenses <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 or R6 shares through a financial intermediary acting as a broker in an agency capacity may be required to pay a commission directly to the broker.</p> 0.0075 0.0075 0.0075 0.0000 0.0025 0.0000 0.0018 0.0062 0.0019 0.0093 0.0162 0.0094 -0.0047 -0.0004 0.0093 0.0115 0.0090 ~ http://www.lazard.com/20191213/role/ScheduleAnnualFundOperatingExpenses20117 column dei_LegalEntityAxis compact cik0000874964_S000031123Member row primary compact * ~ 2020-05-01 Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Example <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 expense limitation agreement described above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 95 122 92 296 370 287 515 638 498 1143 1402 1108 ~ http://www.lazard.com/20191213/role/ScheduleExpenseExampleTransposed20118 column dei_LegalEntityAxis compact cik0000874964_S000031123Member row primary compact * ~ Portfolio Turnover <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 97% of the average value of its portfolio.</p> 0.97 Principal Investment Strategies <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio invests primarily in debt securities issued or guaranteed by governments, government agencies or supranational bodies or companies or other private-sector entities, including fixed and/or floating rate investment grade and non-investment grade bonds, convertible securities, commercial paper, collateralized debt obligations, short- and medium-term obligations and other fixed-income obligations, and may invest in money market instruments such as certificates of deposit. The securities in which the Portfolio invests may be denominated in the US dollar, the Canadian dollar, the Euro, the Japanese yen, the Pound Sterling, or the local currency of the issuer.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Under normal circumstances, the Portfolio invests at least 80% of its assets in debt securities that are economically tied to emerging market countries. Emerging market countries include all countries not represented by the MSCI World Index. The Portfolio currently intends to focus its investments in Asia, Africa, the Middle East, Latin America and the developing countries of Europe, although the allocation of the Portfolio&#8217;s assets among countries and regions may vary from time to time based on the Investment Manager&#8217;s judgment and its analysis of market conditions.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio may invest without limitation in securities rated below investment grade (e<font style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">.g.</font>, lower than Baa by Moody&#8217;s Investors Service, Inc. or lower than BBB by Standard &amp; Poor&#8217;s Ratings Group) (&#8220;junk bonds&#8221;) or securities that are unrated. Additionally, the Portfolio is not restricted to investments in securities of any particular maturity or duration. Duration is an estimate of the sensitivity of the price (the value of principal) of a fixed-income security to a change in interest rates. Generally, the longer the duration, the higher the expected volatility. For example, the market price of a fixed-income security with a duration of three years would be expected to decline 3% if interest rates rose 1%. Conversely, the market price of the same security would be expected to increase 3% if interest rates fell 1%.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio may enter into futures contracts on US Treasury securities to seek to hedge the Portfolio&#8217;s exposure to the risk of rising interest rates on US Treasury securities embedded in the Portfolio&#8217;s emerging market debt securities (to a greater or lesser degree, depending on the currency in which the debt security is denominated). Similarly, the Portfolio also may enter into futures contracts on US Treasury securities in combination with a credit default swap that provides exposure to emerging markets debt securities, baskets of securities or indices.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio may, but is not required to enter into forward currency contracts and credit default swaps, for hedging purposes or to seek to increase returns.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio is classified as &#8220;non-diversified&#8221; under the Investment Company Act of 1940, as amended, 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.</p> Principal Investment Risks <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Fixed-Income and Debt Securities Risk.</font> The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.</p> <br/><p style="font-family: Sans-Serif; font-size: 10.0pt; font-style: normal; font-weight: normal; text-align: left;">Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices.&#160;Risks associated with rising interest rates are heightened given that the Federal Reserve has raised the federal funds rate several times in recent periods and may continue to increase rates in the future.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio&#8217;s investments in lower-rated, higher-yielding securities (&#8220;junk bonds&#8221;) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security&#8217;s value could fall, potentially lowering the Portfolio&#8217;s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Some debt securities may give the issuer the option to call, or redeem, the securities before their maturity, and, during a time of declining interest rates, the Portfolio may have to reinvest the proceeds of called or redeemed securities in an investment offering a lower yield (and the Portfolio may not fully benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Market Risk.</font> Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of a 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Issuer Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Non-US Securities Risk.</font> 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. </p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Emerging Market Risk.</font> Emerging market countries 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Foreign Currency Risk.</font> 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. The Portfolio&#8217;s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. </p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Liquidity Risk.</font> The lack of a readily available market may limit the ability of the Portfolio to sell certain securities and other investments at the time and price it would like. The size of certain securities offerings of emerging markets issuers may be relatively smaller in size than offerings in more developed markets and, in some cases, the Portfolio, by itself or together with other Portfolios or other accounts managed by the Investment Manager, may hold a position in a security that is large relative to the typical trading volume for that security; these factors can make it difficult for the Portfolio to dispose of the position at the desired time or price.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Non-Diversification Risk. </font>The Portfolio&#8217;s net asset value 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Derivatives and Hedging Risk.</font> Derivatives transactions, including those entered into for hedging purposes (<font style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">i.e.</font>, seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Forward currency contracts, over-the-counter options on currencies, swap agreements and other over-the-counter derivatives transactions are subject to the risk of default by the counterparty and can be illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which the Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in value of the related currency, interest rate, security or other reference asset. As such, a small investment could have a potentially large impact on the Portfolio&#8217;s performance. As such, a small investment could have a potentially large impact on the Portfolio&#8217;s performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager&#8217;s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">High Portfolio Turnover Risk.</font> The Portfolio&#8217;s investment strategy may involve high portfolio turnover (such as 100% or more). A portfolio turnover rate of 100%, for example, is equivalent to the Portfolio buying and selling all of its securities once during the course of the year. A high portfolio turnover rate could result in high transaction costs and an increase in taxable capital gains distributions to the Portfolio&#8217;s shareholders, which will reduce returns to shareholders.</p> The Portfolio&#8217;s net asset value 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. The value of your investment in the Portfolio will fluctuate, which means you could lose money. Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard Emerging Markets Debt Portfolio by showing the Portfolio&#8217;s year-by-year performance and its average annual performance compared to that of broad measures of market performance. The bar chart shows how the performance of the Portfolio&#8217;s Institutional Shares has varied from year to year. Updated performance information is available at www.lazardassetmanagement.com or by calling (800) 823-6300. 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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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 58 84 58 202 328 1031 359 592 2010 814 1347 4491 ~ http://www.lazard.com/20191213/role/ScheduleExpenseExampleTransposed20124 column dei_LegalEntityAxis compact cik0000874964_S000010265Member row primary compact * ~ Portfolio Turnover <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 16% of the average value of its portfolio.</p> 0.16 Principal Investment Strategies <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Under normal circumstances, the Portfolio invests at least 80% of its assets in fixed-income securities issued by corporations or other non-governmental issuers similar to corporations, which securities are tied economically to the US. The Portfolio typically invests a substantial portion of its assets, and may invest up to 100% of its assets, in securities rated, at the time of purchase, below investment grade by Standard &amp; Poor&#8217;s Ratings Group (&#8220;S&amp;P&#8221;) or Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;) and as low as C or Ca by S&amp;P or Moody&#8217;s, respectively, or the unrated equivalent as determined by the Investment Manager (&#8220;junk bonds&#8221;); however, the Portfolio focuses such investments in below investment grade securities that may be considered &#8220;better quality&#8221; (<font style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">i.e.</font>, rated B1 or higher by Moody&#8217;s, B+ or higher by S&amp;P or the unrated equivalent as determined by the Investment Manager). The Portfolio may invest in dollar-denominated securities of non-US companies, including, to a limited extent, in emerging market companies.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Although the Portfolio may invest in fixed-income securities without regard to their maturity, the Portfolio&#8217;s average weighted maturity is expected to range between two and ten years.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Securities are evaluated based on their fundamental and structural characteristics. Valuation analysis is tailored to the specific asset class, but may include credit research, prepayment or call options, maturity, duration, coupon, currency and country risks. The Portfolio is constructed using a bottom-up discipline in which the Investment Manager follows a systematic process to seek out undervalued opportunities within each sector.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio may invest up to 20% of its assets in other securities which need not be fixed-income securities as described above and need not be tied economically to the US.</p> Principal Investment Risks <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Market Risk.</font> Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of a market, can affect the value of the Portfolio&#8217;s investments. 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The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Non-US Securities Risk.</font> 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. 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.</p> The value of your investment in the Portfolio will fluctuate, which means you could lose money. Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard US Corporate Income Portfolio by showing the Portfolio&#8217;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&#8217;s Institutional Shares has varied from year to year over the past 10 calendar years. Updated performance information is available at www.lazardassetmanagement.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.</p> 0.3466 0.1178 0.0517 0.1202 0.0617 0.0331 -0.0071 0.1009 0.0509 -0.0273 ~ http://www.lazard.com/20191213/role/ScheduleAnnualTotalReturnsBarChart20125 column dei_LegalEntityAxis compact cik0000874964_S000010265Member row primary compact * ~ Best Quarter: 0.1308 2009-06-30 Worst Quarter: -0.0420 2011-09-30 <table cellpadding="0" cellspacing="0" style="clear:both" width="25%"><tr style="font-size:1pt;"><td style="width:43.59%">&#160;</td><td style="width:56.41%">&#160;</td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Best Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q2 09</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">13.08%</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Worst Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q3 11</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">-4.20%</p></td></tr></table> Average Annual Total Returns (for the periods ended December 31, 2018) <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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&#8217;s tax situation and may differ from those shown. 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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. 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. The accompanying bar chart and table provide some indication of the risks of investing in Lazard US Corporate Income Portfolio by showing the Portfolio&#8217;s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. (reflects no deduction for fees, expense, or taxes) Lazard US Short Duration Fixed Income Portfolio Investment Objective <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio seeks total return and preservation of capital.</p> Fees and Expenses <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 or R6 shares through a financial intermediary acting as a broker in an agency capacity may be required to pay a commission directly to the broker.</p> 0.0025 0.0025 0.0025 0.0000 0.0025 0.0000 0.0018 0.3750 0.0018 0.0043 0.3800 0.0043 -0.0003 -0.3735 -0.0008 0.0040 0.0065 0.0035 ~ http://www.lazard.com/20191213/role/ScheduleAnnualFundOperatingExpenses20129 column dei_LegalEntityAxis compact cik0000874964_S000031124Member row primary compact * ~ 2020-05-01 Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) &#8220;Other Expenses&#8221; are based on estimated amounts for the current fiscal year, using &#8220;Other Expenses&#8221; for Institutional Shares from the last fiscal year. Example <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 41 66 36 135 5596 130 238 8078 233 539 9827 534 ~ http://www.lazard.com/20191213/role/ScheduleExpenseExampleTransposed20130 column dei_LegalEntityAxis compact cik0000874964_S000031124Member row primary compact * ~ Portfolio Turnover <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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. 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Under normal circumstances, the Portfolio&#8217;s investment portfolio can be expected to have an average effective duration of three years or less. Duration is an estimate of the sensitivity of the price (the value of principal) of a fixed-income security to a change in interest rates. Generally, the longer the duration, the higher the expected volatility. For example, the market price of a fixed-income security with a duration of three years would be expected to decline 3% if interest rates rose 1%. Conversely, the market price of the same security would be expected to increase 3% if interest rates fell 1%.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio invests primarily in securities that are rated investment grade by one or more nationally recognized statistical rating organizations (or, if unrated, determined by the Investment Manager to be of comparable quality).</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Securities are evaluated based on their fundamental and structural characteristics. 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Mortgage-related securities generally are subject to credit risks associated with the performance of the underlying mortgage properties. Prepayment risk can lead to fluctuations in value of the mortgage-related security which may be pronounced. As with other interest-bearing securities, the prices of certain mortgage-related securities are inversely affected by changes in interest rates. However, although the value of a mortgage-related security may decline when interest rates rise, the converse is not necessarily true, since during periods of declining interest rates the mortgages underlying the security are more likely to be prepaid.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The risks of asset-backed securities are similar to those of mortgage-related securities. However, asset-backed securities present certain risks that are not presented by mortgage-related securities. 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In addition, investments denominated in currencies other than US dollars may experience decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">High Portfolio Turnover Risk.</font> The Portfolio&#8217;s investment strategy may involve high portfolio turnover (such as 100% or more). A portfolio turnover rate of 100%, for example, is equivalent to the Portfolio buying and selling all of its securities once during the course of the year. A high portfolio turnover rate could result in high transaction costs and an increase in taxable capital gains distributions to the Portfolio&#8217;s shareholders, which will reduce returns to shareholders.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Government Securities Risk.</font> Not all obligations of the US government, its agencies and instrumentalities are backed by the full faith and credit of the US Treasury. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Any guarantee by the US government or its agencies or instrumentalities of a security held by the Portfolio does not apply to the market value of such security or to shares of the Portfolio itself. A security backed by the US Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity.</p> The value of your investment in the Portfolio will fluctuate, which means you could lose money. Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard US Short Duration Fixed Income Portfolio by showing the Portfolio&#8217;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&#8217;s Institutional Shares has varied from year to year. Updated performance information is available at www.lazardassetmanagement.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.</p> 0.0254 -0.0139 0.0049 0.0005 0.0100 0.0072 0.0108 ~ http://www.lazard.com/20191213/role/ScheduleAnnualTotalReturnsBarChart20131 column dei_LegalEntityAxis compact cik0000874964_S000031124Member row primary compact * ~ Best Quarter: 0.0122 2012-06-30 Worst Quarter: -0.0224 2013-06-30 <table cellpadding="0" cellspacing="0" style="clear:both" width="24%"><tr style="font-size:1pt;"><td style="width:45.07%">&#160;</td><td style="width:54.93%">&#160;</td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Best Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q2 12</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">1.22%</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Worst Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q2 13</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">-2.24%</p></td></tr></table> Average Annual Total Returns (for the periods ended December 31, 2018) <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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&#8217;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. Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio changed its investment strategy on June 28, 2013. Prior to that that date, the Portfolio invested in US municipal securities and the performance prior to June 28, 2013 reflects that investment strategy.</p> 0.0108 0.0067 0.0113 0.0026 0.0021 0.0060 0.0063 0.0031 0.0066 0.0088 0.0061 0.0098 0.0108 0.0067 0.0113 0.0159 0.0081 0.0081 2011-02-28 2011-02-28 ~ http://www.lazard.com/20191213/role/ScheduleAverageAnnualReturnsTransposed20132 column dei_LegalEntityAxis compact cik0000874964_S000031124Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (800) 823-6300 Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. www.lazardassetmanagement.com After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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. 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. The accompanying bar chart and table provide some indication of the risks of investing in Lazard US Short Duration Fixed Income Portfolio by showing the Portfolio&#8217;s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. (reflects no deduction for fees, expense, or taxes) Lazard Global Fixed Income Portfolio Investment Objective <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio seeks total return from current income and capital appreciation.</p> Fees and Expenses <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 or R6 shares through a financial intermediary acting as a broker in an agency capacity may be required to pay a commission directly to the broker.</p> 0.0050 0.0050 0.0050 0.0000 0.0025 0.0000 0.0311 0.3767 0.0311 0.0361 0.3842 0.0361 -0.0291 -0.3747 -0.0296 0.0070 0.0095 0.0065 ~ http://www.lazard.com/20191213/role/ScheduleAnnualFundOperatingExpenses20135 column dei_LegalEntityAxis compact cik0000874964_S000035892Member row primary compact * ~ 2020-05-01 Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) &#8220;Other Expenses&#8221; are based on estimated amounts for the current fiscal year, using &#8220;Other Expenses&#8221; for Institutional Shares from the last fiscal year. Example <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 72 100 66 835 5645 830 1620 8103 1616 3680 9804 3676 ~ http://www.lazard.com/20191213/role/ScheduleExpenseExampleTransposed20136 column dei_LegalEntityAxis compact cik0000874964_S000035892Member row primary compact * ~ Portfolio Turnover <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 60% of the average value of its portfolio.</p> 0.60 Principal Investment Strategies <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Under normal circumstances, the Portfolio invests at least 80% of its assets in Fixed Income Investments. &#8220;Fixed Income Investments&#8221; include all types of debt and income producing securities and other instruments, including bonds, notes (including structured notes), mortgage-related securities, asset-backed securities, Eurodollar and Yankee dollar instruments, money market instruments and foreign currency forward contracts, including non-deliverable forward contracts. Fixed Income Investments may be issued by US or foreign corporations or entities, including those with business activities located in emerging market countries; US or foreign banks; the US government, its agencies, authorities, instrumentalities or sponsored enterprises; US state and municipal governments; foreign governments and their political subdivisions; and supranational organizations (such as the World Bank).</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">In managing the Portfolio&#8217;s assets, the Investment Manager employs a relative value approach that is driven by its macroeconomic view of global interest rates, yield curves, sector spreads, and currencies, combined with an opportunistic, but disciplined, security selection process. The Investment Manager seeks to enhance the Portfolio&#8217;s total return by rotating investments through global bond and credit markets, maintaining or seeking exposure to foreign currencies in the discretion of the Investment Manager. The Investment Manager seeks to identify and exploit market inefficiencies (such as spread relationships between sectors in different countries, and undervalued or overlooked markets and securities) in seeking to achieve attractive risk-adjusted returns. The Investment Manager also seeks to identify investment opportunities with asymmetric risk/reward characteristics in seeking to enhance portfolio performance and mitigate risk.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio&#8217;s currency exposure generally is managed relative to that of the Bloomberg Barclays Global Aggregate<sup>&#174;</sup> Index&#8212;Unhedged in US dollar terms, and tactical exposures to non-US dollar currencies are based on the Investment Manager&#8217;s fundamental macroeconomic outlook, technical factors and the Investment Manager&#8217;s desired market positioning.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Under normal market conditions, the Portfolio invests significantly (at least 40%&#8212;unless market conditions are not deemed favorable by the Investment Manager, in which case the Portfolio would invest at least 30%) in issuers organized or located outside the US or doing a substantial amount of business outside the US, securities denominated in a foreign currency or foreign currency forward contracts. The Investment Manager allocates the Portfolio&#8217;s assets among various regions, countries and currencies, including the United States and the US dollar (but in no less than three different countries or currencies). The Portfolio may invest in securities of issuers with business activities located in emerging market countries or denominated in an emerging market currency.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio may invest up to 15% of its assets in securities that are rated below investment grade (e<font style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">.g.</font>, lower than Baa by Moody&#8217;s Investors Service, Inc. or lower than BBB by Standard &amp; Poor&#8217;s Ratings Group) (&#8220;junk bonds&#8221;) or the unrated equivalent as determined by the Investment Manager. There are no restrictions on the Portfolio&#8217;s average portfolio maturity or duration or on the maturities of the individual debt and income producing securities and other instruments in which it may invest. Duration is an estimate of the sensitivity of the price (the value of principal) of a fixed-income security to a change in interest rates. Generally, the longer the duration, the higher the expected volatility. For example, the market price of a fixed-income security with a duration of three years would be expected to decline 3% if interest rates rose 1%. Conversely, the market price of the same security would be expected to increase 3% if interest rates fell 1%.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio may, but is not required to, use derivative instruments that are part of its primary investment strategy, such as forward currency contracts, for hedging purposes.</p> Principal Investment Risks <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Market Risk.</font> Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of a 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Issuer Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Fixed-Income and Debt Securities Risk.</font> The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. Risks associated with rising interest rates are heightened given that the Federal Reserve has raised the federal funds rate several times in recent periods and may continue to increase rates in the future.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio&#8217;s investments in lower-rated, higher-yielding securities (&#8220;junk bonds&#8221;) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security&#8217;s value could fall, potentially lowering the Portfolio&#8217;s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Some debt securities may give the issuer the option to call, or redeem, the securities before their maturity, and, during a time of declining interest rates, the Portfolio may have to reinvest the proceeds of called or redeemed securities in an investment offering a lower yield (and the Portfolio may not fully benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Adjustable rate or inflation-linked securities provide the Portfolio with a certain degree of protection against rises in interest rates or inflation rates, respectively, although adjustable rate securities will participate in any declines in interest rates and inflation-linked securities can also decline in value based on changes in the relevant periodic adjustment rate. Certain adjustable rate securities, such as those with interest rates that fluctuate directly or indirectly based on multiples of a stated index, are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and possibly loss of principal. 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Mortgage-related securities generally are subject to credit risks associated with the performance of the underlying mortgage properties. Prepayment risk can lead to fluctuations in value of the mortgage-related security which may be pronounced. As with other interest-bearing securities, the prices of certain mortgage-related securities are inversely affected by changes in interest rates. However, although the value of a mortgage-related security may decline when interest rates rise, the converse is not necessarily true, since during periods of declining interest rates the mortgages underlying the security are more likely to be prepaid.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The risks of asset-backed securities are similar to those of mortgage-related securities. However, asset-backed securities present certain risks that are not presented by mortgage-related securities. 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Derivatives transactions 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, and they are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related reference assets, markets or rates. As such, a small investment could have a potentially large impact on the Portfolio&#8217;s performance. Use of derivatives transactions may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Non-US Securities Risk.</font> 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. 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Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Foreign Currency Risk.</font> 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. 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The size of certain securities offerings of emerging markets issuers may be relatively smaller in size than offerings in more developed markets and, in some cases, the Portfolio, by itself or together with other Portfolios or other accounts managed by the Investment Manager, may hold a position in a security that is large relative to the typical trading volume for that security; these factors can make it difficult for the Portfolio to dispose of the position at the desired time or price.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Derivatives and Hedging Risk.</font> Derivatives transactions, including those entered into for hedging purposes (<font style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">i.e.</font>, seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Forward currency contracts, structured products and other over-the-counter derivatives transactions are subject to the risk of default by the counterparty and can be illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which the Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of the related currency or other reference asset. As such, a small investment could have a potentially large impact on the Portfolio&#8217;s performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager&#8217;s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.</p> The value of your investment in the Portfolio will fluctuate, which means you could lose money. Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard Global Fixed Income Portfolio by showing the Portfolio&#8217;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&#8217;s Institutional Shares has varied from year to year. Updated performance information is available at www.lazardassetmanagement.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.</p> -0.0413 0.0008 -0.0403 0.0022 0.0787 -0.0206 ~ http://www.lazard.com/20191213/role/ScheduleAnnualTotalReturnsBarChart20137 column dei_LegalEntityAxis compact cik0000874964_S000035892Member row primary compact * ~ Best Quarter: 0.0514 2016-03-31 Worst Quarter: -0.0701 2016-12-31 <table cellpadding="0" cellspacing="0" style="clear:both" width="24%"><tr style="font-size:1pt;"><td style="width:45.07%">&#160;</td><td style="width:54.93%">&#160;</td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Best Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q1 16</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">5.14%</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Worst Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q4 16</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">-7.01%</p></td></tr></table> Average Annual Total Returns (for the periods ended December 31, 2018) <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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&#8217;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. Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.</p> -0.0206 0.0034 0.0011 -0.2980 -0.0030 -0.0046 -0.1210 -0.0001 -0.0015 -0.0231 0.0005 -0.0019 -0.0206 0.0034 0.0011 -0.0120 0.0108 0.0091 2012-03-30 2012-03-30 ~ http://www.lazard.com/20191213/role/ScheduleAverageAnnualReturnsTransposed20138 column dei_LegalEntityAxis compact cik0000874964_S000035892Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (800) 823-6300 Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. www.lazardassetmanagement.com After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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. 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. The accompanying bar chart and table provide some indication of the risks of investing in Lazard Global Fixed Income Portfolio by showing the Portfolio&#8217;s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. (reflects no deduction for fees, expense, or taxes) Lazard US Realty Equity Portfolio Investment Objective <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio&#8217;s primary investment objective is long-term capital appreciation,</p> <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">with current income, including interest and dividends from portfolio securities, as a secondary objective.</p> Fees and Expenses <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 or R6 shares through a financial intermediary acting as a broker in an agency capacity may be required to pay a commission directly to the broker.</p> 0.0075 0.0075 0.0075 0.0000 0.0025 0.0000 0.0034 0.0029 0.0034 0.0109 0.0129 0.0109 -0.0009 -0.0014 0.0100 0.0129 0.0095 ~ http://www.lazard.com/20191213/role/ScheduleAnnualFundOperatingExpenses20141 column dei_LegalEntityAxis compact cik0000874964_S000033724Member row primary compact * ~ 2029-05-01 Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) &#8220;Other Expenses&#8221; are based on estimated amounts for the current fiscal year, using &#8220;Other Expenses&#8221; for Institutional Shares from the last fiscal year. Example <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 expense limitation agreement described above. 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The performance of investments made by the Portfolio may be determined to a great extent by the current status of the real estate industry in general, or by other factors (such as interest rates and the availability of loan capital) that may affect the real estate industry, even if other industries would not be so affected. Consequently, the investment strategies of the Portfolio could lead to securities investment results that may be significantly different from investments in securities of other industries or sectors or in a more broad-based portfolio generally.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The risks related to investments in Realty Companies include, but are not limited to: adverse changes in general economic and local market conditions; adverse developments in employment; changes in supply or demand for similar or competing properties; unfavorable changes in applicable taxes, governmental regulations and interest rates; operating or development expenses; and lack of available financing.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Due to certain special considerations that apply to REITs, investments in REITs may carry additional risks not necessarily present in investments in other securities. REIT securities (including those trading on national exchanges) typically have trading volumes that are less than those of common stocks of non-Realty Companies traded on national exchanges, which may affect a Portfolio&#8217;s ability to trade or liquidate those securities. An investment in REITs may be adversely affected if the REIT fails to comply with applicable laws and regulations, including failing to qualify as a REIT under the Internal Revenue Code of 1986, as amended. Failure to qualify with any of these requirements could jeopardize a company&#8217;s status as a REIT. The Portfolio generally will have no control over the operations and policies of a REIT, and the Portfolio generally will have no ability to cause a REIT to take the actions necessary to qualify as a REIT.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Small and Mid Cap Companies Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Non-Diversification Risk. </font>The Portfolio&#8217;s net asset value 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Fixed-Income and Debt Securities Risk.</font> The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. Risks associated with rising interest rates are heightened given that the Federal Reserve has raised the federal funds rate several times in recent periods and may continue to increase rates in the future.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio&#8217;s investments in lower-rated, higher-yielding securities (&#8220;junk bonds&#8221;) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security&#8217;s value could fall, potentially lowering the Portfolio&#8217;s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Non-US Securities Risk.</font> 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. 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Options Risk.</font> Writing options on securities and indexes, including for hedging purposes, 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, and may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions. Writing options is subject to many of the risks of, and can be highly sensitive to changes in the value of, the related security or index. As such, a small commitment to written options could potentially have a relatively large impact on the Portfolio&#8217;s performance. Purchasing options will reduce returns by the amount of premiums paid for options that are not exercised. Over-the-counter options purchased on securities and indexes are subject to the risk of default by the counterparty and can be illiquid.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Investment Companies and ETF Risk.</font> Any investments in other investment companies and ETFs are subject to the risks of the investments of the investment companies and ETFs, as well as to the general risks of investing in investment companies and ETFs. Portfolio shares will bear not only the Portfolio&#8217;s management fees and operating expenses, but also their proportional share of the management fees and operating expenses of any other investment companies and ETFs in which the Portfolio invests.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Securities Selection Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Derivatives and Hedging Risk.</font> Derivatives transactions, including those entered into for hedging purposes (<font style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">i.e.</font>, seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Forward currency contracts, structured products and other over-the-counter derivatives transactions are subject to the risk of default by the counterparty and can be illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which the Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of the related currency or other reference asset. As such, a small investment could have a potentially large impact on the Portfolio&#8217;s performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager&#8217;s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">IPO Shares Risk.</font> The prices of securities purchased in IPOs can be very volatile. The effect of IPOs on the Portfolio&#8217;s performance depends on a variety of factors, including the number of IPOs the Portfolio invests in relative to the size of the Portfolio and whether and to what extent a security purchased in an IPO appreciates or depreciates in value. As the Portfolio&#8217;s asset base increases, IPOs may have a diminished effect on the Portfolio&#8217;s performance.</p> The Portfolio&#8217;s net asset value 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. The value of your investment in the Portfolio will fluctuate, which means you could lose money. Performance Bar Chart and Table Year-by-Year Total Returns for Open Shares As of 12/31 <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard US Realty Equity Portfolio by showing the Portfolio&#8217;s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. The Portfolio commenced operations after all of the assets of an investment company advised by Grubb &amp; Ellis Alesco Global Advisors, LLC, Grubb &amp; Ellis AGA U.S. Realty Fund (the &#8220;Predecessor Realty Equity Fund&#8221;), were transferred to the Portfolio in exchange for Open Shares of the Portfolio in a tax-free reorganization on September 23, 2011. The bar chart shows how the performance of the Portfolio&#8217;s Open Shares (or the Predecessor Realty Equity Fund&#8217;s Class A shares, prior to September 23, 2011) has varied from year to year over the past 10 calendar years. Updated performance information is available at www.lazardassetmanagement.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.</p> 0.5947 0.3555 0.0991 0.2058 0.0158 0.2533 0.0434 0.0499 0.0769 -0.0806 ~ http://www.lazard.com/20191213/role/ScheduleAnnualTotalReturnsBarChart20143 column dei_LegalEntityAxis compact cik0000874964_S000033724Member row primary compact * ~ Best Quarter: 0.3629 2009-09-30 Worst Quarter: -0.1799 2011-09-30 <table cellpadding="0" cellspacing="0" style="clear:both" width="25%"><tr style="font-size:1pt;"><td style="width:41.44%">&#160;</td><td style="width:58.56%">&#160;</td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Best Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q3 09</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">36.29%</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Worst Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q3 11</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">-17.99%</p></td></tr></table> Average Annual Total Returns (for the periods ended December 31, 2018) <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">After-tax returns are shown only for Open Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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&#8217;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. Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.</p> -0.0806 0.0633 0.1474 0.1474 -0.0911 0.0466 0.1193 0.1193 -0.0442 0.0459 0.1133 0.1132 -0.0777 0.0663 0.1037 -0.0777 0.0663 0.1037 -0.0583 0.0643 0.0860 -0.0583 0.0643 0.1075 -0.0583 0.0643 0.0860 -0.0433 2011-09-26 2008-12-31 2008-12-31 2011-09-26 ~ http://www.lazard.com/20191213/role/ScheduleAverageAnnualReturnsTransposed20144 column dei_LegalEntityAxis compact cik0000874964_S000033724Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (800) 823-6300 Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. www.lazardassetmanagement.com After-tax returns are shown only for Open Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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. 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. The accompanying bar chart and table provide some indication of the risks of investing in Lazard US Realty Equity Portfolio by showing the Portfolio&#8217;s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. (reflects no deduction for fees, expense, or taxes) Lazard Global Listed Infrastructure Portfolio Investment Objective <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio seeks total return.</p> Fees and Expenses <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 or R6 shares through a financial intermediary acting as a broker in an agency capacity may be required to pay a commission directly to the broker.</p> 0.0090 0.0090 0.0090 0.0000 0.0025 0.0000 0.0005 0.0005 0.0005 0.0001 0.0001 0.0001 0.0096 0.0121 0.0096 ~ http://www.lazard.com/20191213/role/ScheduleAnnualFundOperatingExpenses20147 column dei_LegalEntityAxis compact cik0000874964_S000027245Member row primary compact * ~ Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year. Example <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 98 123 98 306 384 306 531 665 531 1178 1466 1178 ~ http://www.lazard.com/20191213/role/ScheduleExpenseExampleTransposed20148 column dei_LegalEntityAxis compact cik0000874964_S000027245Member row primary compact * ~ Portfolio Turnover <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 49% of the average value of its portfolio.</p> 0.49 Principal Investment Strategies <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio invests primarily in equity securities, principally common stocks, of infrastructure companies and concentrates its investments in industries represented by infrastructure companies. Lazard Asset Management LLC (the &#8220;Investment Manager&#8221;) focuses on companies with a minimum market capitalization of $250 million that own physical infrastructure and which the Investment Manager believes are undervalued.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of infrastructure companies, which consist of utilities, pipelines, toll roads, airports, railroads, ports, telecommunications and other infrastructure companies, with securities listed on a national or other recognized securities exchange.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Under normal market conditions, the Portfolio invests significantly (at least 40%&#8212;unless market conditions are not deemed favorable by the Investment Manager, in which case the Portfolio would invest at least 30%) in infrastructure companies organized or located outside the US or doing a substantial amount of business outside the US. The Investment Manager allocates the Portfolio&#8217;s assets among various regions and countries, including the United States (but in no less than three different countries). The Portfolio may invest in equity securities of companies with some business activities located in emerging market countries.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Investment Manager generally seeks to substantially hedge foreign currency exposure in the Portfolio against movements relative to the US dollar by entering into foreign currency forward contracts, although the Portfolio&#8217;s total foreign currency exposure may not be fully hedged at all times.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Although the Portfolio is classified as &#8220;diversified&#8221; under the Investment Company Act of 1940, as amended, it may invest in a smaller number of issuers than other, more diversified investment portfolios.</p> Principal Investment Risks <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Market Risk.</font> Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of a 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Issuer Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Infrastructure Companies Risk.</font> Securities and instruments of infrastructure companies are more susceptible to adverse economic or regulatory occurrences affecting their industries. Infrastructure companies may be subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, high leverage, costs associated with environmental and other regulations, the effects of economic slowdown, surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Infrastructure companies also may be affected by or subject to, among other factors, regulation by various government authorities, including rate regulation, and service interruption due to environmental, operational or other mishaps.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Non-US Securities Risk.</font> 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. </p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Emerging Market Risk.</font> Emerging market countries 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Value Investing Risk.</font> The Portfolio invests in securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Foreign Currency and Foreign Currency Hedging Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Forward Currency Contracts Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Large Cap Companies Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Focused Investing Risk.</font> The Portfolio&#8217;s net asset value 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Securities Selection Risk.</font> 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.</p> The value of your investment in the Portfolio will fluctuate, which means you could lose money. Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard Global Listed Infrastructure Portfolio by showing the Portfolio&#8217;s year-by-year performance and its average annual performance compared to that of broad measures of market performance. The bar chart shows how the performance of the Portfolio&#8217;s Institutional Shares has varied from year to year. Updated performance information is available at www.lazardassetmanagement.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.</p> 0.0663 -0.0155 0.1805 0.2656 0.1795 0.0930 0.0930 0.2080 -0.0373 ~ http://www.lazard.com/20191213/role/ScheduleAnnualTotalReturnsBarChart20149 column dei_LegalEntityAxis compact cik0000874964_S000027245Member row primary compact * ~ Best Quarter: 0.1217 2010-09-30 Worst Quarter: -0.0985 2011-09-30 <table cellpadding="0" cellspacing="0" style="clear:both" width="25%"><tr style="font-size:1pt;"><td style="width:43.59%">&#160;</td><td style="width:56.41%">&#160;</td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Best Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q3 10</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">12.17%</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Worst Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q3 11</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">-9.85%</p></td></tr></table> Average Annual Total Returns (for the periods ended December 31, 2018) <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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&#8217;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. Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.</p> <br/><p style="font-family:Serif; font-size:6.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-size:10.0pt; font-weight:normal;">The Global Listed Infrastructure Index (USD Hedged) is an index created by the Portfolio&#8217;s Investment Manager, which is the performance of the UBS Global 50/50 Infrastructure &amp; Utilities<sup>&#174;</sup> Index (Hedged) for all periods through March 31, 2015, when the index ceased to be published, and the FTSE Developed Core Infrastructure 50/50<sup>&#174;</sup> Index (USD Hedged) for all periods thereafter. The Global Listed Infrastructure Index (USD Hedged) will be replaced with the MSCI World Core Infrastructure Index (Hedged). The Investment Manager believes that the new index is an appropriate alternative to the prior index.</font></p> -0.0373 0.1038 0.1105 -0.0639 0.0774 0.0928 0.0015 0.0772 0.0881 -0.0398 0.1009 0.1072 -0.0373 0.1038 0.1105 0.0052 0.0908 0.0838 0.0256 0.0938 0.0904 -0.0871 0.0456 0.0761 2009-12-31 2009-12-31 ~ http://www.lazard.com/20191213/role/ScheduleAverageAnnualReturnsTransposed20150 column dei_LegalEntityAxis compact cik0000874964_S000027245Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (800) 823-6300 Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. www.lazardassetmanagement.com After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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 Global Listed Infrastructure Index (USD Hedged) is an index created by the Portfolio&#8217;s Investment Manager, which is the performance of the UBS Global 50/50 Infrastructure & Utilities&#174; Index (Hedged) for all periods through March 31, 2015, when the index ceased to be published, and the FTSE Developed Core Infrastructure 50/50&#174; Index (USD Hedged) for all periods thereafter. The Global Listed Infrastructure Index (USD Hedged) will be replaced with the MSCI World Core Infrastructure Index (Hedged). The Investment Manager believes that the new index is an appropriate alternative to the prior index. 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. The accompanying bar chart and table provide some indication of the risks of investing in Lazard Global Listed Infrastructure Portfolio by showing the Portfolio&#8217;s year-by-year performance and its average annual performance compared to that of broad measures of market performance. (reflects no deduction for fees, expense, or taxes) Lazard Real Assets and Pricing Opportunities Portfolio Investment Objective <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio seeks total return consisting of appreciation and income.</p> Fees and Expenses <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 or R6 shares through a financial intermediary acting as a broker in an agency capacity may be required to pay a commission directly to the broker.</p> 0.0070 0.0070 0.0070 0.0000 0.0025 0.0000 0.0134 0.1277 0.0134 0.0002 0.0002 0.0002 0.0206 0.1374 0.0206 -0.0114 -0.1257 -0.0119 0.0092 0.0117 0.0087 ~ http://www.lazard.com/20191213/role/ScheduleAnnualFundOperatingExpenses20153 column dei_LegalEntityAxis compact cik0000874964_S000056012Member row primary compact * ~ 2020-05-01 Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year. Example <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 94 119 89 535 2729 531 1003 4902 999 2299 8875 2295 ~ http://www.lazard.com/20191213/role/ScheduleExpenseExampleTransposed20154 column dei_LegalEntityAxis compact cik0000874964_S000056012Member row primary compact * ~ Portfolio Turnover <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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. 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Such companies may include those in the consumer discretionary, consumer staples, health care, information technology and telecommunications services sectors.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Allocation of the Portfolio&#8217;s assets by the Investment Manager among these real assets categories and pricing opportunities sectors will vary, and over time exposures to new categories and sectors may be added or exposures to existing categories and sectors may be eliminated.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio may invest in a mix of equity and fixed income securities of US and non-US companies, including emerging markets companies, as well as commodity-linked and other derivative instruments. In addition to investing in inflation-indexed fixed income securities (which may be of any credit quality or maturity), the Portfolio may invest in fixed income securities, typically government securities (which may be of various maturities), in connection with the Portfolio&#8217;s derivatives exposures (<font style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">i.e.</font>, a type of margin or collateral). The Portfolio&#8217;s investments in fixed income securities also may include securities which, at the time of purchase, are rated below &#8220;investment grade&#8221; by a nationally recognized statistical rating organization, or the unrated equivalent as determined by the Investment Manager (&#8220;junk bonds&#8221;). The Portfolio also may invest in exchange-traded open-end management investment companies (&#8220;ETFs&#8221;) and similar products such as exchange-traded notes (&#8220;ETNs&#8221;), which generally pursue a passive index-based strategy. The Portfolio may invest in companies of any market capitalization.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio may gain exposure to the commodity markets by investing up to 25% of the Portfolio&#8217;s total assets in a wholly-owned subsidiary formed under the laws of the Cayman Islands (the &#8220;Subsidiary&#8221;), which invests mainly in commodity-linked derivative instruments (including, but not limited to, futures contracts, options and total return swaps) and fixed income securities, typically government securities, in connection with the Subsidiary&#8217;s derivatives exposures (<font style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">i.e.</font>, a type of margin or collateral).</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Investment Manager&#8217;s process for selecting investments for the Portfolio may include a variety of approaches, such a fundamental, bottom-up analysis, qualitative evaluations and quantitative models or a combination of these or other approaches. The process used will usually vary for different types of real assets categories, or category subsets.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">In addition, the Portfolio may, but is not required to (1) enter into futures contracts; forward currency contracts; equity, total return, interest rate, credit default and currency swap agreements; (2) write put and call options on securities (including ETFs), indexes and currencies; and (3) invest in structured notes, in each case for hedging purposes or to seek to increase returns, including as a substitute for a direct investment in securities. When the Portfolio or the Subsidiary enters into derivatives transactions, it may be required to segregate liquid assets or enter into offsetting positions, in accordance with applicable regulations.</p> Principal Investment Risks <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Allocation Risk.</font> The Portfolio&#8217;s ability to achieve its investment objective depends in part on the Investment Manager&#8217;s skill in determining the Portfolio&#8217;s allocation among real assets categories. The Investment Manager&#8217;s evaluations and assumptions underlying its allocation decisions may differ from actual market conditions.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Market Risk.</font> Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of a 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Issuer Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Natural Resources Risk.</font> Investments related to natural resources may be affected by numerous factors, including events occurring in nature, inflationary pressures and domestic and international politics. For example, events occurring in nature (such as earthquakes or fires in prime natural resource areas) and political events (such as coups or military confrontations) can affect the overall supply of a natural resource and the value of companies involved in such natural resource. Political risks and other risks to which non-US companies are subject also may affect US companies if they have significant operations or investments in non-US countries. In addition, interest rates, prices of raw materials and other commodities, international economic developments, energy conservation, tax and other government regulations (both US and non-US) may affect the supply of and demand for natural resources, which can affect the profitability and value of securities issued by companies in the natural resources category. Securities of companies within specific natural resources sub-categories can perform differently than the overall market. This may be due to changes in such things as the regulatory or competitive environment or to changes in investor perceptions.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Real Estate Investments Risk.</font> The Portfolio&#8217;s investments in Real Estate Investments could lose money due to the performance of real estate-related securities even if securities markets generally are experiencing positive results. The performance of investments made by the Portfolio may be determined to a great extent by the current status of the real estate industry in general, or by other factors (such as interest rates and the availability of loan capital) that may affect the real estate industry, even if other industries would not be so affected. Consequently, Real Estate Investments could lead to investment results that may be significantly different from investments in other real assets categories or investments in the broader securities markets.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The risks related to investments in Real Estate Investments include, but are not limited to: adverse changes in general economic and local market conditions; adverse developments in employment; changes in supply or demand for similar or competing properties; unfavorable changes in applicable taxes, governmental regulations and interest rates; operating or development expenses; and lack of available financing.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Due to certain special considerations that apply to REITs, investments in REITs may carry additional risks not necessarily present in investments in other securities. REIT securities (including those trading on national exchanges) typically have trading volumes that are less than those of other types of stocks traded on national exchanges, which may affect the Portfolio&#8217;s ability to trade or liquidate those securities. An investment in REITs may be adversely affected if the REIT fails to comply with applicable laws and regulations, including failing to qualify as a REIT under the Internal Revenue Code of 1986, as amended. Failure to qualify with any of these requirements could jeopardize a company&#8217;s status as a REIT. The Portfolio generally will have no control over the operations and policies of a REIT, and the Portfolio generally will have no ability to cause a REIT to take the actions necessary to qualify as a REIT.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Infrastructure Companies Risk.</font> Securities and instruments of infrastructure companies are more susceptible to adverse economic or regulatory occurrences affecting their industries. Infrastructure companies may be subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, high leverage, costs associated with environmental and other regulations, the effects of economic slowdown, surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Infrastructure companies also may be affected by or subject to, among other factors, regulation by various government authorities, including rate regulation, and service interruption due to environmental, operational or other mishaps.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Commodities-Related Investments Risk.</font> Exposure to the commodities markets may subject the Portfolio and the Subsidiary to greater volatility than other types of investments. The values of commodities and commodity-linked derivative instruments are affected by events that may have less impact on the values of equity and fixed income securities. Investments linked to the prices of commodities are considered speculative. Because the value of a commodity-linked derivative instrument, such as a futures contract on a physical commodity, typically is based upon the price movements of the underlying reference asset, index or rate, the value of these instruments will rise or fall in response to changes in the underlying reference asset, index or rate. Prices of commodities and commodity-linked investments may fluctuate significantly over short periods for a variety of factors, including: changes in supply and demand relationships; weather; agricultural or livestock markets; agricultural or livestock disease or pestilence; trade relationships; fiscal, monetary and exchange control programs; and embargoes, tariffs, terrorism and international economic, political, military and regulatory developments.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Inflation-Indexed Security Risk.</font> Interest payments on inflation-indexed securities can be unpredictable and will vary as the principal and/or interest is periodically adjusted based on the rate of inflation. If the index measuring inflation falls, the interest payable on these securities will be reduced. The US Treasury has guaranteed that, in the event of a drop in prices, it would repay the par amount of its inflation-indexed securities. Inflation-indexed securities issued by corporations generally do not guarantee repayment of principal. Any increase in the principal amount of an inflation-indexed security will be considered taxable ordinary income, even though investors do not receive their principal until maturity. As a result, the Portfolio may be required to make annual distributions to shareholders that exceed the cash the Portfolio received, which may cause the Portfolio to liquidate certain investments when it is not advantageous to do so. Also, if the principal value of an inflation-indexed security is adjusted downward due to deflation, amounts previously distributed may be characterized in some circumstances as a return of capital.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Fixed-Income and Debt Securities Risk.</font> The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. Risks associated with rising interest rates are heightened given that the Federal Reserve has raised the federal funds rate several times in recent periods and may continue to increase rates in the future.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio&#8217;s investments in lower-rated, higher-yielding securities (&#8220;junk bonds&#8221;) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security&#8217;s value could fall, potentially lowering the Portfolio&#8217;s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Some debt securities may give the issuer the option to call, or redeem, the securities before their maturity, and, during a time of declining interest rates, the Portfolio may have to reinvest the proceeds of called or redeemed securities in an investment offering a lower yield (and the Portfolio may not fully benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Structured notes are privately negotiated debt instruments where the principal and/or interest is determined by reference to a specified asset, market or rate, or the differential performance of two assets or markets. Structured notes can have risks of both debt securities and derivatives transactions.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Government Securities Risk.</font> Not all obligations of the US government, its agencies and instrumentalities are backed by the full faith and credit of the US Treasury. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Any guarantee by the US government or its agencies or instrumentalities of a security held by the Portfolio does not apply to the market value of such security or to shares of the Portfolio itself. A security backed by the US Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Non-US Securities Risk.</font> 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. </p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Emerging Market Risk.</font> Emerging market countries 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Quantitative Model Risk.</font> A quantitative model, such as the risk and other models used by the Investment Manager requires adherence to a systematic, disciplined process. The Investment Manager&#8217;s ability to monitor and, if necessary, adjust its quantitative model could be adversely affected by various factors including incorrect or outdated market and other data inputs. Factors that affect a security&#8217;s value can change over time, and these changes may not be reflected in the quantitative model. In addition, factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security&#8217;s value.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Small and Mid Cap Companies Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Foreign Currency Risk.</font> 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. The Portfolio&#8217;s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. </p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Liquidity Risk.</font> The lack of a readily available market may limit the ability of the Portfolio to sell certain securities and other investments at the time and price it would like. The size of certain securities offerings of emerging markets issuers may be relatively smaller in size than offerings in more developed markets and, in some cases, the Portfolio, by itself or together with other Portfolios or other accounts managed by the Investment Manager, may hold a position in a security that is large relative to the typical trading volume for that security; these factors can make it difficult for the Portfolio to dispose of the position at the desired time or price.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Derivatives and Hedging Risk.</font> Derivatives transactions, including those entered into for hedging purposes (<font style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">i.e.</font>, seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Over-the-counter swap agreements, forward currency contracts, over-the-counter options on securities (including ETFs), indexes and currencies, structured notes and other over-the-counter derivatives transactions are subject to the risk of default by the counterparty and can be illiquid and difficult to value. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which the Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of the reference asset, index or rate. As such, a small investment could have a potentially large impact on the Portfolio&#8217;s performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager&#8217;s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions. The same risks, as applicable, apply to derivatives transactions by the Subsidiary.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">ETFs and Similar Products Risk.</font> Shares of ETFs and similar products such as ETNs in which the Portfolio may invest may trade at prices that vary from their net asset values, sometimes significantly. The shares of ETFs, ETNs and similar products may trade at prices at, below or above their most recent net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. ETNs may not trade in the secondary market, but typically are redeemable by the issuer. The Portfolio&#8217;s investments in ETFs and similar products are subject to the risks of investments made by the ETFs and similar products, as well as to the general risks of investing in ETFs and similar products. Portfolio shares will bear not only the Portfolio&#8217;s management fees and operating expenses, but also their proportional share of the management fees and operating expenses of the ETFs and similar products in which the Portfolio invests. While ETNs do not have management fees, they are subject to certain investor fees. ETNs are debt securities that, like ETFs, typically are listed on exchanges and their terms generally provide for a return that tracks specified market indexes. However, unlike ETFs, ETNs are not registered investment companies and thus are not regulated under the 1940 Act. In addition, as debt securities, ETNs are subject to the additional risk of the creditworthiness of the issuer. ETNs typically do not make periodic interest payments.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Tax Status Risk.</font> Income and gains from commodities or certain commodity-linked derivative instruments do not constitute &#8220;qualifying income&#8221; to the Portfolio for purposes of qualification as a &#8220;regulated investment company&#8221; for federal income tax purposes. Without such qualification, the Portfolio could be subject to tax. The tax treatment of some of the Portfolio&#8217;s investments in the Subsidiary and commodity-linked derivatives may be adversely affected by future legislation, regulations of the US Treasury Department or guidance issued by the Internal Revenue Service, or otherwise affect the character, timing and/or amount of the Portfolio&#8217;s taxable income or any gains and distributions made by the Portfolio.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Subsidiary Risk.</font> The Portfolio invests in the Subsidiary, which is not registered as an investment company under the 1940 Act. A regulatory change in the US or the Cayman Islands, under which the Portfolio and the Subsidiary, respectively, are organized, that impacts the Subsidiary or how the Portfolio invests in the Subsidiary, such as a change in tax law, could adversely affect the Portfolio. By investing in the Subsidiary, the Portfolio is exposed to the risks associated with the Subsidiary&#8217;s investments, which generally include the risks of investing in commodity-related derivative instruments (described elsewhere in this Prospectus).</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Securities Selection Risk.</font> 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.</p> The value of your investment in the Portfolio will fluctuate, which means you could lose money. Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard Real Assets and Pricing Opportunities Portfolio by showing the Portfolio&#8217;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&#8217;s Institutional Shares has varied from year to year. Updated performance information is available at www.lazardassetmanagement.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.</p> 0.0990 -0.0755 ~ http://www.lazard.com/20191213/role/ScheduleAnnualTotalReturnsBarChart20155 column dei_LegalEntityAxis compact cik0000874964_S000056012Member row primary compact * ~ Best Quarter: 0.0347 2017-12-31 Worst Quarter: -0.0723 2018-12-31 <table cellpadding="0" cellspacing="0" style="clear:both" width="24%"><tr style="font-size:1pt;"><td style="width:45.07%">&#160;</td><td style="width:54.93%">&#160;</td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Best Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q4 17</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">3.47%</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Worst Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q4 18</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">-7.23%</p></td></tr></table> Average Annual Total Returns (for the periods ended December 31, 2018) <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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&#8217;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. Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses. </p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Real Assets Custom Index shown in the table is an unmanaged index created by the Investment Manager, and is comprised of 20% MSCI World (Net) Index, 20% MSCI World Core Infrastructure USD Hedged Index, 20% MSCI ACWI IMI Core Real Estate Index, 20% Bloomberg Barclays Commodity Total Return Index and 20% Bloomberg Barclays World Government Inflation-Linked 1-10 Year USD Hedged Index. The Portfolio considers the Real Assets Index to be a more suitable benchmark to compare the Portfolio&#8217;s performance given the Portfolio&#8217;s investment policies than the 70% MSCI World (Hedged USD) Index/30% Barclays World Inflation Linked Bonds (Hedged USD) Index. Performance of the 70/30 Index will not be shown in the future.</p> -0.0755 0.0079 -0.0877 -0.0024 -0.0380 0.0048 -0.0779 0.0039 -0.0755 0.0079 -0.0871 0.0571 -0.0871 0.0498 -0.0871 0.0571 -0.0441 0.0461 -0.0441 0.0414 -0.0441 0.0461 -0.0492 0.0283 -0.0492 0.0263 -0.0492 0.0283 2016-12-30 2017-01-09 2016-12-30 2017-01-09 2017-01-09 2017-01-09 2016-12-30 2016-12-30 ~ http://www.lazard.com/20191213/role/ScheduleAverageAnnualReturnsTransposed20156 column dei_LegalEntityAxis compact cik0000874964_S000056012Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (800) 823-6300 Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. www.lazardassetmanagement.com After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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 Real Assets Custom Index shown in the table is an unmanaged index created by the Investment Manager, and is comprised of 20% MSCI World (Net) Index, 20% MSCI World Core Infrastructure USD Hedged Index, 20% MSCI ACWI IMI Core Real Estate Index, 20% Bloomberg Barclays Commodity Total Return Index and 20% Bloomberg Barclays World Government Inflation-Linked 1-10 Year USD Hedged Index. The Portfolio considers the Real Assets Index to be a more suitable benchmark to compare the Portfolio&#8217;s performance given the Portfolio&#8217;s investment policies than the 70% MSCI World (Hedged USD) Index/30% Barclays World Inflation Linked Bonds (Hedged USD) Index. Performance of the 70/30 Index will not be shown in the future. 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. The accompanying bar chart and table provide some indication of the risks of investing in Lazard Real Assets and Pricing Opportunities Portfolio by showing the Portfolio&#8217;s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. (reflects no deduction for fees, expense, or taxes) Lazard Enhanced Opportunities Portfolio Investment Objective <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio seeks current income and long-term capital appreciation.</p> Fees and Expenses <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 or R6 shares through a financial intermediary acting as a broker in an agency capacity may be required to pay a commission directly to the broker.</p> 0.0095 0.0095 0.0095 0.0000 0.0025 0.0000 0.0044 0.0044 0.0044 0.0065 0.0065 0.0065 0.0174 0.1219 0.0174 0.0283 0.1328 0.0283 0.0009 0.0009 0.0009 0.0387 0.1457 0.0387 -0.0144 -0.1189 -0.0149 0.0243 0.0268 0.0238 ~ http://www.lazard.com/20191213/role/ScheduleAnnualFundOperatingExpenses20159 column dei_LegalEntityAxis compact cik0000874964_S000047900Member row primary compact * ~ 2020-05-01 Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares for the last fiscal year. Example <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 259 349 254 1117 3173 1112 1989 5436 1985 4235 9316 4232 ~ http://www.lazard.com/20191213/role/ScheduleExpenseExampleTransposed20160 column dei_LegalEntityAxis compact cik0000874964_S000047900Member row primary compact * ~ Portfolio Turnover <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 312% of the average value of its portfolio.</p> 3.12 Principal Investment Strategies <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 (&#8220;junk&#8221;)). 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio will generally have short positions through selling securities &#8220;short&#8221; 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 Portfolio&#8217;s investment exposure.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Although the Portfolio&#8217;s investment focus is US companies, the Portfolio also may invest in non-US 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 US Treasury securities and certificates of deposit.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio may invest in exchange-traded open-end management investment companies (&#8220;ETFs&#8221;) and similar products, which generally pursue a passive index-based strategy.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 ETFs), indexes and currencies, in each case for hedging purposes or to seek to increase returns.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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.</p> Principal Investment Risks <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Short Position Risk.</font> Short positions may involve substantial risks. If a short position appreciates in value during the period of the Portfolio&#8217;s investment, there will be a loss to the Portfolio that could be substantial. Short positions involve more risk than long positions because the maximum sustainable loss on a security purchased is limited to the amount paid for the security plus the transaction costs. However, the Portfolio&#8217;s potential loss on a short position is unlimited because, theoretically, there is no limit to the potential price increase of a security.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Convertible Securities Risk.</font> The market value of convertible securities may perform like that of non-convertible fixed income securities; that is, their prices move inversely with changes in interest rates (<font style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">i.e.</font>, as interest rates go up, prices go down). In addition, convertible securities are subject to the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security also is subject to the same types of market and issuer risks that apply to the underlying common stock.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Fixed-Income and Debt Securities Risk.</font> The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. Risks associated with rising interest rates are heightened given that the Federal Reserve has raised the federal funds rate several times in recent periods and may continue to increase rates in the future.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio&#8217;s investments in lower-rated, higher-yielding securities (&#8220;junk bonds&#8221;) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security&#8217;s value could fall, potentially lowering the Portfolio&#8217;s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. 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Over-the-counter swap agreements, forward currency contracts, over-the-counter options on securities (including options on ETFs), indexes and currencies and other over-the-counter derivatives transactions are subject to the risk of default by the counterparty and can be illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which the Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of the related security, interest rate, index, commodity, currency or other reference asset. As such, a small investment could have a potentially large impact on the Portfolio&#8217;s performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager&#8217;s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. 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The Investment Manager does not intend to actively hedge the Portfolio&#8217;s foreign currency exposure.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Non-Diversification Risk. </font>The Portfolio&#8217;s net asset value 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">ETF Risk.</font> Shares of ETFs may trade at prices that vary from their net asset values, sometimes significantly. 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A high portfolio turnover rate could result in high transaction costs and an increase in taxable capital gains distributions to the Portfolio&#8217;s shareholders, which will reduce returns to shareholders.</p> The Portfolio&#8217;s net asset value 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. The value of your investment in the Portfolio will fluctuate, which means you could lose money. Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard Enhanced Opportunities Portfolio by showing the Portfolio&#8217;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&#8217;s Institutional Shares has varied from year to year. Updated performance information is available at www.lazardassetmanagement.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.</p> -0.0232 0.0427 0.0555 -0.0143 ~ http://www.lazard.com/20191213/role/ScheduleAnnualTotalReturnsBarChart20161 column dei_LegalEntityAxis compact cik0000874964_S000047900Member row primary compact * ~ Best Quarter: 0.0233 2016-09-30 Worst Quarter: -0.0270 2018-12-31 <table cellpadding="0" cellspacing="0" style="clear:both" width="24%"><tr style="font-size:1pt;"><td style="width:45.07%">&#160;</td><td style="width:54.93%">&#160;</td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Best Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q3 16</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">2.33%</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Worst Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q4 18</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">-2.70%</p></td></tr></table> Average Annual Total Returns (for the periods ended December 31, 2018) <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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&#8217;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. Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses. </p> -0.0143 0.0146 -0.0241 -0.0099 -0.0081 0.0006 -0.0168 0.0120 -0.0143 0.0146 0.0065 0.0605 -0.0701 -0.0067 2014-12-31 2014-12-31 ~ http://www.lazard.com/20191213/role/ScheduleAverageAnnualReturnsTransposed20162 column dei_LegalEntityAxis compact cik0000874964_S000047900Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (800) 823-6300 Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. www.lazardassetmanagement.com After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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. 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. The accompanying bar chart and table provide some indication of the risks of investing in Lazard Enhanced Opportunities Portfolio by showing the Portfolio&#8217;s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. (reflects no deduction for fees, expense or taxes) Lazard Opportunistic Strategies Portfolio Investment Objective <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 or R6 shares through a financial intermediary acting as a broker in an agency capacity may be required to pay a commission directly to the broker.</p> 0.0100 0.0100 0.0100 0.0000 0.0025 0.0000 0.0015 0.0297 0.0015 0.0037 0.0037 0.0037 0.0152 0.0459 0.0152 -0.0013 -0.0295 -0.0013 0.0139 0.0164 0.0139 ~ http://www.lazard.com/20191213/role/ScheduleAnnualFundOperatingExpenses20165 column dei_LegalEntityAxis compact cik0000874964_S000020883Member row primary compact * ~ 2020-05-01 Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year. Example <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 142 167 142 468 1119 468 817 2080 817 1801 4516 1801 ~ http://www.lazard.com/20191213/role/ScheduleExpenseExampleTransposed20166 column dei_LegalEntityAxis compact cik0000874964_S000020883Member row primary compact * ~ Portfolio Turnover <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 227% of the average value of its portfolio.</p> 2.27 Principal Investment Strategies <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio utilizes an asset allocation strategy to invest in a global portfolio of uncorrelated assets that can include exposure, through underlying vehicles, to stocks, bonds, commodities and other investments.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio invests primarily in exchange-traded open-end management investment companies (&#8220;ETFs&#8221;) and similar products, which generally pursue a passive index-based strategy, as well as actively managed closed-end management investment companies (&#8220;closed-end funds&#8221;) and exchange-traded notes (&#8220;ETNs&#8221; and collectively with ETFs and closed-end funds, &#8220;Underlying Funds&#8221;). ETFs and ETNs in which the Portfolio may invest include both ETFs and ETNs designed to correlate directly with an index and ETFs and ETNs designed to correlate inversely with an index and may include actively-managed ETFs. The Portfolio, through Underlying Funds in which it invests, may invest in non-US companies (including those in emerging markets), and the Portfolio also may invest directly in equity and debt securities in addition to its investments in Underlying Funds. The Portfolio&#8217;s investment portfolio is concentrated in a relatively small number of holdings (generally 10 to 30). <font style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">Investors can invest directly in Underlying Funds and do not need to invest in Underlying Funds through mutual funds or separately managed accounts.</font></p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio may, but is not required to (1) enter into equity, total return and currency swap agreements; futures contracts and options on futures contracts (including with respect to index and commodities); and forward currency contracts; and (2) write put and covered call options on securities (including ETFs and ETNs), indexes and currencies, in each case for hedging purposes or to seek to increase returns, including as a substitute for purchasing an Underlying Fund.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio may, but is not required to, effect short sales of securities. 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 Portfolio&#8217;s investment exposure.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Although the Portfolio is classified as &#8220;diversified&#8221; under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), it may invest in a smaller number of issuers than other, more diversified, investment portfolios.</p> Principal Investment Risks <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Market Risk.</font> Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of a market, can affect the value of the Portfolio&#8217;s investments. 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The shares of ETFs and closed-end funds may trade at prices at, below or above their most recent net asset value. Shares of closed-end funds, in particular, frequently trade at persistent discounts to their net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. ETNs may not trade in the secondary market, but typically are redeemable by the issuer. The Portfolio&#8217;s investments in Underlying Funds are subject to the risks of Underlying Funds&#8217; investments, as well as to the general risks of investing in Underlying Funds. Portfolio shares will bear not only the Portfolio&#8217;s management fees and operating expenses, but also their proportional share of the management fees and operating expenses of the ETFs and closed-end funds in which the Portfolio invests. While ETNs do not have management fees, they are subject to certain investor fees. ETNs are debt securities that, like ETFs, typically are listed on exchanges and their terms generally provide for a return that tracks specified market indexes. However, unlike ETFs and closed-end funds, ETNs are not registered investment companies and thus are not regulated under the 1940 Act. In addition, as debt securities, ETNs are subject to the additional risk of the creditworthiness of the issuer. ETNs typically do not make periodic interest payments.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio may be limited by the 1940 Act in the amount of its assets that may be invested in ETFs and closed-end funds unless an ETF or a closed-end fund has received an exemptive order from the Securities and Exchange Commission on which the Portfolio may rely or an exemption is available.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Non-US Securities Risk.</font> 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. 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Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Foreign Currency Risk.</font> 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. The Portfolio&#8217;s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. 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The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. 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Over-the-counter swap agreements, forward currency contracts, over-the-counter options on securities (including options on ETFs and ETNs), indexes and currencies and other over-the-counter derivatives transactions are subject to the risk of default by the counterparty and can be illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which the Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of the related index, commodity, interest rate, currency, security or other reference asset. As such, a small investment could have a potentially large impact on the Portfolio&#8217;s performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager&#8217;s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. 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Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard Opportunistic Strategies Portfolio by showing the Portfolio&#8217;s year-by-year performance and its average annual performance compared to that of broad measures of market performance. The bar chart shows how the performance of the Portfolio&#8217;s Institutional Shares has varied from year to year over the past 10 calendar years. Updated performance information is available at www.lazardassetmanagement.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.</p> 0.2121 0.1458 -0.0328 0.0916 0.1222 0.0440 -0.0380 0.0536 0.1774 -0.1272 ~ http://www.lazard.com/20191213/role/ScheduleAnnualTotalReturnsBarChart20167 column dei_LegalEntityAxis compact cik0000874964_S000020883Member row primary compact * ~ Best Quarter: 0.1466 2009-06-30 Worst Quarter: -0.1277 2018-12-31 <table cellpadding="0" cellspacing="0" style="clear:both" width="25%"><tr style="font-size:1pt;"><td style="width:41.44%">&#160;</td><td style="width:58.56%">&#160;</td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Best Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q2 09</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">14.66%</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Worst Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q4 18</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">-12.77%</p></td></tr></table> Average Annual Total Returns (for the periods ended December 31, 2018) <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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&#8217;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. Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Global Asset Allocation Blended Index is rebalanced quarterly and is a blended index constructed by the Investment Manager that is comprised of 60% MSCI World Index and 40% Bloomberg Barclays US Aggregate Index.</p> -0.1272 0.0169 0.0599 0.0294 -0.1406 0.0012 0.0465 0.0162 -0.0685 0.0086 0.0410 0.0190 -0.1305 0.0128 0.0560 0.0262 -0.1272 0.0169 0.0599 0.0294 -0.0871 0.0456 0.0967 0.0466 -0.0871 0.0456 0.0967 0.0471 -0.0871 0.0456 0.0967 0.0466 -0.0499 0.0388 0.0748 0.0464 -0.0499 0.0388 0.0748 0.0466 -0.0499 0.0388 0.0748 0.0464 2008-03-31 2008-03-26 2008-03-26 2008-03-31 2008-03-31 2008-03-26 ~ http://www.lazard.com/20191213/role/ScheduleAverageAnnualReturnsTransposed20168 column dei_LegalEntityAxis compact cik0000874964_S000020883Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (800) 823-6300 Returns shown below for the Portfolio&#8217;s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio&#8217;s Institutional Shares. www.lazardassetmanagement.com After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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 Global Asset Allocation Blended Index is rebalanced quarterly and is a blended index constructed by the Investment Manager that is comprised of 60% MSCI World Index and 40% Bloomberg Barclays US Aggregate Index. 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. The accompanying bar chart and table provide some indication of the risks of investing in Lazard Opportunistic Strategies Portfolio by showing the Portfolio&#8217;s year-by-year performance and its average annual performance compared to that of broad measures of market performance. (reflects no deduction for fees, expense, or taxes) Lazard Global Dynamic Multi-Asset Portfolio Investment Objective <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio seeks total return.</p> Fees and Expenses <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 or R6 shares through a financial intermediary acting as a broker in an agency capacity may be required to pay a commission directly to the broker.</p> 0.0080 0.0080 0.0080 0.0000 0.0025 0.0000 0.0054 0.0315 0.0054 0.0134 0.0420 0.0134 -0.0044 -0.0305 -0.0044 0.0090 0.0115 0.0090 ~ http://www.lazard.com/20191213/role/ScheduleAnnualFundOperatingExpenses20171 column dei_LegalEntityAxis compact cik0000874964_S000037196Member row primary compact * ~ 2020-05-01 Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) &#8220;Other Expenses&#8221; are based on estimated amounts for the current fiscal year, using &#8220;Other Expenses&#8221; for Institutional Shares from the last fiscal year. Example <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 92 117 92 381 997 381 692 1890 692 1574 4187 1574 ~ http://www.lazard.com/20191213/role/ScheduleExpenseExampleTransposed20172 column dei_LegalEntityAxis compact cik0000874964_S000037196Member row primary compact * ~ Portfolio Turnover <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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. 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The Investment Manager&#8217;s evaluations and assumptions underlying its allocation decisions may differ from actual market conditions.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Market Risk.</font> Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of a market, can affect the value of the Portfolio&#8217;s investments. 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In addition, the Investment Manager&#8217;s efforts to manage the Portfolio&#8217;s volatility can be expected, in a period of generally positive equity market returns, to reduce the Portfolio&#8217;s performance below what could be achieved without seeking to manage volatility and, thus, the Portfolio would generally be expected to underperform market indices that do not seek to achieve a specified level of volatility.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Value Investing and Growth Investing Risks.</font> The Portfolio invests a portion of its assets in securities 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 Portfolio also invests a portion of its assets in securities 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 securities may be more volatile than other securities because they can be more sensitive to investor perceptions of the issuing company&#8217;s growth potential. The securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Quantitative Model Risk.</font> A quantitative model, such as the risk and other models used by the Investment Manager requires adherence to a systematic, disciplined process. The Investment Manager&#8217;s ability to monitor and, if necessary, adjust its quantitative model could be adversely affected by various factors including incorrect or outdated market and other data inputs. Factors that affect a security&#8217;s value can change over time, and these changes may not be reflected in the quantitative model. In addition, factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security&#8217;s value.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Non-US Securities Risk.</font> 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. </p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Emerging Market Risk.</font> Emerging market countries 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Foreign Currency Risk.</font> 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. The Portfolio&#8217;s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio&#8217;s foreign currency exposure.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Fixed-Income and Debt Securities Risk.</font> The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. Risks associated with rising interest rates are heightened given that the Federal Reserve has raised the federal funds rate several times in recent periods and may continue to increase rates in the future.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Portfolio&#8217;s investments in lower-rated, higher-yielding securities (&#8220;junk bonds&#8221;) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security&#8217;s value could fall, potentially lowering the Portfolio&#8217;s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Some debt securities may give the issuer the option to call, or redeem, the securities before their maturity, and, during a time of declining interest rates, the Portfolio may have to reinvest the proceeds of called or redeemed securities in an investment offering a lower yield (and the Portfolio may not fully benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Structured notes are privately negotiated debt instruments where the principal and/or interest is determined by reference to a specified asset, market or rate, or the differential performance of two assets or markets. Structured notes can have risks of both debt securities and derivatives transactions.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">ETF Risk.</font> Shares of ETFs may trade at prices that vary from their net asset values, sometimes significantly. The shares of ETFs may trade at prices at, below or above their most recent net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. The Portfolio&#8217;s investments in ETFs are subject to the risks of such ETF&#8217;s investments, as well as to the general risks of investing in ETFs. Portfolio shares will bear not only the Portfolio&#8217;s management fees and operating expenses, but also their proportional share of the management fees and operating expenses of the ETFs in which the Portfolio invests. The Portfolio may be limited by the Investment Company Act of 1940, as amended, in the amount of its assets that may be invested in ETFs unless an ETF has received an exemptive order from the Securities and Exchange Commission on which the Portfolio may rely or an exemption is available.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Small and Mid Cap Companies Risk.</font> 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.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Liquidity Risk.</font> The lack of a readily available market may limit the ability of the Portfolio to sell certain securities and other investments at the time and price it would like. The size of certain securities offerings of emerging markets issuers may be relatively smaller in size than offerings in more developed markets and, in some cases, the Portfolio, by itself or together with other Portfolios or other accounts managed by the Investment Manager, may hold a position in a security that is large relative to the typical trading volume for that security; these factors can make it difficult for the Portfolio to dispose of the position at the desired time or price.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Derivatives and Hedging Risk.</font> Derivatives transactions, including those entered into for hedging purposes (<font style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">i.e.</font>, seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Swap agreements, forward currency contracts, over-the-counter options on securities, indexes and currencies, structured notes and other over-the-counter derivatives transactions are subject to the risk of default by the counterparty and can be illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which the Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of the related security, index or currency. As such, a small investment could have a potentially large impact on the Portfolio?s performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager?s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">High Portfolio Turnover Risk.</font> The Portfolio&#8217;s investment strategy may involve high portfolio turnover (such as 100% or more). A portfolio turnover rate of 100%, for example, is equivalent to the Portfolio buying and selling all of its securities once during the course of the year. A high portfolio turnover rate could result in high transaction costs and an increase in taxable capital gains distributions to the Portfolio&#8217;s shareholders, which will reduce returns to shareholders.</p> <br/><p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;"><font style="font-family:Sans-Serif; font-weight:bold;">Securities Selection Risk.</font> 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.</p> The value of your investment in the Portfolio will fluctuate, which means you could lose money. Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard Global Dynamic Multi-Asset Portfolio by showing the Portfolio&#8217;s year-by-year performance and its average annual performance compared to that of broad measures of market performance. The bar chart shows how the performance of the Portfolio&#8217;s Institutional Shares has varied from year to year. Updated performance information is available at www.lazardassetmanagement.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.</p> 0.2069 -0.0635 ~ http://www.lazard.com/20191213/role/ScheduleAnnualTotalReturnsBarChart20173 column dei_LegalEntityAxis compact cik0000874964_S000037196Member row primary compact * ~ Best Quarter: 0.0560 2017-03-31 Worst Quarter: -0.0919 2018-12-31 <table cellpadding="0" cellspacing="0" style="clear:both" width="24%"><tr style="font-size:1pt;"><td style="width:45.07%">&#160;</td><td style="width:54.93%">&#160;</td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Best Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q1 17</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">5.60%</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td><td style="vertical-align:bottom;"><p style="font-family:Arial; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">&#160;</p></td></tr><tr><td colspan="2" style=" vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:bold; text-align:left;">Worst Quarter:</p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">Q4 18</p></td><td style="vertical-align:bottom;"><p style="font-family:Sans-Serif; font-size:9.0pt; font-style:normal; font-weight:normal; text-align:left;">-9.19%</p></td></tr></table> Average Annual Total Returns (for the periods ended December 31, 2018) <p style="font-family: Sans-Serif; font-size: 10.0pt; font-style: normal; font-weight: normal; text-align: left;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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&#8217;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. Returns shown below for the Portfolio's R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio's Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.</p> -0.0635 0.0504 -0.0993 0.0273 -0.0210 0.0341 -0.0664 0.0472 -0.0635 0.0504 -0.0871 0.0652 -0.0479 0.0382 2016-05-27 2016-05-27 ~ http://www.lazard.com/20191213/role/ScheduleAverageAnnualReturnsTransposed20174 column dei_LegalEntityAxis compact cik0000874964_S000037196Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (800) 823-6300 Returns shown below for the Portfolio's R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio's Institutional Shares. www.lazardassetmanagement.com After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio&#8217;s other share classes will vary. 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. 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. The accompanying bar chart and table provide some indication of the risks of investing in Lazard Global Dynamic Multi-Asset Portfolio by showing the Portfolio&#8217;s year-by-year performance and its average annual performance compared to that of broad measures of market performance. 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Label Element Value
Lazard Global Fixed Income Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Lazard Global Fixed Income Portfolio
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Portfolio seeks total return from current income and 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, a series of The Lazard Funds, Inc. (the “Fund”). Investors transacting in Institutional or R6 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 May 01, 2020
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 60% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 60.00%
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 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 expense limitation agreement in year one only. 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

Under normal circumstances, the Portfolio invests at least 80% of its assets in Fixed Income Investments. “Fixed Income Investments” include all types of debt and income producing securities and other instruments, including bonds, notes (including structured notes), mortgage-related securities, asset-backed securities, Eurodollar and Yankee dollar instruments, money market instruments and foreign currency forward contracts, including non-deliverable forward contracts. Fixed Income Investments may be issued by US or foreign corporations or entities, including those with business activities located in emerging market countries; US or foreign banks; the US government, its agencies, authorities, instrumentalities or sponsored enterprises; US state and municipal governments; foreign governments and their political subdivisions; and supranational organizations (such as the World Bank).


In managing the Portfolio’s assets, the Investment Manager employs a relative value approach that is driven by its macroeconomic view of global interest rates, yield curves, sector spreads, and currencies, combined with an opportunistic, but disciplined, security selection process. The Investment Manager seeks to enhance the Portfolio’s total return by rotating investments through global bond and credit markets, maintaining or seeking exposure to foreign currencies in the discretion of the Investment Manager. The Investment Manager seeks to identify and exploit market inefficiencies (such as spread relationships between sectors in different countries, and undervalued or overlooked markets and securities) in seeking to achieve attractive risk-adjusted returns. The Investment Manager also seeks to identify investment opportunities with asymmetric risk/reward characteristics in seeking to enhance portfolio performance and mitigate risk.


The Portfolio’s currency exposure generally is managed relative to that of the Bloomberg Barclays Global Aggregate® Index—Unhedged in US dollar terms, and tactical exposures to non-US dollar currencies are based on the Investment Manager’s fundamental macroeconomic outlook, technical factors and the Investment Manager’s desired market positioning.


Under normal market conditions, the Portfolio invests significantly (at least 40%—unless market conditions are not deemed favorable by the Investment Manager, in which case the Portfolio would invest at least 30%) in issuers organized or located outside the US or doing a substantial amount of business outside the US, securities denominated in a foreign currency or foreign currency forward contracts. The Investment Manager allocates the Portfolio’s assets among various regions, countries and currencies, including the United States and the US dollar (but in no less than three different countries or currencies). The Portfolio may invest in securities of issuers with business activities located in emerging market countries or denominated in an emerging market currency.


The Portfolio may invest up to 15% of its assets in securities that are rated below investment grade (e.g., lower than Baa by Moody’s Investors Service, Inc. or lower than BBB by Standard & Poor’s Ratings Group) (“junk bonds”) or the unrated equivalent as determined by the Investment Manager. There are no restrictions on the Portfolio’s average portfolio maturity or duration or on the maturities of the individual debt and income producing securities and other instruments in which it may invest. Duration is an estimate of the sensitivity of the price (the value of principal) of a fixed-income security to a change in interest rates. Generally, the longer the duration, the higher the expected volatility. For example, the market price of a fixed-income security with a duration of three years would be expected to decline 3% if interest rates rose 1%. Conversely, the market price of the same security would be expected to increase 3% if interest rates fell 1%.


The Portfolio may, but is not required to, use derivative instruments that are part of its primary investment strategy, such as forward currency contracts, for hedging purposes.

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 a 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.


Fixed-Income and Debt Securities Risk. The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.


Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. Risks associated with rising interest rates are heightened given that the Federal Reserve has raised the federal funds rate several times in recent periods and may continue to increase rates in the future.


The Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering the Portfolio’s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.


Some debt securities may give the issuer the option to call, or redeem, the securities before their maturity, and, during a time of declining interest rates, the Portfolio may have to reinvest the proceeds of called or redeemed securities in an investment offering a lower yield (and the Portfolio may not fully benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).


Adjustable rate or inflation-linked securities provide the Portfolio with a certain degree of protection against rises in interest rates or inflation rates, respectively, although adjustable rate securities will participate in any declines in interest rates and inflation-linked securities can also decline in value based on changes in the relevant periodic adjustment rate. Certain adjustable rate securities, such as those with interest rates that fluctuate directly or indirectly based on multiples of a stated index, are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and possibly loss of principal. Certain fixed-income securities may be issued at a discount from their face value (such as zero coupon securities) or purchased at a price less than their stated face amount or at a price less than their issue price plus the portion of “original issue discount” previously accrued thereon, i.e., purchased at a “market discount.” The amount of original issue discount and/or market discount on certain obligations may be significant, and accretion of market discount together with original issue discount will cause the Portfolio to realize income prior to the receipt of cash payments with respect to these securities.


Mortgage-Related and Asset-Backed Securities Risk. Mortgage-related securities are complex instruments, subject to both credit and prepayment risk, and may be more volatile and less liquid, and more difficult to price accurately, than more traditional debt securities. Mortgage-related securities generally are subject to credit risks associated with the performance of the underlying mortgage properties. Prepayment risk can lead to fluctuations in value of the mortgage-related security which may be pronounced. As with other interest-bearing securities, the prices of certain mortgage-related securities are inversely affected by changes in interest rates. However, although the value of a mortgage-related security may decline when interest rates rise, the converse is not necessarily true, since during periods of declining interest rates the mortgages underlying the security are more likely to be prepaid.


The risks of asset-backed securities are similar to those of mortgage-related securities. However, asset-backed securities present certain risks that are not presented by mortgage-related securities. Primarily, these securities may provide the Portfolio with a less effective security interest in the related collateral than do mortgage-related securities.


Structured Products Risk. Structured notes and other structured products are privately negotiated debt instruments where the principal and/or interest is determined by reference to a specified asset, market or rate, or the differential performance of two assets or markets. Structured products can have risks of both fixed-income securities and derivatives transactions. Derivatives transactions 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, and they are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related reference assets, markets or rates. As such, a small investment could have a potentially large impact on the Portfolio’s performance. Use of derivatives transactions may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.


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.


Emerging Market Risk. Emerging market countries 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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies.


Liquidity Risk. The lack of a readily available market may limit the ability of the Portfolio to sell certain securities and other investments at the time and price it would like. The size of certain securities offerings of emerging markets issuers may be relatively smaller in size than offerings in more developed markets and, in some cases, the Portfolio, by itself or together with other Portfolios or other accounts managed by the Investment Manager, may hold a position in a security that is large relative to the typical trading volume for that security; these factors can make it difficult for the Portfolio to dispose of the position at the desired time or price.


Derivatives and Hedging Risk. Derivatives transactions, including those entered into for hedging purposes (i.e., seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Forward currency contracts, structured products and other over-the-counter derivatives transactions are subject to the risk of default by the counterparty and can be illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which the Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of the related currency or other reference asset. As such, a small investment could have a potentially large impact on the Portfolio’s performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.

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 Global Fixed Income 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. Updated performance information is available at www.lazardassetmanagement.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 Global Fixed Income 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 Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 823-6300
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.lazardassetmanagement.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:

Q1 16

5.14%

 

 

Worst Quarter:

Q4 16

-7.01%

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2016
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 5.14%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2016
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (7.01%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended December 31, 2018)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expense, 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 One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.

Lazard Global Fixed Income Portfolio | Bloomberg Barclays Global Aggregate Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (1.20%)
5 Years rr_AverageAnnualReturnYear05 1.08%
Life of Portfolio rr_AverageAnnualReturnSinceInception 0.91%
Lazard Global Fixed Income Portfolio | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.50%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 3.11%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 3.61%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 2.91% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.70%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 72
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 835
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,620
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 3,680
Annual Return 2013 rr_AnnualReturn2013 (4.13%)
Annual Return 2014 rr_AnnualReturn2014 0.08%
Annual Return 2015 rr_AnnualReturn2015 (4.03%)
Annual Return 2016 rr_AnnualReturn2016 0.22%
Annual Return 2017 rr_AnnualReturn2017 7.87%
Annual Return 2018 rr_AnnualReturn2018 (2.06%)
1 Year rr_AverageAnnualReturnYear01 (2.06%)
5 Years rr_AverageAnnualReturnYear05 0.34%
Life of Portfolio rr_AverageAnnualReturnSinceInception 0.11%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 30, 2012
Lazard Global Fixed Income Portfolio | Institutional Shares | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (29.80%)
5 Years rr_AverageAnnualReturnYear05 (0.30%)
Life of Portfolio rr_AverageAnnualReturnSinceInception (0.46%)
Lazard Global Fixed Income Portfolio | Institutional Shares | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (12.10%)
5 Years rr_AverageAnnualReturnYear05 (0.01%)
Life of Portfolio rr_AverageAnnualReturnSinceInception (0.15%)
Lazard Global Fixed Income Portfolio | Open Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.50%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 37.67%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 38.42%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 37.47% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.95%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 100
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 5,645
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 8,103
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 9,804
1 Year rr_AverageAnnualReturnYear01 (2.31%)
5 Years rr_AverageAnnualReturnYear05 0.05%
Life of Portfolio rr_AverageAnnualReturnSinceInception (0.19%)
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 30, 2012
Lazard Global Fixed Income Portfolio | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.50%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 3.11% [2]
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 3.61%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 2.96% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.65%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates “Other Expenses” are based on estimated amounts for the current fiscal year, using “Other Expenses” for Institutional Shares from the last fiscal year.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 66
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 830
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,616
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 3,676
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares.
1 Year rr_AverageAnnualReturnYear01 (2.06%)
5 Years rr_AverageAnnualReturnYear05 0.34%
Life of Portfolio rr_AverageAnnualReturnSinceInception 0.11%
[1] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed .70%, .95% and .65% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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.
[2] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last fiscal year.
XML 8 R32.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Total
Lazard International Equity Advantage Portfolio
Lazard International Equity Advantage Portfolio
Investment Objective

The Portfolio seeks long-term capital appreciation.

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 or R6 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 International Equity Advantage Portfolio
Institutional Shares
Open Shares
R6 Shares
Management Fees 0.65% 0.65% 0.65%
Distribution and Service (12b-1) Fees none 0.25% none
Other Expenses 6.95% 16.77% 6.95% [1]
Total Annual Portfolio Operating Expenses 7.60% 17.67% 7.60%
Fee Waiver and/or Expense Reimbursement [2] 6.70% 16.52% 6.75%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.90% 1.15% 0.85%
[1] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last 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 May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed .90%, 1.15% and .85% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Lazard International Equity Advantage Portfolio - USD ($)
1 year
3 years
5 years
10 years
Institutional Shares 92 1,633 3,096 6,431
Open Shares 117 3,337 5,793 9,675
R6 Shares 87 1,834 3,455 7,008
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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 72% of the average value of its portfolio.

Principal Investment Strategies

The Portfolio invests primarily in equity securities, principally common stocks, of US and non-US companies. In managing the Portfolio, the Investment Manager utilizes a quantitatively driven, bottom up stock selection process. The Portfolio management team selects investments for the Portfolio from a broad investment universe of non-US stocks and depositary receipts, including American Depositary Receipts (“ADRs”), Global Depositary Receipts and European Depositary Receipts, real estate investment trusts (“REITs”), warrants and rights. The active, quantitative approach utilized by the Portfolio management team involves initial screening, risk assessment and evaluation of each company relative to its global peers. The Portfolio will typically invest the majority of its assets in securities of non-US developed market companies, using an objective, systematic investment process that blends both risk and stock ranking assessments designed to capture attractive risk-to-return characteristics. In addition to a multidimensional assessment of risk, each company is evaluated daily according to four independent measures: growth, value, sentiment and quality. The Portfolio may invest across the capitalization spectrum.


Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities. The allocation of the Portfolio’s assets among countries and regions will vary from time to time based on the Investment Manager’s judgment and its analysis of market conditions.


The Portfolio may invest in exchange-traded open-end management investment companies (“ETFs”) and similar products, which generally pursue a passive index-based strategy.

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 a 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.


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.


Depositary Receipts Risk. ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated.


Quantitative Model Risk. The success of the Portfolio’s investment strategy depends largely upon the effectiveness of the Investment Manager’s quantitative model. A quantitative model, such as the risk and other models used by the Investment Manager requires adherence to a systematic, disciplined process. The Investment Manager’s ability to monitor and, if necessary, adjust its quantitative model could be adversely affected by various factors including incorrect or outdated market and other data inputs. Factors that affect a security’s value can change over time, and these changes may not be reflected in the quantitative model. In addition, factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value.


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.


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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio's foreign currency exposure.


REIT Risk. REITs are subject to similar risks as an investment in a realty-related company. The risks related to investments in realty-related companies include, but are not limited to: adverse changes in general economic and local market conditions; adverse developments in employment; changes in supply or demand for similar or competing properties; unfavorable changes in applicable taxes, governmental regulations and interest rates; operating or development expenses; and lack of available financing. Due to certain special considerations that apply to REITs, investments in REITs may carry additional risks not necessarily present in investments in other securities. REIT securities (including those trading on national exchanges) typically have trading volumes that are less than those of common stocks of other stocks traded on national exchanges, which may affect the Portfolio’s ability to trade or liquidate those securities. An investment in REITs may be adversely affected if the REIT fails to comply with applicable laws and regulations. Failure to qualify with any of these requirements could jeopardize a company’s status as a REIT. The Portfolio generally will have no control over the operations and policies of a REIT, and the generally will have no ability to cause a REIT to take the actions necessary to qualify as a REIT.


ETF Risk. Shares of ETFs may trade at prices that vary from their net asset values, sometimes significantly. The shares of ETFs may trade at prices at, below or above their most recent net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. The Portfolio’s investments in ETFs are subject to the risks of such ETF’s investments, as well as to the general risks of investing in ETFs. Portfolio shares will bear not only the Portfolio’s management fees and operating expenses, but also their proportional share of the management fees and operating expenses of the ETFs in which the Portfolio invests. The Portfolio may be limited by the Investment Company Act of 1940, as amended, in the amount of its assets that may be invested in ETFs unless an ETF has received an exemptive order from the Securities and Exchange Commission on which the Portfolio may rely or an exemption is available.


Other Equity Securities Risk. Investments in rights and warrants involve certain risks, including the possible lack of a liquid market for resale, price fluctuations and the failure of the price of the underlying security to reach a level at which the right or warrant can be prudently exercised, in which case the right or warrant may expire without being exercised and result in a loss of a Portfolio’s entire investment.


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 Year-by-Year Total Returns for Institutional Shares As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard International Equity Advantage 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. Updated performance information is available at www.lazardassetmanagement.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.

Bar Chart
  

Best Quarter:

Q1 17

8.31%

 

 

Worst Quarter:

Q4 18

-13.25%

Average Annual Total Returns (for the periods ended December 31, 2018)

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.

Average Annual Returns - Lazard International Equity Advantage Portfolio
1 Year
Life of Portfolio
Inception Date
Institutional Shares (16.26%) (0.95%) May 29, 2015
Open Shares (16.52%) (1.25%) May 29, 2015
R6 Shares (16.26%) (0.95%)  
After Taxes on Distributions | Institutional Shares (17.01%) (1.43%)  
After Taxes on Distributions and Sale of Fund Shares | Institutional Shares (8.71%) (0.52%)  
MSCI EAFE Index (reflects no deduction for fees, expense or taxes) (13.79%) (0.16%)  
XML 9 R19.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Label Element Value
Lazard US Small-Mid Cap Equity Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Lazard US 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, a series of The Lazard Funds, Inc. (the “Fund”). Investors transacting in Institutional or R6 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)
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 81% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 81.00%
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 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. 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 cap US companies. Lazard Asset Management LLC (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 $8.4 million to $25.5 billion as of March 29, 2019).


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 the securities of larger or smaller US or non-US companies.

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 a 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.


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 securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


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 countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries.


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.
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.lazardassetmanagement.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 Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 823-6300
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.lazardassetmanagement.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:

Q2 09

28.30%

 

 

Worst Quarter:

Q3 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, 2018)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expense, 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 One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.

Lazard US Small-Mid Cap Equity Portfolio | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.12%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 0.87%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 89
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 278
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 482
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,073
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%
Annual Return 2013 rr_AnnualReturn2013 35.81%
Annual Return 2014 rr_AnnualReturn2014 11.39%
Annual Return 2015 rr_AnnualReturn2015 (2.14%)
Annual Return 2016 rr_AnnualReturn2016 16.20%
Annual Return 2017 rr_AnnualReturn2017 14.20%
Annual Return 2018 rr_AnnualReturn2018 (13.27%)
1 Year rr_AverageAnnualReturnYear01 (13.27%)
5 Years rr_AverageAnnualReturnYear05 4.64%
10 Years rr_AverageAnnualReturnYear10 13.05%
Life of Portfolio rr_AverageAnnualReturnSinceInception 10.10%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 30, 1991
Lazard US Small-Mid Cap Equity Portfolio | Institutional Shares | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (16.73%)
5 Years rr_AverageAnnualReturnYear05 1.30%
10 Years rr_AverageAnnualReturnYear10 10.50%
Life of Portfolio rr_AverageAnnualReturnSinceInception 7.57%
Lazard US Small-Mid Cap Equity Portfolio | Institutional Shares | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (6.06%)
5 Years rr_AverageAnnualReturnYear05 3.07%
10 Years rr_AverageAnnualReturnYear10 10.37%
Life of Portfolio rr_AverageAnnualReturnSinceInception 7.82%
Lazard US Small-Mid Cap Equity Portfolio | Institutional Shares | Russell 2500 Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (10.00%)
5 Years rr_AverageAnnualReturnYear05 5.15%
10 Years rr_AverageAnnualReturnYear10 13.15%
Life of Portfolio rr_AverageAnnualReturnSinceInception 10.27%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 30, 1991
Lazard US Small-Mid Cap Equity Portfolio | Institutional Shares | Russell 2000/2500 Linked Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (10.00%)
5 Years rr_AverageAnnualReturnYear05 5.15%
10 Years rr_AverageAnnualReturnYear10 13.15%
Life of Portfolio rr_AverageAnnualReturnSinceInception 9.43%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 30, 1991
Lazard US Small-Mid Cap Equity Portfolio | Open Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.18%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.18%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 120
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 375
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 649
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,432
1 Year rr_AverageAnnualReturnYear01 (13.49%)
5 Years rr_AverageAnnualReturnYear05 4.33%
10 Years rr_AverageAnnualReturnYear10 12.71%
Life of Portfolio rr_AverageAnnualReturnSinceInception 7.46%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 30, 1997
Lazard US Small-Mid Cap Equity Portfolio | Open Shares | Russell 2500 Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (10.00%)
5 Years rr_AverageAnnualReturnYear05 5.15%
10 Years rr_AverageAnnualReturnYear10 13.15%
Life of Portfolio rr_AverageAnnualReturnSinceInception 8.71%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 30, 1997
Lazard US Small-Mid Cap Equity Portfolio | Open Shares | Russell 2000/2500 Linked Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (10.00%)
5 Years rr_AverageAnnualReturnYear05 5.15%
10 Years rr_AverageAnnualReturnYear10 13.15%
Life of Portfolio rr_AverageAnnualReturnSinceInception 7.88%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 30, 1997
Lazard US Small-Mid Cap Equity Portfolio | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.12% [1]
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 0.87%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates “Other Expenses” are based on estimated amounts for the current fiscal year, using “Other Expenses” for Institutional Shares from the last fiscal year.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 89
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 278
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 482
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,073
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares.
1 Year rr_AverageAnnualReturnYear01 (13.27%)
5 Years rr_AverageAnnualReturnYear05 4.64%
10 Years rr_AverageAnnualReturnYear10 13.05%
Life of Portfolio rr_AverageAnnualReturnSinceInception 10.10%
Lazard US Small-Mid Cap Equity Portfolio | R6 Shares | Russell 2500 Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (10.00%)
5 Years rr_AverageAnnualReturnYear05 5.15%
10 Years rr_AverageAnnualReturnYear10 13.15%
Life of Portfolio rr_AverageAnnualReturnSinceInception 10.27%
Lazard US Small-Mid Cap Equity Portfolio | R6 Shares | Russell 2000/2500 Linked Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (10.00%)
5 Years rr_AverageAnnualReturnYear05 5.15%
10 Years rr_AverageAnnualReturnYear10 13.15%
Life of Portfolio rr_AverageAnnualReturnSinceInception 9.43%
[1] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last fiscal year.
XML 10 R166.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Total
Lazard Opportunistic Strategies Portfolio
Lazard Opportunistic Strategies Portfolio
Investment Objective

The Portfolio seeks long-term capital appreciation.

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 or R6 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 Opportunistic Strategies Portfolio
Institutional Shares
Open Shares
R6 Shares
Management Fees 1.00% 1.00% 1.00%
Distribution and Service (12b-1) Fees none 0.25% none
Other Expenses 0.15% 2.97% 0.15% [1]
Acquired Fund Fees and Expenses 0.37% 0.37% 0.37% [1]
Total Annual Portfolio Operating Expenses 1.52% 4.59% 1.52%
Fee Waiver and/or Expense Reimbursement [2] 0.13% 2.95% 0.13%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement [3] 1.39% 1.64% 1.39%
[1] Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last 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 May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed 1.02%, 1.27% and 1.02% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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.
[3] Excluding Acquired Fund Fees and Expenses, the Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement are 1.02%, 1.27% and 1.02% of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively.
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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Lazard Opportunistic Strategies Portfolio - USD ($)
1 year
3 years
5 years
10 years
Institutional Shares 142 468 817 1,801
Open Shares 167 1,119 2,080 4,516
R6 Shares 142 468 817 1,801
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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 227% of the average value of its portfolio.

Principal Investment Strategies

The Portfolio utilizes an asset allocation strategy to invest in a global portfolio of uncorrelated assets that can include exposure, through underlying vehicles, to stocks, bonds, commodities and other investments.


The Portfolio invests primarily in exchange-traded open-end management investment companies (“ETFs”) and similar products, which generally pursue a passive index-based strategy, as well as actively managed closed-end management investment companies (“closed-end funds”) and exchange-traded notes (“ETNs” and collectively with ETFs and closed-end funds, “Underlying Funds”). ETFs and ETNs in which the Portfolio may invest include both ETFs and ETNs designed to correlate directly with an index and ETFs and ETNs designed to correlate inversely with an index and may include actively-managed ETFs. The Portfolio, through Underlying Funds in which it invests, may invest in non-US companies (including those in emerging markets), and the Portfolio also may invest directly in equity and debt securities in addition to its investments in Underlying Funds. The Portfolio’s investment portfolio is concentrated in a relatively small number of holdings (generally 10 to 30). Investors can invest directly in Underlying Funds and do not need to invest in Underlying Funds through mutual funds or separately managed accounts.


The Portfolio may, but is not required to (1) enter into equity, total return and currency swap agreements; futures contracts and options on futures contracts (including with respect to index and commodities); and forward currency contracts; and (2) write put and covered call options on securities (including ETFs and ETNs), indexes and currencies, in each case for hedging purposes or to seek to increase returns, including as a substitute for purchasing an Underlying Fund.


The Portfolio may, but is not required to, effect short sales of securities. 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 Portfolio’s investment exposure.


Although the Portfolio is classified as “diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”), it may invest in a smaller number of issuers than other, more diversified, investment portfolios.

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 a 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.


Underlying Funds Risk. Shares of ETFs and closed-end funds in which the Portfolio invests may trade at prices that vary from their net asset values, sometimes significantly. The shares of ETFs and closed-end funds may trade at prices at, below or above their most recent net asset value. Shares of closed-end funds, in particular, frequently trade at persistent discounts to their net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. ETNs may not trade in the secondary market, but typically are redeemable by the issuer. The Portfolio’s investments in Underlying Funds are subject to the risks of Underlying Funds’ investments, as well as to the general risks of investing in Underlying Funds. Portfolio shares will bear not only the Portfolio’s management fees and operating expenses, but also their proportional share of the management fees and operating expenses of the ETFs and closed-end funds in which the Portfolio invests. While ETNs do not have management fees, they are subject to certain investor fees. ETNs are debt securities that, like ETFs, typically are listed on exchanges and their terms generally provide for a return that tracks specified market indexes. However, unlike ETFs and closed-end funds, ETNs are not registered investment companies and thus are not regulated under the 1940 Act. In addition, as debt securities, ETNs are subject to the additional risk of the creditworthiness of the issuer. ETNs typically do not make periodic interest payments.


The Portfolio may be limited by the 1940 Act in the amount of its assets that may be invested in ETFs and closed-end funds unless an ETF or a closed-end fund has received an exemptive order from the Securities and Exchange Commission on which the Portfolio may rely or an exemption is available.


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.


Emerging Market Risk. Emerging market countries 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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio’s foreign currency exposure.


Fixed-Income and Debt Securities Risk. The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.


Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. Risks associated with rising interest rates are heightened given that the Federal Reserve has raised the federal funds rate several times in recent periods and may continue to increase rates in the future.


The Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering the Portfolio’s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.


Focused Investing Risk. The Portfolio’s net asset value 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.


Short Position Risk. Short positions may involve substantial risks. If a short position appreciates in value during the period of the Portfolio’s investment, there will be a loss to the Portfolio that could be substantial. Short positions involve more risk than long positions because the maximum sustainable loss on a security purchased is limited to the amount paid for the security plus the transaction costs. However, the Portfolio’s potential loss on a short position is unlimited because, theoretically, there is no limit to the potential price increase of a security.


Derivatives and Hedging Risk. Derivatives transactions, including those entered into for hedging purposes (i.e., seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Over-the-counter swap agreements, forward currency contracts, over-the-counter options on securities (including options on ETFs and ETNs), indexes and currencies and other over-the-counter derivatives transactions are subject to the risk of default by the counterparty and can be illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which the Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of the related index, commodity, interest rate, currency, security or other reference asset. As such, a small investment could have a potentially large impact on the Portfolio’s performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.


High Portfolio Turnover Risk. The Portfolio’s investment strategy may involve high portfolio turnover (such as 100% or more). A portfolio turnover rate of 100%, for example, is equivalent to the Portfolio buying and selling all of its securities once during the course of the year. A high portfolio turnover rate could result in high transaction costs and an increase in taxable capital gains distributions to the Portfolio’s shareholders, which will reduce returns to shareholders.


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 Year-by-Year Total Returns for Institutional Shares As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard Opportunistic Strategies Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of broad measures 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.lazardassetmanagement.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.

Bar Chart
  

Best Quarter:

Q2 09

14.66%

 

 

Worst Quarter:

Q4 18

-12.77%

Average Annual Total Returns (for the periods ended December 31, 2018)

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.


The Global Asset Allocation Blended Index is rebalanced quarterly and is a blended index constructed by the Investment Manager that is comprised of 60% MSCI World Index and 40% Bloomberg Barclays US Aggregate Index.

Average Annual Returns - Lazard Opportunistic Strategies Portfolio
1 Year
5 Years
10 Years
Life of Portfolio
Inception Date
Institutional Shares (12.72%) 1.69% 5.99% 2.94% Mar. 26, 2008
Open Shares (13.05%) 1.28% 5.60% 2.62% Mar. 31, 2008
R6 Shares (12.72%) 1.69% 5.99% 2.94%  
After Taxes on Distributions | Institutional Shares (14.06%) 0.12% 4.65% 1.62%  
After Taxes on Distributions and Sale of Fund Shares | Institutional Shares (6.85%) 0.86% 4.10% 1.90%  
MSCI World Index (reflects no deduction for fees, expense or taxes) | Institutional Shares (8.71%) 4.56% 9.67% 4.66% Mar. 26, 2008
MSCI World Index (reflects no deduction for fees, expense or taxes) | Open Shares (8.71%) 4.56% 9.67% 4.71% Mar. 31, 2008
MSCI World Index (reflects no deduction for fees, expense or taxes) | R6 Shares (8.71%) 4.56% 9.67% 4.66%  
Global Asset Allocation Blended Index (reflects no deduction for fees, expense or taxes) | Institutional Shares (4.99%) 3.88% 7.48% 4.64% Mar. 26, 2008
Global Asset Allocation Blended Index (reflects no deduction for fees, expense or taxes) | Open Shares (4.99%) 3.88% 7.48% 4.66% Mar. 31, 2008
Global Asset Allocation Blended Index (reflects no deduction for fees, expense or taxes) | R6 Shares (4.99%) 3.88% 7.48% 4.64%  
XML 11 R70.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Total
Lazard Managed Equity Volatility Portfolio
Lazard Managed Equity Volatility Portfolio
Investment Objective

The Portfolio seeks long-term capital appreciation.

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 or R6 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 Managed Equity Volatility Portfolio
Institutional Shares
Open Shares
R6 Shares
Management Fees 0.60% 0.60% 0.60%
Distribution and Service (12b-1) Fees none 0.25% none
Other Expenses 1.04% 5.01% 1.04% [1]
Total Annual Portfolio Operating Expenses 1.64% 5.86% 1.64%
Fee Waiver and/or Expense Reimbursement [2] 0.89% 4.86% 0.94%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.75% 1.00% 0.70%
[1] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last 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 May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed .75%, 1.00% and .70% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Lazard Managed Equity Volatility Portfolio - USD ($)
1 year
3 years
5 years
10 years
Institutional Shares 167 517 892 1,944
Open Shares 102 1,310 2,498 5,379
R6 Shares 167 517 892 1,944
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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 122% of the average value of its portfolio.

Principal Investment Strategies

The Portfolio invests primarily in equity securities, principally common stocks, of US and non-US companies. In managing the Portfolio, the Investment Manager utilizes a quantitatively driven, bottom up stock selection process. A principal component of the Investment Manager’s investment process for the Portfolio is volatility management. Volatility, a risk measurement, measures the magnitude of fluctuations in the value of a financial instrument or index over time. The Investment Manager seeks to generate attractive risk-adjusted equity returns (returns after accounting for the risk taken to achieve those returns) while lowering portfolio volatility (up and down movements in the fund’s returns). The Investment Manager’s investment process is benchmark-unaware, which means that the Portfolio’s assets are not managed by reference to a benchmark index. The Investment Manager examines fundamental company information (such as financial statements) and seeks to identify high quality companies with sustainable operating performance in order to build a well-diversified global portfolio of common stocks. The Investment Manager performs an independent assessment of stock risk and also seeks to manage risk through diversification.


The Portfolio management team selects investments for the Portfolio from a broad investment universe of stocks and depositary receipts, including American Depositary Receipts (“ADRs”), Global Depositary Receipts and European Depositary Receipts, real estate investment trusts (“REITs”), warrants and rights. The active, quantitative approach utilized by the Portfolio management team involves initial screening, risk assessment and evaluation of each company relative to its global peers. The Portfolio will typically focus on securities of developed market companies, using an objective, systematic investment process that blends both risk and stock ranking assessments designed to capture attractive risk-to-return characteristics and create a low volatility portfolio. In addition to a multidimensional assessment of risk, each company is evaluated daily according to four independent measures: growth, value, sentiment and quality. The Portfolio may invest across the capitalization spectrum.


Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities.


The Portfolio may invest in exchange-traded open-end management investment companies ("ETFs") and similar products, which generally pursue a passive index-based strategy.

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 a 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.


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.


Depositary Receipts Risk. ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated.


Quantitative Model Risk. The success of the Portfolio’s investment strategy depends largely upon the effectiveness of the Investment Manager’s quantitative model. A quantitative model, such as the risk and other models used by the Investment Manager requires adherence to a systematic, disciplined process. The Investment Manager’s ability to monitor and, if necessary, adjust its quantitative model could be adversely affected by various factors including incorrect or outdated market and other data inputs. Factors that affect a security’s value can change over time, and these changes may not be reflected in the quantitative model. In addition, factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value.


Volatility Management Risk. While the Investment Manager generally will seek to achieve, over a full market cycle, the level of volatility in the Portfolio’s performance as described above, there can be no guarantee that this will be achieved; actual or realized volatility for any particular period may be materially higher or lower depending on market conditions. In addition, the Investment Manager’s efforts to manage the Portfolio’s volatility can be expected, in a period of generally positive equity market returns, to reduce the Portfolio’s performance below what could be achieved without seeking to manage volatility and, thus, the Portfolio would generally be expected to underperform market indices that do not seek to achieve a specified level of volatility.


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.


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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio's foreign currency exposure.


REIT Risk. REITs are subject to similar risks as an investment in a realty-related company. The risks related to investments in realty-related companies include, but are not limited to: adverse changes in general economic and local market conditions; adverse developments in employment; changes in supply or demand for similar or competing properties; unfavorable changes in applicable taxes, governmental regulations and interest rates; operating or development expenses; and lack of available financing. Due to certain special considerations that apply to REITs, investments in REITs may carry additional risks not necessarily present in investments in other securities. REIT securities (including those trading on national exchanges) typically have trading volumes that are less than those of common stocks of other stocks traded on national exchanges, which may affect the Portfolio’s ability to trade or liquidate those securities. An investment in REITs may be adversely affected if the REIT fails to comply with applicable laws and regulations. Failure to qualify with any of these requirements could jeopardize a company’s status as a REIT. The Portfolio generally will have no control over the operations and policies of a REIT, and the generally will have no ability to cause a REIT to take the actions necessary to qualify as a REIT.


ETF Risk. Shares of ETFs may trade at prices that vary from their net asset values, sometimes significantly. The shares of ETFs may trade at prices at, below or above their most recent net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. The Portfolio’s investments in ETFs are subject to the risks of such ETF’s investments, as well as to the general risks of investing in ETFs. Portfolio shares will bear not only the Portfolio’s management fees and operating expenses, but also their proportional share of the management fees and operating expenses of the ETFs in which the Portfolio invests. The Portfolio may be limited by the Investment Company Act of 1940, as amended, in the amount of its assets that may be invested in ETFs unless an ETF has received an exemptive order from the Securities and Exchange Commission on which the Portfolio may rely or an exemption is available.


Other Equity Securities Risk. Investments in rights and warrants involve certain risks, including the possible lack of a liquid market for resale, price fluctuations and the failure of the price of the underlying security to reach a level at which the right or warrant can be prudently exercised, in which case the right or warrant may expire without being exercised and result in a loss of a Portfolio’s entire investment.


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.


High Portfolio Turnover Risk. The Portfolio’s investment strategy may involve high portfolio turnover (such as 100% or more). A portfolio turnover rate of 100%, for example, is equivalent to the Portfolio buying and selling all of its securities once during the course of the year. A high portfolio turnover rate could result in high transaction costs and an increase in taxable capital gains distributions to the Portfolio’s shareholders, which will reduce returns to shareholders.

Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard Managed Equity Volatility 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. Updated performance information is available at www.lazardassetmanagement.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.

Bar Chart
  

Best Quarter:

Q1 17

6.71%

 

 

Worst Quarter:

Q4 18

-9.88%

Average Annual Total Returns (for the periods ended December 31, 2018)

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.

Average Annual Returns - Lazard Managed Equity Volatility Portfolio
1 Year
Life of Portfolio
Inception Date
Institutional Shares (7.21%) 4.27% May 29, 2015
Open Shares (7.50%) 3.93% May 29, 2015
R6 Shares (7.21%) 4.27%  
After Taxes on Distributions | Institutional Shares (7.60%) 3.55%  
After Taxes on Distributions and Sale of Fund Shares | Institutional Shares (4.01%) 3.22%  
MSCI World Index (reflects no deduction for fees, expense or taxes) (8.71%) 3.54%  
XML 12 R88.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Total
Lazard Emerging Markets Equity Portfolio
Lazard Emerging Markets Equity Portfolio
Investment Objective

The Portfolio seeks long-term capital appreciation.

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 or R6 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 Emerging Markets Equity Portfolio
Institutional Shares
Open Shares
R6 Shares
Management Fees 1.00% 1.00% 1.00%
Distribution and Service (12b-1) Fees none 0.25% none
Other Expenses 0.07% 0.07% 0.07%
Total Annual Portfolio Operating Expenses 1.07% 1.32% 1.07%
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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Lazard Emerging Markets Equity Portfolio - USD ($)
1 year
3 years
5 years
10 years
Institutional Shares 109 340 590 1,306
Open Shares 134 418 723 1,590
R6 Shares 109 340 590 1,306
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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 16% of the average value of its portfolio.

Principal Investment Strategies

The Portfolio invests primarily in equity securities, principally common stocks, of non-US companies whose principal activities are located in emerging market countries and that Lazard Asset Management LLC (the “Investment Manager”) believes are undervalued based on their earnings, cash flow or asset values.


Emerging market countries include all countries represented by the MSCI Emerging Markets Index, which currently includes: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.


Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of companies whose principal business activities are located in emerging market countries. In addition to common stocks, such equity securities also may include American Depositary Receipts (“ADRs”), Global Depositary Receipts and European Depositary Receipts.

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 a 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.


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.


Emerging Market Risk. Emerging market countries 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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio's foreign currency exposure.


Depositary Receipts Risk. ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated.


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.


Value Investing Risk. The Portfolio invests in securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


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 Year-by-Year Total Returns for Institutional Shares As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard Emerging Markets 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.lazardassetmanagement.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.

Bar Chart
  

Best Quarter:

Q2 09

34.12%

 

 

Worst Quarter:

Q3 11

-20.62%

Average Annual Total Returns (for the periods ended December 31, 2018)

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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.

Average Annual Returns - Lazard Emerging Markets Equity Portfolio
1 Year
5 Years
10 Years
Life of Portfolio
Inception Date
Institutional Shares (18.09%) (0.67%) 7.25% 6.20% Jul. 15, 1994
Open Shares (18.32%) (0.92%) 6.94% 5.88% Jan. 08, 1997
R6 Shares (18.09%)     0.12% Jan. 19, 2015
After Taxes on Distributions | Institutional Shares (18.12%) (0.88%) 6.86% 5.44%  
After Taxes on Distributions and Sale of Fund Shares | Institutional Shares (10.05%) (0.18%) 6.28% 5.31%  
MSCI Emerging Markets Index (reflects no deduction for fees, expense or taxes) | Institutional Shares (14.58%) 1.65% 8.02% 5.14% Jul. 15, 1994
MSCI Emerging Markets Index (reflects no deduction for fees, expense or taxes) | Open Shares (14.58%) 1.65% 8.02% 5.65% Jan. 08, 1997
MSCI Emerging Markets Index (reflects no deduction for fees, expense or taxes) | R6 Shares (14.58%) 1.65% 8.02% 2.62% Jan. 19, 2015
XML 13 R124.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Total
Lazard US Corporate Income Portfolio
Lazard US Corporate Income Portfolio
Investment Objective

The Portfolio seeks maximum total return from a combination of capital appreciation and current 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 or R6 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 US Corporate Income Portfolio
Institutional Shares
Open Shares
R6 Shares
Management Fees 0.55% 0.55% 0.55%
Distribution and Service (12b-1) Fees none 0.25% none
Other Expenses 0.09% 0.31% 4.07%
Acquired Fund Fees and Expenses 0.02% 0.02% 0.02%
Total Annual Portfolio Operating Expenses 0.66% 1.13% 4.64%
Fee Waiver and/or Expense Reimbursement [1] 0.09% 0.31% 4.07%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement [1] 0.57% 0.82% 0.57%
[1] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed .55%, .80% and .55% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Lazard US Corporate Income Portfolio - USD ($)
1 year
3 years
5 years
10 years
Institutional Shares 58 202 359 814
Open Shares 84 328 592 1,347
R6 Shares 58 1,031 2,010 4,491
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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 16% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Portfolio invests at least 80% of its assets in fixed-income securities issued by corporations or other non-governmental issuers similar to corporations, which securities are tied economically to the US. The Portfolio typically invests a substantial portion of its assets, and may invest up to 100% of its assets, in securities rated, at the time of purchase, below investment grade by Standard & Poor’s Ratings Group (“S&P”) or Moody’s Investors Service, Inc. (“Moody’s”) and as low as C or Ca by S&P or Moody’s, respectively, or the unrated equivalent as determined by the Investment Manager (“junk bonds”); however, the Portfolio focuses such investments in below investment grade securities that may be considered “better quality” (i.e., rated B1 or higher by Moody’s, B+ or higher by S&P or the unrated equivalent as determined by the Investment Manager). The Portfolio may invest in dollar-denominated securities of non-US companies, including, to a limited extent, in emerging market companies.


Although the Portfolio may invest in fixed-income securities without regard to their maturity, the Portfolio’s average weighted maturity is expected to range between two and ten years.


Securities are evaluated based on their fundamental and structural characteristics. Valuation analysis is tailored to the specific asset class, but may include credit research, prepayment or call options, maturity, duration, coupon, currency and country risks. The Portfolio is constructed using a bottom-up discipline in which the Investment Manager follows a systematic process to seek out undervalued opportunities within each sector.


The Portfolio may invest up to 20% of its assets in other securities which need not be fixed-income securities as described above and need not be tied economically to the US.

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 a 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.


Fixed-Income and Debt Securities Risk. The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.


Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. Risks associated with rising interest rates are heightened given that the Federal Reserve has raised the federal funds rate several times in recent periods and may continue to increase rates in the future.


The Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering the Portfolio’s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.


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 countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries.

Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard US Corporate Income 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.lazardassetmanagement.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.

Bar Chart
  

Best Quarter:

Q2 09

13.08%

 

 

Worst Quarter:

Q3 11

-4.20%

Average Annual Total Returns (for the periods ended December 31, 2018)

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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.

Average Annual Returns - Lazard US Corporate Income Portfolio
1 Year
5 Years
10 Years
Life of Portfolio
Inception Date
Institutional Shares (2.73%) 2.91% 8.07% 4.03% Jan. 02, 1998
Open Shares (2.78%) 2.66% 7.77% 3.53% Feb. 24, 1998
R6 Shares (2.43%)     1.80% Nov. 03, 2016
After Taxes on Distributions | Institutional Shares (25.78%) 0.41% 9.09% 5.26%  
After Taxes on Distributions and Sale of Fund Shares | Institutional Shares (16.00%) 12.80% 53.50% 1.66%  
ICE BofAML BB-B US Cash Pay Non-Distressed High Yield® Index (reflects no deduction for fees, expense or taxes) | Institutional Shares (2.01%) 3.96% 8.74% 6.12% Jan. 02, 1998
ICE BofAML BB-B US Cash Pay Non-Distressed High Yield® Index (reflects no deduction for fees, expense or taxes) | Open Shares (2.01%) 3.96% 8.74% 6.07% Feb. 24, 1998
ICE BofAML BB-B US Cash Pay Non-Distressed High Yield® Index (reflects no deduction for fees, expense or taxes) | R6 Shares (2.01%) 3.96% 8.74% 2.90% Nov. 03, 2016
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Label Element Value
Lazard International Strategic Equity Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Lazard International Strategic 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, a series of The Lazard Funds, Inc. (the “Fund”). Investors transacting in Institutional or R6 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 May 01, 2020
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 40% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 40.00%
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 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 expense limitation agreement in year one only. 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 non-US companies whose principal activities are located in countries represented by the MSCI EAFE Index that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. The Portfolio also may invest up to 15% of its assets in securities of companies whose principal business activities are located in emerging market countries, although the allocation of the Portfolio’s assets to emerging market countries may vary from time to time.


Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities.


The countries represented by the MSCI EAFE Index currently include: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.


Although the Portfolio is classified as “diversified” under the Investment Company Act of 1940, as amended, it may invest in a smaller number of issuers than other, more diversified investment portfolios.

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 a 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.


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.


Emerging Market Risk. Emerging market countries 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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio's foreign currency exposure.


Focused Investing Risk. The Portfolio’s net asset value 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.


Value Investing Risk. The Portfolio invests in securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


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.


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.
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 International Strategic 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.lazardassetmanagement.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 International Strategic 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 Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 823-6300
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.lazardassetmanagement.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:

Q2 09

23.21%

 

 

Worst Quarter:

Q3 11

-19.36%

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 23.21%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (19.36%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended December 31, 2018)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expense, 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 One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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.

Lazard International Strategic Equity Portfolio | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.05%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 0.81%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.81%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 83
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 259
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 450
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,002
Annual Return 2009 rr_AnnualReturn2009 27.76%
Annual Return 2010 rr_AnnualReturn2010 14.43%
Annual Return 2011 rr_AnnualReturn2011 (9.70%)
Annual Return 2012 rr_AnnualReturn2012 25.00%
Annual Return 2013 rr_AnnualReturn2013 25.02%
Annual Return 2014 rr_AnnualReturn2014 (1.48%)
Annual Return 2015 rr_AnnualReturn2015 (1.70%)
Annual Return 2016 rr_AnnualReturn2016 (5.17%)
Annual Return 2017 rr_AnnualReturn2017 27.85%
Annual Return 2018 rr_AnnualReturn2018 (10.35%)
1 Year rr_AverageAnnualReturnYear01 (10.35%)
5 Years rr_AverageAnnualReturnYear05 1.03%
10 Years rr_AverageAnnualReturnYear10 8.06%
Life of Portfolio rr_AverageAnnualReturnSinceInception 5.42%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 31, 2005
Lazard International Strategic Equity Portfolio | Institutional Shares | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (11.97%)
5 Years rr_AverageAnnualReturnYear05 0.42%
10 Years rr_AverageAnnualReturnYear10 7.67%
Life of Portfolio rr_AverageAnnualReturnSinceInception 4.88%
Lazard International Strategic Equity Portfolio | Institutional Shares | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.72%)
5 Years rr_AverageAnnualReturnYear05 0.94%
10 Years rr_AverageAnnualReturnYear10 6.74%
Life of Portfolio rr_AverageAnnualReturnSinceInception 4.55%
Lazard International Strategic Equity Portfolio | Institutional Shares | MSCI EAFE Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (13.79%)
5 Years rr_AverageAnnualReturnYear05 0.53%
10 Years rr_AverageAnnualReturnYear10 6.32%
Life of Portfolio rr_AverageAnnualReturnSinceInception 3.50%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 31, 2005
Lazard International Strategic Equity Portfolio | Open Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.05%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.06%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.06%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 108
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 337
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 585
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,294
1 Year rr_AverageAnnualReturnYear01 (10.55%)
5 Years rr_AverageAnnualReturnYear05 0.78%
10 Years rr_AverageAnnualReturnYear10 7.78%
Life of Portfolio rr_AverageAnnualReturnSinceInception 4.08%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 03, 2006
Lazard International Strategic Equity Portfolio | Open Shares | MSCI EAFE Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (13.79%)
5 Years rr_AverageAnnualReturnYear05 0.53%
10 Years rr_AverageAnnualReturnYear10 6.32%
Life of Portfolio rr_AverageAnnualReturnSinceInception 2.54%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 03, 2006
Lazard International Strategic Equity Portfolio | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.06%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 0.82%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.01% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.81%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 83
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 261
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 454
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,013
1 Year rr_AverageAnnualReturnYear01 (10.35%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 1.68%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 19, 2015
Lazard International Strategic Equity Portfolio | R6 Shares | MSCI EAFE Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (13.79%)
5 Years rr_AverageAnnualReturnYear05 0.53%
10 Years rr_AverageAnnualReturnYear10 6.32%
Life of Portfolio rr_AverageAnnualReturnSinceInception 2.44%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 19, 2015
[1] To the extent the Total Annual Portfolio Operating Expenses of the R6 Shares of the Portfolio exceed the Total Annual Portfolio Operating Expenses of the Portfolio's Institutional Shares (in each case, not including management fees, custodial fees or other expenses related to the management of the Portfolio's assets), Lazard Asset Management LLC (the "Investment Manager") has contractually agreed, until May 1, 2020, to bear the expenses of the R6 Shares in the amount of such excess. This expense limitation agreement 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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Label Element Value
Lazard Emerging Markets Core Equity Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Lazard Emerging Markets Core 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, a series of The Lazard Funds, Inc. (the “Fund”). Investors transacting in Institutional or R6 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 May 01, 2020
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 30% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 30.00%
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 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 expense limitation agreement in year one only. 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

In managing the Portfolio, the Investment Manager utilizes a flexible, core investment approach and engages in bottom-up, fundamental security analysis and selection. The Investment Manager may consider a security’s growth or value potential in managing the Portfolio. The Portfolio may invest in securities across the capitalization spectrum, although it typically invests in securities of companies with a market capitalization of $300 million or more.


The allocation of the Portfolio’s assets among countries and regions may vary from time to time based on the Investment Manager’s judgment and its analysis of market conditions. Emerging market countries include all countries not represented by the MSCI World Index. Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of companies that are economically tied to emerging market countries. In addition to common stocks, such equity securities also may include American Depositary Receipts (“ADRs”), Global Depositary Receipts and European Depositary Receipts.

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 a 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.


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.


Emerging Market Risk. Emerging market countries 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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio's foreign currency exposure.


Depositary Receipts Risk. ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated.


Small Cap Companies Risk. Small 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 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 securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


Growth Investing Risk. The Portfolio invests in securities 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 securities may be more volatile than other securities because they can be more sensitive to investor perceptions of the issuing company’s growth potential. The securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


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.
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 Emerging Markets Core 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. Updated performance information is available at www.lazardassetmanagement.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 Emerging Markets Core 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 Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 823-6300
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.lazardassetmanagement.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:

Q1 17

12.12%

 

 

Worst Quarter:

Q3 15

-15.43%

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2017
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 12.12%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (15.43%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended December 31, 2018)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expense, 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 One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational for a full calendar year as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.

Lazard Emerging Markets Core Equity Portfolio | MSCI Emerging Markets Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (14.58%)
5 Years rr_AverageAnnualReturnYear05 1.65%
Life of Portfolio rr_AverageAnnualReturnSinceInception 1.02%
Lazard Emerging Markets Core Equity Portfolio | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.18%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.18%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.18%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 120
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 375
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 649
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,432
Annual Return 2014 rr_AnnualReturn2014 (1.25%)
Annual Return 2015 rr_AnnualReturn2015 (10.36%)
Annual Return 2016 rr_AnnualReturn2016 3.47%
Annual Return 2017 rr_AnnualReturn2017 40.35%
Annual Return 2018 rr_AnnualReturn2018 (18.12%)
1 Year rr_AverageAnnualReturnYear01 (18.12%)
5 Years rr_AverageAnnualReturnYear05 1.03%
Life of Portfolio rr_AverageAnnualReturnSinceInception 0.66%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 31, 2013
Lazard Emerging Markets Core Equity Portfolio | Institutional Shares | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (18.24%)
5 Years rr_AverageAnnualReturnYear05 0.98%
Life of Portfolio rr_AverageAnnualReturnSinceInception 0.61%
Lazard Emerging Markets Core Equity Portfolio | Institutional Shares | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (10.25%)
5 Years rr_AverageAnnualReturnYear05 0.95%
Life of Portfolio rr_AverageAnnualReturnSinceInception 0.66%
Lazard Emerging Markets Core Equity Portfolio | Open Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.75%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 2.00%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.50% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.50%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 153
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 579
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,032
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 2,287
1 Year rr_AverageAnnualReturnYear01 (18.43%)
5 Years rr_AverageAnnualReturnYear05 0.65%
Life of Portfolio rr_AverageAnnualReturnSinceInception 0.30%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 31, 2013
Lazard Emerging Markets Core Equity Portfolio | R6  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 6.68%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 7.68%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 6.52% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.16%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 118
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,671
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 3,141
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 6,486
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Returns shown below for the Portfolio’s R6 Shares (which were not operational for a full calendar year as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares.
1 Year rr_AverageAnnualReturnYear01 (18.12%)
5 Years rr_AverageAnnualReturnYear05 1.03%
Life of Portfolio rr_AverageAnnualReturnSinceInception 0.66%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 06, 2018
[1] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed 1.25%, 1.50% and 1.20% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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. To the extent the Total Annual Portfolio Operating Expenses of the R6 Shares of the Portfolio exceed the Total Annual Portfolio Operating Expenses of the Portfolio's Institutional Shares (in each case, not including management fees, custodial fees or other expenses related to the management of the Portfolio's assets), the Investment Manager has contractually agreed, until May 1, 2020, to bear the expenses of the R6 Shares in the amount of such excess. This expense limitation agreement will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio.
XML 19 R69.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Label Element Value
Lazard Global Equity Select Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Lazard Global Equity Select 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, a series of The Lazard Funds, Inc. (the “Fund”). Investors transacting in Institutional or R6 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 May 01, 2020
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 34% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 34.00%
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect current management fee.
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 expense limitation agreement in year one only. 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 companies that the Investment Manager believes have strong and/or improving financial productivity and are undervalued based on their earnings, cash flow or asset values. In managing the Portfolio, the Investment Manager utilizes a flexible investment approach and engages in bottom-up, fundamental security analysis and selection. The Portfolio may invest in securities across the capitalization spectrum.


Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities. In addition, under normal market conditions, the Portfolio invests significantly (at least 40%—unless market conditions are not deemed favorable by the Investment Manager, in which case the Portfolio would invest at least 30%) in non-US companies. The Investment Manager will allocate the Portfolio’s assets among various regions and countries, including the United States (but in no less than three different countries). The Portfolio’s investments in non-US companies may include companies whose principal business activities are located in emerging market countries.


Although the Portfolio is classified as “diversified” under the Investment Company Act of 1940, as amended, it may invest in a smaller number of issuers than other, more diversified investment portfolios.

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 a 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.


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.


Emerging Market Risk. Emerging market countries 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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio’s foreign currency exposure.


Focused Investing Risk. The Portfolio’s net asset value 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.


Value Investing Risk. The Portfolio invests in securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


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.


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.
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 Global Equity Select 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. Updated performance information is available at www.lazardassetmanagement.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 Global Equity Select 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 Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 823-6300
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.lazardassetmanagement.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:

Q1 17

8.17%

 

 

Worst Quarter:

Q4 18

-11.95%

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2017
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 8.17%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2018
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (11.95%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended December 31, 2018)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expense, 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 One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.

Lazard Global Equity Select Portfolio | MSCI All Country World Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (9.42%)
5 Years rr_AverageAnnualReturnYear05 4.26%
Life of Portfolio rr_AverageAnnualReturnSinceInception 4.26%
Lazard Global Equity Select Portfolio | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.65% [1]
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.28%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 0.93%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.03% [2]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.90%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 92
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 293
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 512
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,140
Annual Return 2014 rr_AnnualReturn2014 3.84%
Annual Return 2015 rr_AnnualReturn2015 0.46%
Annual Return 2016 rr_AnnualReturn2016 2.66%
Annual Return 2017 rr_AnnualReturn2017 28.52%
Annual Return 2018 rr_AnnualReturn2018 (7.12%)
1 Year rr_AverageAnnualReturnYear01 (7.12%)
5 Years rr_AverageAnnualReturnYear05 5.03%
Life of Portfolio rr_AverageAnnualReturnSinceInception 5.03%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2013
Lazard Global Equity Select Portfolio | Institutional Shares | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (7.76%)
5 Years rr_AverageAnnualReturnYear05 4.63%
Life of Portfolio rr_AverageAnnualReturnSinceInception 4.63%
Lazard Global Equity Select Portfolio | Institutional Shares | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (3.66%)
5 Years rr_AverageAnnualReturnYear05 3.94%
Life of Portfolio rr_AverageAnnualReturnSinceInception 3.94%
Lazard Global Equity Select Portfolio | Open Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.65% [1]
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 1.75%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 2.65%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 1.50% [2]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.15%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 117
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 681
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,271
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 2,872
1 Year rr_AverageAnnualReturnYear01 (7.33%)
5 Years rr_AverageAnnualReturnYear05 4.73%
Life of Portfolio rr_AverageAnnualReturnSinceInception 4.73%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2013
Lazard Global Equity Select Portfolio | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.65% [1]
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.28% [3]
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 0.93%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.08% [2]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.85%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates “Other Expenses” are based on estimated amounts for the current fiscal year, using “Other Expenses” for Institutional Shares from the last fiscal year.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 87
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 288
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 507
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,136
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares.
1 Year rr_AverageAnnualReturnYear01 (7.12%)
5 Years rr_AverageAnnualReturnYear05 5.03%
Life of Portfolio rr_AverageAnnualReturnSinceInception 5.03%
[1] Restated to reflect current management fee.
[2] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed .90%, 1.15% and .85% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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.
[3] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last fiscal year.
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Total
Lazard Emerging Markets Equity Blend Portfolio
Lazard Emerging Markets Equity Blend Portfolio
Investment Objective

The Portfolio seeks long-term capital appreciation.

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 or R6 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 Emerging Markets Equity Blend Portfolio
Institutional Shares
Open Shares
R6 Shares
Management Fees 1.00% 1.00% 1.00%
Distribution and Service (12b-1) Fees none 0.25% none
Other Expenses 0.15% 0.28% 0.15% [1]
Total Annual Portfolio Operating Expenses 1.15% 1.53% 1.15%
Fee Waiver and/or Expense Reimbursement [2] 0.03%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.15% 1.50% 1.15%
[1] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last 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 May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed 1.25%, 1.50% and 1.20% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Lazard Emerging Markets Equity Blend Portfolio - USD ($)
1 year
3 years
5 years
10 years
Institutional Shares 117 365 633 1,398
Open Shares 153 480 831 1,821
R6 Shares 117 365 633 1,398
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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 61% of the average value of its portfolio.

Principal Investment Strategies

The Investment Manager allocates the Portfolio’s assets among various emerging markets equity strategies managed by the Investment Manager (and other emerging markets equity securities held in other strategies managed by the Investment Manager) in proportions consistent with the Investment Manager’s evaluation of various economic and other factors through quantitative and qualitative analysis. These proportions are changed from time to time without notice to shareholders, and at any given time the allocation to one strategy, region or country may comprise a substantial percentage of the Portfolio?s assets, or conversely, there may be no allocation to any such strategy, region or country. The Investment Manager will make allocation and securities selection decisions based on quantitative and qualitative analysis using a number of different tools, including proprietary software models. Quantitative analysis includes statistical analysis of portfolio risks, factor dependencies and trading tendencies. Qualitative analysis includes analysis of the global economic environment as well as internal and external research on individual securities, portfolio holdings, attribution factors, behavioral patterns and overall market views and scenarios. The Investment Manager may consider a security?s value or growth characteristics in selecting investments for the Portfolio and may invest in securities of any size or market capitalization.


The equity securities in which the Portfolio invests may be denominated in the US dollar, the Canadian dollar, the Euro, the Japanese yen, the Pound Sterling, or the local currency of the issuer. Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of companies whose principal business activities are located in emerging market countries. In addition to common stocks, such equity securities also may include American Depositary Receipts (“ADRs”), Global Depositary Receipts and European Depositary Receipts. Emerging market countries include all countries not represented by the MSCI World Index. The allocation of the Portfolio’s assets among countries and regions may vary from time to time based on the Investment Manager’s judgment and its analysis of market conditions.

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 a 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.


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.


Emerging Market Risk. Emerging market countries 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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio's foreign currency exposure.


Depositary Receipts Risk. ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated.


Value Investing and Growth Investing Risks. The Portfolio invests a portion of its assets in securities 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 Portfolio also invests a portion of its assets in securities 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 securities may be more volatile than other securities because they can be more sensitive to investor perceptions of the issuing company’s growth potential. The securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


Quantitative Model Risk. A quantitative model, such as the risk and other models used by the Investment Manager requires adherence to a systematic, disciplined process. The Investment Manager’s ability to monitor and, if necessary, adjust its quantitative model could be adversely affected by various factors including incorrect or outdated market and other data inputs. Factors that affect a security’s value can change over time, and these changes may not be reflected in the quantitative model. In addition, factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value.


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.


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.


Allocation Risk. The Portfolio’s ability to achieve its investment objective depends in part on the Investment Manager’s skill in determining the Portfolio’s allocation between the investment strategies. The Investment Manager’s evaluations and assumptions underlying its allocation decisions may differ from actual market conditions.


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 Year-by-Year Total Returns for Institutional Shares As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard Emerging Markets Equity Blend 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. Updated performance information is available at www.lazardassetmanagement.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.

Bar Chart
  

Best Quarter:

Q1 12

17.59%

 

 

Worst Quarter:

Q3 11

-24.35%

Average Annual Total Returns (for the periods ended December 31, 2018)

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.

Average Annual Returns - Lazard Emerging Markets Equity Blend Portfolio
1 Year
5 Years
Life of Portfolio
Inception Date
Institutional Shares (21.05%) (0.65%) 1.35% May 28, 2010
Open Shares (21.39%) (0.96%) 1.04% May 28, 2010
R6 Shares (21.05%) (0.65%) 1.35%  
After Taxes on Distributions | Institutional Shares (21.16%) (0.76%) 1.23%  
After Taxes on Distributions and Sale of Fund Shares | Institutional Shares (11.98%) (0.26%) 1.22%  
MSCI Emerging Markets Index (reflects no deduction for fees, expense or taxes) (14.58%) 1.65% 2.93%  
XML 24 R7.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Label Element Value
Lazard US Equity Concentrated Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Lazard US Equity Concentrated 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, a series of The Lazard Funds, Inc. (the “Fund”). Investors transacting in Institutional or R6 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 May 01, 2020
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 69% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 69.00%
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 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 expense limitation agreement in year one only. 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 companies of any market capitalization. The Portfolio has a concentrated portfolio of investments, typically investing in 15 to 35 companies with market capitalizations generally greater than $350 million. The Portfolio seeks to outperform broad-based securities market indices, such as the S&P 500® Index, the Russell 1000® Index and the Russell 3000® Index. The Investment Manager's philosophy employed for the Portfolio is based on value creation through its process of bottom-up stock selection, and the Investment Manager implements a disciplined portfolio construction process. The Investment Manager’s fundamental research seeks to identify investments typically featuring robust organic cash flow, balance sheet strength and operational flexibility.


Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of US companies. The Portfolio may invest up to 20% of its assets in securities of non-US companies.


The Portfolio is classified as “non-diversified” under the Investment Company Act of 1940, as amended, 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 a 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.


Value Investing Risk. The Portfolio invests in securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


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.


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.


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 countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries.


Non-Diversification Risk. The Portfolio’s net asset value 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.


Concentration Risk. A Portfolio’s ability to concentrate its investments may be limited by applicable requirements of the Internal Revenue Code of 1986, as amended, for qualification as a regulated investment company.

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 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 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 Equity Concentrated Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of broad measures 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.lazardassetmanagement.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 Equity Concentrated Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of broad measures of market performance.
Performance Additional Market Index [Text] rr_PerformanceAdditionalMarketIndex The Russell 1000 Value/S&P 500 Linked Index shown in the table is an unmanaged index created by the Investment Manager, which links the performance of the Russell 1000 Value Index for all periods through May 30, 2012 (when the Portfolio’s investment strategy changed) and the S&P 500 Index for all periods thereafter.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 823-6300
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.lazardassetmanagement.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:

Q2 09

19.10%

 

 

Worst Quarter:

Q3 11

-17.12%

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 19.10%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (17.12%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended December 31, 2018)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expense 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 One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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 1000 Value/S&P 500 Linked Index shown in the table is an unmanaged index created by the Investment Manager, which links the performance of the Russell 1000 Value Index for all periods through May 30, 2012 (when the Portfolio’s investment strategy changed) and the S&P 500 Index for all periods thereafter.

Lazard US Equity Concentrated Portfolio | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.70%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.05%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 0.76%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.76% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 78
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 243
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 422
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 942
Annual Return 2009 rr_AnnualReturn2009 24.81%
Annual Return 2010 rr_AnnualReturn2010 12.00%
Annual Return 2011 rr_AnnualReturn2011 (1.47%)
Annual Return 2012 rr_AnnualReturn2012 16.83%
Annual Return 2013 rr_AnnualReturn2013 29.59%
Annual Return 2014 rr_AnnualReturn2014 18.88%
Annual Return 2015 rr_AnnualReturn2015 7.00%
Annual Return 2016 rr_AnnualReturn2016 7.37%
Annual Return 2017 rr_AnnualReturn2017 15.49%
Annual Return 2018 rr_AnnualReturn2018 (6.07%)
1 Year rr_AverageAnnualReturnYear01 (6.07%)
5 Years rr_AverageAnnualReturnYear05 8.18%
10 Years rr_AverageAnnualReturnYear10 11.94%
Life of Portfolio rr_AverageAnnualReturnSinceInception 7.23%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 30, 2005
Lazard US Equity Concentrated Portfolio | Institutional Shares | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (8.47%)
5 Years rr_AverageAnnualReturnYear05 6.10%
10 Years rr_AverageAnnualReturnYear10 10.37%
Life of Portfolio rr_AverageAnnualReturnSinceInception 5.77%
Lazard US Equity Concentrated Portfolio | Institutional Shares | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (1.96%)
5 Years rr_AverageAnnualReturnYear05 6.10%
10 Years rr_AverageAnnualReturnYear10 9.54%
Life of Portfolio rr_AverageAnnualReturnSinceInception 5.49%
Lazard US Equity Concentrated Portfolio | Institutional Shares | S&P 500 Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.38%)
5 Years rr_AverageAnnualReturnYear05 8.49%
10 Years rr_AverageAnnualReturnYear10 13.12%
Life of Portfolio rr_AverageAnnualReturnSinceInception 7.77%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 30, 2005
Lazard US Equity Concentrated Portfolio | Institutional Shares | Russell 1000 Value/S&P 500 Linked Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.38%)
5 Years rr_AverageAnnualReturnYear05 8.49%
10 Years rr_AverageAnnualReturnYear10 12.14%
Life of Portfolio rr_AverageAnnualReturnSinceInception 7.01%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 30, 2005
Lazard US Equity Concentrated Portfolio | Open Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.70%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.08%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.04%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.04% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 106
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 331
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 574
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,271
1 Year rr_AverageAnnualReturnYear01 (6.35%)
5 Years rr_AverageAnnualReturnYear05 7.83%
10 Years rr_AverageAnnualReturnYear10 11.59%
Life of Portfolio rr_AverageAnnualReturnSinceInception 6.91%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 30, 2005
Lazard US Equity Concentrated Portfolio | Open Shares | S&P 500 Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.38%)
5 Years rr_AverageAnnualReturnYear05 8.49%
10 Years rr_AverageAnnualReturnYear10 13.12%
Life of Portfolio rr_AverageAnnualReturnSinceInception 7.77%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 30, 2005
Lazard US Equity Concentrated Portfolio | Open Shares | Russell 1000 Value/S&P 500 Linked Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.38%)
5 Years rr_AverageAnnualReturnYear05 8.49%
10 Years rr_AverageAnnualReturnYear10 12.14%
Life of Portfolio rr_AverageAnnualReturnSinceInception 7.01%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 30, 2005
Lazard US Equity Concentrated Portfolio | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.70%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 1.46%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 2.17%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 1.41% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.76% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 78
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 264
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 467
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,052
1 Year rr_AverageAnnualReturnYear01 (6.08%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 3.99%
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 15, 2016
Lazard US Equity Concentrated Portfolio | R6 Shares | S&P 500 Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.38%)
5 Years rr_AverageAnnualReturnYear05 8.49%
10 Years rr_AverageAnnualReturnYear10 13.12%
Life of Portfolio rr_AverageAnnualReturnSinceInception 8.93%
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 15, 2016
Lazard US Equity Concentrated Portfolio | R6 Shares | Russell 1000 Value/S&P 500 Linked Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.38%)
5 Years rr_AverageAnnualReturnYear05 8.49%
10 Years rr_AverageAnnualReturnYear10 12.14%
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 15, 2016
[1] To the extent the Total Annual Portfolio Operating Expenses of the R6 Shares of the Portfolio exceed the Total Annual Portfolio Operating Expenses of the Portfolio's Institutional Shares (in each case, not including management fees, custodial fees or other expenses related to the management of the Portfolio's assets), Lazard Asset Management LLC (the "Investment Manager") has contractually agreed, until May 1, 2020, to bear the expenses of the R6 Shares in the amount of such excess. This expense limitation agreement will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio.
[2] Excluding Acquired Fund Fees and Expenses, the Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement are .75%, 1.03% and .75% of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively.
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Label Element Value
Lazard US Short Duration Fixed Income Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Lazard US Short Duration Fixed Income Portfolio
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Portfolio seeks total return and preservation of capital.

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 or R6 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 May 01, 2020
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 170% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 170.00%
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 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 expense limitation agreement in year one only. 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

Under normal circumstances, the Portfolio invests at least 80% of its assets in fixed-income securities of US issuers, including US government securities, corporate securities, mortgage-related and asset-backed securities, convertible securities, municipal securities, structured products, preferred stocks and inflation-indexed-securities.


These securities may have any type of interest rate payment terms, including fixed rate, adjustable rate or zero coupon features. Under normal circumstances, the Portfolio’s investment portfolio can be expected to have an average effective duration of three years or less. Duration is an estimate of the sensitivity of the price (the value of principal) of a fixed-income security to a change in interest rates. Generally, the longer the duration, the higher the expected volatility. For example, the market price of a fixed-income security with a duration of three years would be expected to decline 3% if interest rates rose 1%. Conversely, the market price of the same security would be expected to increase 3% if interest rates fell 1%.


The Portfolio invests primarily in securities that are rated investment grade by one or more nationally recognized statistical rating organizations (or, if unrated, determined by the Investment Manager to be of comparable quality).


Securities are evaluated based on their fundamental and structural characteristics. Valuation analysis is tailored to the specific asset class, but may include credit research and analysis of features such as prepayment or call options, maturity, duration and coupon.


The Portfolio may invest up to 20% of its assets in other securities which need not be fixed-income securities of US issuers.

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 a 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.


Fixed-Income and Debt Securities Risk. The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.


Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. Risks associated with rising interest rates are heightened given that the Federal Reserve has raised the federal funds rate several times in recent periods and may continue to increase rates in the future.


The Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering the Portfolio’s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.


Adjustable rate or inflation-linked securities provide the Portfolio with a certain degree of protection against rises in interest rates or inflation rates, respectively, although adjustable rate securities will participate in any declines in interest rates and inflation-linked securities can also decline in value based on changes in the relevant periodic adjustment rate. Certain adjustable rate securities, such as those with interest rates that fluctuate directly or indirectly based on multiples of a stated index, are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and possibly loss of principal. Certain fixed-income securities may be issued at a discount from their face value (such as zero coupon securities) or purchased at a price less than their stated face amount or at a price less than their issue price plus the portion of “original issue discount” previously accrued thereon, i.e., purchased at a “market discount.” The amount of original issue discount and/or market discount on certain obligations may be significant, and accretion of market discount together with original issue discount will cause the Portfolio to realize income prior to the receipt of cash payments with respect to these securities.


Mortgage-Related and Asset-Backed Securities Risk. Mortgage-related securities are complex instruments, subject to both credit and prepayment risk, and may be more volatile and less liquid, and more difficult to price accurately, than more traditional debt securities. Mortgage-related securities generally are subject to credit risks associated with the performance of the underlying mortgage properties. Prepayment risk can lead to fluctuations in value of the mortgage-related security which may be pronounced. As with other interest-bearing securities, the prices of certain mortgage-related securities are inversely affected by changes in interest rates. However, although the value of a mortgage-related security may decline when interest rates rise, the converse is not necessarily true, since during periods of declining interest rates the mortgages underlying the security are more likely to be prepaid.


The risks of asset-backed securities are similar to those of mortgage-related securities. However, asset-backed securities present certain risks that are not presented by mortgage-related securities. Primarily, these securities may provide the Portfolio with a less effective security interest in the related collateral than do mortgage-related securities.


Structured Products Risk. Structured notes and other structured products are privately negotiated debt instruments where the principal and/or interest is determined by reference to a specified asset, market or rate, or the differential performance of two assets or markets. Structured products can have risks of both fixed-income securities and derivatives transactions. Derivatives transactions 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, and they are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related reference assets, markets or rates. As such, a small investment could have a potentially large impact on the Portfolio’s performance. Use of derivatives transactions may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.


Preferred Securities Risk. There are various risks associated with investing in preferred securities. In addition, unlike common stock, participation in the growth of an issuer may be limited.


· Credit risk is the risk that a security held by the Portfolio will decline in price or the issuer of the security will fail to make dividend, interest or principal payments when due because the issuer experiences a decline in its financial status.


· Interest rate risk is the risk that securities will decline in value because of changes in market interest rates. When market interest rates rise, the market value of such securities generally will fall.


· Preferred securities may include provisions that permit the issuer, at its discretion, to defer or omit distributions for a stated period without any adverse consequences to the issuer.


· Preferred securities are generally subordinated to bonds and other debt instruments in an issuer’s capital structure in terms of having priority to corporate income, claims to corporate assets and liquidation payments, and therefore will be subject to greater credit risk than more senior debt instruments.


· During periods of declining interest rates, an issuer may be able to exercise an option to call, or redeem its issue at par earlier than the scheduled maturity. If this occurs during a time of lower or declining interest rates, the Portfolio may have to reinvest the proceeds in lower yielding securities (and the Portfolio may not benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).


· Certain preferred securities may be substantially less liquid than many other securities, such as common stocks or US Government securities. Illiquid securities involve the risk that the securities will not be able to be sold at the time desired by the Portfolio or at prices approximating the value at which the Portfolio is carrying the securities on its books.


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


High Portfolio Turnover Risk. The Portfolio’s investment strategy may involve high portfolio turnover (such as 100% or more). A portfolio turnover rate of 100%, for example, is equivalent to the Portfolio buying and selling all of its securities once during the course of the year. A high portfolio turnover rate could result in high transaction costs and an increase in taxable capital gains distributions to the Portfolio’s shareholders, which will reduce returns to shareholders.


Government Securities Risk. Not all obligations of the US government, its agencies and instrumentalities are backed by the full faith and credit of the US Treasury. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Any guarantee by the US government or its agencies or instrumentalities of a security held by the Portfolio does not apply to the market value of such security or to shares of the Portfolio itself. A security backed by the US Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity.

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 Short Duration Fixed Income 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. Updated performance information is available at www.lazardassetmanagement.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 Short Duration Fixed Income 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 Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 823-6300
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.lazardassetmanagement.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:

Q2 12

1.22%

 

 

Worst Quarter:

Q2 13

-2.24%

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 1.22%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2013
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (2.24%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended December 31, 2018)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expense, 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 One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.


The Portfolio changed its investment strategy on June 28, 2013. Prior to that that date, the Portfolio invested in US municipal securities and the performance prior to June 28, 2013 reflects that investment strategy.

Lazard US Short Duration Fixed Income Portfolio | Bank of America Merrill Lynch 1-3 Year US Treasury Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.59%
5 Years rr_AverageAnnualReturnYear05 0.81%
Life of Portfolio rr_AverageAnnualReturnSinceInception 0.81%
Lazard US Short Duration Fixed Income Portfolio | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.18%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 0.43%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.03% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.40%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 41
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 135
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 238
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 539
Annual Return 2012 rr_AnnualReturn2012 2.54%
Annual Return 2013 rr_AnnualReturn2013 (1.39%)
Annual Return 2014 rr_AnnualReturn2014 0.49%
Annual Return 2015 rr_AnnualReturn2015 0.05%
Annual Return 2016 rr_AnnualReturn2016 1.00%
Annual Return 2017 rr_AnnualReturn2017 0.72%
Annual Return 2018 rr_AnnualReturn2018 1.08%
1 Year rr_AverageAnnualReturnYear01 1.08%
5 Years rr_AverageAnnualReturnYear05 0.67%
Life of Portfolio rr_AverageAnnualReturnSinceInception 1.13%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 28, 2011
Lazard US Short Duration Fixed Income Portfolio | Institutional Shares | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.26%
5 Years rr_AverageAnnualReturnYear05 0.21%
Life of Portfolio rr_AverageAnnualReturnSinceInception 0.60%
Lazard US Short Duration Fixed Income Portfolio | Institutional Shares | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.63%
5 Years rr_AverageAnnualReturnYear05 0.31%
Life of Portfolio rr_AverageAnnualReturnSinceInception 0.66%
Lazard US Short Duration Fixed Income Portfolio | Open Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 37.50%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 38.00%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 37.35% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.65%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 66
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 5,596
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 8,078
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 9,827
1 Year rr_AverageAnnualReturnYear01 0.88%
5 Years rr_AverageAnnualReturnYear05 0.61%
Life of Portfolio rr_AverageAnnualReturnSinceInception 0.98%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 28, 2011
Lazard US Short Duration Fixed Income Portfolio | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.18% [2]
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 0.43%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.08% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.35%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates “Other Expenses” are based on estimated amounts for the current fiscal year, using “Other Expenses” for Institutional Shares from the last fiscal year.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 36
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 130
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 233
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 534
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares.
1 Year rr_AverageAnnualReturnYear01 1.08%
5 Years rr_AverageAnnualReturnYear05 0.67%
Life of Portfolio rr_AverageAnnualReturnSinceInception 1.13%
[1] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed .40%, .65% and .35% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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.
[2] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last fiscal year.
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Total
Lazard Real Assets and Pricing Opportunities Portfolio
Lazard Real Assets and Pricing Opportunities 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 or R6 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 Real Assets and Pricing Opportunities Portfolio
Institutional Shares
Open Shares
R6 Shares
Management Fees 0.70% 0.70% 0.70%
Distribution and Service (12b-1) Fees none 0.25% none
Other Expenses 1.34% 12.77% 1.34% [1]
Acquired Fund Fees and Expenses 0.02% 0.02% 0.02% [1]
Total Annual Portfolio Operating Expenses 2.06% 13.74% 2.06%
Fee Waiver and/or Expense Reimbursement [2] 1.14% 12.57% 1.19%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement [3] 0.92% 1.17% 0.87%
[1] Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last 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 May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed .90%, 1.15% and .85% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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.
[3] Excluding Acquired Fund Fees and Expenses, the Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement are .90%, 1.15% and .85% of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively.
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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Lazard Real Assets and Pricing Opportunities Portfolio - USD ($)
1 year
3 years
5 years
10 years
Institutional Shares 94 535 1,003 2,299
Open Shares 119 2,729 4,902 8,875
R6 Shares 89 531 999 2,295
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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 72% of the average value of its portfolio.

Principal Investment Strategies

Under normal market conditions, the Portfolio invests at least 80% of its assets in real assets and pricing opportunities investments, including instruments providing exposure to such investments (such as derivative instruments).


“Real assets” are considered by the Portfolio to be:


(i) assets that have physical properties, such as:


· natural resources, such as energy and materials (e.g., metals and mining, paper and forestry and chemicals)


· real estate, such as real estate investment trusts (“REITs”) and real estate operating companies (“Real Estate Investments”)


· equipment and industrials, such as tools, hardware, machinery and other industrial components


· infrastructure, such as utilities, transport, communications, pipelines, seaports, airports and toll roads


· commodities, such as physical commodities with tangible properties such as gas, oil, metals, livestock or agricultural products


(ii) companies that own or derive a significant portion of their value from such assets listed above or the production thereof; and (iii) inflation-indexed securities.


“Pricing opportunities” investments are made in companies that the Investment Manager believes may perform well during periods of high inflation. Such companies may include those in the consumer discretionary, consumer staples, health care, information technology and telecommunications services sectors.


Allocation of the Portfolio’s assets by the Investment Manager among these real assets categories and pricing opportunities sectors will vary, and over time exposures to new categories and sectors may be added or exposures to existing categories and sectors may be eliminated.


The Portfolio may invest in a mix of equity and fixed income securities of US and non-US companies, including emerging markets companies, as well as commodity-linked and other derivative instruments. In addition to investing in inflation-indexed fixed income securities (which may be of any credit quality or maturity), the Portfolio may invest in fixed income securities, typically government securities (which may be of various maturities), in connection with the Portfolio’s derivatives exposures (i.e., a type of margin or collateral). The Portfolio’s investments in fixed income securities also may include securities which, at the time of purchase, are rated below “investment grade” by a nationally recognized statistical rating organization, or the unrated equivalent as determined by the Investment Manager (“junk bonds”). The Portfolio also may invest in exchange-traded open-end management investment companies (“ETFs”) and similar products such as exchange-traded notes (“ETNs”), which generally pursue a passive index-based strategy. The Portfolio may invest in companies of any market capitalization.


The Portfolio may gain exposure to the commodity markets by investing up to 25% of the Portfolio’s total assets in a wholly-owned subsidiary formed under the laws of the Cayman Islands (the “Subsidiary”), which invests mainly in commodity-linked derivative instruments (including, but not limited to, futures contracts, options and total return swaps) and fixed income securities, typically government securities, in connection with the Subsidiary’s derivatives exposures (i.e., a type of margin or collateral).


The Investment Manager’s process for selecting investments for the Portfolio may include a variety of approaches, such a fundamental, bottom-up analysis, qualitative evaluations and quantitative models or a combination of these or other approaches. The process used will usually vary for different types of real assets categories, or category subsets.


In addition, the Portfolio may, but is not required to (1) enter into futures contracts; forward currency contracts; equity, total return, interest rate, credit default and currency swap agreements; (2) write put and call options on securities (including ETFs), indexes and currencies; and (3) invest in structured notes, in each case for hedging purposes or to seek to increase returns, including as a substitute for a direct investment in securities. When the Portfolio or the Subsidiary enters into derivatives transactions, it may be required to segregate liquid assets or enter into offsetting positions, in accordance with applicable regulations.

Principal Investment Risks

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


Allocation Risk. The Portfolio’s ability to achieve its investment objective depends in part on the Investment Manager’s skill in determining the Portfolio’s allocation among real assets categories. The Investment Manager’s evaluations and assumptions underlying its allocation decisions may differ from actual market conditions.


Market Risk. Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of a 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.


Natural Resources Risk. Investments related to natural resources may be affected by numerous factors, including events occurring in nature, inflationary pressures and domestic and international politics. For example, events occurring in nature (such as earthquakes or fires in prime natural resource areas) and political events (such as coups or military confrontations) can affect the overall supply of a natural resource and the value of companies involved in such natural resource. Political risks and other risks to which non-US companies are subject also may affect US companies if they have significant operations or investments in non-US countries. In addition, interest rates, prices of raw materials and other commodities, international economic developments, energy conservation, tax and other government regulations (both US and non-US) may affect the supply of and demand for natural resources, which can affect the profitability and value of securities issued by companies in the natural resources category. Securities of companies within specific natural resources sub-categories can perform differently than the overall market. This may be due to changes in such things as the regulatory or competitive environment or to changes in investor perceptions.


Real Estate Investments Risk. The Portfolio’s investments in Real Estate Investments could lose money due to the performance of real estate-related securities even if securities markets generally are experiencing positive results. The performance of investments made by the Portfolio may be determined to a great extent by the current status of the real estate industry in general, or by other factors (such as interest rates and the availability of loan capital) that may affect the real estate industry, even if other industries would not be so affected. Consequently, Real Estate Investments could lead to investment results that may be significantly different from investments in other real assets categories or investments in the broader securities markets.


The risks related to investments in Real Estate Investments include, but are not limited to: adverse changes in general economic and local market conditions; adverse developments in employment; changes in supply or demand for similar or competing properties; unfavorable changes in applicable taxes, governmental regulations and interest rates; operating or development expenses; and lack of available financing.


Due to certain special considerations that apply to REITs, investments in REITs may carry additional risks not necessarily present in investments in other securities. REIT securities (including those trading on national exchanges) typically have trading volumes that are less than those of other types of stocks traded on national exchanges, which may affect the Portfolio’s ability to trade or liquidate those securities. An investment in REITs may be adversely affected if the REIT fails to comply with applicable laws and regulations, including failing to qualify as a REIT under the Internal Revenue Code of 1986, as amended. Failure to qualify with any of these requirements could jeopardize a company’s status as a REIT. The Portfolio generally will have no control over the operations and policies of a REIT, and the Portfolio generally will have no ability to cause a REIT to take the actions necessary to qualify as a REIT.


Infrastructure Companies Risk. Securities and instruments of infrastructure companies are more susceptible to adverse economic or regulatory occurrences affecting their industries. Infrastructure companies may be subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, high leverage, costs associated with environmental and other regulations, the effects of economic slowdown, surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Infrastructure companies also may be affected by or subject to, among other factors, regulation by various government authorities, including rate regulation, and service interruption due to environmental, operational or other mishaps.


Commodities-Related Investments Risk. Exposure to the commodities markets may subject the Portfolio and the Subsidiary to greater volatility than other types of investments. The values of commodities and commodity-linked derivative instruments are affected by events that may have less impact on the values of equity and fixed income securities. Investments linked to the prices of commodities are considered speculative. Because the value of a commodity-linked derivative instrument, such as a futures contract on a physical commodity, typically is based upon the price movements of the underlying reference asset, index or rate, the value of these instruments will rise or fall in response to changes in the underlying reference asset, index or rate. Prices of commodities and commodity-linked investments may fluctuate significantly over short periods for a variety of factors, including: changes in supply and demand relationships; weather; agricultural or livestock markets; agricultural or livestock disease or pestilence; trade relationships; fiscal, monetary and exchange control programs; and embargoes, tariffs, terrorism and international economic, political, military and regulatory developments.


Inflation-Indexed Security Risk. Interest payments on inflation-indexed securities can be unpredictable and will vary as the principal and/or interest is periodically adjusted based on the rate of inflation. If the index measuring inflation falls, the interest payable on these securities will be reduced. The US Treasury has guaranteed that, in the event of a drop in prices, it would repay the par amount of its inflation-indexed securities. Inflation-indexed securities issued by corporations generally do not guarantee repayment of principal. Any increase in the principal amount of an inflation-indexed security will be considered taxable ordinary income, even though investors do not receive their principal until maturity. As a result, the Portfolio may be required to make annual distributions to shareholders that exceed the cash the Portfolio received, which may cause the Portfolio to liquidate certain investments when it is not advantageous to do so. Also, if the principal value of an inflation-indexed security is adjusted downward due to deflation, amounts previously distributed may be characterized in some circumstances as a return of capital.


Fixed-Income and Debt Securities Risk. The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.


Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. Risks associated with rising interest rates are heightened given that the Federal Reserve has raised the federal funds rate several times in recent periods and may continue to increase rates in the future.


The Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering the Portfolio’s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.


Some debt securities may give the issuer the option to call, or redeem, the securities before their maturity, and, during a time of declining interest rates, the Portfolio may have to reinvest the proceeds of called or redeemed securities in an investment offering a lower yield (and the Portfolio may not fully benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).


Structured notes are privately negotiated debt instruments where the principal and/or interest is determined by reference to a specified asset, market or rate, or the differential performance of two assets or markets. Structured notes can have risks of both debt securities and derivatives transactions.


Government Securities Risk. Not all obligations of the US government, its agencies and instrumentalities are backed by the full faith and credit of the US Treasury. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Any guarantee by the US government or its agencies or instrumentalities of a security held by the Portfolio does not apply to the market value of such security or to shares of the Portfolio itself. A security backed by the US Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity.


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.


Emerging Market Risk. Emerging market countries 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.


Quantitative Model Risk. A quantitative model, such as the risk and other models used by the Investment Manager requires adherence to a systematic, disciplined process. The Investment Manager’s ability to monitor and, if necessary, adjust its quantitative model could be adversely affected by various factors including incorrect or outdated market and other data inputs. Factors that affect a security’s value can change over time, and these changes may not be reflected in the quantitative model. In addition, factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value.


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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies.


Liquidity Risk. The lack of a readily available market may limit the ability of the Portfolio to sell certain securities and other investments at the time and price it would like. The size of certain securities offerings of emerging markets issuers may be relatively smaller in size than offerings in more developed markets and, in some cases, the Portfolio, by itself or together with other Portfolios or other accounts managed by the Investment Manager, may hold a position in a security that is large relative to the typical trading volume for that security; these factors can make it difficult for the Portfolio to dispose of the position at the desired time or price.


Derivatives and Hedging Risk. Derivatives transactions, including those entered into for hedging purposes (i.e., seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Over-the-counter swap agreements, forward currency contracts, over-the-counter options on securities (including ETFs), indexes and currencies, structured notes and other over-the-counter derivatives transactions are subject to the risk of default by the counterparty and can be illiquid and difficult to value. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which the Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of the reference asset, index or rate. As such, a small investment could have a potentially large impact on the Portfolio’s performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions. The same risks, as applicable, apply to derivatives transactions by the Subsidiary.


ETFs and Similar Products Risk. Shares of ETFs and similar products such as ETNs in which the Portfolio may invest may trade at prices that vary from their net asset values, sometimes significantly. The shares of ETFs, ETNs and similar products may trade at prices at, below or above their most recent net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. ETNs may not trade in the secondary market, but typically are redeemable by the issuer. The Portfolio’s investments in ETFs and similar products are subject to the risks of investments made by the ETFs and similar products, as well as to the general risks of investing in ETFs and similar products. Portfolio shares will bear not only the Portfolio’s management fees and operating expenses, but also their proportional share of the management fees and operating expenses of the ETFs and similar products in which the Portfolio invests. While ETNs do not have management fees, they are subject to certain investor fees. ETNs are debt securities that, like ETFs, typically are listed on exchanges and their terms generally provide for a return that tracks specified market indexes. However, unlike ETFs, ETNs are not registered investment companies and thus are not regulated under the 1940 Act. In addition, as debt securities, ETNs are subject to the additional risk of the creditworthiness of the issuer. ETNs typically do not make periodic interest payments.


Tax Status Risk. Income and gains from commodities or certain commodity-linked derivative instruments do not constitute “qualifying income” to the Portfolio for purposes of qualification as a “regulated investment company” for federal income tax purposes. Without such qualification, the Portfolio could be subject to tax. The tax treatment of some of the Portfolio’s investments in the Subsidiary and commodity-linked derivatives may be adversely affected by future legislation, regulations of the US Treasury Department or guidance issued by the Internal Revenue Service, or otherwise affect the character, timing and/or amount of the Portfolio’s taxable income or any gains and distributions made by the Portfolio.


Subsidiary Risk. The Portfolio invests in the Subsidiary, which is not registered as an investment company under the 1940 Act. A regulatory change in the US or the Cayman Islands, under which the Portfolio and the Subsidiary, respectively, are organized, that impacts the Subsidiary or how the Portfolio invests in the Subsidiary, such as a change in tax law, could adversely affect the Portfolio. By investing in the Subsidiary, the Portfolio is exposed to the risks associated with the Subsidiary’s investments, which generally include the risks of investing in commodity-related derivative instruments (described elsewhere in this Prospectus).


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 Year-by-Year Total Returns for Institutional Shares As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard Real Assets and Pricing Opportunities 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. Updated performance information is available at www.lazardassetmanagement.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.

Bar Chart
  

Best Quarter:

Q4 17

3.47%

 

 

Worst Quarter:

Q4 18

-7.23%

Average Annual Total Returns (for the periods ended December 31, 2018)

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.


The Real Assets Custom Index shown in the table is an unmanaged index created by the Investment Manager, and is comprised of 20% MSCI World (Net) Index, 20% MSCI World Core Infrastructure USD Hedged Index, 20% MSCI ACWI IMI Core Real Estate Index, 20% Bloomberg Barclays Commodity Total Return Index and 20% Bloomberg Barclays World Government Inflation-Linked 1-10 Year USD Hedged Index. The Portfolio considers the Real Assets Index to be a more suitable benchmark to compare the Portfolio’s performance given the Portfolio’s investment policies than the 70% MSCI World (Hedged USD) Index/30% Barclays World Inflation Linked Bonds (Hedged USD) Index. Performance of the 70/30 Index will not be shown in the future.

Average Annual Returns - Lazard Real Assets and Pricing Opportunities Portfolio
1 Year
Life of Portfolio
Inception Date
Institutional Shares (7.55%) 0.79% Dec. 30, 2016
Open Shares (7.79%) 0.39% Jan. 09, 2017
R6 Shares (7.55%) 0.79%  
After Taxes on Distributions | Institutional Shares (8.77%) (0.24%)  
After Taxes on Distributions and Sale of Fund Shares | Institutional Shares (3.80%) 0.48%  
MSCI World Index (reflects no deduction for fees, expense or taxes) | Institutional Shares (8.71%) 5.71% Dec. 30, 2016
MSCI World Index (reflects no deduction for fees, expense or taxes) | Open Shares (8.71%) 4.98% Jan. 09, 2017
MSCI World Index (reflects no deduction for fees, expense or taxes) | R6 Shares (8.71%) 5.71%  
70% MSCI World (USD Hedged) Index / 30% Barclays World Inflation-Linked Bond (USD Hedged) Index (reflects no deduction for fees, expense or taxes) | Institutional Shares (4.41%) 4.61% Dec. 30, 2016
70% MSCI World (USD Hedged) Index / 30% Barclays World Inflation-Linked Bond (USD Hedged) Index (reflects no deduction for fees, expense or taxes) | Open Shares (4.41%) 4.14% Jan. 09, 2017
70% MSCI World (USD Hedged) Index / 30% Barclays World Inflation-Linked Bond (USD Hedged) Index (reflects no deduction for fees, expense or taxes) | R6 Shares (4.41%) 4.61%  
Real Assets Custom Index (reflects no deduction for fees, expense or taxes) | Institutional Shares (4.92%) 2.83% Dec. 30, 2016
Real Assets Custom Index (reflects no deduction for fees, expense or taxes) | Open Shares (4.92%) 2.63% Jan. 09, 2017
Real Assets Custom Index (reflects no deduction for fees, expense or taxes) | R6 Shares (4.92%) 2.83%  
XML 28 R177.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Label Element Value
Lazard Global Dynamic Multi-Asset Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Lazard Global Dynamic Multi-Asset Portfolio
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Portfolio seeks total return.

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 or R6 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 May 01, 2020
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 120% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 120.00%
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 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 expense limitation agreement in year one only. 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 Investment Manager allocates the Portfolio’s assets among various US and non-US equity and fixed-income strategies managed by the Investment Manager in proportions consistent with the Investment Manager’s evaluation of various economic and other factors designed to estimate probabilities, including volatility. The Investment Manager makes allocation decisions among the strategies based on quantitative and qualitative analysis using a number of different tools, including proprietary software models and input from the Investment Manager?s research analysts. At any given time the Portfolio?s assets may not be allocated to all strategies.


A principal component of the Investment Manager’s investment process for the Portfolio is volatility management. The Investment Manager generally will seek to achieve, over a full market cycle, a level of volatility in the Portfolio’s performance of approximately 10%. Volatility, a risk measurement, measures the magnitude of up and down fluctuations in the value of a financial instrument or index over time.


As a consequence of allocating its assets among various of the Investment Manager’s investment strategies, the Portfolio may: 


· invest in US and non-US equity and debt securities (including those of companies with business activities located in emerging market countries and securities issued by governments of such countries), depositary receipts and shares, currencies and related instruments, and structured notes 


· invest in exchange-traded open-end management investment companies (“ETFs”) and similar products, which generally pursue a passive index-based strategy


· invest in securities of companies of any size or market capitalization


· invest in debt securities of any maturity or duration 


· invest in securities of any particular quality or investment grade and, as a result, the Portfolio may invest significantly in securities rated below investment grade (e.g., lower than Baa by Moody’s Investors Service, Inc. or lower than BBB by Standard & Poor’s Ratings Group) (“junk bonds”) or securities that are unrated 


· enter into swap agreements (including credit default swap agreements) and forward contracts, and may purchase and write put and covered call options, on securities, indexes and currencies, for hedging purposes (although it is not required to do so) or to seek to increase returns


Under normal market conditions, the Portfolio invests significantly (at least 40%—unless market conditions are not deemed favorable by the Investment Manager, in which case the Portfolio would invest at least 30%) in issuers organized or located outside the US or doing a substantial amount of business outside the US, securities denominated in a foreign currency or foreign currency forward contracts.

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.


Allocation Risk. The Portfolio’s ability to achieve its investment objective depends in part on the Investment Manager’s skill in determining the Portfolio’s allocation among the investment strategies. The Investment Manager’s evaluations and assumptions underlying its allocation decisions may differ from actual market conditions.


Market Risk. Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of a 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.


Volatility Management Risk. While the Investment Manager generally will seek to achieve, over a full market cycle, the level of volatility in the Portfolio’s performance as described above, there can be no guarantee that this will be achieved; actual or realized volatility for any particular period may be materially higher or lower depending on market conditions. In addition, the Investment Manager’s efforts to manage the Portfolio’s volatility can be expected, in a period of generally positive equity market returns, to reduce the Portfolio’s performance below what could be achieved without seeking to manage volatility and, thus, the Portfolio would generally be expected to underperform market indices that do not seek to achieve a specified level of volatility.


Value Investing and Growth Investing Risks. The Portfolio invests a portion of its assets in securities 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 Portfolio also invests a portion of its assets in securities 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 securities may be more volatile than other securities because they can be more sensitive to investor perceptions of the issuing company’s growth potential. The securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


Quantitative Model Risk. A quantitative model, such as the risk and other models used by the Investment Manager requires adherence to a systematic, disciplined process. The Investment Manager’s ability to monitor and, if necessary, adjust its quantitative model could be adversely affected by various factors including incorrect or outdated market and other data inputs. Factors that affect a security’s value can change over time, and these changes may not be reflected in the quantitative model. In addition, factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value.


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.


Emerging Market Risk. Emerging market countries 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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio’s foreign currency exposure.


Fixed-Income and Debt Securities Risk. The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.


Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. Risks associated with rising interest rates are heightened given that the Federal Reserve has raised the federal funds rate several times in recent periods and may continue to increase rates in the future.


The Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering the Portfolio’s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.


Some debt securities may give the issuer the option to call, or redeem, the securities before their maturity, and, during a time of declining interest rates, the Portfolio may have to reinvest the proceeds of called or redeemed securities in an investment offering a lower yield (and the Portfolio may not fully benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).


Structured notes are privately negotiated debt instruments where the principal and/or interest is determined by reference to a specified asset, market or rate, or the differential performance of two assets or markets. Structured notes can have risks of both debt securities and derivatives transactions.


ETF Risk. Shares of ETFs may trade at prices that vary from their net asset values, sometimes significantly. The shares of ETFs may trade at prices at, below or above their most recent net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. The Portfolio’s investments in ETFs are subject to the risks of such ETF’s investments, as well as to the general risks of investing in ETFs. Portfolio shares will bear not only the Portfolio’s management fees and operating expenses, but also their proportional share of the management fees and operating expenses of the ETFs in which the Portfolio invests. The Portfolio may be limited by the Investment Company Act of 1940, as amended, in the amount of its assets that may be invested in ETFs unless an ETF has received an exemptive order from the Securities and Exchange Commission on which the Portfolio may rely or an exemption is available.


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.


Liquidity Risk. The lack of a readily available market may limit the ability of the Portfolio to sell certain securities and other investments at the time and price it would like. The size of certain securities offerings of emerging markets issuers may be relatively smaller in size than offerings in more developed markets and, in some cases, the Portfolio, by itself or together with other Portfolios or other accounts managed by the Investment Manager, may hold a position in a security that is large relative to the typical trading volume for that security; these factors can make it difficult for the Portfolio to dispose of the position at the desired time or price.


Derivatives and Hedging Risk. Derivatives transactions, including those entered into for hedging purposes (i.e., seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Swap agreements, forward currency contracts, over-the-counter options on securities, indexes and currencies, structured notes and other over-the-counter derivatives transactions are subject to the risk of default by the counterparty and can be illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which the Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of the related security, index or currency. As such, a small investment could have a potentially large impact on the Portfolio?s performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager?s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.


High Portfolio Turnover Risk. The Portfolio’s investment strategy may involve high portfolio turnover (such as 100% or more). A portfolio turnover rate of 100%, for example, is equivalent to the Portfolio buying and selling all of its securities once during the course of the year. A high portfolio turnover rate could result in high transaction costs and an increase in taxable capital gains distributions to the Portfolio’s shareholders, which will reduce returns to shareholders.


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.
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 Global Dynamic Multi-Asset Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of broad measures of market performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year. Updated performance information is available at www.lazardassetmanagement.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 Global Dynamic Multi-Asset Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of broad measures of market performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 823-6300
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.lazardassetmanagement.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:

Q1 17

5.60%

 

 

Worst Quarter:

Q4 18

-9.19%

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2017
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 5.60%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2018
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (9.19%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended December 31, 2018)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expense, 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 One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio's R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio's Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.

Lazard Global Dynamic Multi-Asset Portfolio | MSCI World Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (8.71%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 6.52%
Lazard Global Dynamic Multi-Asset Portfolio | 50% MSCI World Index / 50% Bloomberg Barclays Global Aggregate Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.79%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 3.82%
Lazard Global Dynamic Multi-Asset 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 0.54%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.34%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.44% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.90%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 92
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 381
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 692
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,574
Annual Return 2017 rr_AnnualReturn2017 20.69%
Annual Return 2018 rr_AnnualReturn2018 (6.35%)
1 Year rr_AverageAnnualReturnYear01 (6.35%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 5.04%
Inception Date rr_AverageAnnualReturnInceptionDate May 27, 2016
Lazard Global Dynamic Multi-Asset Portfolio | Institutional Shares | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (9.93%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 2.73%
Lazard Global Dynamic Multi-Asset Portfolio | Institutional Shares | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (2.10%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 3.41%
Lazard Global Dynamic Multi-Asset 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 3.15%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 4.20%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 3.05% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.15%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 117
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 997
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,890
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 4,187
1 Year rr_AverageAnnualReturnYear01 (6.64%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 4.72%
Inception Date rr_AverageAnnualReturnInceptionDate May 27, 2016
Lazard Global Dynamic Multi-Asset 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 0.54% [2]
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.34%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.44% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.90%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates “Other Expenses” are based on estimated amounts for the current fiscal year, using “Other Expenses” for Institutional Shares from the last fiscal year.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 92
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 381
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 692
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,574
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Returns shown below for the Portfolio's R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio's Institutional Shares.
1 Year rr_AverageAnnualReturnYear01 (6.35%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 5.04%
[1] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed .90%, 1.15% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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.
[2] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last fiscal year.
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Label Element Value
Lazard Emerging Markets Equity Blend Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Lazard Emerging Markets Equity Blend 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, a series of The Lazard Funds, Inc. (the “Fund”). Investors transacting in Institutional or R6 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 May 01, 2020
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 61% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 61.00%
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 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. 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 Investment Manager allocates the Portfolio’s assets among various emerging markets equity strategies managed by the Investment Manager (and other emerging markets equity securities held in other strategies managed by the Investment Manager) in proportions consistent with the Investment Manager’s evaluation of various economic and other factors through quantitative and qualitative analysis. These proportions are changed from time to time without notice to shareholders, and at any given time the allocation to one strategy, region or country may comprise a substantial percentage of the Portfolio?s assets, or conversely, there may be no allocation to any such strategy, region or country. The Investment Manager will make allocation and securities selection decisions based on quantitative and qualitative analysis using a number of different tools, including proprietary software models. Quantitative analysis includes statistical analysis of portfolio risks, factor dependencies and trading tendencies. Qualitative analysis includes analysis of the global economic environment as well as internal and external research on individual securities, portfolio holdings, attribution factors, behavioral patterns and overall market views and scenarios. The Investment Manager may consider a security?s value or growth characteristics in selecting investments for the Portfolio and may invest in securities of any size or market capitalization.


The equity securities in which the Portfolio invests may be denominated in the US dollar, the Canadian dollar, the Euro, the Japanese yen, the Pound Sterling, or the local currency of the issuer. Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of companies whose principal business activities are located in emerging market countries. In addition to common stocks, such equity securities also may include American Depositary Receipts (“ADRs”), Global Depositary Receipts and European Depositary Receipts. Emerging market countries include all countries not represented by the MSCI World Index. The allocation of the Portfolio’s assets among countries and regions may vary from time to time based on the Investment Manager’s judgment and its analysis of market conditions.

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 a 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.


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.


Emerging Market Risk. Emerging market countries 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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio's foreign currency exposure.


Depositary Receipts Risk. ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated.


Value Investing and Growth Investing Risks. The Portfolio invests a portion of its assets in securities 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 Portfolio also invests a portion of its assets in securities 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 securities may be more volatile than other securities because they can be more sensitive to investor perceptions of the issuing company’s growth potential. The securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


Quantitative Model Risk. A quantitative model, such as the risk and other models used by the Investment Manager requires adherence to a systematic, disciplined process. The Investment Manager’s ability to monitor and, if necessary, adjust its quantitative model could be adversely affected by various factors including incorrect or outdated market and other data inputs. Factors that affect a security’s value can change over time, and these changes may not be reflected in the quantitative model. In addition, factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value.


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.


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.


Allocation Risk. The Portfolio’s ability to achieve its investment objective depends in part on the Investment Manager’s skill in determining the Portfolio’s allocation between the investment strategies. The Investment Manager’s evaluations and assumptions underlying its allocation decisions may differ from actual market conditions.


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.
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 Emerging Markets Equity Blend 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. Updated performance information is available at www.lazardassetmanagement.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 Emerging Markets Equity Blend 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 Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 823-6300
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.lazardassetmanagement.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:

Q1 12

17.59%

 

 

Worst Quarter:

Q3 11

-24.35%

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 17.59%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (24.35%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended December 31, 2018)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expense, 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 One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.

Lazard Emerging Markets Equity Blend Portfolio | MSCI Emerging Markets Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (14.58%)
5 Years rr_AverageAnnualReturnYear05 1.65%
Life of Portfolio rr_AverageAnnualReturnSinceInception 2.93%
Lazard Emerging Markets Equity Blend Portfolio | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.15%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.15%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.15%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 117
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 365
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 633
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,398
Annual Return 2011 rr_AnnualReturn2011 (20.43%)
Annual Return 2012 rr_AnnualReturn2012 18.19%
Annual Return 2013 rr_AnnualReturn2013 (1.14%)
Annual Return 2014 rr_AnnualReturn2014 (8.66%)
Annual Return 2015 rr_AnnualReturn2015 (12.74%)
Annual Return 2016 rr_AnnualReturn2016 13.12%
Annual Return 2017 rr_AnnualReturn2017 35.98%
Annual Return 2018 rr_AnnualReturn2018 (21.05%)
1 Year rr_AverageAnnualReturnYear01 (21.05%)
5 Years rr_AverageAnnualReturnYear05 (0.65%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 1.35%
Inception Date rr_AverageAnnualReturnInceptionDate May 28, 2010
Lazard Emerging Markets Equity Blend Portfolio | Institutional Shares | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (21.16%)
5 Years rr_AverageAnnualReturnYear05 (0.76%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 1.23%
Lazard Emerging Markets Equity Blend Portfolio | Institutional Shares | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (11.98%)
5 Years rr_AverageAnnualReturnYear05 (0.26%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 1.22%
Lazard Emerging Markets Equity Blend Portfolio | Open Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.28%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.53%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.03% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.50%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 153
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 480
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 831
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,821
1 Year rr_AverageAnnualReturnYear01 (21.39%)
5 Years rr_AverageAnnualReturnYear05 (0.96%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 1.04%
Inception Date rr_AverageAnnualReturnInceptionDate May 28, 2010
Lazard Emerging Markets Equity Blend Portfolio | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.15% [2]
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.15%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.15%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates “Other Expenses” are based on estimated amounts for the current fiscal year, using “Other Expenses” for Institutional Shares from the last fiscal year.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 117
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 365
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 633
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,398
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares.
1 Year rr_AverageAnnualReturnYear01 (21.05%)
5 Years rr_AverageAnnualReturnYear05 (0.65%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 1.35%
[1] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed 1.25%, 1.50% and 1.20% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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.
[2] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last fiscal year.
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Total
Lazard Global Equity Select Portfolio
Lazard Global Equity Select Portfolio
Investment Objective

The Portfolio seeks long-term capital appreciation.

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 or R6 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 Global Equity Select Portfolio
Institutional Shares
Open Shares
R6 Shares
Management Fees [1] 0.65% 0.65% 0.65%
Distribution and Service (12b-1) Fees none 0.25% none
Other Expenses 0.28% 1.75% 0.28% [2]
Total Annual Portfolio Operating Expenses 0.93% 2.65% 0.93%
Fee Waiver and/or Expense Reimbursement [3] 0.03% 1.50% 0.08%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.90% 1.15% 0.85%
[1] Restated to reflect current management fee.
[2] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last fiscal year.
[3] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed .90%, 1.15% and .85% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Lazard Global Equity Select Portfolio - USD ($)
1 year
3 years
5 years
10 years
Institutional Shares 92 293 512 1,140
Open Shares 117 681 1,271 2,872
R6 Shares 87 288 507 1,136
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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 34% of the average value of its portfolio.

Principal Investment Strategies

The Portfolio invests primarily in equity securities, principally common stocks, of companies that the Investment Manager believes have strong and/or improving financial productivity and are undervalued based on their earnings, cash flow or asset values. In managing the Portfolio, the Investment Manager utilizes a flexible investment approach and engages in bottom-up, fundamental security analysis and selection. The Portfolio may invest in securities across the capitalization spectrum.


Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities. In addition, under normal market conditions, the Portfolio invests significantly (at least 40%—unless market conditions are not deemed favorable by the Investment Manager, in which case the Portfolio would invest at least 30%) in non-US companies. The Investment Manager will allocate the Portfolio’s assets among various regions and countries, including the United States (but in no less than three different countries). The Portfolio’s investments in non-US companies may include companies whose principal business activities are located in emerging market countries.


Although the Portfolio is classified as “diversified” under the Investment Company Act of 1940, as amended, it may invest in a smaller number of issuers than other, more diversified investment portfolios.

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 a 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.


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.


Emerging Market Risk. Emerging market countries 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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio’s foreign currency exposure.


Focused Investing Risk. The Portfolio’s net asset value 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.


Value Investing Risk. The Portfolio invests in securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


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.


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 Year-by-Year Total Returns for Institutional Shares As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard Global Equity Select 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. Updated performance information is available at www.lazardassetmanagement.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.

Bar Chart
  

Best Quarter:

Q1 17

8.17%

 

 

Worst Quarter:

Q4 18

-11.95%

Average Annual Total Returns (for the periods ended December 31, 2018)

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.

Average Annual Returns - Lazard Global Equity Select Portfolio
1 Year
5 Years
Life of Portfolio
Inception Date
Institutional Shares (7.12%) 5.03% 5.03% Dec. 31, 2013
Open Shares (7.33%) 4.73% 4.73% Dec. 31, 2013
R6 Shares (7.12%) 5.03% 5.03%  
After Taxes on Distributions | Institutional Shares (7.76%) 4.63% 4.63%  
After Taxes on Distributions and Sale of Fund Shares | Institutional Shares (3.66%) 3.94% 3.94%  
MSCI All Country World Index (reflects no deduction for fees, expense or taxes) (9.42%) 4.26% 4.26%  

XML 35 R94.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Total
Lazard Emerging Markets Core Equity Portfolio
Lazard Emerging Markets Core Equity Portfolio
Investment Objective

The Portfolio seeks long-term capital appreciation.

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 or R6 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 Emerging Markets Core Equity Portfolio
Institutional Shares
Open Shares
R6
Management Fees 1.00% 1.00% 1.00%
Distribution and Service (12b-1) Fees none 0.25% none
Other Expenses 0.18% 0.75% 6.68%
Total Annual Portfolio Operating Expenses 1.18% 2.00% 7.68%
Fee Waiver and/or Expense Reimbursement [1] 0.50% 6.52%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.18% 1.50% 1.16%
[1] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed 1.25%, 1.50% and 1.20% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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. To the extent the Total Annual Portfolio Operating Expenses of the R6 Shares of the Portfolio exceed the Total Annual Portfolio Operating Expenses of the Portfolio's Institutional Shares (in each case, not including management fees, custodial fees or other expenses related to the management of the Portfolio's assets), the Investment Manager has contractually agreed, until May 1, 2020, to bear the expenses of the R6 Shares in the amount of such excess. This expense limitation agreement 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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Lazard Emerging Markets Core Equity Portfolio - USD ($)
1 year
3 years
5 years
10 years
Institutional Shares 120 375 649 1,432
Open Shares 153 579 1,032 2,287
R6 118 1,671 3,141 6,486
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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 30% of the average value of its portfolio.

Principal Investment Strategies

In managing the Portfolio, the Investment Manager utilizes a flexible, core investment approach and engages in bottom-up, fundamental security analysis and selection. The Investment Manager may consider a security’s growth or value potential in managing the Portfolio. The Portfolio may invest in securities across the capitalization spectrum, although it typically invests in securities of companies with a market capitalization of $300 million or more.


The allocation of the Portfolio’s assets among countries and regions may vary from time to time based on the Investment Manager’s judgment and its analysis of market conditions. Emerging market countries include all countries not represented by the MSCI World Index. Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of companies that are economically tied to emerging market countries. In addition to common stocks, such equity securities also may include American Depositary Receipts (“ADRs”), Global Depositary Receipts and European Depositary Receipts.

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 a 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.


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.


Emerging Market Risk. Emerging market countries 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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio's foreign currency exposure.


Depositary Receipts Risk. ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated.


Small Cap Companies Risk. Small 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 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 securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


Growth Investing Risk. The Portfolio invests in securities 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 securities may be more volatile than other securities because they can be more sensitive to investor perceptions of the issuing company’s growth potential. The securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


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 Year-by-Year Total Returns for Institutional Shares As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard Emerging Markets Core 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. Updated performance information is available at www.lazardassetmanagement.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.

Bar Chart
  

Best Quarter:

Q1 17

12.12%

 

 

Worst Quarter:

Q3 15

-15.43%

Average Annual Total Returns (for the periods ended December 31, 2018)

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational for a full calendar year as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.

Average Annual Returns - Lazard Emerging Markets Core Equity Portfolio
1 Year
5 Years
Life of Portfolio
Inception Date
Institutional Shares (18.12%) 1.03% 0.66% Oct. 31, 2013
Open Shares (18.43%) 0.65% 0.30% Oct. 31, 2013
R6 (18.12%) 1.03% 0.66% Apr. 06, 2018
After Taxes on Distributions | Institutional Shares (18.24%) 0.98% 0.61%  
After Taxes on Distributions and Sale of Fund Shares | Institutional Shares (10.25%) 0.95% 0.66%  
MSCI Emerging Markets Index (reflects no deduction for fees, expense or taxes) (14.58%) 1.65% 1.02%  
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Total
Lazard US Short Duration Fixed Income Portfolio
Lazard US Short Duration Fixed Income Portfolio
Investment Objective

The Portfolio seeks total return and preservation of capital.

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 or R6 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 US Short Duration Fixed Income Portfolio
Institutional Shares
Open Shares
R6 Shares
Management Fees 0.25% 0.25% 0.25%
Distribution and Service (12b-1) Fees none 0.25% none
Other Expenses 0.18% 37.50% 0.18% [1]
Total Annual Portfolio Operating Expenses 0.43% 38.00% 0.43%
Fee Waiver and/or Expense Reimbursement [2] 0.03% 37.35% 0.08%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.40% 0.65% 0.35%
[1] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last 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 May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed .40%, .65% and .35% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Lazard US Short Duration Fixed Income Portfolio - USD ($)
1 year
3 years
5 years
10 years
Institutional Shares 41 135 238 539
Open Shares 66 5,596 8,078 9,827
R6 Shares 36 130 233 534
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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 170% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Portfolio invests at least 80% of its assets in fixed-income securities of US issuers, including US government securities, corporate securities, mortgage-related and asset-backed securities, convertible securities, municipal securities, structured products, preferred stocks and inflation-indexed-securities.


These securities may have any type of interest rate payment terms, including fixed rate, adjustable rate or zero coupon features. Under normal circumstances, the Portfolio’s investment portfolio can be expected to have an average effective duration of three years or less. Duration is an estimate of the sensitivity of the price (the value of principal) of a fixed-income security to a change in interest rates. Generally, the longer the duration, the higher the expected volatility. For example, the market price of a fixed-income security with a duration of three years would be expected to decline 3% if interest rates rose 1%. Conversely, the market price of the same security would be expected to increase 3% if interest rates fell 1%.


The Portfolio invests primarily in securities that are rated investment grade by one or more nationally recognized statistical rating organizations (or, if unrated, determined by the Investment Manager to be of comparable quality).


Securities are evaluated based on their fundamental and structural characteristics. Valuation analysis is tailored to the specific asset class, but may include credit research and analysis of features such as prepayment or call options, maturity, duration and coupon.


The Portfolio may invest up to 20% of its assets in other securities which need not be fixed-income securities of US issuers.

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 a 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.


Fixed-Income and Debt Securities Risk. The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.


Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. Risks associated with rising interest rates are heightened given that the Federal Reserve has raised the federal funds rate several times in recent periods and may continue to increase rates in the future.


The Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering the Portfolio’s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.


Adjustable rate or inflation-linked securities provide the Portfolio with a certain degree of protection against rises in interest rates or inflation rates, respectively, although adjustable rate securities will participate in any declines in interest rates and inflation-linked securities can also decline in value based on changes in the relevant periodic adjustment rate. Certain adjustable rate securities, such as those with interest rates that fluctuate directly or indirectly based on multiples of a stated index, are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and possibly loss of principal. Certain fixed-income securities may be issued at a discount from their face value (such as zero coupon securities) or purchased at a price less than their stated face amount or at a price less than their issue price plus the portion of “original issue discount” previously accrued thereon, i.e., purchased at a “market discount.” The amount of original issue discount and/or market discount on certain obligations may be significant, and accretion of market discount together with original issue discount will cause the Portfolio to realize income prior to the receipt of cash payments with respect to these securities.


Mortgage-Related and Asset-Backed Securities Risk. Mortgage-related securities are complex instruments, subject to both credit and prepayment risk, and may be more volatile and less liquid, and more difficult to price accurately, than more traditional debt securities. Mortgage-related securities generally are subject to credit risks associated with the performance of the underlying mortgage properties. Prepayment risk can lead to fluctuations in value of the mortgage-related security which may be pronounced. As with other interest-bearing securities, the prices of certain mortgage-related securities are inversely affected by changes in interest rates. However, although the value of a mortgage-related security may decline when interest rates rise, the converse is not necessarily true, since during periods of declining interest rates the mortgages underlying the security are more likely to be prepaid.


The risks of asset-backed securities are similar to those of mortgage-related securities. However, asset-backed securities present certain risks that are not presented by mortgage-related securities. Primarily, these securities may provide the Portfolio with a less effective security interest in the related collateral than do mortgage-related securities.


Structured Products Risk. Structured notes and other structured products are privately negotiated debt instruments where the principal and/or interest is determined by reference to a specified asset, market or rate, or the differential performance of two assets or markets. Structured products can have risks of both fixed-income securities and derivatives transactions. Derivatives transactions 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, and they are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related reference assets, markets or rates. As such, a small investment could have a potentially large impact on the Portfolio’s performance. Use of derivatives transactions may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.


Preferred Securities Risk. There are various risks associated with investing in preferred securities. In addition, unlike common stock, participation in the growth of an issuer may be limited.


· Credit risk is the risk that a security held by the Portfolio will decline in price or the issuer of the security will fail to make dividend, interest or principal payments when due because the issuer experiences a decline in its financial status.


· Interest rate risk is the risk that securities will decline in value because of changes in market interest rates. When market interest rates rise, the market value of such securities generally will fall.


· Preferred securities may include provisions that permit the issuer, at its discretion, to defer or omit distributions for a stated period without any adverse consequences to the issuer.


· Preferred securities are generally subordinated to bonds and other debt instruments in an issuer’s capital structure in terms of having priority to corporate income, claims to corporate assets and liquidation payments, and therefore will be subject to greater credit risk than more senior debt instruments.


· During periods of declining interest rates, an issuer may be able to exercise an option to call, or redeem its issue at par earlier than the scheduled maturity. If this occurs during a time of lower or declining interest rates, the Portfolio may have to reinvest the proceeds in lower yielding securities (and the Portfolio may not benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).


· Certain preferred securities may be substantially less liquid than many other securities, such as common stocks or US Government securities. Illiquid securities involve the risk that the securities will not be able to be sold at the time desired by the Portfolio or at prices approximating the value at which the Portfolio is carrying the securities on its books.


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


High Portfolio Turnover Risk. The Portfolio’s investment strategy may involve high portfolio turnover (such as 100% or more). A portfolio turnover rate of 100%, for example, is equivalent to the Portfolio buying and selling all of its securities once during the course of the year. A high portfolio turnover rate could result in high transaction costs and an increase in taxable capital gains distributions to the Portfolio’s shareholders, which will reduce returns to shareholders.


Government Securities Risk. Not all obligations of the US government, its agencies and instrumentalities are backed by the full faith and credit of the US Treasury. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Any guarantee by the US government or its agencies or instrumentalities of a security held by the Portfolio does not apply to the market value of such security or to shares of the Portfolio itself. A security backed by the US Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity.

Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard US Short Duration Fixed Income 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. Updated performance information is available at www.lazardassetmanagement.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.

Bar Chart
  

Best Quarter:

Q2 12

1.22%

 

 

Worst Quarter:

Q2 13

-2.24%

Average Annual Total Returns (for the periods ended December 31, 2018)

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.


The Portfolio changed its investment strategy on June 28, 2013. Prior to that that date, the Portfolio invested in US municipal securities and the performance prior to June 28, 2013 reflects that investment strategy.

Average Annual Returns - Lazard US Short Duration Fixed Income Portfolio
1 Year
5 Years
Life of Portfolio
Inception Date
Institutional Shares 1.08% 0.67% 1.13% Feb. 28, 2011
Open Shares 0.88% 0.61% 0.98% Feb. 28, 2011
R6 Shares 1.08% 0.67% 1.13%  
After Taxes on Distributions | Institutional Shares 0.26% 0.21% 0.60%  
After Taxes on Distributions and Sale of Fund Shares | Institutional Shares 0.63% 0.31% 0.66%  
Bank of America Merrill Lynch 1-3 Year US Treasury Index (reflects no deduction for fees, expense or taxes) 1.59% 0.81% 0.81%  

XML 38 R47.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Label Element Value
Lazard International Quality Growth Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Lazard International Quality Growth 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, a series of The Lazard Funds, Inc. (the “Fund”). Investors transacting in Institutional or R6 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 Dec. 31, 2020
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 commenced investment operations on December 31, 2018, 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 expense limitation 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 of non-US companies, including those whose principal business activities are located in emerging countries.


The Investment Manager seeks to realize the Portfolio’s investment objective primarily by investing in companies that the Investment Manager considers to be quality growth businesses. By “quality” the Investment Manager means businesses that it believes can generate, and sustain, high levels of financial productivity (i.e., return on equity, return on capital and cash flow return on investment). The Investment Manager considers, among other factors deemed appropriate and relevant to a particular company, whether the company has a competitive advantage in its industry and if the Investment Manager believes the company can sustain its competitive advantage. The Investment Manager also looks for “growth” businesses that it believes can grow profits and cash flows by investing back into their business at similarly high rates of financial productivity.


The Portfolio may invest in securities of companies across the capitalization spectrum, but generally focuses on companies with a market capitalization of $3 billion or more.


Although the Portfolio is classified as “diversified” under the Investment Company Act of 1940, as amended, it may invest in a smaller number of issuers than other, more diversified investment portfolios.

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 a 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.


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.


Emerging Market Risk. Emerging market countries 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 securities 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 securities may be more volatile than other securities because they can be more sensitive to investor perceptions of the issuing company’s growth potential. The securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio’s foreign currency exposure.


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.


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.


Focused Investing Risk. The Portfolio’s net asset value 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.
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

Because the Portfolio did not have a full calendar year of performance 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 the changes in performance from year to year. Comparison of Portfolio performance to an appropriate index indicates how the Portfolio’s average annual returns compare to those of a broad measure of market performance. Updated performance information is available at www.lazardassetmanagement.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 the changes in performance from year to year.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Because the Portfolio did not have a full calendar year of performance 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.lazardassetmanagement.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 International Quality Growth Portfolio | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.20% [1]
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 0.95%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.10% [2]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.85%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 516
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 1,157
Lazard International Quality Growth Portfolio | Open Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.20% [1]
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.20%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.10% [2]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.10%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 650
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 1,446
Lazard International Quality Growth Portfolio | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.20% [1]
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 0.95%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.15% [2]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.80%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 511
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 1,153
[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 December 31, 2020, to the extent Total Annual Portfolio Operating Expenses exceed .85%, 1.10% and .80% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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.
XML 39 R43.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Label Element Value
Lazard International Equity Concentrated Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Lazard International Equity Concentrated 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, a series of The Lazard Funds, Inc. (the “Fund”). Investors transacting in Institutional or R6 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 May 01, 2020
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 76% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 76.00%
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 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 expense limitation agreement in year one only. 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 non-US companies. The Portfolio has a concentrated portfolio of investments, typically investing in 20 to 30 securities of non-US companies, including those whose principal business activities are located in emerging market countries. The Investment Manager seeks to realize the Portfolio’s investment objective primarily through stock selection, investing in companies believed to have sustainably high or improving returns and trading at attractive valuations. In choosing stocks for the Portfolio, the Investment Manager generally looks for established companies in economically developed countries that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. The Investment Manager also may invest the Portfolio’s assets in securities of companies domiciled in emerging market countries in an amount up to the current percentage of securities in the MSCI All Country World Index ex-US issued by companies domiciled in emerging market countries (26% as of March 31, 2019) plus 15%. The Portfolio may invest in securities of companies across the capitalization spectrum.


Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities.


The Portfolio is classified as “non-diversified” under the Investment Company Act of 1940, as amended, 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 a 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.


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.


Emerging Market Risk. Emerging market countries 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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio's foreign currency exposure.


Value Investing Risk. The Portfolio invests in securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


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.


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.


Non-Diversification Risk. The Portfolio’s net asset value 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.


Concentration Risk. A Portfolio’s ability to concentrate its investments may be limited by applicable requirements of the Internal Revenue Code of 1986, as amended, for qualification as a regulated investment company.

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 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 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 International Equity Concentrated 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. Updated performance information is available at www.lazardassetmanagement.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 International Equity Concentrated 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 Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 823-6300
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.lazardassetmanagement.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:

Q1 17

7.85%

 

 

Worst Quarter:

Q3 15

-15.40%

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2017
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 7.85%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (15.40%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended December 31, 2018)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expense, 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 One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.

Lazard International Equity Concentrated Portfolio | MSCI All Country World Index ex-US (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (14.20%)
Life of Portfolio rr_AverageAnnualReturnSinceInception (0.37%)
Lazard International Equity Concentrated 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 0.23%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.03%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.08% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.95%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 115
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 359
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 622
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,375
Annual Return 2015 rr_AnnualReturn2015 (12.06%)
Annual Return 2016 rr_AnnualReturn2016 4.74%
Annual Return 2017 rr_AnnualReturn2017 23.29%
Annual Return 2018 rr_AnnualReturn2018 (16.20%)
1 Year rr_AverageAnnualReturnYear01 (16.20%)
Life of Portfolio rr_AverageAnnualReturnSinceInception (2.20%)
Inception Date rr_AverageAnnualReturnInceptionDate Aug. 29, 2014
Lazard International Equity Concentrated Portfolio | Institutional Shares | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (16.88%)
Life of Portfolio rr_AverageAnnualReturnSinceInception (2.48%)
Lazard International Equity Concentrated Portfolio | Institutional Shares | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (8.73%)
Life of Portfolio rr_AverageAnnualReturnSinceInception (1.50%)
Lazard International Equity Concentrated 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 4.09%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 5.14%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 3.94% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.20%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 122
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,188
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 2,250
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 4,894
1 Year rr_AverageAnnualReturnYear01 (16.47%)
Life of Portfolio rr_AverageAnnualReturnSinceInception (2.47%)
Inception Date rr_AverageAnnualReturnInceptionDate Aug. 29, 2014
Lazard International Equity Concentrated 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 0.23% [2]
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.03%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.13% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.90%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates “Other Expenses” are based on estimated amounts for the current fiscal year, using “Other Expenses” for Institutional Shares from the last fiscal year.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 115
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 359
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 622
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,375
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares.
1 Year rr_AverageAnnualReturnYear01 (16.20%)
Life of Portfolio rr_AverageAnnualReturnSinceInception (2.20%)
[1] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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.
[2] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last fiscal year.
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Total
Lazard US Equity Concentrated Portfolio
Lazard US Equity Concentrated Portfolio
Investment Objective

The Portfolio seeks long-term capital appreciation.

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 or R6 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 US Equity Concentrated Portfolio
Institutional Shares
Open Shares
R6 Shares
Management Fees 0.70% 0.70% 0.70%
Distribution and Service (12b-1) Fees none 0.25% none
Other Expenses 0.05% 0.08% 1.46%
Acquired Fund Fees and Expenses 0.01% 0.01% 0.01%
Total Annual Portfolio Operating Expenses 0.76% 1.04% 2.17%
Fee Waiver and/or Expense Reimbursement [1] 1.41%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement [2] 0.76% 1.04% 0.76%
[1] To the extent the Total Annual Portfolio Operating Expenses of the R6 Shares of the Portfolio exceed the Total Annual Portfolio Operating Expenses of the Portfolio's Institutional Shares (in each case, not including management fees, custodial fees or other expenses related to the management of the Portfolio's assets), Lazard Asset Management LLC (the "Investment Manager") has contractually agreed, until May 1, 2020, to bear the expenses of the R6 Shares in the amount of such excess. This expense limitation agreement will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio.
[2] Excluding Acquired Fund Fees and Expenses, the Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement are .75%, 1.03% and .75% of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively.
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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Lazard US Equity Concentrated Portfolio - USD ($)
1 year
3 years
5 years
10 years
Institutional Shares 78 243 422 942
Open Shares 106 331 574 1,271
R6 Shares 78 264 467 1,052
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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 69% of the average value of its portfolio.

Principal Investment Strategies

The Portfolio invests primarily in equity securities, principally common stocks, of US companies of any market capitalization. The Portfolio has a concentrated portfolio of investments, typically investing in 15 to 35 companies with market capitalizations generally greater than $350 million. The Portfolio seeks to outperform broad-based securities market indices, such as the S&P 500® Index, the Russell 1000® Index and the Russell 3000® Index. The Investment Manager's philosophy employed for the Portfolio is based on value creation through its process of bottom-up stock selection, and the Investment Manager implements a disciplined portfolio construction process. The Investment Manager’s fundamental research seeks to identify investments typically featuring robust organic cash flow, balance sheet strength and operational flexibility.


Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of US companies. The Portfolio may invest up to 20% of its assets in securities of non-US companies.


The Portfolio is classified as “non-diversified” under the Investment Company Act of 1940, as amended, 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 a 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.


Value Investing Risk. The Portfolio invests in securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


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.


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.


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 countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries.


Non-Diversification Risk. The Portfolio’s net asset value 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.


Concentration Risk. A Portfolio’s ability to concentrate its investments may be limited by applicable requirements of the Internal Revenue Code of 1986, as amended, for qualification as a regulated investment company.

Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard US Equity Concentrated Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of broad measures 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.lazardassetmanagement.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.

Bar Chart
  

Best Quarter:

Q2 09

19.10%

 

 

Worst Quarter:

Q3 11

-17.12%

Average Annual Total Returns (for the periods ended December 31, 2018)

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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 1000 Value/S&P 500 Linked Index shown in the table is an unmanaged index created by the Investment Manager, which links the performance of the Russell 1000 Value Index for all periods through May 30, 2012 (when the Portfolio’s investment strategy changed) and the S&P 500 Index for all periods thereafter.

Average Annual Returns - Lazard US Equity Concentrated Portfolio
1 Year
5 Years
10 Years
Life of Portfolio
Inception Date
Institutional Shares (6.07%) 8.18% 11.94% 7.23% Sep. 30, 2005
Open Shares (6.35%) 7.83% 11.59% 6.91% Sep. 30, 2005
R6 Shares (6.08%)     3.99% Nov. 15, 2016
After Taxes on Distributions | Institutional Shares (8.47%) 6.10% 10.37% 5.77%  
After Taxes on Distributions and Sale of Fund Shares | Institutional Shares (1.96%) 6.10% 9.54% 5.49%  
S&P 500 Index (reflects no deduction for fees, expense or taxes) | Institutional Shares (4.38%) 8.49% 13.12% 7.77% Sep. 30, 2005
S&P 500 Index (reflects no deduction for fees, expense or taxes) | Open Shares (4.38%) 8.49% 13.12% 7.77% Sep. 30, 2005
S&P 500 Index (reflects no deduction for fees, expense or taxes) | R6 Shares (4.38%) 8.49% 13.12% 8.93% Nov. 15, 2016
Russell 1000 Value/S&P 500 Linked Index (reflects no deduction for fees, expense or taxes) | Institutional Shares (4.38%) 8.49% 12.14% 7.01% Sep. 30, 2005
Russell 1000 Value/S&P 500 Linked Index (reflects no deduction for fees, expense or taxes) | Open Shares (4.38%) 8.49% 12.14% 7.01% Sep. 30, 2005
Russell 1000 Value/S&P 500 Linked Index (reflects no deduction for fees, expense or taxes) | R6 Shares (4.38%) 8.49% 12.14%   Nov. 15, 2016
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Label Element Value
Lazard Real Assets and Pricing Opportunities Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Lazard Real Assets and Pricing Opportunities 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 or R6 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 May 01, 2020
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 72% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 72.00%
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 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 expense limitation agreement in year one only. 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

Under normal market conditions, the Portfolio invests at least 80% of its assets in real assets and pricing opportunities investments, including instruments providing exposure to such investments (such as derivative instruments).


“Real assets” are considered by the Portfolio to be:


(i) assets that have physical properties, such as:


· natural resources, such as energy and materials (e.g., metals and mining, paper and forestry and chemicals)


· real estate, such as real estate investment trusts (“REITs”) and real estate operating companies (“Real Estate Investments”)


· equipment and industrials, such as tools, hardware, machinery and other industrial components


· infrastructure, such as utilities, transport, communications, pipelines, seaports, airports and toll roads


· commodities, such as physical commodities with tangible properties such as gas, oil, metals, livestock or agricultural products


(ii) companies that own or derive a significant portion of their value from such assets listed above or the production thereof; and (iii) inflation-indexed securities.


“Pricing opportunities” investments are made in companies that the Investment Manager believes may perform well during periods of high inflation. Such companies may include those in the consumer discretionary, consumer staples, health care, information technology and telecommunications services sectors.


Allocation of the Portfolio’s assets by the Investment Manager among these real assets categories and pricing opportunities sectors will vary, and over time exposures to new categories and sectors may be added or exposures to existing categories and sectors may be eliminated.


The Portfolio may invest in a mix of equity and fixed income securities of US and non-US companies, including emerging markets companies, as well as commodity-linked and other derivative instruments. In addition to investing in inflation-indexed fixed income securities (which may be of any credit quality or maturity), the Portfolio may invest in fixed income securities, typically government securities (which may be of various maturities), in connection with the Portfolio’s derivatives exposures (i.e., a type of margin or collateral). The Portfolio’s investments in fixed income securities also may include securities which, at the time of purchase, are rated below “investment grade” by a nationally recognized statistical rating organization, or the unrated equivalent as determined by the Investment Manager (“junk bonds”). The Portfolio also may invest in exchange-traded open-end management investment companies (“ETFs”) and similar products such as exchange-traded notes (“ETNs”), which generally pursue a passive index-based strategy. The Portfolio may invest in companies of any market capitalization.


The Portfolio may gain exposure to the commodity markets by investing up to 25% of the Portfolio’s total assets in a wholly-owned subsidiary formed under the laws of the Cayman Islands (the “Subsidiary”), which invests mainly in commodity-linked derivative instruments (including, but not limited to, futures contracts, options and total return swaps) and fixed income securities, typically government securities, in connection with the Subsidiary’s derivatives exposures (i.e., a type of margin or collateral).


The Investment Manager’s process for selecting investments for the Portfolio may include a variety of approaches, such a fundamental, bottom-up analysis, qualitative evaluations and quantitative models or a combination of these or other approaches. The process used will usually vary for different types of real assets categories, or category subsets.


In addition, the Portfolio may, but is not required to (1) enter into futures contracts; forward currency contracts; equity, total return, interest rate, credit default and currency swap agreements; (2) write put and call options on securities (including ETFs), indexes and currencies; and (3) invest in structured notes, in each case for hedging purposes or to seek to increase returns, including as a substitute for a direct investment in securities. When the Portfolio or the Subsidiary enters into derivatives transactions, it may be required to segregate liquid assets or enter into offsetting positions, in accordance with applicable regulations.

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.


Allocation Risk. The Portfolio’s ability to achieve its investment objective depends in part on the Investment Manager’s skill in determining the Portfolio’s allocation among real assets categories. The Investment Manager’s evaluations and assumptions underlying its allocation decisions may differ from actual market conditions.


Market Risk. Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of a 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.


Natural Resources Risk. Investments related to natural resources may be affected by numerous factors, including events occurring in nature, inflationary pressures and domestic and international politics. For example, events occurring in nature (such as earthquakes or fires in prime natural resource areas) and political events (such as coups or military confrontations) can affect the overall supply of a natural resource and the value of companies involved in such natural resource. Political risks and other risks to which non-US companies are subject also may affect US companies if they have significant operations or investments in non-US countries. In addition, interest rates, prices of raw materials and other commodities, international economic developments, energy conservation, tax and other government regulations (both US and non-US) may affect the supply of and demand for natural resources, which can affect the profitability and value of securities issued by companies in the natural resources category. Securities of companies within specific natural resources sub-categories can perform differently than the overall market. This may be due to changes in such things as the regulatory or competitive environment or to changes in investor perceptions.


Real Estate Investments Risk. The Portfolio’s investments in Real Estate Investments could lose money due to the performance of real estate-related securities even if securities markets generally are experiencing positive results. The performance of investments made by the Portfolio may be determined to a great extent by the current status of the real estate industry in general, or by other factors (such as interest rates and the availability of loan capital) that may affect the real estate industry, even if other industries would not be so affected. Consequently, Real Estate Investments could lead to investment results that may be significantly different from investments in other real assets categories or investments in the broader securities markets.


The risks related to investments in Real Estate Investments include, but are not limited to: adverse changes in general economic and local market conditions; adverse developments in employment; changes in supply or demand for similar or competing properties; unfavorable changes in applicable taxes, governmental regulations and interest rates; operating or development expenses; and lack of available financing.


Due to certain special considerations that apply to REITs, investments in REITs may carry additional risks not necessarily present in investments in other securities. REIT securities (including those trading on national exchanges) typically have trading volumes that are less than those of other types of stocks traded on national exchanges, which may affect the Portfolio’s ability to trade or liquidate those securities. An investment in REITs may be adversely affected if the REIT fails to comply with applicable laws and regulations, including failing to qualify as a REIT under the Internal Revenue Code of 1986, as amended. Failure to qualify with any of these requirements could jeopardize a company’s status as a REIT. The Portfolio generally will have no control over the operations and policies of a REIT, and the Portfolio generally will have no ability to cause a REIT to take the actions necessary to qualify as a REIT.


Infrastructure Companies Risk. Securities and instruments of infrastructure companies are more susceptible to adverse economic or regulatory occurrences affecting their industries. Infrastructure companies may be subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, high leverage, costs associated with environmental and other regulations, the effects of economic slowdown, surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Infrastructure companies also may be affected by or subject to, among other factors, regulation by various government authorities, including rate regulation, and service interruption due to environmental, operational or other mishaps.


Commodities-Related Investments Risk. Exposure to the commodities markets may subject the Portfolio and the Subsidiary to greater volatility than other types of investments. The values of commodities and commodity-linked derivative instruments are affected by events that may have less impact on the values of equity and fixed income securities. Investments linked to the prices of commodities are considered speculative. Because the value of a commodity-linked derivative instrument, such as a futures contract on a physical commodity, typically is based upon the price movements of the underlying reference asset, index or rate, the value of these instruments will rise or fall in response to changes in the underlying reference asset, index or rate. Prices of commodities and commodity-linked investments may fluctuate significantly over short periods for a variety of factors, including: changes in supply and demand relationships; weather; agricultural or livestock markets; agricultural or livestock disease or pestilence; trade relationships; fiscal, monetary and exchange control programs; and embargoes, tariffs, terrorism and international economic, political, military and regulatory developments.


Inflation-Indexed Security Risk. Interest payments on inflation-indexed securities can be unpredictable and will vary as the principal and/or interest is periodically adjusted based on the rate of inflation. If the index measuring inflation falls, the interest payable on these securities will be reduced. The US Treasury has guaranteed that, in the event of a drop in prices, it would repay the par amount of its inflation-indexed securities. Inflation-indexed securities issued by corporations generally do not guarantee repayment of principal. Any increase in the principal amount of an inflation-indexed security will be considered taxable ordinary income, even though investors do not receive their principal until maturity. As a result, the Portfolio may be required to make annual distributions to shareholders that exceed the cash the Portfolio received, which may cause the Portfolio to liquidate certain investments when it is not advantageous to do so. Also, if the principal value of an inflation-indexed security is adjusted downward due to deflation, amounts previously distributed may be characterized in some circumstances as a return of capital.


Fixed-Income and Debt Securities Risk. The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.


Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. Risks associated with rising interest rates are heightened given that the Federal Reserve has raised the federal funds rate several times in recent periods and may continue to increase rates in the future.


The Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering the Portfolio’s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.


Some debt securities may give the issuer the option to call, or redeem, the securities before their maturity, and, during a time of declining interest rates, the Portfolio may have to reinvest the proceeds of called or redeemed securities in an investment offering a lower yield (and the Portfolio may not fully benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).


Structured notes are privately negotiated debt instruments where the principal and/or interest is determined by reference to a specified asset, market or rate, or the differential performance of two assets or markets. Structured notes can have risks of both debt securities and derivatives transactions.


Government Securities Risk. Not all obligations of the US government, its agencies and instrumentalities are backed by the full faith and credit of the US Treasury. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Any guarantee by the US government or its agencies or instrumentalities of a security held by the Portfolio does not apply to the market value of such security or to shares of the Portfolio itself. A security backed by the US Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity.


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.


Emerging Market Risk. Emerging market countries 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.


Quantitative Model Risk. A quantitative model, such as the risk and other models used by the Investment Manager requires adherence to a systematic, disciplined process. The Investment Manager’s ability to monitor and, if necessary, adjust its quantitative model could be adversely affected by various factors including incorrect or outdated market and other data inputs. Factors that affect a security’s value can change over time, and these changes may not be reflected in the quantitative model. In addition, factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value.


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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies.


Liquidity Risk. The lack of a readily available market may limit the ability of the Portfolio to sell certain securities and other investments at the time and price it would like. The size of certain securities offerings of emerging markets issuers may be relatively smaller in size than offerings in more developed markets and, in some cases, the Portfolio, by itself or together with other Portfolios or other accounts managed by the Investment Manager, may hold a position in a security that is large relative to the typical trading volume for that security; these factors can make it difficult for the Portfolio to dispose of the position at the desired time or price.


Derivatives and Hedging Risk. Derivatives transactions, including those entered into for hedging purposes (i.e., seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Over-the-counter swap agreements, forward currency contracts, over-the-counter options on securities (including ETFs), indexes and currencies, structured notes and other over-the-counter derivatives transactions are subject to the risk of default by the counterparty and can be illiquid and difficult to value. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which the Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of the reference asset, index or rate. As such, a small investment could have a potentially large impact on the Portfolio’s performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions. The same risks, as applicable, apply to derivatives transactions by the Subsidiary.


ETFs and Similar Products Risk. Shares of ETFs and similar products such as ETNs in which the Portfolio may invest may trade at prices that vary from their net asset values, sometimes significantly. The shares of ETFs, ETNs and similar products may trade at prices at, below or above their most recent net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. ETNs may not trade in the secondary market, but typically are redeemable by the issuer. The Portfolio’s investments in ETFs and similar products are subject to the risks of investments made by the ETFs and similar products, as well as to the general risks of investing in ETFs and similar products. Portfolio shares will bear not only the Portfolio’s management fees and operating expenses, but also their proportional share of the management fees and operating expenses of the ETFs and similar products in which the Portfolio invests. While ETNs do not have management fees, they are subject to certain investor fees. ETNs are debt securities that, like ETFs, typically are listed on exchanges and their terms generally provide for a return that tracks specified market indexes. However, unlike ETFs, ETNs are not registered investment companies and thus are not regulated under the 1940 Act. In addition, as debt securities, ETNs are subject to the additional risk of the creditworthiness of the issuer. ETNs typically do not make periodic interest payments.


Tax Status Risk. Income and gains from commodities or certain commodity-linked derivative instruments do not constitute “qualifying income” to the Portfolio for purposes of qualification as a “regulated investment company” for federal income tax purposes. Without such qualification, the Portfolio could be subject to tax. The tax treatment of some of the Portfolio’s investments in the Subsidiary and commodity-linked derivatives may be adversely affected by future legislation, regulations of the US Treasury Department or guidance issued by the Internal Revenue Service, or otherwise affect the character, timing and/or amount of the Portfolio’s taxable income or any gains and distributions made by the Portfolio.


Subsidiary Risk. The Portfolio invests in the Subsidiary, which is not registered as an investment company under the 1940 Act. A regulatory change in the US or the Cayman Islands, under which the Portfolio and the Subsidiary, respectively, are organized, that impacts the Subsidiary or how the Portfolio invests in the Subsidiary, such as a change in tax law, could adversely affect the Portfolio. By investing in the Subsidiary, the Portfolio is exposed to the risks associated with the Subsidiary’s investments, which generally include the risks of investing in commodity-related derivative instruments (described elsewhere in this Prospectus).


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.
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 Real Assets and Pricing Opportunities 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. Updated performance information is available at www.lazardassetmanagement.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 Real Assets and Pricing Opportunities 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 Real Assets Custom Index shown in the table is an unmanaged index created by the Investment Manager, and is comprised of 20% MSCI World (Net) Index, 20% MSCI World Core Infrastructure USD Hedged Index, 20% MSCI ACWI IMI Core Real Estate Index, 20% Bloomberg Barclays Commodity Total Return Index and 20% Bloomberg Barclays World Government Inflation-Linked 1-10 Year USD Hedged Index. The Portfolio considers the Real Assets Index to be a more suitable benchmark to compare the Portfolio’s performance given the Portfolio’s investment policies than the 70% MSCI World (Hedged USD) Index/30% Barclays World Inflation Linked Bonds (Hedged USD) Index. Performance of the 70/30 Index will not be shown in the future.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 823-6300
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.lazardassetmanagement.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:

Q4 17

3.47%

 

 

Worst Quarter:

Q4 18

-7.23%

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2017
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 3.47%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2018
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (7.23%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended December 31, 2018)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expense, 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 One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.


The Real Assets Custom Index shown in the table is an unmanaged index created by the Investment Manager, and is comprised of 20% MSCI World (Net) Index, 20% MSCI World Core Infrastructure USD Hedged Index, 20% MSCI ACWI IMI Core Real Estate Index, 20% Bloomberg Barclays Commodity Total Return Index and 20% Bloomberg Barclays World Government Inflation-Linked 1-10 Year USD Hedged Index. The Portfolio considers the Real Assets Index to be a more suitable benchmark to compare the Portfolio’s performance given the Portfolio’s investment policies than the 70% MSCI World (Hedged USD) Index/30% Barclays World Inflation Linked Bonds (Hedged USD) Index. Performance of the 70/30 Index will not be shown in the future.

Lazard Real Assets and Pricing Opportunities Portfolio | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.70%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 1.34%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.02%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 2.06%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 1.14% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.92% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 94
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 535
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,003
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 2,299
Annual Return 2017 rr_AnnualReturn2017 9.90%
Annual Return 2018 rr_AnnualReturn2018 (7.55%)
1 Year rr_AverageAnnualReturnYear01 (7.55%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 0.79%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 30, 2016
Lazard Real Assets and Pricing Opportunities Portfolio | Institutional Shares | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (8.77%)
Life of Portfolio rr_AverageAnnualReturnSinceInception (0.24%)
Lazard Real Assets and Pricing Opportunities Portfolio | Institutional Shares | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (3.80%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 0.48%
Lazard Real Assets and Pricing Opportunities Portfolio | Institutional Shares | MSCI World Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (8.71%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 5.71%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 30, 2016
Lazard Real Assets and Pricing Opportunities Portfolio | Institutional Shares | 70% MSCI World (USD Hedged) Index / 30% Barclays World Inflation-Linked Bond (USD Hedged) Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.41%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 4.61%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 30, 2016
Lazard Real Assets and Pricing Opportunities Portfolio | Institutional Shares | Real Assets Custom Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.92%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 2.83%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 30, 2016
Lazard Real Assets and Pricing Opportunities Portfolio | Open Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.70%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 12.77%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.02%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 13.74%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 12.57% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.17% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 119
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 2,729
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 4,902
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 8,875
1 Year rr_AverageAnnualReturnYear01 (7.79%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 0.39%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 09, 2017
Lazard Real Assets and Pricing Opportunities Portfolio | Open Shares | MSCI World Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (8.71%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 4.98%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 09, 2017
Lazard Real Assets and Pricing Opportunities Portfolio | Open Shares | 70% MSCI World (USD Hedged) Index / 30% Barclays World Inflation-Linked Bond (USD Hedged) Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.41%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 4.14%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 09, 2017
Lazard Real Assets and Pricing Opportunities Portfolio | Open Shares | Real Assets Custom Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.92%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 2.63%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 09, 2017
Lazard Real Assets and Pricing Opportunities Portfolio | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.70%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 1.34% [3]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.02% [3]
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 2.06%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 1.19% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.87% [2]
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 89
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 531
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 999
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 2,295
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares.
1 Year rr_AverageAnnualReturnYear01 (7.55%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 0.79%
Lazard Real Assets and Pricing Opportunities Portfolio | R6 Shares | MSCI World Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (8.71%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 5.71%
Lazard Real Assets and Pricing Opportunities Portfolio | R6 Shares | 70% MSCI World (USD Hedged) Index / 30% Barclays World Inflation-Linked Bond (USD Hedged) Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.41%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 4.61%
Lazard Real Assets and Pricing Opportunities Portfolio | R6 Shares | Real Assets Custom Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.92%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 2.83%
[1] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed .90%, 1.15% and .85% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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.
[2] Excluding Acquired Fund Fees and Expenses, the Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement are .90%, 1.15% and .85% of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively.
[3] Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year.
XML 42 R26.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Total
Lazard International Equity Select Portfolio
Lazard International Equity Select Portfolio
Investment Objective

The Portfolio seeks long-term capital appreciation.

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 or R6 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 International Equity Select Portfolio
Institutional Shares
Open Shares
R6 Shares
Management Fees [1] 0.65% 0.65% 0.65%
Distribution and Service (12b-1) Fees none 0.25% none
Other Expenses 0.30% 0.83% 0.30% [2]
Acquired Fund Fees and Expenses 0.01% 0.01% 0.01%
Total Annual Portfolio Operating Expenses 0.96% 1.74% 0.96%
Fee Waiver and/or Expense Reimbursement [3] 0.05% 0.58% 0.10%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement [4] 0.91% 1.16% 0.86%
[1] Restated to reflect current management fee.
[2] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last fiscal year.
[3] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020 to the extent Total Annual Portfolio Operating Expenses exceed .90%, 1.15% and .85% of the average daily net assets of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively, and from May 1, 2020 to May 1, 2029, to the extent Total Annual Portfolio Operating Expenses exceed 1.15%, 1.40% and 1.10% of the average daily net assets of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively. All limitations on Total Annual Portfolio Operating Expenses are exclusive of taxes, brokerage, interest on borrowings, fees and expenses of "Acquired Funds" and extraordinary expenses. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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.
[4] Excluding Acquired Fund Fees and Expenses, the Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement are .90%, 1.15% and .85% of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively.
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 expense limitation agreement described above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Lazard International Equity Select Portfolio - USD ($)
1 year
3 years
5 years
10 years
Institutional Shares 93 301 526 1,173
Open Shares 118 420 743 1,659
R6 Shares 88 296 521 1,169
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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 32% of the average value of its portfolio.

Principal Investment Strategies

The Portfolio invests primarily in equity securities, including common stocks, of relatively large non-US companies with market capitalizations in the range of companies included in the MSCI All Country World Index ex-US (ranging from approximately $39.7 million to $291.9 billion as of March 29, 2019) that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values.


In choosing stocks for the Portfolio, the Investment Manager looks for established companies in economically developed countries, although the Portfolio may invest in securities of companies whose principal business activities are located in emerging market countries in an amount up to the current emerging markets component of the MSCI All Country World Index ex-US plus 15%. The allocation of the Portfolio’s assets to emerging market countries may vary from time to time.


Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities.


Although the Portfolio is classified as “diversified” under the Investment Company Act of 1940, as amended, it may invest in a smaller number of issuers than other, more diversified investment portfolios.

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 a 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.


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.


Emerging Market Risk. Emerging market countries 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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio's foreign currency exposure.


Focused Investing Risk. The Portfolio’s net asset value 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.


Value Investing Risk. The Portfolio invests in securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


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.


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 Year-by-Year Total Returns for Institutional Shares As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard International Equity Select 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.lazardassetmanagement.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.

Bar Chart
  

Best Quarter:

Q2 09

18.73%

 

 

Worst Quarter:

Q3 11

-17.57%

Average Annual Total Returns (for the periods ended December 31, 2018)

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.


The MSCI Europe, Australasia and Far East (“EAFE®”)/All Country World Index ex-US Linked Index shown in the table is an unmanaged index created by the Investment Manager, which links the performance of the MSCI EAFE Index for all periods through June 30, 2010 (when the Portfolio’s primary index changed) and the MSCI All Country World Index ex-US for all periods thereafter.

Average Annual Returns - Lazard International Equity Select Portfolio
1 Year
5 Years
10 Years
Life of Portfolio
Inception Date
Institutional Shares (14.90%) 0.02% 5.47% 3.45% May 31, 2001
Open Shares (15.16%) (0.34%) 5.13% 3.13% May 31, 2001
R6 Shares (14.90%) 0.02% 5.47% 3.45%  
After Taxes on Distributions | Institutional Shares (15.22%) (0.09%) 5.31% 3.01%  
After Taxes on Distributions and Sale of Fund Shares | Institutional Shares (8.21%) 0.23% 4.62% 3.14%  
MSCI All Country World Index ex-US (reflects no deduction for fees, expense or taxes) (14.20%) 0.67% 6.57% 4.82%  
MSCI EAFE/ACWI ex-US Linked Index (reflects no deduction for fees, expense or taxes) (14.20%) 0.67% 5.56% 3.77%  
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Total
Lazard Global Dynamic Multi-Asset Portfolio
Lazard Global Dynamic Multi-Asset Portfolio
Investment Objective

The Portfolio seeks total return.

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 or R6 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 Global Dynamic Multi-Asset 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 0.54% 3.15% 0.54% [1]
Total Annual Portfolio Operating Expenses 1.34% 4.20% 1.34%
Fee Waiver and/or Expense Reimbursement [2] 0.44% 3.05% 0.44%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.90% 1.15% 0.90%
[1] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last 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 May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed .90%, 1.15% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Lazard Global Dynamic Multi-Asset Portfolio - USD ($)
1 year
3 years
5 years
10 years
Institutional Shares 92 381 692 1,574
Open Shares 117 997 1,890 4,187
R6 Shares 92 381 692 1,574
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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 120% of the average value of its portfolio.

Principal Investment Strategies

The Investment Manager allocates the Portfolio’s assets among various US and non-US equity and fixed-income strategies managed by the Investment Manager in proportions consistent with the Investment Manager’s evaluation of various economic and other factors designed to estimate probabilities, including volatility. The Investment Manager makes allocation decisions among the strategies based on quantitative and qualitative analysis using a number of different tools, including proprietary software models and input from the Investment Manager?s research analysts. At any given time the Portfolio?s assets may not be allocated to all strategies.


A principal component of the Investment Manager’s investment process for the Portfolio is volatility management. The Investment Manager generally will seek to achieve, over a full market cycle, a level of volatility in the Portfolio’s performance of approximately 10%. Volatility, a risk measurement, measures the magnitude of up and down fluctuations in the value of a financial instrument or index over time.


As a consequence of allocating its assets among various of the Investment Manager’s investment strategies, the Portfolio may: 


· invest in US and non-US equity and debt securities (including those of companies with business activities located in emerging market countries and securities issued by governments of such countries), depositary receipts and shares, currencies and related instruments, and structured notes 


· invest in exchange-traded open-end management investment companies (“ETFs”) and similar products, which generally pursue a passive index-based strategy


· invest in securities of companies of any size or market capitalization


· invest in debt securities of any maturity or duration 


· invest in securities of any particular quality or investment grade and, as a result, the Portfolio may invest significantly in securities rated below investment grade (e.g., lower than Baa by Moody’s Investors Service, Inc. or lower than BBB by Standard & Poor’s Ratings Group) (“junk bonds”) or securities that are unrated 


· enter into swap agreements (including credit default swap agreements) and forward contracts, and may purchase and write put and covered call options, on securities, indexes and currencies, for hedging purposes (although it is not required to do so) or to seek to increase returns


Under normal market conditions, the Portfolio invests significantly (at least 40%—unless market conditions are not deemed favorable by the Investment Manager, in which case the Portfolio would invest at least 30%) in issuers organized or located outside the US or doing a substantial amount of business outside the US, securities denominated in a foreign currency or foreign currency forward contracts.

Principal Investment Risks

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


Allocation Risk. The Portfolio’s ability to achieve its investment objective depends in part on the Investment Manager’s skill in determining the Portfolio’s allocation among the investment strategies. The Investment Manager’s evaluations and assumptions underlying its allocation decisions may differ from actual market conditions.


Market Risk. Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of a 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.


Volatility Management Risk. While the Investment Manager generally will seek to achieve, over a full market cycle, the level of volatility in the Portfolio’s performance as described above, there can be no guarantee that this will be achieved; actual or realized volatility for any particular period may be materially higher or lower depending on market conditions. In addition, the Investment Manager’s efforts to manage the Portfolio’s volatility can be expected, in a period of generally positive equity market returns, to reduce the Portfolio’s performance below what could be achieved without seeking to manage volatility and, thus, the Portfolio would generally be expected to underperform market indices that do not seek to achieve a specified level of volatility.


Value Investing and Growth Investing Risks. The Portfolio invests a portion of its assets in securities 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 Portfolio also invests a portion of its assets in securities 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 securities may be more volatile than other securities because they can be more sensitive to investor perceptions of the issuing company’s growth potential. The securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


Quantitative Model Risk. A quantitative model, such as the risk and other models used by the Investment Manager requires adherence to a systematic, disciplined process. The Investment Manager’s ability to monitor and, if necessary, adjust its quantitative model could be adversely affected by various factors including incorrect or outdated market and other data inputs. Factors that affect a security’s value can change over time, and these changes may not be reflected in the quantitative model. In addition, factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value.


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.


Emerging Market Risk. Emerging market countries 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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio’s foreign currency exposure.


Fixed-Income and Debt Securities Risk. The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.


Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. Risks associated with rising interest rates are heightened given that the Federal Reserve has raised the federal funds rate several times in recent periods and may continue to increase rates in the future.


The Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering the Portfolio’s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.


Some debt securities may give the issuer the option to call, or redeem, the securities before their maturity, and, during a time of declining interest rates, the Portfolio may have to reinvest the proceeds of called or redeemed securities in an investment offering a lower yield (and the Portfolio may not fully benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).


Structured notes are privately negotiated debt instruments where the principal and/or interest is determined by reference to a specified asset, market or rate, or the differential performance of two assets or markets. Structured notes can have risks of both debt securities and derivatives transactions.


ETF Risk. Shares of ETFs may trade at prices that vary from their net asset values, sometimes significantly. The shares of ETFs may trade at prices at, below or above their most recent net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. The Portfolio’s investments in ETFs are subject to the risks of such ETF’s investments, as well as to the general risks of investing in ETFs. Portfolio shares will bear not only the Portfolio’s management fees and operating expenses, but also their proportional share of the management fees and operating expenses of the ETFs in which the Portfolio invests. The Portfolio may be limited by the Investment Company Act of 1940, as amended, in the amount of its assets that may be invested in ETFs unless an ETF has received an exemptive order from the Securities and Exchange Commission on which the Portfolio may rely or an exemption is available.


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.


Liquidity Risk. The lack of a readily available market may limit the ability of the Portfolio to sell certain securities and other investments at the time and price it would like. The size of certain securities offerings of emerging markets issuers may be relatively smaller in size than offerings in more developed markets and, in some cases, the Portfolio, by itself or together with other Portfolios or other accounts managed by the Investment Manager, may hold a position in a security that is large relative to the typical trading volume for that security; these factors can make it difficult for the Portfolio to dispose of the position at the desired time or price.


Derivatives and Hedging Risk. Derivatives transactions, including those entered into for hedging purposes (i.e., seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Swap agreements, forward currency contracts, over-the-counter options on securities, indexes and currencies, structured notes and other over-the-counter derivatives transactions are subject to the risk of default by the counterparty and can be illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which the Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of the related security, index or currency. As such, a small investment could have a potentially large impact on the Portfolio?s performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager?s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.


High Portfolio Turnover Risk. The Portfolio’s investment strategy may involve high portfolio turnover (such as 100% or more). A portfolio turnover rate of 100%, for example, is equivalent to the Portfolio buying and selling all of its securities once during the course of the year. A high portfolio turnover rate could result in high transaction costs and an increase in taxable capital gains distributions to the Portfolio’s shareholders, which will reduce returns to shareholders.


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 Year-by-Year Total Returns for Institutional Shares As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard Global Dynamic Multi-Asset Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of broad measures of market performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year. Updated performance information is available at www.lazardassetmanagement.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.

Bar Chart
  

Best Quarter:

Q1 17

5.60%

 

 

Worst Quarter:

Q4 18

-9.19%

Average Annual Total Returns (for the periods ended December 31, 2018)

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio's R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio's Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.

Average Annual Returns - Lazard Global Dynamic Multi-Asset Portfolio
1 Year
Life of Portfolio
Inception Date
Institutional Shares (6.35%) 5.04% May 27, 2016
Open Shares (6.64%) 4.72% May 27, 2016
R6 Shares (6.35%) 5.04%  
After Taxes on Distributions | Institutional Shares (9.93%) 2.73%  
After Taxes on Distributions and Sale of Fund Shares | Institutional Shares (2.10%) 3.41%  
MSCI World Index (reflects no deduction for fees, expense or taxes) (8.71%) 6.52%  
50% MSCI World Index / 50% Bloomberg Barclays Global Aggregate Index (reflects no deduction for fees, expense or taxes) (4.79%) 3.82%  
XML 46 R37.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Label Element Value
Lazard International Equity Advantage Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Lazard International Equity Advantage 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, a series of The Lazard Funds, Inc. (the “Fund”). Investors transacting in Institutional or R6 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 May 01, 2020
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 72% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 72.00%
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 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 expense limitation agreement in year one only. 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. In managing the Portfolio, the Investment Manager utilizes a quantitatively driven, bottom up stock selection process. The Portfolio management team selects investments for the Portfolio from a broad investment universe of non-US stocks and depositary receipts, including American Depositary Receipts (“ADRs”), Global Depositary Receipts and European Depositary Receipts, real estate investment trusts (“REITs”), warrants and rights. The active, quantitative approach utilized by the Portfolio management team involves initial screening, risk assessment and evaluation of each company relative to its global peers. The Portfolio will typically invest the majority of its assets in securities of non-US developed market companies, using an objective, systematic investment process that blends both risk and stock ranking assessments designed to capture attractive risk-to-return characteristics. In addition to a multidimensional assessment of risk, each company is evaluated daily according to four independent measures: growth, value, sentiment and quality. The Portfolio may invest across the capitalization spectrum.


Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities. The allocation of the Portfolio’s assets among countries and regions will vary from time to time based on the Investment Manager’s judgment and its analysis of market conditions.


The Portfolio may invest in exchange-traded open-end management investment companies (“ETFs”) and similar products, which generally pursue a passive index-based strategy.

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 a 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.


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.


Depositary Receipts Risk. ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated.


Quantitative Model Risk. The success of the Portfolio’s investment strategy depends largely upon the effectiveness of the Investment Manager’s quantitative model. A quantitative model, such as the risk and other models used by the Investment Manager requires adherence to a systematic, disciplined process. The Investment Manager’s ability to monitor and, if necessary, adjust its quantitative model could be adversely affected by various factors including incorrect or outdated market and other data inputs. Factors that affect a security’s value can change over time, and these changes may not be reflected in the quantitative model. In addition, factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value.


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.


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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio's foreign currency exposure.


REIT Risk. REITs are subject to similar risks as an investment in a realty-related company. The risks related to investments in realty-related companies include, but are not limited to: adverse changes in general economic and local market conditions; adverse developments in employment; changes in supply or demand for similar or competing properties; unfavorable changes in applicable taxes, governmental regulations and interest rates; operating or development expenses; and lack of available financing. Due to certain special considerations that apply to REITs, investments in REITs may carry additional risks not necessarily present in investments in other securities. REIT securities (including those trading on national exchanges) typically have trading volumes that are less than those of common stocks of other stocks traded on national exchanges, which may affect the Portfolio’s ability to trade or liquidate those securities. An investment in REITs may be adversely affected if the REIT fails to comply with applicable laws and regulations. Failure to qualify with any of these requirements could jeopardize a company’s status as a REIT. The Portfolio generally will have no control over the operations and policies of a REIT, and the generally will have no ability to cause a REIT to take the actions necessary to qualify as a REIT.


ETF Risk. Shares of ETFs may trade at prices that vary from their net asset values, sometimes significantly. The shares of ETFs may trade at prices at, below or above their most recent net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. The Portfolio’s investments in ETFs are subject to the risks of such ETF’s investments, as well as to the general risks of investing in ETFs. Portfolio shares will bear not only the Portfolio’s management fees and operating expenses, but also their proportional share of the management fees and operating expenses of the ETFs in which the Portfolio invests. The Portfolio may be limited by the Investment Company Act of 1940, as amended, in the amount of its assets that may be invested in ETFs unless an ETF has received an exemptive order from the Securities and Exchange Commission on which the Portfolio may rely or an exemption is available.


Other Equity Securities Risk. Investments in rights and warrants involve certain risks, including the possible lack of a liquid market for resale, price fluctuations and the failure of the price of the underlying security to reach a level at which the right or warrant can be prudently exercised, in which case the right or warrant may expire without being exercised and result in a loss of a Portfolio’s entire investment.


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.
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 International Equity Advantage 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. Updated performance information is available at www.lazardassetmanagement.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 International Equity Advantage 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 Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 823-6300
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.lazardassetmanagement.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:

Q1 17

8.31%

 

 

Worst Quarter:

Q4 18

-13.25%

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2017
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 8.31%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2018
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (13.25%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended December 31, 2018)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expense, 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 One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.

Lazard International Equity Advantage Portfolio | MSCI EAFE Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (13.79%)
Life of Portfolio rr_AverageAnnualReturnSinceInception (0.16%)
Lazard International Equity Advantage Portfolio | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.65%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 6.95%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 7.60%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 6.70% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.90%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 92
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,633
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 3,096
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 6,431
Annual Return 2016 rr_AnnualReturn2016 (1.13%)
Annual Return 2017 rr_AnnualReturn2017 24.98%
Annual Return 2018 rr_AnnualReturn2018 (16.26%)
1 Year rr_AverageAnnualReturnYear01 (16.26%)
Life of Portfolio rr_AverageAnnualReturnSinceInception (0.95%)
Inception Date rr_AverageAnnualReturnInceptionDate May 29, 2015
Lazard International Equity Advantage Portfolio | Institutional Shares | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (17.01%)
Life of Portfolio rr_AverageAnnualReturnSinceInception (1.43%)
Lazard International Equity Advantage Portfolio | Institutional Shares | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (8.71%)
Life of Portfolio rr_AverageAnnualReturnSinceInception (0.52%)
Lazard International Equity Advantage Portfolio | Open Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.65%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 16.77%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 17.67%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 16.52% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.15%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 117
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 3,337
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 5,793
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 9,675
1 Year rr_AverageAnnualReturnYear01 (16.52%)
Life of Portfolio rr_AverageAnnualReturnSinceInception (1.25%)
Inception Date rr_AverageAnnualReturnInceptionDate May 29, 2015
Lazard International Equity Advantage Portfolio | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.65%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 6.95% [2]
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 7.60%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 6.75% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.85%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates “Other Expenses” are based on estimated amounts for the current fiscal year, using “Other Expenses” for Institutional Shares from the last fiscal year.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 87
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,834
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 3,455
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 7,008
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares.
1 Year rr_AverageAnnualReturnYear01 (16.26%)
Life of Portfolio rr_AverageAnnualReturnSinceInception (0.95%)
[1] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed .90%, 1.15% and .85% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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.
[2] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last fiscal year.
XML 47 R148.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Total
Lazard Global Listed Infrastructure Portfolio
Lazard Global Listed Infrastructure Portfolio
Investment Objective

The Portfolio seeks total return.

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 or R6 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 Global Listed Infrastructure Portfolio
Institutional Shares
Open Shares
R6 Shares
Management Fees 0.90% 0.90% 0.90%
Distribution and Service (12b-1) Fees none 0.25% none
Other Expenses 0.05% 0.05% 0.05% [1]
Acquired Fund Fees and Expenses 0.01% 0.01% 0.01% [1]
Total Annual Portfolio Operating Expenses [2] 0.96% 1.21% 0.96%
[1] Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year.
[2] Excluding Acquired Fund Fees and Expenses, the Total Annual Portfolio Operating Expenses are .95%, 1.20% and .95% of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively.
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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Lazard Global Listed Infrastructure Portfolio - USD ($)
1 year
3 years
5 years
10 years
Institutional Shares 98 306 531 1,178
Open Shares 123 384 665 1,466
R6 Shares 98 306 531 1,178
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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 49% of the average value of its portfolio.

Principal Investment Strategies

The Portfolio invests primarily in equity securities, principally common stocks, of infrastructure companies and concentrates its investments in industries represented by infrastructure companies. Lazard Asset Management LLC (the “Investment Manager”) focuses on companies with a minimum market capitalization of $250 million that own physical infrastructure and which the Investment Manager believes are undervalued.


Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of infrastructure companies, which consist of utilities, pipelines, toll roads, airports, railroads, ports, telecommunications and other infrastructure companies, with securities listed on a national or other recognized securities exchange.


Under normal market conditions, the Portfolio invests significantly (at least 40%—unless market conditions are not deemed favorable by the Investment Manager, in which case the Portfolio would invest at least 30%) in infrastructure companies organized or located outside the US or doing a substantial amount of business outside the US. The Investment Manager allocates the Portfolio’s assets among various regions and countries, including the United States (but in no less than three different countries). The Portfolio may invest in equity securities of companies with some business activities located in emerging market countries.


The Investment Manager generally seeks to substantially hedge foreign currency exposure in the Portfolio against movements relative to the US dollar by entering into foreign currency forward contracts, although the Portfolio’s total foreign currency exposure may not be fully hedged at all times.


Although the Portfolio is classified as “diversified” under the Investment Company Act of 1940, as amended, it may invest in a smaller number of issuers than other, more diversified investment portfolios.

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 a 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.


Infrastructure Companies Risk. Securities and instruments of infrastructure companies are more susceptible to adverse economic or regulatory occurrences affecting their industries. Infrastructure companies may be subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, high leverage, costs associated with environmental and other regulations, the effects of economic slowdown, surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Infrastructure companies also may be affected by or subject to, among other factors, regulation by various government authorities, including rate regulation, and service interruption due to environmental, operational or other mishaps.


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.


Emerging Market Risk. Emerging market countries 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.


Value Investing Risk. The Portfolio invests in securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


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.


Focused Investing Risk. The Portfolio’s net asset value 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 Year-by-Year Total Returns for Institutional Shares As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard Global Listed Infrastructure Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of broad measures of market performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year. Updated performance information is available at www.lazardassetmanagement.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.

Bar Chart
  

Best Quarter:

Q3 10

12.17%

 

 

Worst Quarter:

Q3 11

-9.85%

Average Annual Total Returns (for the periods ended December 31, 2018)

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.


The Global Listed Infrastructure Index (USD Hedged) is an index created by the Portfolio’s Investment Manager, which is the performance of the UBS Global 50/50 Infrastructure & Utilities® Index (Hedged) for all periods through March 31, 2015, when the index ceased to be published, and the FTSE Developed Core Infrastructure 50/50® Index (USD Hedged) for all periods thereafter. The Global Listed Infrastructure Index (USD Hedged) will be replaced with the MSCI World Core Infrastructure Index (Hedged). The Investment Manager believes that the new index is an appropriate alternative to the prior index.

Average Annual Returns - Lazard Global Listed Infrastructure Portfolio
1 Year
5 Years
Life of Portfolio
Inception Date
Institutional Shares (3.73%) 10.38% 11.05% Dec. 31, 2009
Open Shares (3.98%) 10.09% 10.72% Dec. 31, 2009
R6 Shares (3.73%) 10.38% 11.05%  
After Taxes on Distributions | Institutional Shares (6.39%) 7.74% 9.28%  
After Taxes on Distributions and Sale of Fund Shares | Institutional Shares 0.15% 7.72% 8.81%  
MSCI World Core Infrastructure Index (USD Hedged) (reflects no deduction for fees, expense or taxes) 0.52% 9.08% 8.38%  
Global Listed Infrastructure Index (USD Hedged) (reflects no deduction for fees, expense or taxes) 2.56% 9.38% 9.04%  
MSCI World Index (reflects no deduction for fees, expense or taxes) (8.71%) 4.56% 7.61%  
XML 48 R14.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Total
Lazard US Small-Mid Cap Equity Portfolio
Lazard US Small-Mid Cap Equity Portfolio
Investment Objective

The Portfolio seeks long-term capital appreciation.

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 or R6 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 US Small-Mid Cap Equity Portfolio
Institutional Shares
Open Shares
R6 Shares
Management Fees 0.75% 0.75% 0.75%
Distribution and Service (12b-1) Fees none 0.25% none
Other Expenses 0.12% 0.18% 0.12% [1]
Total Annual Portfolio Operating Expenses 0.87% 1.18% 0.87%
[1] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last fiscal year.
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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Lazard US Small-Mid Cap Equity Portfolio - USD ($)
1 year
3 years
5 years
10 years
Institutional Shares 89 278 482 1,073
Open Shares 120 375 649 1,432
R6 Shares 89 278 482 1,073
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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 81% of the average value of its portfolio.

Principal Investment Strategies

The Portfolio invests primarily in equity securities, principally common stocks, of small to mid cap US companies. Lazard Asset Management LLC (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 $8.4 million to $25.5 billion as of March 29, 2019).


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 the securities of larger or smaller US or non-US companies.

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 a 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.


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 securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


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 countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries.


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 Year-by-Year Total Returns for Institutional Shares As of 12/31

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.lazardassetmanagement.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.

Bar Chart
  

Best Quarter:

Q2 09

28.30%

 

 

Worst Quarter:

Q3 11

-26.02%

Average Annual Total Returns (for the periods ended December 31, 2018)

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.

Average Annual Returns - Lazard US Small-Mid Cap Equity Portfolio
1 Year
5 Years
10 Years
Life of Portfolio
Inception Date
Institutional Shares (13.27%) 4.64% 13.05% 10.10% Oct. 30, 1991
Open Shares (13.49%) 4.33% 12.71% 7.46% Jan. 30, 1997
R6 Shares (13.27%) 4.64% 13.05% 10.10%  
After Taxes on Distributions | Institutional Shares (16.73%) 1.30% 10.50% 7.57%  
After Taxes on Distributions and Sale of Fund Shares | Institutional Shares (6.06%) 3.07% 10.37% 7.82%  
Russell 2500 Index (reflects no deduction for fees, expense or taxes) | Institutional Shares (10.00%) 5.15% 13.15% 10.27% Oct. 30, 1991
Russell 2500 Index (reflects no deduction for fees, expense or taxes) | Open Shares (10.00%) 5.15% 13.15% 8.71% Jan. 30, 1997
Russell 2500 Index (reflects no deduction for fees, expense or taxes) | R6 Shares (10.00%) 5.15% 13.15% 10.27%  
Russell 2000/2500 Linked Index (reflects no deduction for fees, expense or taxes) | Institutional Shares (10.00%) 5.15% 13.15% 9.43% Oct. 30, 1991
Russell 2000/2500 Linked Index (reflects no deduction for fees, expense or taxes) | Open Shares (10.00%) 5.15% 13.15% 7.88% Jan. 30, 1997
Russell 2000/2500 Linked Index (reflects no deduction for fees, expense or taxes) | R6 Shares (10.00%) 5.15% 13.15% 9.43%  
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Label Element Value
Lazard Managed Equity Volatility Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Lazard Managed Equity Volatility 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, a series of The Lazard Funds, Inc. (the “Fund”). Investors transacting in Institutional or R6 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 May 01, 2020
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 122% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 122.00%
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 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 expense limitation agreement in year one only. 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. In managing the Portfolio, the Investment Manager utilizes a quantitatively driven, bottom up stock selection process. A principal component of the Investment Manager’s investment process for the Portfolio is volatility management. Volatility, a risk measurement, measures the magnitude of fluctuations in the value of a financial instrument or index over time. The Investment Manager seeks to generate attractive risk-adjusted equity returns (returns after accounting for the risk taken to achieve those returns) while lowering portfolio volatility (up and down movements in the fund’s returns). The Investment Manager’s investment process is benchmark-unaware, which means that the Portfolio’s assets are not managed by reference to a benchmark index. The Investment Manager examines fundamental company information (such as financial statements) and seeks to identify high quality companies with sustainable operating performance in order to build a well-diversified global portfolio of common stocks. The Investment Manager performs an independent assessment of stock risk and also seeks to manage risk through diversification.


The Portfolio management team selects investments for the Portfolio from a broad investment universe of stocks and depositary receipts, including American Depositary Receipts (“ADRs”), Global Depositary Receipts and European Depositary Receipts, real estate investment trusts (“REITs”), warrants and rights. The active, quantitative approach utilized by the Portfolio management team involves initial screening, risk assessment and evaluation of each company relative to its global peers. The Portfolio will typically focus on securities of developed market companies, using an objective, systematic investment process that blends both risk and stock ranking assessments designed to capture attractive risk-to-return characteristics and create a low volatility portfolio. In addition to a multidimensional assessment of risk, each company is evaluated daily according to four independent measures: growth, value, sentiment and quality. The Portfolio may invest across the capitalization spectrum.


Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities.


The Portfolio may invest in exchange-traded open-end management investment companies ("ETFs") and similar products, which generally pursue a passive index-based strategy.

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 a 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.


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.


Depositary Receipts Risk. ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated.


Quantitative Model Risk. The success of the Portfolio’s investment strategy depends largely upon the effectiveness of the Investment Manager’s quantitative model. A quantitative model, such as the risk and other models used by the Investment Manager requires adherence to a systematic, disciplined process. The Investment Manager’s ability to monitor and, if necessary, adjust its quantitative model could be adversely affected by various factors including incorrect or outdated market and other data inputs. Factors that affect a security’s value can change over time, and these changes may not be reflected in the quantitative model. In addition, factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value.


Volatility Management Risk. While the Investment Manager generally will seek to achieve, over a full market cycle, the level of volatility in the Portfolio’s performance as described above, there can be no guarantee that this will be achieved; actual or realized volatility for any particular period may be materially higher or lower depending on market conditions. In addition, the Investment Manager’s efforts to manage the Portfolio’s volatility can be expected, in a period of generally positive equity market returns, to reduce the Portfolio’s performance below what could be achieved without seeking to manage volatility and, thus, the Portfolio would generally be expected to underperform market indices that do not seek to achieve a specified level of volatility.


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.


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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio's foreign currency exposure.


REIT Risk. REITs are subject to similar risks as an investment in a realty-related company. The risks related to investments in realty-related companies include, but are not limited to: adverse changes in general economic and local market conditions; adverse developments in employment; changes in supply or demand for similar or competing properties; unfavorable changes in applicable taxes, governmental regulations and interest rates; operating or development expenses; and lack of available financing. Due to certain special considerations that apply to REITs, investments in REITs may carry additional risks not necessarily present in investments in other securities. REIT securities (including those trading on national exchanges) typically have trading volumes that are less than those of common stocks of other stocks traded on national exchanges, which may affect the Portfolio’s ability to trade or liquidate those securities. An investment in REITs may be adversely affected if the REIT fails to comply with applicable laws and regulations. Failure to qualify with any of these requirements could jeopardize a company’s status as a REIT. The Portfolio generally will have no control over the operations and policies of a REIT, and the generally will have no ability to cause a REIT to take the actions necessary to qualify as a REIT.


ETF Risk. Shares of ETFs may trade at prices that vary from their net asset values, sometimes significantly. The shares of ETFs may trade at prices at, below or above their most recent net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. The Portfolio’s investments in ETFs are subject to the risks of such ETF’s investments, as well as to the general risks of investing in ETFs. Portfolio shares will bear not only the Portfolio’s management fees and operating expenses, but also their proportional share of the management fees and operating expenses of the ETFs in which the Portfolio invests. The Portfolio may be limited by the Investment Company Act of 1940, as amended, in the amount of its assets that may be invested in ETFs unless an ETF has received an exemptive order from the Securities and Exchange Commission on which the Portfolio may rely or an exemption is available.


Other Equity Securities Risk. Investments in rights and warrants involve certain risks, including the possible lack of a liquid market for resale, price fluctuations and the failure of the price of the underlying security to reach a level at which the right or warrant can be prudently exercised, in which case the right or warrant may expire without being exercised and result in a loss of a Portfolio’s entire investment.


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.


High Portfolio Turnover Risk. The Portfolio’s investment strategy may involve high portfolio turnover (such as 100% or more). A portfolio turnover rate of 100%, for example, is equivalent to the Portfolio buying and selling all of its securities once during the course of the year. A high portfolio turnover rate could result in high transaction costs and an increase in taxable capital gains distributions to the Portfolio’s shareholders, which will reduce returns to shareholders.

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 Managed Equity Volatility 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. Updated performance information is available at www.lazardassetmanagement.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 Managed Equity Volatility 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 Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 823-6300
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.lazardassetmanagement.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:

Q1 17

6.71%

 

 

Worst Quarter:

Q4 18

-9.88%

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2017
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 6.71%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2018
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (9.88%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended December 31, 2018)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expense, 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 One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.

Lazard Managed Equity Volatility Portfolio | MSCI World Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (8.71%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 3.54%
Lazard Managed Equity Volatility Portfolio | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.60%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 1.04%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.64%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.89% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.75%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 167
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 517
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 892
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,944
Annual Return 2016 rr_AnnualReturn2016 6.45%
Annual Return 2017 rr_AnnualReturn2017 20.57%
Annual Return 2018 rr_AnnualReturn2018 (7.21%)
1 Year rr_AverageAnnualReturnYear01 (7.21%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 4.27%
Inception Date rr_AverageAnnualReturnInceptionDate May 29, 2015
Lazard Managed Equity Volatility Portfolio | Institutional Shares | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (7.60%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 3.55%
Lazard Managed Equity Volatility Portfolio | Institutional Shares | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.01%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 3.22%
Lazard Managed Equity Volatility Portfolio | Open Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.60%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 5.01%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 5.86%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 4.86% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.00%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 102
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,310
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 2,498
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 5,379
1 Year rr_AverageAnnualReturnYear01 (7.50%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 3.93%
Inception Date rr_AverageAnnualReturnInceptionDate May 29, 2015
Lazard Managed Equity Volatility Portfolio | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.60%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 1.04% [2]
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.64%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.94% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.70%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates “Other Expenses” are based on estimated amounts for the current fiscal year, using “Other Expenses” for Institutional Shares from the last fiscal year.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 167
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 517
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 892
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,944
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares.
1 Year rr_AverageAnnualReturnYear01 (7.21%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 4.27%
[1] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed .75%, 1.00% and .70% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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.
[2] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last fiscal year.
XML 51 R81.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Label Element Value
Lazard Global Strategic Equity Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Lazard Global Strategic 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, a series of The Lazard Funds, Inc. (the “Fund”). Investors transacting in Institutional or R6 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 May 01, 2020
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 46% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 46.00%
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 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 expense limitation agreement in year one only. 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 companies that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. The Investment Manager seeks to realize the Portfolio’s investment objective primarily through stock selection, investing in companies believed to have sustainably high or improving returns and trading at attractive valuations. The Portfolio may invest in securities of companies whose principal business activities are located in emerging market countries, and the allocation of the Portfolio’s assets to emerging market countries may vary from time to time. The Portfolio may invest in securities of companies across the capitalization spectrum.


Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities. In addition, under normal market conditions, the Portfolio invests significantly (at least 40%—unless market conditions are not deemed favorable by the Investment Manager, in which case the Portfolio would invest at least 30%) in non-US companies. The Investment Manager allocates the Portfolio’s assets among various regions and countries, including the United States (but in no less than three different countries). The allocation of the Portfolio’s assets among geographic sectors may shift from time to time based on the Investment Manager’s judgment and its analysis of market conditions.


Although the Portfolio is classified as “diversified” under the Investment Company Act of 1940, as amended, it may invest in a smaller number of issuers than other, more diversified investment portfolios.

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 a 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.


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.


Emerging Market Risk. Emerging market countries 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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio's foreign currency exposure.


Focused Investing Risk. The Portfolio’s net asset value 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.


Value Investing Risk. The Portfolio invests in securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


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.


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.
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 Global Strategic 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. Updated performance information is available at www.lazardassetmanagement.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 Global Strategic 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 Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 823-6300
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.lazardassetmanagement.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:

Q4 17

6.24%

 

 

Worst Quarter:

Q4 18

-12.32%

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2017
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 6.24%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2018
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (12.32%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended December 31, 2018)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expense 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 One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.

Lazard Global Strategic Equity Portfolio | MSCI All Country World Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (9.42%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 3.26%
Lazard Global Strategic Equity Portfolio | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 5.56%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 6.31%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 5.31% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.00%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 102
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,397
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 2,659
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 5,671
Annual Return 2015 rr_AnnualReturn2015 (1.85%)
Annual Return 2016 rr_AnnualReturn2016 (0.15%)
Annual Return 2017 rr_AnnualReturn2017 24.20%
Annual Return 2018 rr_AnnualReturn2018 (9.16%)
1 Year rr_AverageAnnualReturnYear01 (9.16%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 2.25%
Inception Date rr_AverageAnnualReturnInceptionDate Aug. 29, 2014
Lazard Global Strategic Equity Portfolio | Institutional Shares | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (15.09%)
Life of Portfolio rr_AverageAnnualReturnSinceInception (5.40%)
Lazard Global Strategic Equity Portfolio | Institutional Shares | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (2.50%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 1.02%
Lazard Global Strategic Equity Portfolio | Open Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 12.95%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 13.95%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 12.70% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.25%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 127
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 2,769
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 4,958
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 8,932
1 Year rr_AverageAnnualReturnYear01 (9.39%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 1.93%
Inception Date rr_AverageAnnualReturnInceptionDate Aug. 29, 2014
Lazard Global Strategic Equity Portfolio | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 5.56% [2]
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 6.31%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 5.36% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.95%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates “Other Expenses” are based on estimated amounts for the current fiscal year, using “Other Expenses” for Institutional Shares from the last fiscal year.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 97
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,393
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 2,655
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 5,669
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares.
1 Year rr_AverageAnnualReturnYear01 (9.16%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 2.25%
[1] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed 1.00%, 1.25% and .95% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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.
[2] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last fiscal year.
XML 52 R106.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Total
Lazard Developing Markets Equity Portfolio
Lazard Developing Markets Equity Portfolio
Investment Objective

The Portfolio seeks long-term capital appreciation.

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 or R6 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 Developing Markets Equity Portfolio
Institutional Shares
Open Shares
R6 Shares
Management Fees 1.00% 1.00% 1.00%
Distribution and Service (12b-1) Fees none 0.25% none
Other Expenses 0.14% 0.26% 0.14% [1]
Total Annual Portfolio Operating Expenses 1.14% 1.51% 1.14%
Fee Waiver and/or Expense Reimbursement [2] 0.01%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.14% 1.50% 1.14%
[1] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last 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 through May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed 1.25%, 1.50% and 1.20% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Lazard Developing Markets Equity Portfolio - USD ($)
1 year
3 years
5 years
10 years
Institutional Shares 116 362 628 1,386
Open Shares 153 476 823 1,801
R6 Shares 116 362 628 1,386
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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 63% of the average value of its portfolio.

Principal Investment Strategies

The Portfolio invests primarily in equity securities, principally common stocks, of non-US companies whose principal activities are located in emerging market countries (also known as “developing markets”).


Emerging market countries include all countries represented by the MSCI Emerging Markets Index, which currently includes: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.


The Investment Manager employs a relative growth investment philosophy that is based on value creation through the process of bottom-up stock selection. The Investment Manager’s approach consists of an analytical framework, accounting validation, fundamental analysis and portfolio construction parameters. The Investment Manager’s selection process focuses on growth and considers the sustainability of growth and the trade off between valuation and growth.


Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of companies whose principal business activities are located in emerging market countries. In addition to common stocks, such equity securities also may include American Depositary Receipts (“ADRs”), Global Depositary Receipts and European Depositary Receipts.

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 a 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.


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.


Emerging Market Risk. Emerging market countries 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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio’s foreign currency exposure.


Depositary Receipts Risk. ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated.


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.


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.


Growth Investing Risk. The Portfolio invests in securities 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 securities may be more volatile than other securities because they can be more sensitive to investor perceptions of the issuing company’s growth potential. The securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


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 Year-by-Year Total Returns for Institutional Shares As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard Developing Markets 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.lazardassetmanagement.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.

Bar Chart
  

Best Quarter:

Q2 09

56.64%

 

 

Worst Quarter:

Q3 11

-28.53%

Average Annual Total Returns (for the periods ended December 31, 2018)

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.

Average Annual Returns - Lazard Developing Markets Equity Portfolio
1 Year
5 Years
10 Years
Life of Portfolio
Inception Date
Institutional Shares (20.58%) 0.13% 8.42% 3.83% Sep. 30, 2008
Open Shares (20.83%) (0.23%) 8.07% 3.49% Sep. 30, 2008
R6 Shares (20.58%) 0.13% 8.42% 3.83%  
After Taxes on Distributions | Institutional Shares (20.59%) 0.09% 7.79% 3.23%  
After Taxes on Distributions and Sale of Fund Shares | Institutional Shares (11.95%) 0.24% 6.90% 3.03%  
MSCI Emerging Markets Index (reflects no deduction for fees, expense or taxes) (14.58%) 1.65% 8.02% 4.47%  
XML 53 R129.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Label Element Value
Lazard US Corporate Income Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Lazard US Corporate Income Portfolio
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Portfolio seeks maximum total return from a combination of capital appreciation and current 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 or R6 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 May 01, 2020
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 16% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 16.00%
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 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 expense limitation agreement in year one only. 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

Under normal circumstances, the Portfolio invests at least 80% of its assets in fixed-income securities issued by corporations or other non-governmental issuers similar to corporations, which securities are tied economically to the US. The Portfolio typically invests a substantial portion of its assets, and may invest up to 100% of its assets, in securities rated, at the time of purchase, below investment grade by Standard & Poor’s Ratings Group (“S&P”) or Moody’s Investors Service, Inc. (“Moody’s”) and as low as C or Ca by S&P or Moody’s, respectively, or the unrated equivalent as determined by the Investment Manager (“junk bonds”); however, the Portfolio focuses such investments in below investment grade securities that may be considered “better quality” (i.e., rated B1 or higher by Moody’s, B+ or higher by S&P or the unrated equivalent as determined by the Investment Manager). The Portfolio may invest in dollar-denominated securities of non-US companies, including, to a limited extent, in emerging market companies.


Although the Portfolio may invest in fixed-income securities without regard to their maturity, the Portfolio’s average weighted maturity is expected to range between two and ten years.


Securities are evaluated based on their fundamental and structural characteristics. Valuation analysis is tailored to the specific asset class, but may include credit research, prepayment or call options, maturity, duration, coupon, currency and country risks. The Portfolio is constructed using a bottom-up discipline in which the Investment Manager follows a systematic process to seek out undervalued opportunities within each sector.


The Portfolio may invest up to 20% of its assets in other securities which need not be fixed-income securities as described above and need not be tied economically to the US.

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 a 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.


Fixed-Income and Debt Securities Risk. The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.


Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. Risks associated with rising interest rates are heightened given that the Federal Reserve has raised the federal funds rate several times in recent periods and may continue to increase rates in the future.


The Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering the Portfolio’s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.


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 countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries.

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 Corporate Income 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.lazardassetmanagement.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 Corporate Income 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 Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 823-6300
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.lazardassetmanagement.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:

Q2 09

13.08%

 

 

Worst Quarter:

Q3 11

-4.20%

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 13.08%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (4.20%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended December 31, 2018)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expense, 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 One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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.

Lazard US Corporate Income Portfolio | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.09%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.02%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 0.66%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.09% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.57% [1]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 58
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 202
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 359
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 814
Annual Return 2009 rr_AnnualReturn2009 34.66%
Annual Return 2010 rr_AnnualReturn2010 11.78%
Annual Return 2011 rr_AnnualReturn2011 5.17%
Annual Return 2012 rr_AnnualReturn2012 12.02%
Annual Return 2013 rr_AnnualReturn2013 6.17%
Annual Return 2014 rr_AnnualReturn2014 3.31%
Annual Return 2015 rr_AnnualReturn2015 (0.71%)
Annual Return 2016 rr_AnnualReturn2016 10.09%
Annual Return 2017 rr_AnnualReturn2017 5.09%
Annual Return 2018 rr_AnnualReturn2018 (2.73%)
1 Year rr_AverageAnnualReturnYear01 (2.73%)
5 Years rr_AverageAnnualReturnYear05 2.91%
10 Years rr_AverageAnnualReturnYear10 8.07%
Life of Portfolio rr_AverageAnnualReturnSinceInception 4.03%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 02, 1998
Lazard US Corporate Income Portfolio | Institutional Shares | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (25.78%)
5 Years rr_AverageAnnualReturnYear05 0.41%
10 Years rr_AverageAnnualReturnYear10 9.09%
Life of Portfolio rr_AverageAnnualReturnSinceInception 5.26%
Lazard US Corporate Income Portfolio | Institutional Shares | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (16.00%)
5 Years rr_AverageAnnualReturnYear05 12.80%
10 Years rr_AverageAnnualReturnYear10 53.50%
Life of Portfolio rr_AverageAnnualReturnSinceInception 1.66%
Lazard US Corporate Income Portfolio | Institutional Shares | ICE BofAML BB-B US Cash Pay Non-Distressed High Yield® Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (2.01%)
5 Years rr_AverageAnnualReturnYear05 3.96%
10 Years rr_AverageAnnualReturnYear10 8.74%
Life of Portfolio rr_AverageAnnualReturnSinceInception 6.12%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 02, 1998
Lazard US Corporate Income Portfolio | Open Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.31%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.02%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.13%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.31% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.82% [1]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 84
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 328
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 592
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,347
1 Year rr_AverageAnnualReturnYear01 (2.78%)
5 Years rr_AverageAnnualReturnYear05 2.66%
10 Years rr_AverageAnnualReturnYear10 7.77%
Life of Portfolio rr_AverageAnnualReturnSinceInception 3.53%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 24, 1998
Lazard US Corporate Income Portfolio | Open Shares | ICE BofAML BB-B US Cash Pay Non-Distressed High Yield® Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (2.01%)
5 Years rr_AverageAnnualReturnYear05 3.96%
10 Years rr_AverageAnnualReturnYear10 8.74%
Life of Portfolio rr_AverageAnnualReturnSinceInception 6.07%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 24, 1998
Lazard US Corporate Income Portfolio | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 4.07%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.02%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 4.64%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 4.07% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.57% [1]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 58
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,031
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 2,010
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 4,491
1 Year rr_AverageAnnualReturnYear01 (2.43%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 1.80%
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 03, 2016
Lazard US Corporate Income Portfolio | R6 Shares | ICE BofAML BB-B US Cash Pay Non-Distressed High Yield® Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (2.01%)
5 Years rr_AverageAnnualReturnYear05 3.96%
10 Years rr_AverageAnnualReturnYear10 8.74%
Life of Portfolio rr_AverageAnnualReturnSinceInception 2.90%
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 03, 2016
[1] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed .55%, .80% and .55% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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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Total
Lazard International Strategic Equity Portfolio
Lazard International Strategic Equity Portfolio
Investment Objective

The Portfolio seeks long-term capital appreciation.

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 or R6 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 International Strategic Equity Portfolio
Institutional Shares
Open Shares
R6 Shares
Management Fees 0.75% 0.75% 0.75%
Distribution and Service (12b-1) Fees none 0.25% none
Other Expenses 0.05% 0.05% 0.06%
Acquired Fund Fees and Expenses 0.01% 0.01% 0.01%
Total Annual Portfolio Operating Expenses 0.81% 1.06% 0.82%
Fee Waiver and/or Expense Reimbursement [1] 0.01%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.81% 1.06% 0.81%
[1] To the extent the Total Annual Portfolio Operating Expenses of the R6 Shares of the Portfolio exceed the Total Annual Portfolio Operating Expenses of the Portfolio's Institutional Shares (in each case, not including management fees, custodial fees or other expenses related to the management of the Portfolio's assets), Lazard Asset Management LLC (the "Investment Manager") has contractually agreed, until May 1, 2020, to bear the expenses of the R6 Shares in the amount of such excess. This expense limitation agreement 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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Lazard International Strategic Equity Portfolio - USD ($)
1 year
3 years
5 years
10 years
Institutional Shares 83 259 450 1,002
Open Shares 108 337 585 1,294
R6 Shares 83 261 454 1,013
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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 40% of the average value of its portfolio.

Principal Investment Strategies

The Portfolio invests primarily in equity securities, principally common stocks, of non-US companies whose principal activities are located in countries represented by the MSCI EAFE Index that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. The Portfolio also may invest up to 15% of its assets in securities of companies whose principal business activities are located in emerging market countries, although the allocation of the Portfolio’s assets to emerging market countries may vary from time to time.


Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities.


The countries represented by the MSCI EAFE Index currently include: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.


Although the Portfolio is classified as “diversified” under the Investment Company Act of 1940, as amended, it may invest in a smaller number of issuers than other, more diversified investment portfolios.

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 a 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.


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.


Emerging Market Risk. Emerging market countries 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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio's foreign currency exposure.


Focused Investing Risk. The Portfolio’s net asset value 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.


Value Investing Risk. The Portfolio invests in securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


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.


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 Year-by-Year Total Returns for Institutional Shares As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard International Strategic 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.lazardassetmanagement.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.

Bar Chart
  

Best Quarter:

Q2 09

23.21%

 

 

Worst Quarter:

Q3 11

-19.36%

Average Annual Total Returns (for the periods ended December 31, 2018)

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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.

Average Annual Returns - Lazard International Strategic Equity Portfolio
1 Year
5 Years
10 Years
Life of Portfolio
Inception Date
Institutional Shares (10.35%) 1.03% 8.06% 5.42% Oct. 31, 2005
Open Shares (10.55%) 0.78% 7.78% 4.08% Feb. 03, 2006
R6 Shares (10.35%)     1.68% Jan. 19, 2015
After Taxes on Distributions | Institutional Shares (11.97%) 0.42% 7.67% 4.88%  
After Taxes on Distributions and Sale of Fund Shares | Institutional Shares (4.72%) 0.94% 6.74% 4.55%  
MSCI EAFE Index (reflects no deduction for fees, expense or taxes) | Institutional Shares (13.79%) 0.53% 6.32% 3.50% Oct. 31, 2005
MSCI EAFE Index (reflects no deduction for fees, expense or taxes) | Open Shares (13.79%) 0.53% 6.32% 2.54% Feb. 03, 2006
MSCI EAFE Index (reflects no deduction for fees, expense or taxes) | R6 Shares (13.79%) 0.53% 6.32% 2.44% Jan. 19, 2015
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Total
Lazard US Equity Focus Portfolio
Lazard US Equity Focus Portfolio
Investment Objective

The Portfolio seeks long-term capital appreciation.

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 or R6 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 US Equity Focus Portfolio
Institutional Shares
Open Shares
R6 Shares
Management Fees [1] 0.55% 0.55% 0.55%
Distribution and Service (12b-1) Fees none 0.25% none
Other Expenses 0.22% 1.38% 0.31%
Total Annual Portfolio Operating Expenses 0.77% 2.18% 0.86%
Fee Waiver and/or Expense Reimbursement [2] 0.07% 1.23% 0.16%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.70% 0.95% 0.70%
[1] Restated to reflect current management fee.
[2] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed .70%, .95% and .70% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Lazard US Equity Focus Portfolio - USD ($)
1 year
3 years
5 years
10 years
Institutional Shares 72 239 421 948
Open Shares 97 563 1,057 2,417
R6 Shares 72 258 461 1,046
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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 62% of the average value of its portfolio.

Principal Investment Strategies

The Portfolio invests primarily in equity securities, principally common stocks, of US companies that the Investment Manager believes have strong and/or improving financial productivity and are undervalued based on their earnings, cash flow or asset values. The Portfolio typically invests in 20 to 30 companies with market capitalizations generally over $5 billion. Although the Portfolio generally focuses on large cap companies, the market capitalizations of issuers in which the Portfolio invests may vary with market conditions and the Portfolio also may invest in mid cap and small cap companies.


Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of US companies. The Portfolio may invest up to 20% of its assets in securities of non-US companies.


Although the Portfolio is classified as "diversified" under the 1940 Act, it may invest in a smaller number of issuers than other, more diversified, investment portfolios.

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 a 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.


Focused Investing Risk. The Portfolio’s net asset value 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.


Value Investing Risk. The Portfolio invests in securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


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-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 countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries.


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 Year-by-Year Total Returns for Institutional Shares As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard US Equity Focus 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.lazardassetmanagement.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.

Bar Chart
  

Best Quarter:

Q2 09

16.46%

 

 

Worst Quarter:

Q3 11

-14.20%

Average Annual Total Returns (for the periods ended December 31, 2018)

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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.

Average Annual Returns - Lazard US Equity Focus Portfolio
1 Year
5 Years
10 Years
Life of Portfolio
Inception Date
Institutional Shares (3.12%) 6.59% 11.54% 6.39% Dec. 30, 2004
Open Shares (3.40%) 6.28% 11.21% 6.08% Dec. 30, 2004
R6 Shares (3.13%)     6.59% May 19, 2014
After Taxes on Distributions | Institutional Shares (6.87%) 3.93% 99.70% 4.97%  
After Taxes on Distributions and Sale of Fund Shares | Institutional Shares 0.39% 4.85% 9.42% 5.01%  
S&P 500 Index (reflects no deduction for fees, expense or taxes) | Institutional Shares (4.38%) 8.49% 13.12% 7.53% Dec. 30, 2004
S&P 500 Index (reflects no deduction for fees, expense or taxes) | Open Shares (4.38%) 8.49% 13.12% 7.53% Dec. 30, 2004
S&P 500 Index (reflects no deduction for fees, expense or taxes) | R6 Shares (4.38%) 8.49% 13.12% 8.64% May 19, 2014

XML 58 R136.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Total
Lazard Global Fixed Income Portfolio
Lazard Global Fixed Income Portfolio
Investment Objective

The Portfolio seeks total return from current income and capital appreciation.

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 or R6 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 Global Fixed Income Portfolio
Institutional Shares
Open Shares
R6 Shares
Management Fees 0.50% 0.50% 0.50%
Distribution and Service (12b-1) Fees none 0.25% none
Other Expenses 3.11% 37.67% 3.11% [1]
Total Annual Portfolio Operating Expenses 3.61% 38.42% 3.61%
Fee Waiver and/or Expense Reimbursement [2] 2.91% 37.47% 2.96%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.70% 0.95% 0.65%
[1] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last 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 May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed .70%, .95% and .65% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Lazard Global Fixed Income Portfolio - USD ($)
1 year
3 years
5 years
10 years
Institutional Shares 72 835 1,620 3,680
Open Shares 100 5,645 8,103 9,804
R6 Shares 66 830 1,616 3,676
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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 60% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Portfolio invests at least 80% of its assets in Fixed Income Investments. “Fixed Income Investments” include all types of debt and income producing securities and other instruments, including bonds, notes (including structured notes), mortgage-related securities, asset-backed securities, Eurodollar and Yankee dollar instruments, money market instruments and foreign currency forward contracts, including non-deliverable forward contracts. Fixed Income Investments may be issued by US or foreign corporations or entities, including those with business activities located in emerging market countries; US or foreign banks; the US government, its agencies, authorities, instrumentalities or sponsored enterprises; US state and municipal governments; foreign governments and their political subdivisions; and supranational organizations (such as the World Bank).


In managing the Portfolio’s assets, the Investment Manager employs a relative value approach that is driven by its macroeconomic view of global interest rates, yield curves, sector spreads, and currencies, combined with an opportunistic, but disciplined, security selection process. The Investment Manager seeks to enhance the Portfolio’s total return by rotating investments through global bond and credit markets, maintaining or seeking exposure to foreign currencies in the discretion of the Investment Manager. The Investment Manager seeks to identify and exploit market inefficiencies (such as spread relationships between sectors in different countries, and undervalued or overlooked markets and securities) in seeking to achieve attractive risk-adjusted returns. The Investment Manager also seeks to identify investment opportunities with asymmetric risk/reward characteristics in seeking to enhance portfolio performance and mitigate risk.


The Portfolio’s currency exposure generally is managed relative to that of the Bloomberg Barclays Global Aggregate® Index—Unhedged in US dollar terms, and tactical exposures to non-US dollar currencies are based on the Investment Manager’s fundamental macroeconomic outlook, technical factors and the Investment Manager’s desired market positioning.


Under normal market conditions, the Portfolio invests significantly (at least 40%—unless market conditions are not deemed favorable by the Investment Manager, in which case the Portfolio would invest at least 30%) in issuers organized or located outside the US or doing a substantial amount of business outside the US, securities denominated in a foreign currency or foreign currency forward contracts. The Investment Manager allocates the Portfolio’s assets among various regions, countries and currencies, including the United States and the US dollar (but in no less than three different countries or currencies). The Portfolio may invest in securities of issuers with business activities located in emerging market countries or denominated in an emerging market currency.


The Portfolio may invest up to 15% of its assets in securities that are rated below investment grade (e.g., lower than Baa by Moody’s Investors Service, Inc. or lower than BBB by Standard & Poor’s Ratings Group) (“junk bonds”) or the unrated equivalent as determined by the Investment Manager. There are no restrictions on the Portfolio’s average portfolio maturity or duration or on the maturities of the individual debt and income producing securities and other instruments in which it may invest. Duration is an estimate of the sensitivity of the price (the value of principal) of a fixed-income security to a change in interest rates. Generally, the longer the duration, the higher the expected volatility. For example, the market price of a fixed-income security with a duration of three years would be expected to decline 3% if interest rates rose 1%. Conversely, the market price of the same security would be expected to increase 3% if interest rates fell 1%.


The Portfolio may, but is not required to, use derivative instruments that are part of its primary investment strategy, such as forward currency contracts, for hedging purposes.

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 a 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.


Fixed-Income and Debt Securities Risk. The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.


Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. Risks associated with rising interest rates are heightened given that the Federal Reserve has raised the federal funds rate several times in recent periods and may continue to increase rates in the future.


The Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering the Portfolio’s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.


Some debt securities may give the issuer the option to call, or redeem, the securities before their maturity, and, during a time of declining interest rates, the Portfolio may have to reinvest the proceeds of called or redeemed securities in an investment offering a lower yield (and the Portfolio may not fully benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).


Adjustable rate or inflation-linked securities provide the Portfolio with a certain degree of protection against rises in interest rates or inflation rates, respectively, although adjustable rate securities will participate in any declines in interest rates and inflation-linked securities can also decline in value based on changes in the relevant periodic adjustment rate. Certain adjustable rate securities, such as those with interest rates that fluctuate directly or indirectly based on multiples of a stated index, are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and possibly loss of principal. Certain fixed-income securities may be issued at a discount from their face value (such as zero coupon securities) or purchased at a price less than their stated face amount or at a price less than their issue price plus the portion of “original issue discount” previously accrued thereon, i.e., purchased at a “market discount.” The amount of original issue discount and/or market discount on certain obligations may be significant, and accretion of market discount together with original issue discount will cause the Portfolio to realize income prior to the receipt of cash payments with respect to these securities.


Mortgage-Related and Asset-Backed Securities Risk. Mortgage-related securities are complex instruments, subject to both credit and prepayment risk, and may be more volatile and less liquid, and more difficult to price accurately, than more traditional debt securities. Mortgage-related securities generally are subject to credit risks associated with the performance of the underlying mortgage properties. Prepayment risk can lead to fluctuations in value of the mortgage-related security which may be pronounced. As with other interest-bearing securities, the prices of certain mortgage-related securities are inversely affected by changes in interest rates. However, although the value of a mortgage-related security may decline when interest rates rise, the converse is not necessarily true, since during periods of declining interest rates the mortgages underlying the security are more likely to be prepaid.


The risks of asset-backed securities are similar to those of mortgage-related securities. However, asset-backed securities present certain risks that are not presented by mortgage-related securities. Primarily, these securities may provide the Portfolio with a less effective security interest in the related collateral than do mortgage-related securities.


Structured Products Risk. Structured notes and other structured products are privately negotiated debt instruments where the principal and/or interest is determined by reference to a specified asset, market or rate, or the differential performance of two assets or markets. Structured products can have risks of both fixed-income securities and derivatives transactions. Derivatives transactions 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, and they are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related reference assets, markets or rates. As such, a small investment could have a potentially large impact on the Portfolio’s performance. Use of derivatives transactions may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.


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.


Emerging Market Risk. Emerging market countries 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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies.


Liquidity Risk. The lack of a readily available market may limit the ability of the Portfolio to sell certain securities and other investments at the time and price it would like. The size of certain securities offerings of emerging markets issuers may be relatively smaller in size than offerings in more developed markets and, in some cases, the Portfolio, by itself or together with other Portfolios or other accounts managed by the Investment Manager, may hold a position in a security that is large relative to the typical trading volume for that security; these factors can make it difficult for the Portfolio to dispose of the position at the desired time or price.


Derivatives and Hedging Risk. Derivatives transactions, including those entered into for hedging purposes (i.e., seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Forward currency contracts, structured products and other over-the-counter derivatives transactions are subject to the risk of default by the counterparty and can be illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which the Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of the related currency or other reference asset. As such, a small investment could have a potentially large impact on the Portfolio’s performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.

Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard Global Fixed Income 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. Updated performance information is available at www.lazardassetmanagement.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.

Bar Chart
  

Best Quarter:

Q1 16

5.14%

 

 

Worst Quarter:

Q4 16

-7.01%

Average Annual Total Returns (for the periods ended December 31, 2018)

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.

Average Annual Returns - Lazard Global Fixed Income Portfolio
1 Year
5 Years
Life of Portfolio
Inception Date
Institutional Shares (2.06%) 0.34% 0.11% Mar. 30, 2012
Open Shares (2.31%) 0.05% (0.19%) Mar. 30, 2012
R6 Shares (2.06%) 0.34% 0.11%  
After Taxes on Distributions | Institutional Shares (29.80%) (0.30%) (0.46%)  
After Taxes on Distributions and Sale of Fund Shares | Institutional Shares (12.10%) (0.01%) (0.15%)  
Bloomberg Barclays Global Aggregate Index (reflects no deduction for fees, expense or taxes) (1.20%) 1.08% 0.91%  
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Label Element Value
Lazard Developing Markets Equity Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Lazard Developing Markets 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, a series of The Lazard Funds, Inc. (the “Fund”). Investors transacting in Institutional or R6 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 May 01, 2020
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 63% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 63.00%
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 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. 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 non-US companies whose principal activities are located in emerging market countries (also known as “developing markets”).


Emerging market countries include all countries represented by the MSCI Emerging Markets Index, which currently includes: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.


The Investment Manager employs a relative growth investment philosophy that is based on value creation through the process of bottom-up stock selection. The Investment Manager’s approach consists of an analytical framework, accounting validation, fundamental analysis and portfolio construction parameters. The Investment Manager’s selection process focuses on growth and considers the sustainability of growth and the trade off between valuation and growth.


Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of companies whose principal business activities are located in emerging market countries. In addition to common stocks, such equity securities also may include American Depositary Receipts (“ADRs”), Global Depositary Receipts and European Depositary Receipts.

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 a 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.


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.


Emerging Market Risk. Emerging market countries 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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio’s foreign currency exposure.


Depositary Receipts Risk. ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated.


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.


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.


Growth Investing Risk. The Portfolio invests in securities 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 securities may be more volatile than other securities because they can be more sensitive to investor perceptions of the issuing company’s growth potential. The securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


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.
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 Developing Markets 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.lazardassetmanagement.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 Developing Markets 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 Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 823-6300
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.lazardassetmanagement.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:

Q2 09

56.64%

 

 

Worst Quarter:

Q3 11

-28.53%

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 56.64%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (28.53%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended December 31, 2018)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expense, 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 One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.

Lazard Developing Markets Equity Portfolio | MSCI Emerging Markets Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (14.58%)
5 Years rr_AverageAnnualReturnYear05 1.65%
10 Years rr_AverageAnnualReturnYear10 8.02%
Life of Portfolio rr_AverageAnnualReturnSinceInception 4.47%
Lazard Developing Markets Equity Portfolio | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.14%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.14%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.14%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 116
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 362
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 628
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,386
Annual Return 2009 rr_AnnualReturn2009 108.53%
Annual Return 2010 rr_AnnualReturn2010 28.62%
Annual Return 2011 rr_AnnualReturn2011 (26.15%)
Annual Return 2012 rr_AnnualReturn2012 17.16%
Annual Return 2013 rr_AnnualReturn2013 (3.90%)
Annual Return 2014 rr_AnnualReturn2014 (10.27%)
Annual Return 2015 rr_AnnualReturn2015 (12.84%)
Annual Return 2016 rr_AnnualReturn2016 14.81%
Annual Return 2017 rr_AnnualReturn2017 41.15%
Annual Return 2018 rr_AnnualReturn2018 (20.58%)
1 Year rr_AverageAnnualReturnYear01 (20.58%)
5 Years rr_AverageAnnualReturnYear05 0.13%
10 Years rr_AverageAnnualReturnYear10 8.42%
Life of Portfolio rr_AverageAnnualReturnSinceInception 3.83%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 30, 2008
Lazard Developing Markets Equity Portfolio | Institutional Shares | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (20.59%)
5 Years rr_AverageAnnualReturnYear05 0.09%
10 Years rr_AverageAnnualReturnYear10 7.79%
Life of Portfolio rr_AverageAnnualReturnSinceInception 3.23%
Lazard Developing Markets Equity Portfolio | Institutional Shares | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (11.95%)
5 Years rr_AverageAnnualReturnYear05 0.24%
10 Years rr_AverageAnnualReturnYear10 6.90%
Life of Portfolio rr_AverageAnnualReturnSinceInception 3.03%
Lazard Developing Markets Equity Portfolio | Open Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.26%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.51%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.01% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.50%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 153
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 476
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 823
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,801
1 Year rr_AverageAnnualReturnYear01 (20.83%)
5 Years rr_AverageAnnualReturnYear05 (0.23%)
10 Years rr_AverageAnnualReturnYear10 8.07%
Life of Portfolio rr_AverageAnnualReturnSinceInception 3.49%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 30, 2008
Lazard Developing Markets Equity Portfolio | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.14% [2]
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.14%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.14%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates “Other Expenses” are based on estimated amounts for the current fiscal year, using “Other Expenses” for Institutional Shares from the last fiscal year.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 116
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 362
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 628
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,386
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares.
1 Year rr_AverageAnnualReturnYear01 (20.58%)
5 Years rr_AverageAnnualReturnYear05 0.13%
10 Years rr_AverageAnnualReturnYear10 8.42%
Life of Portfolio rr_AverageAnnualReturnSinceInception 3.83%
[1] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio through May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed 1.25%, 1.50% and 1.20% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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.
[2] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last fiscal year.

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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Dec. 13, 2019

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Label Element Value
Lazard Global Listed Infrastructure Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Lazard Global Listed Infrastructure Portfolio
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Portfolio seeks total return.

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 or R6 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)
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 49% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 49.00%
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 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. 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 infrastructure companies and concentrates its investments in industries represented by infrastructure companies. Lazard Asset Management LLC (the “Investment Manager”) focuses on companies with a minimum market capitalization of $250 million that own physical infrastructure and which the Investment Manager believes are undervalued.


Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of infrastructure companies, which consist of utilities, pipelines, toll roads, airports, railroads, ports, telecommunications and other infrastructure companies, with securities listed on a national or other recognized securities exchange.


Under normal market conditions, the Portfolio invests significantly (at least 40%—unless market conditions are not deemed favorable by the Investment Manager, in which case the Portfolio would invest at least 30%) in infrastructure companies organized or located outside the US or doing a substantial amount of business outside the US. The Investment Manager allocates the Portfolio’s assets among various regions and countries, including the United States (but in no less than three different countries). The Portfolio may invest in equity securities of companies with some business activities located in emerging market countries.


The Investment Manager generally seeks to substantially hedge foreign currency exposure in the Portfolio against movements relative to the US dollar by entering into foreign currency forward contracts, although the Portfolio’s total foreign currency exposure may not be fully hedged at all times.


Although the Portfolio is classified as “diversified” under the Investment Company Act of 1940, as amended, it may invest in a smaller number of issuers than other, more diversified investment portfolios.

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 a 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.


Infrastructure Companies Risk. Securities and instruments of infrastructure companies are more susceptible to adverse economic or regulatory occurrences affecting their industries. Infrastructure companies may be subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, high leverage, costs associated with environmental and other regulations, the effects of economic slowdown, surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Infrastructure companies also may be affected by or subject to, among other factors, regulation by various government authorities, including rate regulation, and service interruption due to environmental, operational or other mishaps.


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.


Emerging Market Risk. Emerging market countries 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.


Value Investing Risk. The Portfolio invests in securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


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.


Focused Investing Risk. The Portfolio’s net asset value 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.
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 Global Listed Infrastructure Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of broad measures of market performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year. Updated performance information is available at www.lazardassetmanagement.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 Global Listed Infrastructure Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of broad measures of market performance.
Performance Additional Market Index [Text] rr_PerformanceAdditionalMarketIndex The Global Listed Infrastructure Index (USD Hedged) is an index created by the Portfolio’s Investment Manager, which is the performance of the UBS Global 50/50 Infrastructure & Utilities® Index (Hedged) for all periods through March 31, 2015, when the index ceased to be published, and the FTSE Developed Core Infrastructure 50/50® Index (USD Hedged) for all periods thereafter. The Global Listed Infrastructure Index (USD Hedged) will be replaced with the MSCI World Core Infrastructure Index (Hedged). The Investment Manager believes that the new index is an appropriate alternative to the prior index.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 823-6300
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.lazardassetmanagement.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:

Q3 10

12.17%

 

 

Worst Quarter:

Q3 11

-9.85%

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2010
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 12.17%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (9.85%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended December 31, 2018)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expense, 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 One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.


The Global Listed Infrastructure Index (USD Hedged) is an index created by the Portfolio’s Investment Manager, which is the performance of the UBS Global 50/50 Infrastructure & Utilities® Index (Hedged) for all periods through March 31, 2015, when the index ceased to be published, and the FTSE Developed Core Infrastructure 50/50® Index (USD Hedged) for all periods thereafter. The Global Listed Infrastructure Index (USD Hedged) will be replaced with the MSCI World Core Infrastructure Index (Hedged). The Investment Manager believes that the new index is an appropriate alternative to the prior index.

Lazard Global Listed Infrastructure Portfolio | MSCI World Core Infrastructure Index (USD Hedged) (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.52%
5 Years rr_AverageAnnualReturnYear05 9.08%
Life of Portfolio rr_AverageAnnualReturnSinceInception 8.38%
Lazard Global Listed Infrastructure Portfolio | Global Listed Infrastructure Index (USD Hedged) (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.56%
5 Years rr_AverageAnnualReturnYear05 9.38%
Life of Portfolio rr_AverageAnnualReturnSinceInception 9.04%
Lazard Global Listed Infrastructure Portfolio | MSCI World Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (8.71%)
5 Years rr_AverageAnnualReturnYear05 4.56%
Life of Portfolio rr_AverageAnnualReturnSinceInception 7.61%
Lazard Global Listed Infrastructure Portfolio | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.90%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.05%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 0.96% [1]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 98
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 306
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 531
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,178
Annual Return 2010 rr_AnnualReturn2010 6.63%
Annual Return 2011 rr_AnnualReturn2011 (1.55%)
Annual Return 2012 rr_AnnualReturn2012 18.05%
Annual Return 2013 rr_AnnualReturn2013 26.56%
Annual Return 2014 rr_AnnualReturn2014 17.95%
Annual Return 2015 rr_AnnualReturn2015 9.30%
Annual Return 2016 rr_AnnualReturn2016 9.30%
Annual Return 2017 rr_AnnualReturn2017 20.80%
Annual Return 2018 rr_AnnualReturn2018 (3.73%)
1 Year rr_AverageAnnualReturnYear01 (3.73%)
5 Years rr_AverageAnnualReturnYear05 10.38%
Life of Portfolio rr_AverageAnnualReturnSinceInception 11.05%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2009
Lazard Global Listed Infrastructure Portfolio | Institutional Shares | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (6.39%)
5 Years rr_AverageAnnualReturnYear05 7.74%
Life of Portfolio rr_AverageAnnualReturnSinceInception 9.28%
Lazard Global Listed Infrastructure Portfolio | Institutional Shares | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.15%
5 Years rr_AverageAnnualReturnYear05 7.72%
Life of Portfolio rr_AverageAnnualReturnSinceInception 8.81%
Lazard Global Listed Infrastructure Portfolio | Open Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.90%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.05%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.21% [1]
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 (3.98%)
5 Years rr_AverageAnnualReturnYear05 10.09%
Life of Portfolio rr_AverageAnnualReturnSinceInception 10.72%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2009
Lazard Global Listed Infrastructure Portfolio | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.90%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.05% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [2]
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 0.96% [1]
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 98
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 306
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 531
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,178
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares.
1 Year rr_AverageAnnualReturnYear01 (3.73%)
5 Years rr_AverageAnnualReturnYear05 10.38%
Life of Portfolio rr_AverageAnnualReturnSinceInception 11.05%
[1] Excluding Acquired Fund Fees and Expenses, the Total Annual Portfolio Operating Expenses are .95%, 1.20% and .95% of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively.
[2] Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year.
XML 67 R165.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Label Element Value
Lazard Enhanced Opportunities Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Lazard Enhanced Opportunities Portfolio
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Portfolio seeks current income and 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, a series of The Lazard Funds, Inc. (the “Fund”). Investors transacting in Institutional or R6 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 May 01, 2020
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 312% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 312.00%
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 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 expense limitation agreement in year one only. 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 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 Portfolio’s investment exposure.


Although the Portfolio’s investment focus is US companies, the Portfolio also may invest in non-US 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 US Treasury securities and certificates of deposit.


The Portfolio may invest in exchange-traded open-end management investment companies (“ETFs”) and similar products, which generally 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 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.

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.


Short Position Risk. Short positions may involve substantial risks. If a short position appreciates in value during the period of the Portfolio’s investment, there will be a loss to the Portfolio that could be substantial. Short positions involve more risk than long positions because the maximum sustainable loss on a security purchased is limited to the amount paid for the security plus the transaction costs. However, the Portfolio’s potential loss on a short position is unlimited because, theoretically, there is no limit to the potential price increase of a security.


Convertible Securities Risk. The market value of convertible securities may perform like that of non-convertible fixed income securities; that is, their prices move inversely with changes in interest rates (i.e., as interest rates go up, prices go down). In addition, convertible securities are subject to the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security also is subject to the same types of market and issuer risks that apply to the underlying common stock.


Fixed-Income and Debt Securities Risk. The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.


Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. Risks associated with rising interest rates are heightened given that the Federal Reserve has raised the federal funds rate several times in recent periods and may continue to increase rates in the future.


The Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering the Portfolio’s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.


Some debt securities may give the issuer the option to call, or redeem, the securities before their maturity, and, during a time of declining interest rates, the Portfolio may have to reinvest the proceeds of called or redeemed securities in an investment offering a lower yield (and the Portfolio may not fully benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).


Adjustable rate or inflation-linked securities provide the Portfolio with a certain degree of protection against rises in interest rates or inflation rates, respectively, although adjustable rate securities will participate in any declines in interest rates and inflation-linked securities can also decline in value based on changes in the relevant periodic adjustment rate. Certain adjustable rate securities, such as those with interest rates that fluctuate directly or indirectly based on multiples of a stated index, are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and possibly loss of principal. Certain fixed-income securities may be issued at a discount from their face value (such as zero coupon securities) or purchased at a price less than their stated face amount or at a price less than their issue price plus the portion of ?original issue discount? previously accrued thereon, i.e., purchased at a ?market discount.? The amount of original issue discount and/or market discount on certain obligations may be significant, and accretion of market discount together with original issue discount will cause the Portfolio to realize income prior to the receipt of cash payments with respect to these securities.


Preferred Securities Risk. There are various risks associated with investing in preferred securities. In addition, unlike common stock, participation in the growth of an issuer may be limited.


· Credit risk is the risk that a security held by the Portfolio will decline in price or the issuer of the security will fail to make dividend, interest or principal payments when due because the issuer experiences a decline in its financial status.


· Interest rate risk is the risk that securities will decline in value because of changes in market interest rates. When market interest rates rise, the market value of such securities generally will fall.


· Preferred securities may include provisions that permit the issuer, at its discretion, to defer or omit distributions for a stated period without any adverse consequences to the issuer.


· Preferred securities are generally subordinated to bonds and other debt instruments in an issuer’s capital structure in terms of having priority to corporate income, claims to corporate assets and liquidation payments, and therefore will be subject to greater credit risk than more senior debt instruments.


· During periods of declining interest rates, an issuer may be able to exercise an option to call, or redeem its issue at par earlier than the scheduled maturity. If this occurs during a time of lower or declining interest rates, the Portfolio may have to reinvest the proceeds in lower yielding securities (and the Portfolio may not benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).


· Certain preferred securities may be substantially less liquid than many other securities, such as common stocks or US Government securities. Illiquid securities involve the risk that the securities will not be able to be sold at the time desired by the Portfolio or at prices approximating the value at which the Portfolio is carrying the securities on its books.


Derivatives and Hedging Risk. Derivatives transactions, including those entered into for hedging purposes (i.e., seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Over-the-counter swap agreements, forward currency contracts, over-the-counter options on securities (including options on ETFs), indexes and currencies and other over-the-counter derivatives transactions are subject to the risk of default by the counterparty and can be illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which the Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of the related security, interest rate, index, commodity, currency or other reference asset. As such, a small investment could have a potentially large impact on the Portfolio’s performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.


Counterparty Credit Risk. The Portfolio’s investment strategy is dependent on counterparties to its securities borrowing transactions in connection with short sales of securities and counterparties to derivatives transactions. Transactions with such counterparties are subject to the risk of default by a counterparty, which could result in a loss of Portfolio assets used as collateral or the loss of monies owed to the Portfolio by a counterparty.


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.


Leverage Risk. The use of leverage, which the Portfolio’s strategy entails, may magnify the Portfolio’s gains or losses.


Value Investing Risk. The Portfolio invests in securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


Market Risk. Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of a 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.


Market Direction Risk. Since the Portfolio will typically hold both long and short positions, an investment in the Portfolio will involve market risks associated with different types of investment decisions than those made for a typical “long only” fund. The Portfolio’s results will suffer both when there is a general market advance and the Portfolio holds significant “short” positions, or when there is a general market decline and the Portfolio holds significant “long” positions. In recent years, the markets have shown considerable volatility from day to day and even in intra-day trading.


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.


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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio’s foreign currency exposure.


Non-Diversification Risk. The Portfolio’s net asset value 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.


ETF Risk. Shares of ETFs may trade at prices that vary from their net asset values, sometimes significantly. The shares of ETFs may trade at prices at, below or above their most recent net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. The Portfolio’s investments in ETFs are subject to the risks of such ETF’s investments, as well as to the general risks of investing in ETFs. Portfolio shares will bear not only the Portfolio’s management fees and operating expenses, but also their proportional share of the management fees and operating expenses of the ETFs in which the Portfolio invests. The Portfolio may be limited by the Investment Company Act of 1940, as amended, in the amount of its assets that may be invested in ETFs unless an ETF has received an exemptive order from the Securities and Exchange Commission on which the Portfolio may rely or an exemption is available.


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.


High Portfolio Turnover Risk. The Portfolio’s investment strategy may involve high portfolio turnover (such as 100% or more). A portfolio turnover rate of 100%, for example, is equivalent to the Portfolio buying and selling all of its securities once during the course of the year. A high portfolio turnover rate could result in high transaction costs and an increase in taxable capital gains distributions to the Portfolio’s shareholders, which will reduce returns to shareholders.

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 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 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 Enhanced Opportunities 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. Updated performance information is available at www.lazardassetmanagement.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 Enhanced Opportunities 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 Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 823-6300
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.lazardassetmanagement.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:

Q3 16

2.33%

 

 

Worst Quarter:

Q4 18

-2.70%

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2016
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 2.33%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2018
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (2.70%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended December 31, 2018)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expense 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 One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.

Lazard Enhanced Opportunities Portfolio | ICE BofAML U.S. Convertible ex Mandatory Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.65%
Life of Portfolio rr_AverageAnnualReturnSinceInception 6.05%
Lazard Enhanced Opportunities Portfolio | HFRX Global Hedge Fund Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (7.01%)
Life of Portfolio rr_AverageAnnualReturnSinceInception (0.67%)
Lazard Enhanced Opportunities Portfolio | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.95%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Dividend Expenses on Securities Sold Short rr_Component1OtherExpensesOverAssets 0.44% [1]
Borrowing Expenses on Securities Sold Short rr_Component2OtherExpensesOverAssets 0.65% [2]
Remainder of Other Expenses rr_Component3OtherExpensesOverAssets 1.74%
Total Other Expenses rr_OtherExpensesOverAssets 2.83%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.09%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 3.87%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 1.44% [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 2.43% [4]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 259
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,117
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,989
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 4,235
Annual Return 2015 rr_AnnualReturn2015 (2.32%)
Annual Return 2016 rr_AnnualReturn2016 4.27%
Annual Return 2017 rr_AnnualReturn2017 5.55%
Annual Return 2018 rr_AnnualReturn2018 (1.43%)
1 Year rr_AverageAnnualReturnYear01 (1.43%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 1.46%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2014
Lazard Enhanced Opportunities Portfolio | Institutional Shares | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (2.41%)
Life of Portfolio rr_AverageAnnualReturnSinceInception (0.99%)
Lazard Enhanced Opportunities Portfolio | Institutional Shares | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (0.81%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 0.06%
Lazard Enhanced Opportunities Portfolio | Open Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.95%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Dividend Expenses on Securities Sold Short rr_Component1OtherExpensesOverAssets 0.44% [1]
Borrowing Expenses on Securities Sold Short rr_Component2OtherExpensesOverAssets 0.65% [2]
Remainder of Other Expenses rr_Component3OtherExpensesOverAssets 12.19%
Total Other Expenses rr_OtherExpensesOverAssets 13.28%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.09%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 14.57%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 11.89% [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 2.68% [4]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 349
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 3,173
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 5,436
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 9,316
1 Year rr_AverageAnnualReturnYear01 (1.68%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 1.20%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2014
Lazard Enhanced Opportunities Portfolio | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.95%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Dividend Expenses on Securities Sold Short rr_Component1OtherExpensesOverAssets 0.44% [1],[5]
Borrowing Expenses on Securities Sold Short rr_Component2OtherExpensesOverAssets 0.65% [2],[5]
Remainder of Other Expenses rr_Component3OtherExpensesOverAssets 1.74% [5]
Total Other Expenses rr_OtherExpensesOverAssets 2.83% [5]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.09%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 3.87%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 1.49% [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 2.38% [4]
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares for the last fiscal year.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 254
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,112
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,985
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 4,232
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares.
1 Year rr_AverageAnnualReturnYear01 (1.43%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 1.46%
[1] When there is a cash dividend declared on a security the Portfolio has borrowed to sell short, the Portfolio pays the lender an amount equal to the dividend and this payment is recorded as an expense.
[2] Net borrowing expenses on securities sold short, in which the Portfolio may receive income or be charged a fee on the borrowed securities.
[3] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020 to the extent Total Annual Portfolio Operating Expenses exceed 1.25%, 1.50% and 1.20% 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, dividend and interest expenses on securities sold short, fees and expenses of "Acquired Funds" and extraordinary expenses. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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.
[4] Excluding Dividend Expenses on Securities Sold Short and Acquired Fund Fees and Expenses, the Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement are 1.25%, 1.50% and 1.20% of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively.
[5] Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares for the last fiscal year.
XML 68 R142.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Total
Lazard US Realty Equity Portfolio
Lazard US Realty Equity Portfolio
Investment Objective

The Portfolio’s primary investment objective is long-term capital appreciation,

with current income, including interest and dividends from portfolio securities, as a secondary objective.

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 or R6 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 US Realty Equity Portfolio
Institutional Shares
Open Shares
R6 Shares
Management Fees 0.75% 0.75% 0.75%
Distribution and Service (12b-1) Fees none 0.25% none
Other Expenses 0.34% 0.29% 0.34% [1]
Total Annual Portfolio Operating Expenses 1.09% 1.29% 1.09%
Fee Waiver and/or Expense Reimbursement [2] 0.09% 0.14%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.00% 1.29% 0.95%
[1] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last 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 through May 1, 2029, to the extent Total Annual Portfolio Operating Expenses exceed 1.00%, 1.30% and 0.95% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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 expense limitation agreement described above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Lazard US Realty Equity Portfolio - USD ($)
1 year
3 years
5 years
10 years
Institutional Shares 102 318 552 1,225
Open Shares 131 409 708 1,556
R6 Shares 97 303 525 1,166
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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 52% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities (including common, convertible and preferred stocks) of US Realty Companies (defined below), as well as certain synthetic instruments related to US Realty Companies. Such synthetic instruments are investments that have economic characteristics similar to the Portfolio’s direct investments in US Realty Companies and may include warrants, rights, options and shares of exchange-traded open-end management investment companies (“ETFs”).


The Investment Manager conducts proprietary quantitative, qualitative and on-site real estate analysis to select the Portfolio’s investments, which may include, as appropriate, research at the macroeconomic, sector, company and property level. The Investment Manager’s individual company research may consider a number of quantitative measures, including earnings growth potential, price to earnings or free cash flow multiples, price to net asset value ratios, dividend yield and potential for growth, return on equity and return on assets, as well as qualitative factors such as overall business and growth strategy and quality of management.


“Realty Companies” are real estate-related companies of any size including, but not limited to, real estate investment trusts (“REITs”), real estate operating or service companies and companies in the homebuilding, lodging and hotel industries, as well as companies engaged in the natural resources and utility industries, and other companies whose investments, balance sheets or income statements are real estate-intensive (i.e., the company’s actual or anticipated revenues, profits, assets, services or products are related to real estate including, but not limited to, the ownership, renting, leasing, construction, management, development or financing of commercial, industrial or residential real estate).


The Portfolio may invest in issuers of any market capitalization and securities of any maturity, and the Portfolio’s investments also may include securities purchased in initial public offerings (“IPOs”).


The Portfolio also may invest up to 20% of its assets in equity and fixed-income securities and instruments of companies or entities (which need not be US Realty Companies), including, but not limited to, securities of non-US companies and other investment companies.


The Portfolio’s investments in preferred stock and convertible and fixed income securities may include securities which, at the time of purchase, are rated below “investment grade” by a nationally recognized statistical rating organization, or the unrated equivalent as determined by the Investment Manager (“junk bonds”).


In addition to purchasing options, the Portfolio may, but is not required to, write put and covered call options on securities and indexes, for hedging purposes or to seek to increase returns.


The Portfolio is classified as “non-diversified” under the Investment Company Act of 1940, as amended, 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 a 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.


Preferred Securities Risk. There are various risks associated with investing in preferred securities. In addition, unlike common stock, participation in the growth of an issuer may be limited.


· Credit risk is the risk that a security held by the Portfolio will decline in price or the issuer of the security will fail to make dividend, interest or principal payments when due because the issuer experiences a decline in its financial status.


· Interest rate risk is the risk that securities will decline in value because of changes in market interest rates. When market interest rates rise, the market value of such securities generally will fall.


· Preferred securities may include provisions that permit the issuer, at its discretion, to defer or omit distributions for a stated period without any adverse consequences to the issuer.


· Preferred securities are generally subordinated to bonds and other debt instruments in an issuer’s capital structure in terms of having priority to corporate income, claims to corporate assets and liquidation payments, and therefore will be subject to greater credit risk than more senior debt instruments.


· During periods of declining interest rates, an issuer may be able to exercise an option to call, or redeem its issue at par earlier than the scheduled maturity. If this occurs during a time of lower or declining interest rates, the Portfolio may have to reinvest the proceeds in lower yielding securities (and the Portfolio may not benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).


· Certain preferred securities may be substantially less liquid than many other securities, such as common stocks or US Government securities. Illiquid securities involve the risk that the securities will not be able to be sold at the time desired by the Portfolio or at prices approximating the value at which the Portfolio is carrying the securities on its books.


Other Equity Securities Risk. The market value of a convertible security tends to perform like that of a regular debt security so that, if market interest rates rise, the value of the convertible security falls. Investments in rights and warrants involve certain risks, including the possible lack of a liquid market for resale, price fluctuations and the failure of the price of the underlying security to reach a level at which the right or warrant can be prudently exercised, in which case the right or warrant may expire without being exercised and result in a loss of a Portfolio’s entire investment.


Realty Companies Risk. Since the Portfolio focuses its investments in Realty Companies, the Portfolio could lose money due to the performance of real estate-related securities even if securities markets generally are experiencing positive results. The performance of investments made by the Portfolio may be determined to a great extent by the current status of the real estate industry in general, or by other factors (such as interest rates and the availability of loan capital) that may affect the real estate industry, even if other industries would not be so affected. Consequently, the investment strategies of the Portfolio could lead to securities investment results that may be significantly different from investments in securities of other industries or sectors or in a more broad-based portfolio generally.


The risks related to investments in Realty Companies include, but are not limited to: adverse changes in general economic and local market conditions; adverse developments in employment; changes in supply or demand for similar or competing properties; unfavorable changes in applicable taxes, governmental regulations and interest rates; operating or development expenses; and lack of available financing.


Due to certain special considerations that apply to REITs, investments in REITs may carry additional risks not necessarily present in investments in other securities. REIT securities (including those trading on national exchanges) typically have trading volumes that are less than those of common stocks of non-Realty Companies traded on national exchanges, which may affect a Portfolio’s ability to trade or liquidate those securities. An investment in REITs may be adversely affected if the REIT fails to comply with applicable laws and regulations, including failing to qualify as a REIT under the Internal Revenue Code of 1986, as amended. Failure to qualify with any of these requirements could jeopardize a company’s status as a REIT. The Portfolio generally will have no control over the operations and policies of a REIT, and the Portfolio generally will have no ability to cause a REIT to take the actions necessary to qualify as a REIT.


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 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.


Fixed-Income and Debt Securities Risk. The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.


Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. Risks associated with rising interest rates are heightened given that the Federal Reserve has raised the federal funds rate several times in recent periods and may continue to increase rates in the future.


The Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering the Portfolio’s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.


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 countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries.


Options Risk. Writing options on securities and indexes, including for hedging purposes, 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, and may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions. Writing options is subject to many of the risks of, and can be highly sensitive to changes in the value of, the related security or index. As such, a small commitment to written options could potentially have a relatively large impact on the Portfolio’s performance. Purchasing options will reduce returns by the amount of premiums paid for options that are not exercised. Over-the-counter options purchased on securities and indexes are subject to the risk of default by the counterparty and can be illiquid.


Investment Companies and ETF Risk. Any investments in other investment companies and ETFs are subject to the risks of the investments of the investment companies and ETFs, as well as to the general risks of investing in investment companies and ETFs. Portfolio shares will bear not only the Portfolio’s management fees and operating expenses, but also their proportional share of the management fees and operating expenses of any other investment companies and ETFs in which the Portfolio invests.


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.


Derivatives and Hedging Risk. Derivatives transactions, including those entered into for hedging purposes (i.e., seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Forward currency contracts, structured products and other over-the-counter derivatives transactions are subject to the risk of default by the counterparty and can be illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which the Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of the related currency or other reference asset. As such, a small investment could have a potentially large impact on the Portfolio’s performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.


IPO Shares Risk. The prices of securities purchased in IPOs can be very volatile. The effect of IPOs on the Portfolio’s performance depends on a variety of factors, including the number of IPOs the Portfolio invests in relative to the size of the Portfolio and whether and to what extent a security purchased in an IPO appreciates or depreciates in value. As the Portfolio’s asset base increases, IPOs may have a diminished effect on the Portfolio’s performance.

Performance Bar Chart and Table Year-by-Year Total Returns for Open Shares As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard US Realty 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 Portfolio commenced operations after all of the assets of an investment company advised by Grubb & Ellis Alesco Global Advisors, LLC, Grubb & Ellis AGA U.S. Realty Fund (the “Predecessor Realty Equity Fund”), were transferred to the Portfolio in exchange for Open Shares of the Portfolio in a tax-free reorganization on September 23, 2011. The bar chart shows how the performance of the Portfolio’s Open Shares (or the Predecessor Realty Equity Fund’s Class A shares, prior to September 23, 2011) has varied from year to year over the past 10 calendar years. Updated performance information is available at www.lazardassetmanagement.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.

Bar Chart
  

Best Quarter:

Q3 09

36.29%

 

 

Worst Quarter:

Q3 11

-17.99%

Average Annual Total Returns (for the periods ended December 31, 2018)

After-tax returns are shown only for Open Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.

Average Annual Returns - Lazard US Realty Equity Portfolio
1 Year
5 Years
10 Years
Life of Portfolio
Inception Date
Open Shares (8.06%) 6.33% 14.74% 14.74% Dec. 31, 2008
Institutional Shares (7.77%) 6.63%   10.37% Sep. 26, 2011
R6 Shares (7.77%) 6.63%   10.37%  
After Taxes on Distributions | Open Shares (9.11%) 4.66% 11.93% 11.93%  
After Taxes on Distributions and Sale of Fund Shares | Open Shares (4.42%) 4.59% 11.33% 11.32%  
MSCI US REIT Index (reflects no deduction for fees, expense or taxes) | Open Shares (5.83%) 6.43%   10.75% Dec. 31, 2008
MSCI US REIT Index (reflects no deduction for fees, expense or taxes) | Institutional Shares (5.83%) 6.43%   8.60% Sep. 26, 2011
MSCI US REIT Index (reflects no deduction for fees, expense or taxes) | R6 Shares (5.83%) 6.43%   8.60%  
MSCI USA IMI Core Real Estate Index (reflects no deduction for fees, expense or taxes) (4.33%)        
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Label Element Value
Lazard International Equity Select Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Lazard International Equity Select 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, a series of The Lazard Funds, Inc. (the “Fund”). Investors transacting in Institutional or R6 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 May 01, 2020
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 32% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 32.00%
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect current management fee.
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 expense limitation agreement 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, including common stocks, of relatively large non-US companies with market capitalizations in the range of companies included in the MSCI All Country World Index ex-US (ranging from approximately $39.7 million to $291.9 billion as of March 29, 2019) that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values.


In choosing stocks for the Portfolio, the Investment Manager looks for established companies in economically developed countries, although the Portfolio may invest in securities of companies whose principal business activities are located in emerging market countries in an amount up to the current emerging markets component of the MSCI All Country World Index ex-US plus 15%. The allocation of the Portfolio’s assets to emerging market countries may vary from time to time.


Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities.


Although the Portfolio is classified as “diversified” under the Investment Company Act of 1940, as amended, it may invest in a smaller number of issuers than other, more diversified investment portfolios.

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 a 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.


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.


Emerging Market Risk. Emerging market countries 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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio's foreign currency exposure.


Focused Investing Risk. The Portfolio’s net asset value 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.


Value Investing Risk. The Portfolio invests in securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


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.


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.
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 International Equity Select 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.lazardassetmanagement.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 International Equity Select 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 MSCI Europe, Australasia and Far East (“EAFE®”)/All Country World Index ex-US Linked Index shown in the table is an unmanaged index created by the Investment Manager, which links the performance of the MSCI EAFE Index for all periods through June 30, 2010 (when the Portfolio’s primary index changed) and the MSCI All Country World Index ex-US for all periods thereafter.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 823-6300
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.lazardassetmanagement.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:

Q2 09

18.73%

 

 

Worst Quarter:

Q3 11

-17.57%

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 18.73%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (17.57%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended December 31, 2018)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expense, 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 One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.


The MSCI Europe, Australasia and Far East (“EAFE®”)/All Country World Index ex-US Linked Index shown in the table is an unmanaged index created by the Investment Manager, which links the performance of the MSCI EAFE Index for all periods through June 30, 2010 (when the Portfolio’s primary index changed) and the MSCI All Country World Index ex-US for all periods thereafter.

Lazard International Equity Select Portfolio | MSCI All Country World Index ex-US (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (14.20%)
5 Years rr_AverageAnnualReturnYear05 0.67%
10 Years rr_AverageAnnualReturnYear10 6.57%
Life of Portfolio rr_AverageAnnualReturnSinceInception 4.82%
Lazard International Equity Select Portfolio | MSCI EAFE/ACWI ex-US Linked Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (14.20%)
5 Years rr_AverageAnnualReturnYear05 0.67%
10 Years rr_AverageAnnualReturnYear10 5.56%
Life of Portfolio rr_AverageAnnualReturnSinceInception 3.77%
Lazard International Equity Select Portfolio | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.65% [1]
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.30%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 0.96%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.05% [2]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.91% [3]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 93
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 301
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 526
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,173
Annual Return 2009 rr_AnnualReturn2009 20.86%
Annual Return 2010 rr_AnnualReturn2010 8.49%
Annual Return 2011 rr_AnnualReturn2011 (7.14%)
Annual Return 2012 rr_AnnualReturn2012 21.59%
Annual Return 2013 rr_AnnualReturn2013 14.93%
Annual Return 2014 rr_AnnualReturn2014 (4.29%)
Annual Return 2015 rr_AnnualReturn2015 (3.63%)
Annual Return 2016 rr_AnnualReturn2016 (0.63%)
Annual Return 2017 rr_AnnualReturn2017 28.31%
Annual Return 2018 rr_AnnualReturn2018 (14.90%)
1 Year rr_AverageAnnualReturnYear01 (14.90%)
5 Years rr_AverageAnnualReturnYear05 0.02%
10 Years rr_AverageAnnualReturnYear10 5.47%
Life of Portfolio rr_AverageAnnualReturnSinceInception 3.45%
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2001
Lazard International Equity Select Portfolio | Institutional Shares | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (15.22%)
5 Years rr_AverageAnnualReturnYear05 (0.09%)
10 Years rr_AverageAnnualReturnYear10 5.31%
Life of Portfolio rr_AverageAnnualReturnSinceInception 3.01%
Lazard International Equity Select Portfolio | Institutional Shares | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (8.21%)
5 Years rr_AverageAnnualReturnYear05 0.23%
10 Years rr_AverageAnnualReturnYear10 4.62%
Life of Portfolio rr_AverageAnnualReturnSinceInception 3.14%
Lazard International Equity Select Portfolio | Open Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.65% [1]
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.83%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.74%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.58% [2]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.16% [3]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 118
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 420
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 743
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,659
1 Year rr_AverageAnnualReturnYear01 (15.16%)
5 Years rr_AverageAnnualReturnYear05 (0.34%)
10 Years rr_AverageAnnualReturnYear10 5.13%
Life of Portfolio rr_AverageAnnualReturnSinceInception 3.13%
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2001
Lazard International Equity Select Portfolio | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.65% [1]
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.30% [4]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 0.96%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.10% [2]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.86% [3]
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates “Other Expenses” are based on estimated amounts for the current fiscal year, using “Other Expenses” for Institutional Shares from the last fiscal year.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 88
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 296
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 521
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,169
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares.
1 Year rr_AverageAnnualReturnYear01 (14.90%)
5 Years rr_AverageAnnualReturnYear05 0.02%
10 Years rr_AverageAnnualReturnYear10 5.47%
Life of Portfolio rr_AverageAnnualReturnSinceInception 3.45%
[1] Restated to reflect current management fee.
[2] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020 to the extent Total Annual Portfolio Operating Expenses exceed .90%, 1.15% and .85% of the average daily net assets of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively, and from May 1, 2020 to May 1, 2029, to the extent Total Annual Portfolio Operating Expenses exceed 1.15%, 1.40% and 1.10% of the average daily net assets of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively. All limitations on Total Annual Portfolio Operating Expenses are exclusive of taxes, brokerage, interest on borrowings, fees and expenses of "Acquired Funds" and extraordinary expenses. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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.
[3] Excluding Acquired Fund Fees and Expenses, the Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement are .90%, 1.15% and .85% of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively.
[4] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last fiscal year.

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Total
Lazard International Small Cap Equity Portfolio
Lazard International Small Cap Equity Portfolio
Investment Objective

The Portfolio seeks long-term capital appreciation.

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 or R6 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 International Small Cap Equity Portfolio
Institutional Shares
Open Shares
R6 Shares
Management Fees 0.75% 0.75% 0.75%
Distribution and Service (12b-1) Fees none 0.25% none
Other Expenses 0.33% 0.34% 0.33% [1]
Total Annual Portfolio Operating Expenses 1.08% 1.34% 1.08%
[1] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last fiscal year.
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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Lazard International Small Cap Equity Portfolio - USD ($)
1 year
3 years
5 years
10 years
Institutional Shares 110 343 595 1,317
Open Shares 136 425 734 1,613
R6 Shares 110 343 595 1,317
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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 59% of the average value of its portfolio.

Principal Investment Strategies

The Portfolio invests primarily in equity securities, principally common stocks, of relatively small non-US companies that Lazard Asset Management LLC (the “Investment Manager”) believes are undervalued based on their earnings, cash flow or asset values. The Investment Manager considers “small non-US companies” to be those non-US companies with market capitalizations, at the time of initial purchase by the Portfolio, below $5 billion and above $300 million or in the range of companies included in the MSCI EAFE Small Cap Index (based on market capitalization of the Index as a whole, which ranged from approximately $32.3 million to $10.0 billion as of March 29, 2019).


In choosing stocks for the Portfolio, the Investment Manager looks for smaller, well-managed non-US companies that the Investment Manager believes have the potential for growth. Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of small cap companies.


The Portfolio may invest up to 25% of its assets in securities of companies whose principal business activities are located in emerging market countries, although the allocation of the Portfolio’s assets to emerging market countries may vary from time to time.

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 a 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.


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-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.


Emerging Market Risk. Emerging market countries 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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio's foreign currency exposure.


Value Investing Risk. The Portfolio invests in securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


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 Year-by-Year Total Returns for Institutional Shares As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard International Small 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.lazardassetmanagement.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.

Bar Chart
  

Best Quarter:

Q2 09

31.53%

 

 

Worst Quarter:

Q4 18

-20.34%

Average Annual Total Returns (for the periods ended December 31, 2018)

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.

Average Annual Returns - Lazard International Small Cap Equity Portfolio
1 Year
5 Years
10 Years
Life of Portfolio
Inception Date
Institutional Shares (24.88%) 0.85% 9.39% 6.27% Dec. 01, 1993
Open Shares (25.09%) 0.58% 9.08% 5.74% Feb. 13, 1997
R6 Shares (24.88%) 0.85% 9.39% 6.27%  
After Taxes on Distributions | Institutional Shares (25.78%) 0.41% 9.09% 5.26%  
After Taxes on Distributions and Sale of Fund Shares | Institutional Shares (14.32%) 0.71% 7.84% 5.40%  
MSCI EAFE Small Cap Index (reflects no deduction for fees, expense or taxes) | Institutional Shares (17.89%) 3.06% 10.51% 5.30% Dec. 01, 1993
MSCI EAFE Small Cap Index (reflects no deduction for fees, expense or taxes) | Open Shares (17.89%) 3.06% 10.51% 5.54% Feb. 13, 1997
MSCI EAFE Small Cap Index (reflects no deduction for fees, expense or taxes) | R6 Shares (17.89%) 3.06% 10.51% 5.30%  
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Label Element Value
Lazard Emerging Markets Debt Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Lazard Emerging Markets Debt Portfolio
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Portfolio seeks total return from current income and 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, a series of The Lazard Funds, Inc. (the “Fund”). Investors transacting in Institutional or R6 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 May 01, 2020
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 97% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 97.00%
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 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 expense limitation agreement 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 debt securities issued or guaranteed by governments, government agencies or supranational bodies or companies or other private-sector entities, including fixed and/or floating rate investment grade and non-investment grade bonds, convertible securities, commercial paper, collateralized debt obligations, short- and medium-term obligations and other fixed-income obligations, and may invest in money market instruments such as certificates of deposit. The securities in which the Portfolio invests may be denominated in the US dollar, the Canadian dollar, the Euro, the Japanese yen, the Pound Sterling, or the local currency of the issuer.


Under normal circumstances, the Portfolio invests at least 80% of its assets in debt securities that are economically tied to emerging market countries. Emerging market countries include all countries not represented by the MSCI World Index. The Portfolio currently intends to focus its investments in Asia, Africa, the Middle East, Latin America and the developing countries of Europe, although the allocation of the Portfolio’s assets among countries and regions may vary from time to time based on the Investment Manager’s judgment and its analysis of market conditions.


The Portfolio may invest without limitation in securities rated below investment grade (e.g., lower than Baa by Moody’s Investors Service, Inc. or lower than BBB by Standard & Poor’s Ratings Group) (“junk bonds”) or securities that are unrated. Additionally, the Portfolio is not restricted to investments in securities of any particular maturity or duration. Duration is an estimate of the sensitivity of the price (the value of principal) of a fixed-income security to a change in interest rates. Generally, the longer the duration, the higher the expected volatility. For example, the market price of a fixed-income security with a duration of three years would be expected to decline 3% if interest rates rose 1%. Conversely, the market price of the same security would be expected to increase 3% if interest rates fell 1%.


The Portfolio may enter into futures contracts on US Treasury securities to seek to hedge the Portfolio’s exposure to the risk of rising interest rates on US Treasury securities embedded in the Portfolio’s emerging market debt securities (to a greater or lesser degree, depending on the currency in which the debt security is denominated). Similarly, the Portfolio also may enter into futures contracts on US Treasury securities in combination with a credit default swap that provides exposure to emerging markets debt securities, baskets of securities or indices.


The Portfolio may, but is not required to enter into forward currency contracts and credit default swaps, for hedging purposes or to seek to increase returns.


The Portfolio is classified as “non-diversified” under the Investment Company Act of 1940, as amended, 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.


Fixed-Income and Debt Securities Risk. The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.


Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. Risks associated with rising interest rates are heightened given that the Federal Reserve has raised the federal funds rate several times in recent periods and may continue to increase rates in the future.


The Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering the Portfolio’s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.


Some debt securities may give the issuer the option to call, or redeem, the securities before their maturity, and, during a time of declining interest rates, the Portfolio may have to reinvest the proceeds of called or redeemed securities in an investment offering a lower yield (and the Portfolio may not fully benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).


Market Risk. Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of a 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.


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.


Emerging Market Risk. Emerging market countries 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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies.


Liquidity Risk. The lack of a readily available market may limit the ability of the Portfolio to sell certain securities and other investments at the time and price it would like. The size of certain securities offerings of emerging markets issuers may be relatively smaller in size than offerings in more developed markets and, in some cases, the Portfolio, by itself or together with other Portfolios or other accounts managed by the Investment Manager, may hold a position in a security that is large relative to the typical trading volume for that security; these factors can make it difficult for the Portfolio to dispose of the position at the desired time or price.


Non-Diversification Risk. The Portfolio’s net asset value 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.


Derivatives and Hedging Risk. Derivatives transactions, including those entered into for hedging purposes (i.e., seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Forward currency contracts, over-the-counter options on currencies, swap agreements and other over-the-counter derivatives transactions are subject to the risk of default by the counterparty and can be illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which the Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in value of the related currency, interest rate, security or other reference asset. As such, a small investment could have a potentially large impact on the Portfolio’s performance. As such, a small investment could have a potentially large impact on the Portfolio’s performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.


High Portfolio Turnover Risk. The Portfolio’s investment strategy may involve high portfolio turnover (such as 100% or more). A portfolio turnover rate of 100%, for example, is equivalent to the Portfolio buying and selling all of its securities once during the course of the year. A high portfolio turnover rate could result in high transaction costs and an increase in taxable capital gains distributions to the Portfolio’s shareholders, which will reduce returns to shareholders.

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 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 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 Emerging Markets Debt Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of broad measures of market performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year. Updated performance information is available at www.lazardassetmanagement.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 Emerging Markets Debt Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of broad measures of market performance.
Performance Additional Market Index [Text] rr_PerformanceAdditionalMarketIndex The Global Diversified Index shown in the table is an unmanaged index created by the Investment Manager, and is a 50/50 blend of the JPMorgan Emerging Market Bond Index Global Diversified Index and the JPMorgan Government Bond Index—Emerging Markets Global Diversified Index.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 823-6300
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.lazardassetmanagement.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:

Q1 12

7.52%

 

 

Worst Quarter:

Q2 18

-8.99%

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 7.52%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2018
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (8.99%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended December 31, 2018)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expense, 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 One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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 Global Diversified Index shown in the table is an unmanaged index created by the Investment Manager, and is a 50/50 blend of the JPMorgan Emerging Market Bond Index Global Diversified Index and the JPMorgan Government Bond Index—Emerging Markets Global Diversified Index.

Lazard Emerging Markets Debt Portfolio | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.18%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 0.93%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.93%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 95
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 296
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 515
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,143
Annual Return 2012 rr_AnnualReturn2012 18.95%
Annual Return 2013 rr_AnnualReturn2013 (7.13%)
Annual Return 2014 rr_AnnualReturn2014 (2.07%)
Annual Return 2015 rr_AnnualReturn2015 (8.55%)
Annual Return 2016 rr_AnnualReturn2016 8.50%
Annual Return 2017 rr_AnnualReturn2017 12.84%
Annual Return 2018 rr_AnnualReturn2018 (7.45%)
1 Year rr_AverageAnnualReturnYear01 (7.45%)
5 Years rr_AverageAnnualReturnYear05 0.29%
Life of Portfolio rr_AverageAnnualReturnSinceInception 1.68%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 28, 2011
Lazard Emerging Markets Debt Portfolio | Institutional Shares | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (9.63%)
5 Years rr_AverageAnnualReturnYear05 (0.99%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 0.06%
Lazard Emerging Markets Debt Portfolio | Institutional Shares | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.37%)
5 Years rr_AverageAnnualReturnYear05 (0.32%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 0.65%
Lazard Emerging Markets Debt Portfolio | Institutional Shares | JP Morgan EMBI Global Diversified Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.26%)
5 Years rr_AverageAnnualReturnYear05 4.80%
Life of Portfolio rr_AverageAnnualReturnSinceInception 5.44%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 28, 2011
Lazard Emerging Markets Debt Portfolio | Institutional Shares | JPMorgan GBI-EM Global Diversified Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (6.21%)
5 Years rr_AverageAnnualReturnYear05 (0.96%)
Life of Portfolio rr_AverageAnnualReturnSinceInception (0.05%)
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 28, 2011
Lazard Emerging Markets Debt Portfolio | Institutional Shares | Global Diversified Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (5.15%)
5 Years rr_AverageAnnualReturnYear05 1.95%
Life of Portfolio rr_AverageAnnualReturnSinceInception 2.73%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 28, 2011
Lazard Emerging Markets Debt Portfolio | Open Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.62%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.62%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.47% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.15%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 122
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 370
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 638
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,402
1 Year rr_AverageAnnualReturnYear01 (7.69%)
5 Years rr_AverageAnnualReturnYear05 (0.01%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 1.38%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 28, 2011
Lazard Emerging Markets Debt Portfolio | Open Shares | JP Morgan EMBI Global Diversified Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.26%)
5 Years rr_AverageAnnualReturnYear05 4.80%
Life of Portfolio rr_AverageAnnualReturnSinceInception 5.44%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 28, 2011
Lazard Emerging Markets Debt Portfolio | Open Shares | JPMorgan GBI-EM Global Diversified Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (6.21%)
5 Years rr_AverageAnnualReturnYear05 (0.96%)
Life of Portfolio rr_AverageAnnualReturnSinceInception (0.05%)
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 28, 2011
Lazard Emerging Markets Debt Portfolio | Open Shares | Global Diversified Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (5.15%)
5 Years rr_AverageAnnualReturnYear05 1.95%
Life of Portfolio rr_AverageAnnualReturnSinceInception 2.73%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 28, 2011
Lazard Emerging Markets Debt Portfolio | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.19%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 0.94%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.04% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.90%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 92
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 287
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 498
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,108
1 Year rr_AverageAnnualReturnYear01 (7.24%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 0.57%
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 28, 2016
Lazard Emerging Markets Debt Portfolio | R6 Shares | JP Morgan EMBI Global Diversified Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.26%)
5 Years rr_AverageAnnualReturnYear05 4.80%
Life of Portfolio rr_AverageAnnualReturnSinceInception 1.48%
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 28, 2016
Lazard Emerging Markets Debt Portfolio | R6 Shares | JPMorgan GBI-EM Global Diversified Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (6.21%)
5 Years rr_AverageAnnualReturnYear05 (0.96%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 1.87%
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 28, 2016
Lazard Emerging Markets Debt Portfolio | R6 Shares | Global Diversified Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (5.15%)
5 Years rr_AverageAnnualReturnYear05 1.95%
Life of Portfolio rr_AverageAnnualReturnSinceInception 1.74%
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 28, 2016
[1] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020 to the extent Total Annual Portfolio Operating Expenses exceed .95%, 1.15% and .90% of the average daily net assets of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively, and from May 1, 2020 to May 1, 2029, to the extent Total Annual Portfolio Operating Expenses exceed 1.10%, 1.35% and 1.05% of the average daily net assets of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively. All limitations on Total Annual Portfolio Operating Expenses are exclusive of taxes, brokerage, interest on borrowings, fees and expenses of "Acquired Funds" and extraordinary expenses. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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. To the extent the Total Annual Portfolio Operating Expenses of the R6 Shares of the Portfolio exceed the Total Annual Portfolio Operating Expenses of the Portfolio's Institutional Shares (in each case, not including management fees, custodial fees or other expenses related to the management of the Portfolio's assets), the Investment Manager has contractually agreed, until May 1, 2020, to bear the expenses of the R6 Shares in the amount of such excess. This expense limitation agreement will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio.
XML 77 R87.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Label Element Value
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 or R6 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 May 01, 2020
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 97% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 97.00%
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 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 expense limitation agreement 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 to 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, 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 a 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 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 securities 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 securities may be more volatile than other securities because they can be more sensitive to investor perceptions of the issuing company’s growth potential. The securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


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 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 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 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 Equity Franchise Portfolio by showing the Portfolio’s performance for the first complete calendar year of operation compared to that of a broad measure of market performance. The bar chart shows the performance of the Portfolio’s Institutional Shares. Updated performance information is available at www.lazardassetmanagement.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 Equity Franchise Portfolio by showing the Portfolio’s performance for the first complete calendar year of operation compared to that of a broad measure of market performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 823-6300
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.lazardassetmanagement.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:

Q3 18

4.02%

 

 

Worst Quarter:

Q4 18

-10.07%

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2018
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 4.02%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2018
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (10.07%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended December 31, 2018)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expense, 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 One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.

Lazard Equity Franchise Portfolio | MSCI World Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (8.71%)
Life of Portfolio rr_AverageAnnualReturnSinceInception (2.96%)
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 2.62%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 3.42%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 2.47% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.95%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 97
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 820
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,566
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 3,537
Annual Return 2018 rr_AnnualReturn2018 (5.10%)
1 Year rr_AverageAnnualReturnYear01 (5.10%)
Life of Portfolio rr_AverageAnnualReturnSinceInception (0.85%)
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 29, 2017
Lazard Equity Franchise Portfolio | Institutional Shares | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (8.47%)
Life of Portfolio rr_AverageAnnualReturnSinceInception (3.74%)
Lazard Equity Franchise Portfolio | Institutional Shares | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (2.46%)
Life of Portfolio rr_AverageAnnualReturnSinceInception (1.54%)
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 9.12%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 10.17%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 8.97% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.20%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 122
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 2,126
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 3,928
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 7,677
1 Year rr_AverageAnnualReturnYear01 (5.34%)
Life of Portfolio rr_AverageAnnualReturnSinceInception (1.10%)
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 29, 2017
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 2.62% [2]
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 3.42%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 2.52% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.90%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates “Other Expenses” are based on estimated amounts for the current fiscal year, using “Other Expenses” for Institutional Shares from the last fiscal year.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 92
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 815
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,562
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 3,533
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares.
1 Year rr_AverageAnnualReturnYear01 (5.10%)
Life of Portfolio rr_AverageAnnualReturnSinceInception (0.85%)
[1] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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.
[2] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last fiscal year.
XML 78 R100.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Total
Lazard Emerging Markets Equity Advantage Portfolio
Lazard Emerging Markets Equity Advantage Portfolio
Investment Objective

The Portfolio seeks long-term capital appreciation.

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 or R6 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 Emerging Markets Equity Advantage Portfolio
Institutional Shares
Open Shares
R6 Shares
Management Fees 0.85% 0.85% 0.85%
Distribution and Service (12b-1) Fees none 0.25% none
Other Expenses 4.75% 6.99% 4.75% [1]
Total Annual Portfolio Operating Expenses 5.60% 8.09% 5.60%
Fee Waiver and/or Expense Reimbursement [2] 4.50% 6.74% 4.55%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.10% 1.35% 1.05%
[1] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last 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 May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed 1.10%, 1.35% and 1.05% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Lazard Emerging Markets Equity Advantage Portfolio - USD ($)
1 year
3 years
5 years
10 years
Institutional Shares 112 1,402 2,660 5,663
Open Shares 137 1,763 3,290 6,712
R6 Shares 107 1,398 2,656 5,661
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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 61% of the average value of its portfolio.

Principal Investment Strategies

The Portfolio invests primarily in equity securities, principally common stocks, of emerging markets companies. In managing the Portfolio, the Investment Manager utilizes a quantitatively driven, bottom up stock selection process. The Portfolio management team selects investments for the Portfolio from a broad investment universe of emerging market stocks and depositary receipts, including American Depositary Receipts (“ADRs”), Global Depositary Receipts and European Depositary Receipts, real estate investment trusts (“REITs”), warrants and rights. The active, quantitative approach utilized by the Portfolio management team involves initial screening, risk assessment and evaluation of each company relative to its global peers. The Investment Manager uses an objective, systematic investment process that blends both risk and stock ranking assessments designed to capture attractive risk-to-return characteristics. In addition to a multidimensional assessment of risk, each company is evaluated daily according to four independent measures: growth, value, sentiment and quality. The Portfolio may invest across the capitalization spectrum.


Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of companies that are economically tied to emerging market countries. The allocation of the Portfolio’s assets among countries and regions will vary from time to time based on the Investment Manager’s judgment and its analysis of market conditions.


The Portfolio considers a company to be “economically tied to emerging markets countries” if: (i) the company is organized under the laws of or domiciled in an emerging markets country or maintains its principal place of business in an emerging markets country; (ii) the securities of such company are traded principally in emerging markets countries; or (iii) during the most recent fiscal year of the company, the company derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in emerging markets countries or that has at least 50% of its assets in emerging markets countries. The Portfolio considers emerging markets countries to be all countries: (i) included in the MSCI Emerging Markets Index; or (ii) not included in the MSCI World Index.


The Portfolio may invest in exchange-traded open-end management investment companies (“ETFs”) and similar products, which generally pursue a passive index-based strategy.

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 a 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.


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.


Emerging Market Risk. Emerging market countries 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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio's foreign currency exposure.


Depositary Receipts Risk. ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated.


Quantitative Model Risk. The success of the Portfolio’s investment strategy depends largely upon the effectiveness of the Investment Manager’s quantitative model. A quantitative model, such as the risk and other models used by the Investment Manager requires adherence to a systematic, disciplined process. The Investment Manager’s ability to monitor and, if necessary, adjust its quantitative model could be adversely affected by various factors including incorrect or outdated market and other data inputs. Factors that affect a security’s value can change over time, and these changes may not be reflected in the quantitative model. In addition, factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value.


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.


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.


REIT Risk. REITs are subject to similar risks as an investment in a realty-related company. The risks related to investments in realty-related companies include, but are not limited to: adverse changes in general economic and local market conditions; adverse developments in employment; changes in supply or demand for similar or competing properties; unfavorable changes in applicable taxes, governmental regulations and interest rates; operating or development expenses; and lack of available financing. Due to certain special considerations that apply to REITs, investments in REITs may carry additional risks not necessarily present in investments in other securities. REIT securities (including those trading on national exchanges) typically have trading volumes that are less than those of common stocks of other stocks traded on national exchanges, which may affect the Portfolio’s ability to trade or liquidate those securities. An investment in REITs may be adversely affected if the REIT fails to comply with applicable laws and regulations. Failure to qualify with any of these requirements could jeopardize a company’s status as a REIT. The Portfolio generally will have no control over the operations and policies of a REIT, and the generally will have no ability to cause a REIT to take the actions necessary to qualify as a REIT.


ETF Risk. Shares of ETFs may trade at prices that vary from their net asset values, sometimes significantly. The shares of ETFs may trade at prices at, below or above their most recent net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. The Portfolio’s investments in ETFs are subject to the risks of such ETF’s investments, as well as to the general risks of investing in ETFs. Portfolio shares will bear not only the Portfolio’s management fees and operating expenses, but also their proportional share of the management fees and operating expenses of the ETFs in which the Portfolio invests. The Portfolio may be limited by the Investment Company Act of 1940, as amended, in the amount of its assets that may be invested in ETFs unless an ETF has received an exemptive order from the Securities and Exchange Commission on which the Portfolio may rely or an exemption is available.


Other Equity Securities Risk. Investments in rights and warrants involve certain risks, including the possible lack of a liquid market for resale, price fluctuations and the failure of the price of the underlying security to reach a level at which the right or warrant can be prudently exercised, in which case the right or warrant may expire without being exercised and result in a loss of a Portfolio’s entire investment.


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 Year-by-Year Total Returns for Institutional Shares As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard Emerging Markets Equity Advantage 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. Updated performance information is available at www.lazardassetmanagement.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.

Bar Chart
  

Best Quarter:

Q1 17

12.74%

 

 

Worst Quarter:

Q4 18

-7.47%

Average Annual Total Returns (for the periods ended December 31, 2018)

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.

Average Annual Returns - Lazard Emerging Markets Equity Advantage Portfolio
1 Year
Life of Portfolio
Inception Date
Institutional Shares (16.23%) 2.05% May 29, 2015
Open Shares (16.40%) 1.77% May 29, 2015
R6 Shares (16.23%) 2.05%  
After Taxes on Distributions | Institutional Shares (16.39%) 1.83%  
After Taxes on Distributions and Sale of Fund Shares | Institutional Shares (9.01%) 1.78%  
MSCI Emerging Markets Index (reflects no deduction for fees, expense or taxes) (14.58%) 1.35%  
XML 79 R13.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Label Element Value
Lazard US Equity Focus Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Lazard US Equity Focus 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, a series of The Lazard Funds, Inc. (the “Fund”). Investors transacting in Institutional or R6 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 May 01, 2020
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 62% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 62.00%
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect current management fee.
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 expense limitation agreement in year one only. 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 companies that the Investment Manager believes have strong and/or improving financial productivity and are undervalued based on their earnings, cash flow or asset values. The Portfolio typically invests in 20 to 30 companies with market capitalizations generally over $5 billion. Although the Portfolio generally focuses on large cap companies, the market capitalizations of issuers in which the Portfolio invests may vary with market conditions and the Portfolio also may invest in mid cap and small cap companies.


Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of US companies. The Portfolio may invest up to 20% of its assets in securities of non-US companies.


Although the Portfolio is classified as "diversified" under the 1940 Act, it may invest in a smaller number of issuers than other, more diversified, investment portfolios.

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 a 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.


Focused Investing Risk. The Portfolio’s net asset value 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.


Value Investing Risk. The Portfolio invests in securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


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-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 countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries.


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.
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 Equity Focus 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.lazardassetmanagement.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 Equity Focus 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 Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 823-6300
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.lazardassetmanagement.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:

Q2 09

16.46%

 

 

Worst Quarter:

Q3 11

-14.20%

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 16.46%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (14.20%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended December 31, 2018)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expense, 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 One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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.

Lazard US Equity Focus Portfolio | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.55% [1]
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.22%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 0.77%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.07% [2]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.70%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 72
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 239
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 421
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 948
Annual Return 2009 rr_AnnualReturn2009 28.12%
Annual Return 2010 rr_AnnualReturn2010 13.13%
Annual Return 2011 rr_AnnualReturn2011 1.65%
Annual Return 2012 rr_AnnualReturn2012 14.56%
Annual Return 2013 rr_AnnualReturn2013 28.38%
Annual Return 2014 rr_AnnualReturn2014 15.04%
Annual Return 2015 rr_AnnualReturn2015 (4.75%)
Annual Return 2016 rr_AnnualReturn2016 9.70%
Annual Return 2017 rr_AnnualReturn2017 18.17%
Annual Return 2018 rr_AnnualReturn2018 (3.12%)
1 Year rr_AverageAnnualReturnYear01 (3.12%)
5 Years rr_AverageAnnualReturnYear05 6.59%
10 Years rr_AverageAnnualReturnYear10 11.54%
Life of Portfolio rr_AverageAnnualReturnSinceInception 6.39%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 30, 2004
Lazard US Equity Focus Portfolio | Institutional Shares | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (6.87%)
5 Years rr_AverageAnnualReturnYear05 3.93%
10 Years rr_AverageAnnualReturnYear10 99.70%
Life of Portfolio rr_AverageAnnualReturnSinceInception 4.97%
Lazard US Equity Focus Portfolio | Institutional Shares | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.39%
5 Years rr_AverageAnnualReturnYear05 4.85%
10 Years rr_AverageAnnualReturnYear10 9.42%
Life of Portfolio rr_AverageAnnualReturnSinceInception 5.01%
Lazard US Equity Focus Portfolio | Institutional Shares | S&P 500 Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.38%)
5 Years rr_AverageAnnualReturnYear05 8.49%
10 Years rr_AverageAnnualReturnYear10 13.12%
Life of Portfolio rr_AverageAnnualReturnSinceInception 7.53%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 30, 2004
Lazard US Equity Focus Portfolio | Open Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.55% [1]
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 1.38%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 2.18%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 1.23% [2]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.95%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 97
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 563
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,057
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 2,417
1 Year rr_AverageAnnualReturnYear01 (3.40%)
5 Years rr_AverageAnnualReturnYear05 6.28%
10 Years rr_AverageAnnualReturnYear10 11.21%
Life of Portfolio rr_AverageAnnualReturnSinceInception 6.08%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 30, 2004
Lazard US Equity Focus Portfolio | Open Shares | S&P 500 Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.38%)
5 Years rr_AverageAnnualReturnYear05 8.49%
10 Years rr_AverageAnnualReturnYear10 13.12%
Life of Portfolio rr_AverageAnnualReturnSinceInception 7.53%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 30, 2004
Lazard US Equity Focus Portfolio | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.55% [1]
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.31%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 0.86%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.16% [2]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.70%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 72
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 258
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 461
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,046
1 Year rr_AverageAnnualReturnYear01 (3.13%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 6.59%
Inception Date rr_AverageAnnualReturnInceptionDate May 19, 2014
Lazard US Equity Focus Portfolio | R6 Shares | S&P 500 Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.38%)
5 Years rr_AverageAnnualReturnYear05 8.49%
10 Years rr_AverageAnnualReturnYear10 13.12%
Life of Portfolio rr_AverageAnnualReturnSinceInception 8.64%
Inception Date rr_AverageAnnualReturnInceptionDate May 19, 2014
[1] Restated to reflect current management fee.
[2] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed .70%, .95% and .70% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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.
XML 80 R160.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Total
Lazard Enhanced Opportunities Portfolio
Lazard Enhanced Opportunities Portfolio
Investment Objective

The Portfolio seeks current income and long-term capital appreciation.

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 or R6 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 Enhanced Opportunities Portfolio
Institutional Shares
Open Shares
R6 Shares
Management Fees 0.95% 0.95% 0.95%
Distribution and Service (12b-1) Fees none 0.25% none
Dividend Expenses on Securities Sold Short [1] 0.44% 0.44% 0.44% [2]
Borrowing Expenses on Securities Sold Short [3] 0.65% 0.65% 0.65% [2]
Remainder of Other Expenses 1.74% 12.19% 1.74% [2]
Total Other Expenses 2.83% 13.28% 2.83% [2]
Acquired Fund Fees and Expenses 0.09% 0.09% 0.09%
Total Annual Portfolio Operating Expenses 3.87% 14.57% 3.87%
Fee Waiver and/or Expense Reimbursement [4] 1.44% 11.89% 1.49%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement [5] 2.43% 2.68% 2.38%
[1] When there is a cash dividend declared on a security the Portfolio has borrowed to sell short, the Portfolio pays the lender an amount equal to the dividend and this payment is recorded as an expense.
[2] Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares for the last fiscal year.
[3] Net borrowing expenses on securities sold short, in which the Portfolio may receive income or be charged a fee on the borrowed securities.
[4] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020 to the extent Total Annual Portfolio Operating Expenses exceed 1.25%, 1.50% and 1.20% 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, dividend and interest expenses on securities sold short, fees and expenses of "Acquired Funds" and extraordinary expenses. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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.
[5] Excluding Dividend Expenses on Securities Sold Short and Acquired Fund Fees and Expenses, the Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement are 1.25%, 1.50% and 1.20% of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively.
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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Lazard Enhanced Opportunities Portfolio - USD ($)
1 year
3 years
5 years
10 years
Institutional Shares 259 1,117 1,989 4,235
Open Shares 349 3,173 5,436 9,316
R6 Shares 254 1,112 1,985 4,232
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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 312% of the average value of its portfolio.

Principal Investment Strategies

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 Portfolio’s investment exposure.


Although the Portfolio’s investment focus is US companies, the Portfolio also may invest in non-US 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 US Treasury securities and certificates of deposit.


The Portfolio may invest in exchange-traded open-end management investment companies (“ETFs”) and similar products, which generally 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 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.

Principal Investment Risks

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


Short Position Risk. Short positions may involve substantial risks. If a short position appreciates in value during the period of the Portfolio’s investment, there will be a loss to the Portfolio that could be substantial. Short positions involve more risk than long positions because the maximum sustainable loss on a security purchased is limited to the amount paid for the security plus the transaction costs. However, the Portfolio’s potential loss on a short position is unlimited because, theoretically, there is no limit to the potential price increase of a security.


Convertible Securities Risk. The market value of convertible securities may perform like that of non-convertible fixed income securities; that is, their prices move inversely with changes in interest rates (i.e., as interest rates go up, prices go down). In addition, convertible securities are subject to the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security also is subject to the same types of market and issuer risks that apply to the underlying common stock.


Fixed-Income and Debt Securities Risk. The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.


Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. Risks associated with rising interest rates are heightened given that the Federal Reserve has raised the federal funds rate several times in recent periods and may continue to increase rates in the future.


The Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering the Portfolio’s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.


Some debt securities may give the issuer the option to call, or redeem, the securities before their maturity, and, during a time of declining interest rates, the Portfolio may have to reinvest the proceeds of called or redeemed securities in an investment offering a lower yield (and the Portfolio may not fully benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).


Adjustable rate or inflation-linked securities provide the Portfolio with a certain degree of protection against rises in interest rates or inflation rates, respectively, although adjustable rate securities will participate in any declines in interest rates and inflation-linked securities can also decline in value based on changes in the relevant periodic adjustment rate. Certain adjustable rate securities, such as those with interest rates that fluctuate directly or indirectly based on multiples of a stated index, are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and possibly loss of principal. Certain fixed-income securities may be issued at a discount from their face value (such as zero coupon securities) or purchased at a price less than their stated face amount or at a price less than their issue price plus the portion of ?original issue discount? previously accrued thereon, i.e., purchased at a ?market discount.? The amount of original issue discount and/or market discount on certain obligations may be significant, and accretion of market discount together with original issue discount will cause the Portfolio to realize income prior to the receipt of cash payments with respect to these securities.


Preferred Securities Risk. There are various risks associated with investing in preferred securities. In addition, unlike common stock, participation in the growth of an issuer may be limited.


· Credit risk is the risk that a security held by the Portfolio will decline in price or the issuer of the security will fail to make dividend, interest or principal payments when due because the issuer experiences a decline in its financial status.


· Interest rate risk is the risk that securities will decline in value because of changes in market interest rates. When market interest rates rise, the market value of such securities generally will fall.


· Preferred securities may include provisions that permit the issuer, at its discretion, to defer or omit distributions for a stated period without any adverse consequences to the issuer.


· Preferred securities are generally subordinated to bonds and other debt instruments in an issuer’s capital structure in terms of having priority to corporate income, claims to corporate assets and liquidation payments, and therefore will be subject to greater credit risk than more senior debt instruments.


· During periods of declining interest rates, an issuer may be able to exercise an option to call, or redeem its issue at par earlier than the scheduled maturity. If this occurs during a time of lower or declining interest rates, the Portfolio may have to reinvest the proceeds in lower yielding securities (and the Portfolio may not benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).


· Certain preferred securities may be substantially less liquid than many other securities, such as common stocks or US Government securities. Illiquid securities involve the risk that the securities will not be able to be sold at the time desired by the Portfolio or at prices approximating the value at which the Portfolio is carrying the securities on its books.


Derivatives and Hedging Risk. Derivatives transactions, including those entered into for hedging purposes (i.e., seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Over-the-counter swap agreements, forward currency contracts, over-the-counter options on securities (including options on ETFs), indexes and currencies and other over-the-counter derivatives transactions are subject to the risk of default by the counterparty and can be illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which the Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of the related security, interest rate, index, commodity, currency or other reference asset. As such, a small investment could have a potentially large impact on the Portfolio’s performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.


Counterparty Credit Risk. The Portfolio’s investment strategy is dependent on counterparties to its securities borrowing transactions in connection with short sales of securities and counterparties to derivatives transactions. Transactions with such counterparties are subject to the risk of default by a counterparty, which could result in a loss of Portfolio assets used as collateral or the loss of monies owed to the Portfolio by a counterparty.


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.


Leverage Risk. The use of leverage, which the Portfolio’s strategy entails, may magnify the Portfolio’s gains or losses.


Value Investing Risk. The Portfolio invests in securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


Market Risk. Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of a 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.


Market Direction Risk. Since the Portfolio will typically hold both long and short positions, an investment in the Portfolio will involve market risks associated with different types of investment decisions than those made for a typical “long only” fund. The Portfolio’s results will suffer both when there is a general market advance and the Portfolio holds significant “short” positions, or when there is a general market decline and the Portfolio holds significant “long” positions. In recent years, the markets have shown considerable volatility from day to day and even in intra-day trading.


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.


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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio’s foreign currency exposure.


Non-Diversification Risk. The Portfolio’s net asset value 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.


ETF Risk. Shares of ETFs may trade at prices that vary from their net asset values, sometimes significantly. The shares of ETFs may trade at prices at, below or above their most recent net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. The Portfolio’s investments in ETFs are subject to the risks of such ETF’s investments, as well as to the general risks of investing in ETFs. Portfolio shares will bear not only the Portfolio’s management fees and operating expenses, but also their proportional share of the management fees and operating expenses of the ETFs in which the Portfolio invests. The Portfolio may be limited by the Investment Company Act of 1940, as amended, in the amount of its assets that may be invested in ETFs unless an ETF has received an exemptive order from the Securities and Exchange Commission on which the Portfolio may rely or an exemption is available.


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.


High Portfolio Turnover Risk. The Portfolio’s investment strategy may involve high portfolio turnover (such as 100% or more). A portfolio turnover rate of 100%, for example, is equivalent to the Portfolio buying and selling all of its securities once during the course of the year. A high portfolio turnover rate could result in high transaction costs and an increase in taxable capital gains distributions to the Portfolio’s shareholders, which will reduce returns to shareholders.

Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard Enhanced Opportunities 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. Updated performance information is available at www.lazardassetmanagement.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.

Bar Chart
  

Best Quarter:

Q3 16

2.33%

 

 

Worst Quarter:

Q4 18

-2.70%

Average Annual Total Returns (for the periods ended December 31, 2018)

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.

Average Annual Returns - Lazard Enhanced Opportunities Portfolio
1 Year
Life of Portfolio
Inception Date
Institutional Shares (1.43%) 1.46% Dec. 31, 2014
Open Shares (1.68%) 1.20% Dec. 31, 2014
R6 Shares (1.43%) 1.46%  
After Taxes on Distributions | Institutional Shares (2.41%) (0.99%)  
After Taxes on Distributions and Sale of Fund Shares | Institutional Shares (0.81%) 0.06%  
ICE BofAML U.S. Convertible ex Mandatory Index (reflects no deduction for fees, expense or taxes) 0.65% 6.05%  
HFRX Global Hedge Fund Index (reflects no deduction for fees, expense or taxes) (7.01%) (0.67%)  
XML 81 R38.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Total
Lazard International Equity Concentrated Portfolio
Lazard International Equity Concentrated Portfolio
Investment Objective

The Portfolio seeks long-term capital appreciation.

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 or R6 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 International Equity Concentrated 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 0.23% 4.09% 0.23% [1]
Total Annual Portfolio Operating Expenses 1.03% 5.14% 1.03%
Fee Waiver and/or Expense Reimbursement [2] 0.08% 3.94% 0.13%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.95% 1.20% 0.90%
[1] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last 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 May 1, 2020, 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Lazard International Equity Concentrated Portfolio - USD ($)
1 year
3 years
5 years
10 years
Institutional Shares 115 359 622 1,375
Open Shares 122 1,188 2,250 4,894
R6 Shares 115 359 622 1,375
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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 76% of the average value of its portfolio.

Principal Investment Strategies

The Portfolio invests primarily in equity securities, principally common stocks, of non-US companies. The Portfolio has a concentrated portfolio of investments, typically investing in 20 to 30 securities of non-US companies, including those whose principal business activities are located in emerging market countries. The Investment Manager seeks to realize the Portfolio’s investment objective primarily through stock selection, investing in companies believed to have sustainably high or improving returns and trading at attractive valuations. In choosing stocks for the Portfolio, the Investment Manager generally looks for established companies in economically developed countries that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. The Investment Manager also may invest the Portfolio’s assets in securities of companies domiciled in emerging market countries in an amount up to the current percentage of securities in the MSCI All Country World Index ex-US issued by companies domiciled in emerging market countries (26% as of March 31, 2019) plus 15%. The Portfolio may invest in securities of companies across the capitalization spectrum.


Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities.


The Portfolio is classified as “non-diversified” under the Investment Company Act of 1940, as amended, 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 a 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.


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.


Emerging Market Risk. Emerging market countries 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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio's foreign currency exposure.


Value Investing Risk. The Portfolio invests in securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


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.


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.


Non-Diversification Risk. The Portfolio’s net asset value 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.


Concentration Risk. A Portfolio’s ability to concentrate its investments may be limited by applicable requirements of the Internal Revenue Code of 1986, as amended, for qualification as a regulated investment company.

Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard International Equity Concentrated 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. Updated performance information is available at www.lazardassetmanagement.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.

Bar Chart
  

Best Quarter:

Q1 17

7.85%

 

 

Worst Quarter:

Q3 15

-15.40%

Average Annual Total Returns (for the periods ended December 31, 2018)

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.

Average Annual Returns - Lazard International Equity Concentrated Portfolio
1 Year
Life of Portfolio
Inception Date
Institutional Shares (16.20%) (2.20%) Aug. 29, 2014
Open Shares (16.47%) (2.47%) Aug. 29, 2014
R6 Shares (16.20%) (2.20%)  
After Taxes on Distributions | Institutional Shares (16.88%) (2.48%)  
After Taxes on Distributions and Sale of Fund Shares | Institutional Shares (8.73%) (1.50%)  
MSCI All Country World Index ex-US (reflects no deduction for fees, expense or taxes) (14.20%) (0.37%)  
XML 82 R147.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Label Element Value
Lazard US Realty Equity Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Lazard US Realty Equity Portfolio
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Portfolio’s primary investment objective is long-term capital appreciation,

Objective, Secondary [Text Block] rr_ObjectiveSecondaryTextBlock

with current income, including interest and dividends from portfolio securities, as a secondary objective.

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 or R6 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 May 01, 2029
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 52% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 52.00%
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 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 expense limitation agreement 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

Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities (including common, convertible and preferred stocks) of US Realty Companies (defined below), as well as certain synthetic instruments related to US Realty Companies. Such synthetic instruments are investments that have economic characteristics similar to the Portfolio’s direct investments in US Realty Companies and may include warrants, rights, options and shares of exchange-traded open-end management investment companies (“ETFs”).


The Investment Manager conducts proprietary quantitative, qualitative and on-site real estate analysis to select the Portfolio’s investments, which may include, as appropriate, research at the macroeconomic, sector, company and property level. The Investment Manager’s individual company research may consider a number of quantitative measures, including earnings growth potential, price to earnings or free cash flow multiples, price to net asset value ratios, dividend yield and potential for growth, return on equity and return on assets, as well as qualitative factors such as overall business and growth strategy and quality of management.


“Realty Companies” are real estate-related companies of any size including, but not limited to, real estate investment trusts (“REITs”), real estate operating or service companies and companies in the homebuilding, lodging and hotel industries, as well as companies engaged in the natural resources and utility industries, and other companies whose investments, balance sheets or income statements are real estate-intensive (i.e., the company’s actual or anticipated revenues, profits, assets, services or products are related to real estate including, but not limited to, the ownership, renting, leasing, construction, management, development or financing of commercial, industrial or residential real estate).


The Portfolio may invest in issuers of any market capitalization and securities of any maturity, and the Portfolio’s investments also may include securities purchased in initial public offerings (“IPOs”).


The Portfolio also may invest up to 20% of its assets in equity and fixed-income securities and instruments of companies or entities (which need not be US Realty Companies), including, but not limited to, securities of non-US companies and other investment companies.


The Portfolio’s investments in preferred stock and convertible and fixed income securities may include securities which, at the time of purchase, are rated below “investment grade” by a nationally recognized statistical rating organization, or the unrated equivalent as determined by the Investment Manager (“junk bonds”).


In addition to purchasing options, the Portfolio may, but is not required to, write put and covered call options on securities and indexes, for hedging purposes or to seek to increase returns.


The Portfolio is classified as “non-diversified” under the Investment Company Act of 1940, as amended, 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 a 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.


Preferred Securities Risk. There are various risks associated with investing in preferred securities. In addition, unlike common stock, participation in the growth of an issuer may be limited.


· Credit risk is the risk that a security held by the Portfolio will decline in price or the issuer of the security will fail to make dividend, interest or principal payments when due because the issuer experiences a decline in its financial status.


· Interest rate risk is the risk that securities will decline in value because of changes in market interest rates. When market interest rates rise, the market value of such securities generally will fall.


· Preferred securities may include provisions that permit the issuer, at its discretion, to defer or omit distributions for a stated period without any adverse consequences to the issuer.


· Preferred securities are generally subordinated to bonds and other debt instruments in an issuer’s capital structure in terms of having priority to corporate income, claims to corporate assets and liquidation payments, and therefore will be subject to greater credit risk than more senior debt instruments.


· During periods of declining interest rates, an issuer may be able to exercise an option to call, or redeem its issue at par earlier than the scheduled maturity. If this occurs during a time of lower or declining interest rates, the Portfolio may have to reinvest the proceeds in lower yielding securities (and the Portfolio may not benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).


· Certain preferred securities may be substantially less liquid than many other securities, such as common stocks or US Government securities. Illiquid securities involve the risk that the securities will not be able to be sold at the time desired by the Portfolio or at prices approximating the value at which the Portfolio is carrying the securities on its books.


Other Equity Securities Risk. The market value of a convertible security tends to perform like that of a regular debt security so that, if market interest rates rise, the value of the convertible security falls. Investments in rights and warrants involve certain risks, including the possible lack of a liquid market for resale, price fluctuations and the failure of the price of the underlying security to reach a level at which the right or warrant can be prudently exercised, in which case the right or warrant may expire without being exercised and result in a loss of a Portfolio’s entire investment.


Realty Companies Risk. Since the Portfolio focuses its investments in Realty Companies, the Portfolio could lose money due to the performance of real estate-related securities even if securities markets generally are experiencing positive results. The performance of investments made by the Portfolio may be determined to a great extent by the current status of the real estate industry in general, or by other factors (such as interest rates and the availability of loan capital) that may affect the real estate industry, even if other industries would not be so affected. Consequently, the investment strategies of the Portfolio could lead to securities investment results that may be significantly different from investments in securities of other industries or sectors or in a more broad-based portfolio generally.


The risks related to investments in Realty Companies include, but are not limited to: adverse changes in general economic and local market conditions; adverse developments in employment; changes in supply or demand for similar or competing properties; unfavorable changes in applicable taxes, governmental regulations and interest rates; operating or development expenses; and lack of available financing.


Due to certain special considerations that apply to REITs, investments in REITs may carry additional risks not necessarily present in investments in other securities. REIT securities (including those trading on national exchanges) typically have trading volumes that are less than those of common stocks of non-Realty Companies traded on national exchanges, which may affect a Portfolio’s ability to trade or liquidate those securities. An investment in REITs may be adversely affected if the REIT fails to comply with applicable laws and regulations, including failing to qualify as a REIT under the Internal Revenue Code of 1986, as amended. Failure to qualify with any of these requirements could jeopardize a company’s status as a REIT. The Portfolio generally will have no control over the operations and policies of a REIT, and the Portfolio generally will have no ability to cause a REIT to take the actions necessary to qualify as a REIT.


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 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.


Fixed-Income and Debt Securities Risk. The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.


Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. Risks associated with rising interest rates are heightened given that the Federal Reserve has raised the federal funds rate several times in recent periods and may continue to increase rates in the future.


The Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering the Portfolio’s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.


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 countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries.


Options Risk. Writing options on securities and indexes, including for hedging purposes, 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, and may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions. Writing options is subject to many of the risks of, and can be highly sensitive to changes in the value of, the related security or index. As such, a small commitment to written options could potentially have a relatively large impact on the Portfolio’s performance. Purchasing options will reduce returns by the amount of premiums paid for options that are not exercised. Over-the-counter options purchased on securities and indexes are subject to the risk of default by the counterparty and can be illiquid.


Investment Companies and ETF Risk. Any investments in other investment companies and ETFs are subject to the risks of the investments of the investment companies and ETFs, as well as to the general risks of investing in investment companies and ETFs. Portfolio shares will bear not only the Portfolio’s management fees and operating expenses, but also their proportional share of the management fees and operating expenses of any other investment companies and ETFs in which the Portfolio invests.


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.


Derivatives and Hedging Risk. Derivatives transactions, including those entered into for hedging purposes (i.e., seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Forward currency contracts, structured products and other over-the-counter derivatives transactions are subject to the risk of default by the counterparty and can be illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which the Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of the related currency or other reference asset. As such, a small investment could have a potentially large impact on the Portfolio’s performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.


IPO Shares Risk. The prices of securities purchased in IPOs can be very volatile. The effect of IPOs on the Portfolio’s performance depends on a variety of factors, including the number of IPOs the Portfolio invests in relative to the size of the Portfolio and whether and to what extent a security purchased in an IPO appreciates or depreciates in value. As the Portfolio’s asset base increases, IPOs may have a diminished effect on the Portfolio’s performance.

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 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 Year-by-Year Total Returns for Open 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 Realty 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 Portfolio commenced operations after all of the assets of an investment company advised by Grubb & Ellis Alesco Global Advisors, LLC, Grubb & Ellis AGA U.S. Realty Fund (the “Predecessor Realty Equity Fund”), were transferred to the Portfolio in exchange for Open Shares of the Portfolio in a tax-free reorganization on September 23, 2011. The bar chart shows how the performance of the Portfolio’s Open Shares (or the Predecessor Realty Equity Fund’s Class A shares, prior to September 23, 2011) has varied from year to year over the past 10 calendar years. Updated performance information is available at www.lazardassetmanagement.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 Realty 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 Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 823-6300
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.lazardassetmanagement.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:

Q3 09

36.29%

 

 

Worst Quarter:

Q3 11

-17.99%

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 36.29%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (17.99%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended December 31, 2018)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expense, 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 One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Open Shares. After-tax returns of the Portfolio’s other share classes will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

After-tax returns are shown only for Open Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.

Lazard US Realty Equity Portfolio | MSCI USA IMI Core Real Estate Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.33%)
Lazard US Realty Equity Portfolio | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.34%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.09%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.09% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.00%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 102
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 318
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 552
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,225
1 Year rr_AverageAnnualReturnYear01 (7.77%)
5 Years rr_AverageAnnualReturnYear05 6.63%
Life of Portfolio rr_AverageAnnualReturnSinceInception 10.37%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 26, 2011
Lazard US Realty Equity Portfolio | Institutional Shares | MSCI US REIT Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (5.83%)
5 Years rr_AverageAnnualReturnYear05 6.43%
Life of Portfolio rr_AverageAnnualReturnSinceInception 8.60%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 26, 2011
Lazard US Realty Equity Portfolio | Open Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.29%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.29%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.29%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 131
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 409
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 708
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,556
Annual Return 2009 rr_AnnualReturn2009 59.47%
Annual Return 2010 rr_AnnualReturn2010 35.55%
Annual Return 2011 rr_AnnualReturn2011 9.91%
Annual Return 2012 rr_AnnualReturn2012 20.58%
Annual Return 2013 rr_AnnualReturn2013 1.58%
Annual Return 2014 rr_AnnualReturn2014 25.33%
Annual Return 2015 rr_AnnualReturn2015 4.34%
Annual Return 2016 rr_AnnualReturn2016 4.99%
Annual Return 2017 rr_AnnualReturn2017 7.69%
Annual Return 2018 rr_AnnualReturn2018 (8.06%)
1 Year rr_AverageAnnualReturnYear01 (8.06%)
5 Years rr_AverageAnnualReturnYear05 6.33%
10 Years rr_AverageAnnualReturnYear10 14.74%
Life of Portfolio rr_AverageAnnualReturnSinceInception 14.74%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2008
Lazard US Realty Equity Portfolio | Open Shares | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (9.11%)
5 Years rr_AverageAnnualReturnYear05 4.66%
10 Years rr_AverageAnnualReturnYear10 11.93%
Life of Portfolio rr_AverageAnnualReturnSinceInception 11.93%
Lazard US Realty Equity Portfolio | Open Shares | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.42%)
5 Years rr_AverageAnnualReturnYear05 4.59%
10 Years rr_AverageAnnualReturnYear10 11.33%
Life of Portfolio rr_AverageAnnualReturnSinceInception 11.32%
Lazard US Realty Equity Portfolio | Open Shares | MSCI US REIT Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (5.83%)
5 Years rr_AverageAnnualReturnYear05 6.43%
Life of Portfolio rr_AverageAnnualReturnSinceInception 10.75%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2008
Lazard US Realty Equity Portfolio | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.34% [2]
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.09%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.14% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.95%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates “Other Expenses” are based on estimated amounts for the current fiscal year, using “Other Expenses” for Institutional Shares from the last fiscal year.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 97
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 303
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 525
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,166
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares.
1 Year rr_AverageAnnualReturnYear01 (7.77%)
5 Years rr_AverageAnnualReturnYear05 6.63%
Life of Portfolio rr_AverageAnnualReturnSinceInception 10.37%
Lazard US Realty Equity Portfolio | R6 Shares | MSCI US REIT Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (5.83%)
5 Years rr_AverageAnnualReturnYear05 6.43%
Life of Portfolio rr_AverageAnnualReturnSinceInception 8.60%
[1] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio through May 1, 2029, to the extent Total Annual Portfolio Operating Expenses exceed 1.00%, 1.30% and 0.95% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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.
[2] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last fiscal year.
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Label Element Value
Lazard International Equity Value Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Lazard International Equity Value 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, a series of The Lazard Funds, Inc. (the “Fund”). Investors transacting in Institutional or R6 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 Oct. 31, 2020
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 period from October 31, 2018 through December 31, 2018, the Portfolio's portfolio turnover rate was 37% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 37.00%
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 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 expense limitation 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 non-US companies. The Portfolio has a concentrated portfolio of investments, typically investing in 20 to 30 securities of non-US companies, including those whose principal business activities are located in emerging market countries.


The Investment Manager seeks to realize the Portfolio’s investment objective primarily by investing in companies that the Investment Manager believes are undervalued and whose valuations will benefit from potential company-specific catalysts identified by the Investment Manager. For example, the Investment Manager may seek to invest in companies engaging in activities that the Investment Manager believes will improve the companies’ fundamentals, resolve circumstances that may be negatively affecting valuation and/or improve market and investor perceptions of the companies. The Investment Manager divides these catalysts into three main categories: self-help, positive changes in capital allocation and business simplifications.  


· Self-Help – Many companies undertake self-directed initiatives intended to drive improvement in fundamentals regardless of macroeconomic conditions. These initiatives may range from large-scale corporate restructurings to smaller-scale cost-cutting programs. In many cases, new corporate management teams, changes to the board of directors and/or shifts in a company’s ownership structure are the impetus for self-help plans.


· Positive Changes in Capital Allocation – The Investment Manager believes companies seeking to address inefficient balance sheets often offer opportunities to add value to shareholders. The Portfolio seeks to invest in companies undertaking special capital returns, deleveraging programs and/or value-enhancing reinvestment or mergers and acquisitions. In-depth analysis of balance sheet and cash flow potential, as well as interviews with corporate management teams, helps the Investment Manager identify potential positive capital allocation change opportunities before they are reflected in equity prices.


· Business Simplifications – The simplification of organizational and ownership structures often enables corporate management to increase returns through more effective resource allocation and less operational distraction. Furthermore, monetization of hidden value within a company may occur as a result of asset sales, spin-offs or wind-downs.


Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities. The Portfolio may invest in securities of companies across the capitalization spectrum. At times, the Portfolio may engage in active and frequent trading, which will increase portfolio turnover.


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, 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 a 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.


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.


Emerging Market Risk. Emerging market countries 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.


Value Investing Risk. The Portfolio invests in securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


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.


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.


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.


Non-Diversification Risk. The Portfolio’s net asset value 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.


Concentration Risk. A Portfolio’s ability to concentrate its investments may be limited by applicable requirements of the Internal Revenue Code of 1986, as amended, for qualification as a regulated investment company.


High Portfolio Turnover Risk. The Portfolio’s investment strategy may involve high portfolio turnover (such as 100% or more). A portfolio turnover rate of 100%, for example, is equivalent to the Portfolio buying and selling all of its securities once during the course of the year. A high portfolio turnover rate could result in high transaction costs and an increase in taxable capital gains distributions to the Portfolio’s shareholders, which will reduce returns to shareholders.

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 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 Year-by-Year Total Returns for Institutional Shares As of 12/31
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

Because the Portfolio did not have a full calendar year of performance 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 the changes in performance from year to year. Comparison of Portfolio performance to an appropriate index indicates how the Portfolio’s average annual returns compare to those of a broad measure of market performance. Updated performance information is available at www.lazardassetmanagement.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 the changes in performance from year to year.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Because the Portfolio did not have a full calendar year of performance 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.lazardassetmanagement.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 International Equity Value 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 0.54%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.34%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.39% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.95%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 697
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 1,579
Lazard International Equity Value 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 6.86%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 7.91%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 6.71% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.20%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 3,220
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 6,612
Lazard International Equity Value 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 0.54% [2]
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.34%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.44% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.90%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates “Other Expenses” are based on estimated amounts for the current fiscal year, using “Other Expenses” for Institutional Shares from the last fiscal year.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 692
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 1,574
[1] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until October 31, 2020, 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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.
[2] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last fiscal year.
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Total
Lazard Global Strategic Equity Portfolio
Lazard Global Strategic Equity Portfolio
Investment Objective

The Portfolio seeks long-term capital appreciation.

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 or R6 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 Global Strategic Equity Portfolio
Institutional Shares
Open Shares
R6 Shares
Management Fees 0.75% 0.75% 0.75%
Distribution and Service (12b-1) Fees none 0.25% none
Other Expenses 5.56% 12.95% 5.56% [1]
Total Annual Portfolio Operating Expenses 6.31% 13.95% 6.31%
Fee Waiver and/or Expense Reimbursement [2] 5.31% 12.70% 5.36%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.00% 1.25% 0.95%
[1] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last 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 May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed 1.00%, 1.25% and .95% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Lazard Global Strategic Equity Portfolio - USD ($)
1 year
3 years
5 years
10 years
Institutional Shares 102 1,397 2,659 5,671
Open Shares 127 2,769 4,958 8,932
R6 Shares 97 1,393 2,655 5,669
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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 46% of the average value of its portfolio.

Principal Investment Strategies

The Portfolio invests primarily in equity securities, principally common stocks, of companies that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. The Investment Manager seeks to realize the Portfolio’s investment objective primarily through stock selection, investing in companies believed to have sustainably high or improving returns and trading at attractive valuations. The Portfolio may invest in securities of companies whose principal business activities are located in emerging market countries, and the allocation of the Portfolio’s assets to emerging market countries may vary from time to time. The Portfolio may invest in securities of companies across the capitalization spectrum.


Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities. In addition, under normal market conditions, the Portfolio invests significantly (at least 40%—unless market conditions are not deemed favorable by the Investment Manager, in which case the Portfolio would invest at least 30%) in non-US companies. The Investment Manager allocates the Portfolio’s assets among various regions and countries, including the United States (but in no less than three different countries). The allocation of the Portfolio’s assets among geographic sectors may shift from time to time based on the Investment Manager’s judgment and its analysis of market conditions.


Although the Portfolio is classified as “diversified” under the Investment Company Act of 1940, as amended, it may invest in a smaller number of issuers than other, more diversified investment portfolios.

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 a 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.


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.


Emerging Market Risk. Emerging market countries 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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio's foreign currency exposure.


Focused Investing Risk. The Portfolio’s net asset value 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.


Value Investing Risk. The Portfolio invests in securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


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.


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 Year-by-Year Total Returns for Institutional Shares As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard Global Strategic 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. Updated performance information is available at www.lazardassetmanagement.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.

Bar Chart
  

Best Quarter:

Q4 17

6.24%

 

 

Worst Quarter:

Q4 18

-12.32%

Average Annual Total Returns (for the periods ended December 31, 2018)

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.

Average Annual Returns - Lazard Global Strategic Equity Portfolio
1 Year
Life of Portfolio
Inception Date
Institutional Shares (9.16%) 2.25% Aug. 29, 2014
Open Shares (9.39%) 1.93% Aug. 29, 2014
R6 Shares (9.16%) 2.25%  
After Taxes on Distributions | Institutional Shares (15.09%) (5.40%)  
After Taxes on Distributions and Sale of Fund Shares | Institutional Shares (2.50%) 1.02%  
MSCI All Country World Index (reflects no deduction for fees, expense or taxes) (9.42%) 3.26%  

XML 87 R82.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Total
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 or R6 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 2.62% 9.12% 2.62% [1]
Total Annual Portfolio Operating Expenses 3.42% 10.17% 3.42%
Fee Waiver and/or Expense Reimbursement [2] 2.47% 8.97% 2.52%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.95% 1.20% 0.90%
[1] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last 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 May 1, 2020, 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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 expense limitation agreement 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
5 years
10 years
Institutional Shares 97 820 1,566 3,537
Open Shares 122 2,126 3,928 7,677
R6 Shares 92 815 1,562 3,533
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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 97% of the average value of its portfolio.

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 to 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, 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 a 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 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 securities 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 securities may be more volatile than other securities because they can be more sensitive to investor perceptions of the issuing company’s growth potential. The securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


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 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 Total Returns for Institutional Shares As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard Equity Franchise Portfolio by showing the Portfolio’s performance for the first complete calendar year of operation compared to that of a broad measure of market performance. The bar chart shows the performance of the Portfolio’s Institutional Shares. Updated performance information is available at www.lazardassetmanagement.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.

Bar Chart
  

Best Quarter:

Q3 18

4.02%

 

 

Worst Quarter:

Q4 18

-10.07%

Average Annual Total Returns (for the periods ended December 31, 2018)

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.

Average Annual Returns - Lazard Equity Franchise Portfolio
1 Year
Life of Portfolio
Inception Date
Institutional Shares (5.10%) (0.85%) Sep. 29, 2017
Open Shares (5.34%) (1.10%) Sep. 29, 2017
R6 Shares (5.10%) (0.85%)  
After Taxes on Distributions | Institutional Shares (8.47%) (3.74%)  
After Taxes on Distributions and Sale of Fund Shares | Institutional Shares (2.46%) (1.54%)  
MSCI World Index (reflects no deduction for fees, expense or taxes) (8.71%) (2.96%)  
XML 88 R105.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Label Element Value
Lazard Emerging Markets Equity Advantage Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Lazard Emerging Markets Equity Advantage 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, a series of The Lazard Funds, Inc. (the “Fund”). Investors transacting in Institutional or R6 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 May 01, 2020
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 61% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 61.00%
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 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 expense limitation agreement in year one only. 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 emerging markets companies. In managing the Portfolio, the Investment Manager utilizes a quantitatively driven, bottom up stock selection process. The Portfolio management team selects investments for the Portfolio from a broad investment universe of emerging market stocks and depositary receipts, including American Depositary Receipts (“ADRs”), Global Depositary Receipts and European Depositary Receipts, real estate investment trusts (“REITs”), warrants and rights. The active, quantitative approach utilized by the Portfolio management team involves initial screening, risk assessment and evaluation of each company relative to its global peers. The Investment Manager uses an objective, systematic investment process that blends both risk and stock ranking assessments designed to capture attractive risk-to-return characteristics. In addition to a multidimensional assessment of risk, each company is evaluated daily according to four independent measures: growth, value, sentiment and quality. The Portfolio may invest across the capitalization spectrum.


Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of companies that are economically tied to emerging market countries. The allocation of the Portfolio’s assets among countries and regions will vary from time to time based on the Investment Manager’s judgment and its analysis of market conditions.


The Portfolio considers a company to be “economically tied to emerging markets countries” if: (i) the company is organized under the laws of or domiciled in an emerging markets country or maintains its principal place of business in an emerging markets country; (ii) the securities of such company are traded principally in emerging markets countries; or (iii) during the most recent fiscal year of the company, the company derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in emerging markets countries or that has at least 50% of its assets in emerging markets countries. The Portfolio considers emerging markets countries to be all countries: (i) included in the MSCI Emerging Markets Index; or (ii) not included in the MSCI World Index.


The Portfolio may invest in exchange-traded open-end management investment companies (“ETFs”) and similar products, which generally pursue a passive index-based strategy.

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 a 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.


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.


Emerging Market Risk. Emerging market countries 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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio's foreign currency exposure.


Depositary Receipts Risk. ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated.


Quantitative Model Risk. The success of the Portfolio’s investment strategy depends largely upon the effectiveness of the Investment Manager’s quantitative model. A quantitative model, such as the risk and other models used by the Investment Manager requires adherence to a systematic, disciplined process. The Investment Manager’s ability to monitor and, if necessary, adjust its quantitative model could be adversely affected by various factors including incorrect or outdated market and other data inputs. Factors that affect a security’s value can change over time, and these changes may not be reflected in the quantitative model. In addition, factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value.


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.


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.


REIT Risk. REITs are subject to similar risks as an investment in a realty-related company. The risks related to investments in realty-related companies include, but are not limited to: adverse changes in general economic and local market conditions; adverse developments in employment; changes in supply or demand for similar or competing properties; unfavorable changes in applicable taxes, governmental regulations and interest rates; operating or development expenses; and lack of available financing. Due to certain special considerations that apply to REITs, investments in REITs may carry additional risks not necessarily present in investments in other securities. REIT securities (including those trading on national exchanges) typically have trading volumes that are less than those of common stocks of other stocks traded on national exchanges, which may affect the Portfolio’s ability to trade or liquidate those securities. An investment in REITs may be adversely affected if the REIT fails to comply with applicable laws and regulations. Failure to qualify with any of these requirements could jeopardize a company’s status as a REIT. The Portfolio generally will have no control over the operations and policies of a REIT, and the generally will have no ability to cause a REIT to take the actions necessary to qualify as a REIT.


ETF Risk. Shares of ETFs may trade at prices that vary from their net asset values, sometimes significantly. The shares of ETFs may trade at prices at, below or above their most recent net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. The Portfolio’s investments in ETFs are subject to the risks of such ETF’s investments, as well as to the general risks of investing in ETFs. Portfolio shares will bear not only the Portfolio’s management fees and operating expenses, but also their proportional share of the management fees and operating expenses of the ETFs in which the Portfolio invests. The Portfolio may be limited by the Investment Company Act of 1940, as amended, in the amount of its assets that may be invested in ETFs unless an ETF has received an exemptive order from the Securities and Exchange Commission on which the Portfolio may rely or an exemption is available.


Other Equity Securities Risk. Investments in rights and warrants involve certain risks, including the possible lack of a liquid market for resale, price fluctuations and the failure of the price of the underlying security to reach a level at which the right or warrant can be prudently exercised, in which case the right or warrant may expire without being exercised and result in a loss of a Portfolio’s entire investment.


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.
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 Emerging Markets Equity Advantage 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. Updated performance information is available at www.lazardassetmanagement.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 Emerging Markets Equity Advantage 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 Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 823-6300
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.lazardassetmanagement.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:

Q1 17

12.74%

 

 

Worst Quarter:

Q4 18

-7.47%

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2017
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 12.74%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2018
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (7.47%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended December 31, 2018)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expense, 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 One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.

Lazard Emerging Markets Equity Advantage Portfolio | MSCI Emerging Markets Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (14.58%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 1.35%
Lazard Emerging Markets Equity Advantage Portfolio | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 4.75%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 5.60%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 4.50% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.10%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 112
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,402
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 2,660
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 5,663
Annual Return 2016 rr_AnnualReturn2016 9.83%
Annual Return 2017 rr_AnnualReturn2017 42.52%
Annual Return 2018 rr_AnnualReturn2018 (16.23%)
1 Year rr_AverageAnnualReturnYear01 (16.23%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 2.05%
Inception Date rr_AverageAnnualReturnInceptionDate May 29, 2015
Lazard Emerging Markets Equity Advantage Portfolio | Institutional Shares | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (16.39%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 1.83%
Lazard Emerging Markets Equity Advantage Portfolio | Institutional Shares | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (9.01%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 1.78%
Lazard Emerging Markets Equity Advantage Portfolio | Open Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 6.99%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 8.09%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 6.74% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.35%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 137
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,763
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 3,290
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 6,712
1 Year rr_AverageAnnualReturnYear01 (16.40%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 1.77%
Inception Date rr_AverageAnnualReturnInceptionDate May 29, 2015
Lazard Emerging Markets Equity Advantage Portfolio | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 4.75% [2]
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 5.60%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 4.55% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.05%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates “Other Expenses” are based on estimated amounts for the current fiscal year, using “Other Expenses” for Institutional Shares from the last fiscal year.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 107
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,398
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 2,656
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 5,661
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares.
1 Year rr_AverageAnnualReturnYear01 (16.23%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 2.05%
[1] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed 1.10%, 1.35% and 1.05% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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.
[2] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last fiscal year.
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Lazard International Equity Value Portfolio
Lazard International Equity Value Portfolio
Investment Objective

The Portfolio seeks long-term capital appreciation.

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 or R6 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 International Equity Value 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 0.54% 6.86% 0.54% [1]
Total Annual Portfolio Operating Expenses 1.34% 7.91% 1.34%
Fee Waiver and/or Expense Reimbursement [2] 0.39% 6.71% 0.44%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.95% 1.20% 0.90%
[1] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last 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 October 31, 2020, 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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 expense limitation arrangement described above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Lazard International Equity Value Portfolio - USD ($)
1 year
3 years
Institutional Shares 697 1,579
Open Shares 3,220 6,612
R6 Shares 692 1,574
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. During the period from October 31, 2018 through December 31, 2018, the Portfolio's portfolio turnover rate was 37% of the average value of its portfolio.

Principal Investment Strategies

The Portfolio invests primarily in equity securities, principally common stocks, of non-US companies. The Portfolio has a concentrated portfolio of investments, typically investing in 20 to 30 securities of non-US companies, including those whose principal business activities are located in emerging market countries.


The Investment Manager seeks to realize the Portfolio’s investment objective primarily by investing in companies that the Investment Manager believes are undervalued and whose valuations will benefit from potential company-specific catalysts identified by the Investment Manager. For example, the Investment Manager may seek to invest in companies engaging in activities that the Investment Manager believes will improve the companies’ fundamentals, resolve circumstances that may be negatively affecting valuation and/or improve market and investor perceptions of the companies. The Investment Manager divides these catalysts into three main categories: self-help, positive changes in capital allocation and business simplifications.  


· Self-Help – Many companies undertake self-directed initiatives intended to drive improvement in fundamentals regardless of macroeconomic conditions. These initiatives may range from large-scale corporate restructurings to smaller-scale cost-cutting programs. In many cases, new corporate management teams, changes to the board of directors and/or shifts in a company’s ownership structure are the impetus for self-help plans.


· Positive Changes in Capital Allocation – The Investment Manager believes companies seeking to address inefficient balance sheets often offer opportunities to add value to shareholders. The Portfolio seeks to invest in companies undertaking special capital returns, deleveraging programs and/or value-enhancing reinvestment or mergers and acquisitions. In-depth analysis of balance sheet and cash flow potential, as well as interviews with corporate management teams, helps the Investment Manager identify potential positive capital allocation change opportunities before they are reflected in equity prices.


· Business Simplifications – The simplification of organizational and ownership structures often enables corporate management to increase returns through more effective resource allocation and less operational distraction. Furthermore, monetization of hidden value within a company may occur as a result of asset sales, spin-offs or wind-downs.


Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities. The Portfolio may invest in securities of companies across the capitalization spectrum. At times, the Portfolio may engage in active and frequent trading, which will increase portfolio turnover.


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, 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 a 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.


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.


Emerging Market Risk. Emerging market countries 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.


Value Investing Risk. The Portfolio invests in securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


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.


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.


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.


Non-Diversification Risk. The Portfolio’s net asset value 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.


Concentration Risk. A Portfolio’s ability to concentrate its investments may be limited by applicable requirements of the Internal Revenue Code of 1986, as amended, for qualification as a regulated investment company.


High Portfolio Turnover Risk. The Portfolio’s investment strategy may involve high portfolio turnover (such as 100% or more). A portfolio turnover rate of 100%, for example, is equivalent to the Portfolio buying and selling all of its securities once during the course of the year. A high portfolio turnover rate could result in high transaction costs and an increase in taxable capital gains distributions to the Portfolio’s shareholders, which will reduce returns to shareholders.

Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31

Because the Portfolio did not have a full calendar year of performance 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 the changes in performance from year to year. Comparison of Portfolio performance to an appropriate index indicates how the Portfolio’s average annual returns compare to those of a broad measure of market performance. Updated performance information is available at www.lazardassetmanagement.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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Document and Entity Information
Total
Prospectus:  
Document Type 497
Document Period End Date Dec. 13, 2019
Entity Registrant Name LAZARD FUNDS INC
Entity Central Index Key 0000874964
Entity Inv Company Type N-1A
Amendment Flag false
Document Creation Date Dec. 13, 2019
Document Effective Date Dec. 13, 2019
Prospectus Date Dec. 13, 2019
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Total
Lazard International Quality Growth Portfolio
Lazard International Quality Growth Portfolio
Investment Objective

The Portfolio seeks long-term capital appreciation.

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 or R6 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 International Quality Growth Portfolio
Institutional Shares
Open Shares
R6 Shares
Management Fees 0.75% 0.75% 0.75%
Distribution and Service (12b-1) Fees none 0.25% none
Other Expenses [1] 0.20% 0.20% 0.20%
Total Annual Portfolio Operating Expenses 0.95% 1.20% 0.95%
Fee Waiver and/or Expense Reimbursement [2] 0.10% 0.10% 0.15%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.85% 1.10% 0.80%
[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 December 31, 2020, to the extent Total Annual Portfolio Operating Expenses exceed .85%, 1.10% and .80% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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 expense limitation arrangement described above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Lazard International Quality Growth Portfolio - USD ($)
1 year
3 years
Institutional Shares 516 1,157
Open Shares 650 1,446
R6 Shares 511 1,153
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 commenced investment operations on December 31, 2018, no portfolio turnover information is presented.

Principal Investment Strategies

The Portfolio invests primarily in equity securities of non-US companies, including those whose principal business activities are located in emerging countries.


The Investment Manager seeks to realize the Portfolio’s investment objective primarily by investing in companies that the Investment Manager considers to be quality growth businesses. By “quality” the Investment Manager means businesses that it believes can generate, and sustain, high levels of financial productivity (i.e., return on equity, return on capital and cash flow return on investment). The Investment Manager considers, among other factors deemed appropriate and relevant to a particular company, whether the company has a competitive advantage in its industry and if the Investment Manager believes the company can sustain its competitive advantage. The Investment Manager also looks for “growth” businesses that it believes can grow profits and cash flows by investing back into their business at similarly high rates of financial productivity.


The Portfolio may invest in securities of companies across the capitalization spectrum, but generally focuses on companies with a market capitalization of $3 billion or more.


Although the Portfolio is classified as “diversified” under the Investment Company Act of 1940, as amended, it may invest in a smaller number of issuers than other, more diversified investment portfolios.

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 a 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.


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.


Emerging Market Risk. Emerging market countries 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 securities 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 securities may be more volatile than other securities because they can be more sensitive to investor perceptions of the issuing company’s growth potential. The securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio’s foreign currency exposure.


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.


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.


Focused Investing Risk. The Portfolio’s net asset value 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 Year-by-Year Total Returns for Institutional Shares As of 12/31

Because the Portfolio did not have a full calendar year of performance 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 the changes in performance from year to year. Comparison of Portfolio performance to an appropriate index indicates how the Portfolio’s average annual returns compare to those of a broad measure of market performance. Updated performance information is available at www.lazardassetmanagement.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 Emerging Markets Debt Portfolio
Lazard Emerging Markets Debt Portfolio
Investment Objective

The Portfolio seeks total return from current income and capital appreciation.

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 or R6 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 Emerging Markets Debt Portfolio
Institutional Shares
Open Shares
R6 Shares
Management Fees 0.75% 0.75% 0.75%
Distribution and Service (12b-1) Fees none 0.25% none
Other Expenses 0.18% 0.62% 0.19%
Total Annual Portfolio Operating Expenses 0.93% 1.62% 0.94%
Fee Waiver and/or Expense Reimbursement [1] 0.47% 0.04%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.93% 1.15% 0.90%
[1] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020 to the extent Total Annual Portfolio Operating Expenses exceed .95%, 1.15% and .90% of the average daily net assets of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively, and from May 1, 2020 to May 1, 2029, to the extent Total Annual Portfolio Operating Expenses exceed 1.10%, 1.35% and 1.05% of the average daily net assets of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively. All limitations on Total Annual Portfolio Operating Expenses are exclusive of taxes, brokerage, interest on borrowings, fees and expenses of "Acquired Funds" and extraordinary expenses. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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. To the extent the Total Annual Portfolio Operating Expenses of the R6 Shares of the Portfolio exceed the Total Annual Portfolio Operating Expenses of the Portfolio's Institutional Shares (in each case, not including management fees, custodial fees or other expenses related to the management of the Portfolio's assets), the Investment Manager has contractually agreed, until May 1, 2020, to bear the expenses of the R6 Shares in the amount of such excess. This expense limitation agreement 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 expense limitation agreement described above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Lazard Emerging Markets Debt Portfolio - USD ($)
1 year
3 years
5 years
10 years
Institutional Shares 95 296 515 1,143
Open Shares 122 370 638 1,402
R6 Shares 92 287 498 1,108
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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 97% of the average value of its portfolio.

Principal Investment Strategies

The Portfolio invests primarily in debt securities issued or guaranteed by governments, government agencies or supranational bodies or companies or other private-sector entities, including fixed and/or floating rate investment grade and non-investment grade bonds, convertible securities, commercial paper, collateralized debt obligations, short- and medium-term obligations and other fixed-income obligations, and may invest in money market instruments such as certificates of deposit. The securities in which the Portfolio invests may be denominated in the US dollar, the Canadian dollar, the Euro, the Japanese yen, the Pound Sterling, or the local currency of the issuer.


Under normal circumstances, the Portfolio invests at least 80% of its assets in debt securities that are economically tied to emerging market countries. Emerging market countries include all countries not represented by the MSCI World Index. The Portfolio currently intends to focus its investments in Asia, Africa, the Middle East, Latin America and the developing countries of Europe, although the allocation of the Portfolio’s assets among countries and regions may vary from time to time based on the Investment Manager’s judgment and its analysis of market conditions.


The Portfolio may invest without limitation in securities rated below investment grade (e.g., lower than Baa by Moody’s Investors Service, Inc. or lower than BBB by Standard & Poor’s Ratings Group) (“junk bonds”) or securities that are unrated. Additionally, the Portfolio is not restricted to investments in securities of any particular maturity or duration. Duration is an estimate of the sensitivity of the price (the value of principal) of a fixed-income security to a change in interest rates. Generally, the longer the duration, the higher the expected volatility. For example, the market price of a fixed-income security with a duration of three years would be expected to decline 3% if interest rates rose 1%. Conversely, the market price of the same security would be expected to increase 3% if interest rates fell 1%.


The Portfolio may enter into futures contracts on US Treasury securities to seek to hedge the Portfolio’s exposure to the risk of rising interest rates on US Treasury securities embedded in the Portfolio’s emerging market debt securities (to a greater or lesser degree, depending on the currency in which the debt security is denominated). Similarly, the Portfolio also may enter into futures contracts on US Treasury securities in combination with a credit default swap that provides exposure to emerging markets debt securities, baskets of securities or indices.


The Portfolio may, but is not required to enter into forward currency contracts and credit default swaps, for hedging purposes or to seek to increase returns.


The Portfolio is classified as “non-diversified” under the Investment Company Act of 1940, as amended, 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.


Fixed-Income and Debt Securities Risk. The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.


Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. Risks associated with rising interest rates are heightened given that the Federal Reserve has raised the federal funds rate several times in recent periods and may continue to increase rates in the future.


The Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering the Portfolio’s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.


Some debt securities may give the issuer the option to call, or redeem, the securities before their maturity, and, during a time of declining interest rates, the Portfolio may have to reinvest the proceeds of called or redeemed securities in an investment offering a lower yield (and the Portfolio may not fully benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).


Market Risk. Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of a 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.


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.


Emerging Market Risk. Emerging market countries 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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies.


Liquidity Risk. The lack of a readily available market may limit the ability of the Portfolio to sell certain securities and other investments at the time and price it would like. The size of certain securities offerings of emerging markets issuers may be relatively smaller in size than offerings in more developed markets and, in some cases, the Portfolio, by itself or together with other Portfolios or other accounts managed by the Investment Manager, may hold a position in a security that is large relative to the typical trading volume for that security; these factors can make it difficult for the Portfolio to dispose of the position at the desired time or price.


Non-Diversification Risk. The Portfolio’s net asset value 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.


Derivatives and Hedging Risk. Derivatives transactions, including those entered into for hedging purposes (i.e., seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Forward currency contracts, over-the-counter options on currencies, swap agreements and other over-the-counter derivatives transactions are subject to the risk of default by the counterparty and can be illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which the Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in value of the related currency, interest rate, security or other reference asset. As such, a small investment could have a potentially large impact on the Portfolio’s performance. As such, a small investment could have a potentially large impact on the Portfolio’s performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.


High Portfolio Turnover Risk. The Portfolio’s investment strategy may involve high portfolio turnover (such as 100% or more). A portfolio turnover rate of 100%, for example, is equivalent to the Portfolio buying and selling all of its securities once during the course of the year. A high portfolio turnover rate could result in high transaction costs and an increase in taxable capital gains distributions to the Portfolio’s shareholders, which will reduce returns to shareholders.

Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard Emerging Markets Debt Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of broad measures of market performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year. Updated performance information is available at www.lazardassetmanagement.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.

Bar Chart
  

Best Quarter:

Q1 12

7.52%

 

 

Worst Quarter:

Q2 18

-8.99%

Average Annual Total Returns (for the periods ended December 31, 2018)

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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 Global Diversified Index shown in the table is an unmanaged index created by the Investment Manager, and is a 50/50 blend of the JPMorgan Emerging Market Bond Index Global Diversified Index and the JPMorgan Government Bond Index—Emerging Markets Global Diversified Index.

Average Annual Returns - Lazard Emerging Markets Debt Portfolio
1 Year
5 Years
Life of Portfolio
Inception Date
Institutional Shares (7.45%) 0.29% 1.68% Feb. 28, 2011
Open Shares (7.69%) (0.01%) 1.38% Feb. 28, 2011
R6 Shares (7.24%)   0.57% Jul. 28, 2016
After Taxes on Distributions | Institutional Shares (9.63%) (0.99%) 0.06%  
After Taxes on Distributions and Sale of Fund Shares | Institutional Shares (4.37%) (0.32%) 0.65%  
JP Morgan EMBI Global Diversified Index (reflects no deduction for fees, expense or taxes) | Institutional Shares (4.26%) 4.80% 5.44% Feb. 28, 2011
JP Morgan EMBI Global Diversified Index (reflects no deduction for fees, expense or taxes) | Open Shares (4.26%) 4.80% 5.44% Feb. 28, 2011
JP Morgan EMBI Global Diversified Index (reflects no deduction for fees, expense or taxes) | R6 Shares (4.26%) 4.80% 1.48% Jul. 28, 2016
JPMorgan GBI-EM Global Diversified Index (reflects no deduction for fees, expense or taxes) | Institutional Shares (6.21%) (0.96%) (0.05%) Feb. 28, 2011
JPMorgan GBI-EM Global Diversified Index (reflects no deduction for fees, expense or taxes) | Open Shares (6.21%) (0.96%) (0.05%) Feb. 28, 2011
JPMorgan GBI-EM Global Diversified Index (reflects no deduction for fees, expense or taxes) | R6 Shares (6.21%) (0.96%) 1.87% Jul. 28, 2016
Global Diversified Index (reflects no deduction for fees, expense or taxes) | Institutional Shares (5.15%) 1.95% 2.73% Feb. 28, 2011
Global Diversified Index (reflects no deduction for fees, expense or taxes) | Open Shares (5.15%) 1.95% 2.73% Feb. 28, 2011
Global Diversified Index (reflects no deduction for fees, expense or taxes) | R6 Shares (5.15%) 1.95% 1.74% Jul. 28, 2016
XML 93 R93.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Label Element Value
Lazard Emerging Markets Equity Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Lazard Emerging Markets 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, a series of The Lazard Funds, Inc. (the “Fund”). Investors transacting in Institutional or R6 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)
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 16% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 16.00%
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 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. 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 non-US companies whose principal activities are located in emerging market countries and that Lazard Asset Management LLC (the “Investment Manager”) believes are undervalued based on their earnings, cash flow or asset values.


Emerging market countries include all countries represented by the MSCI Emerging Markets Index, which currently includes: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.


Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of companies whose principal business activities are located in emerging market countries. In addition to common stocks, such equity securities also may include American Depositary Receipts (“ADRs”), Global Depositary Receipts and European Depositary Receipts.

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 a 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.


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.


Emerging Market Risk. Emerging market countries 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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio's foreign currency exposure.


Depositary Receipts Risk. ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated.


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.


Value Investing Risk. The Portfolio invests in securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


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.
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 Emerging Markets 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.lazardassetmanagement.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 Emerging Markets 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 Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 823-6300
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.lazardassetmanagement.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:

Q2 09

34.12%

 

 

Worst Quarter:

Q3 11

-20.62%

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 34.12%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (20.62%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended December 31, 2018)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expense, 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 One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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.

Lazard Emerging Markets Equity Portfolio | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.07%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.07%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 109
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 340
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 590
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,306
Annual Return 2009 rr_AnnualReturn2009 69.82%
Annual Return 2010 rr_AnnualReturn2010 22.81%
Annual Return 2011 rr_AnnualReturn2011 (17.75%)
Annual Return 2012 rr_AnnualReturn2012 22.36%
Annual Return 2013 rr_AnnualReturn2013 (0.80%)
Annual Return 2014 rr_AnnualReturn2014 (4.16%)
Annual Return 2015 rr_AnnualReturn2015 (20.16%)
Annual Return 2016 rr_AnnualReturn2016 20.52%
Annual Return 2017 rr_AnnualReturn2017 28.02%
Annual Return 2018 rr_AnnualReturn2018 (18.09%)
1 Year rr_AverageAnnualReturnYear01 (18.09%)
5 Years rr_AverageAnnualReturnYear05 (0.67%)
10 Years rr_AverageAnnualReturnYear10 7.25%
Life of Portfolio rr_AverageAnnualReturnSinceInception 6.20%
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 15, 1994
Lazard Emerging Markets Equity Portfolio | Institutional Shares | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (18.12%)
5 Years rr_AverageAnnualReturnYear05 (0.88%)
10 Years rr_AverageAnnualReturnYear10 6.86%
Life of Portfolio rr_AverageAnnualReturnSinceInception 5.44%
Lazard Emerging Markets Equity Portfolio | Institutional Shares | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (10.05%)
5 Years rr_AverageAnnualReturnYear05 (0.18%)
10 Years rr_AverageAnnualReturnYear10 6.28%
Life of Portfolio rr_AverageAnnualReturnSinceInception 5.31%
Lazard Emerging Markets Equity Portfolio | Institutional Shares | MSCI Emerging Markets Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (14.58%)
5 Years rr_AverageAnnualReturnYear05 1.65%
10 Years rr_AverageAnnualReturnYear10 8.02%
Life of Portfolio rr_AverageAnnualReturnSinceInception 5.14%
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 15, 1994
Lazard Emerging Markets Equity Portfolio | Open Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.07%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.32%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 134
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 418
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 723
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,590
1 Year rr_AverageAnnualReturnYear01 (18.32%)
5 Years rr_AverageAnnualReturnYear05 (0.92%)
10 Years rr_AverageAnnualReturnYear10 6.94%
Life of Portfolio rr_AverageAnnualReturnSinceInception 5.88%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 08, 1997
Lazard Emerging Markets Equity Portfolio | Open Shares | MSCI Emerging Markets Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (14.58%)
5 Years rr_AverageAnnualReturnYear05 1.65%
10 Years rr_AverageAnnualReturnYear10 8.02%
Life of Portfolio rr_AverageAnnualReturnSinceInception 5.65%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 08, 1997
Lazard Emerging Markets Equity Portfolio | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.07%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.07%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 109
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 340
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 590
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,306
1 Year rr_AverageAnnualReturnYear01 (18.09%)
Life of Portfolio rr_AverageAnnualReturnSinceInception 0.12%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 19, 2015
Lazard Emerging Markets Equity Portfolio | R6 Shares | MSCI Emerging Markets Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (14.58%)
5 Years rr_AverageAnnualReturnYear05 1.65%
10 Years rr_AverageAnnualReturnYear10 8.02%
Life of Portfolio rr_AverageAnnualReturnSinceInception 2.62%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 19, 2015
XML 94 R63.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Label Element Value
Lazard International Small Cap Equity Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Lazard International Small 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, a series of The Lazard Funds, Inc. (the “Fund”). Investors transacting in Institutional or R6 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)
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 59% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 59.00%
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 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. 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 relatively small non-US companies that Lazard Asset Management LLC (the “Investment Manager”) believes are undervalued based on their earnings, cash flow or asset values. The Investment Manager considers “small non-US companies” to be those non-US companies with market capitalizations, at the time of initial purchase by the Portfolio, below $5 billion and above $300 million or in the range of companies included in the MSCI EAFE Small Cap Index (based on market capitalization of the Index as a whole, which ranged from approximately $32.3 million to $10.0 billion as of March 29, 2019).


In choosing stocks for the Portfolio, the Investment Manager looks for smaller, well-managed non-US companies that the Investment Manager believes have the potential for growth. Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of small cap companies.


The Portfolio may invest up to 25% of its assets in securities of companies whose principal business activities are located in emerging market countries, although the allocation of the Portfolio’s assets to emerging market countries may vary from time to time.

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 a 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.


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-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.


Emerging Market Risk. Emerging market countries 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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio's foreign currency exposure.


Value Investing Risk. The Portfolio invests in securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


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.
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 International Small 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.lazardassetmanagement.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 International Small 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 Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 823-6300
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.lazardassetmanagement.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:

Q2 09

31.53%

 

 

Worst Quarter:

Q4 18

-20.34%

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 31.53%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2018
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (20.34%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended December 31, 2018)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expense, 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 One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.

Lazard International Small Cap Equity Portfolio | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.33%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.08%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 110
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 343
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 595
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,317
Annual Return 2009 rr_AnnualReturn2009 39.17%
Annual Return 2010 rr_AnnualReturn2010 23.55%
Annual Return 2011 rr_AnnualReturn2011 (14.11%)
Annual Return 2012 rr_AnnualReturn2012 22.28%
Annual Return 2013 rr_AnnualReturn2013 30.20%
Annual Return 2014 rr_AnnualReturn2014 (2.77%)
Annual Return 2015 rr_AnnualReturn2015 9.71%
Annual Return 2016 rr_AnnualReturn2016 (4.74%)
Annual Return 2017 rr_AnnualReturn2017 36.67%
Annual Return 2018 rr_AnnualReturn2018 (24.88%)
1 Year rr_AverageAnnualReturnYear01 (24.88%)
5 Years rr_AverageAnnualReturnYear05 0.85%
10 Years rr_AverageAnnualReturnYear10 9.39%
Life of Portfolio rr_AverageAnnualReturnSinceInception 6.27%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 01, 1993
Lazard International Small Cap Equity Portfolio | Institutional Shares | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (25.78%)
5 Years rr_AverageAnnualReturnYear05 0.41%
10 Years rr_AverageAnnualReturnYear10 9.09%
Life of Portfolio rr_AverageAnnualReturnSinceInception 5.26%
Lazard International Small Cap Equity Portfolio | Institutional Shares | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (14.32%)
5 Years rr_AverageAnnualReturnYear05 0.71%
10 Years rr_AverageAnnualReturnYear10 7.84%
Life of Portfolio rr_AverageAnnualReturnSinceInception 5.40%
Lazard International Small Cap Equity Portfolio | Institutional Shares | MSCI EAFE Small Cap Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (17.89%)
5 Years rr_AverageAnnualReturnYear05 3.06%
10 Years rr_AverageAnnualReturnYear10 10.51%
Life of Portfolio rr_AverageAnnualReturnSinceInception 5.30%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 01, 1993
Lazard International Small Cap Equity Portfolio | Open Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.34%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.34%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 136
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 425
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 734
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,613
1 Year rr_AverageAnnualReturnYear01 (25.09%)
5 Years rr_AverageAnnualReturnYear05 0.58%
10 Years rr_AverageAnnualReturnYear10 9.08%
Life of Portfolio rr_AverageAnnualReturnSinceInception 5.74%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 13, 1997
Lazard International Small Cap Equity Portfolio | Open Shares | MSCI EAFE Small Cap Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (17.89%)
5 Years rr_AverageAnnualReturnYear05 3.06%
10 Years rr_AverageAnnualReturnYear10 10.51%
Life of Portfolio rr_AverageAnnualReturnSinceInception 5.54%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 13, 1997
Lazard International Small Cap Equity Portfolio | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.33% [1]
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.08%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates “Other Expenses” are based on estimated amounts for the current fiscal year, using “Other Expenses” for Institutional Shares from the last fiscal year.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 110
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 343
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 595
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,317
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares.
1 Year rr_AverageAnnualReturnYear01 (24.88%)
5 Years rr_AverageAnnualReturnYear05 0.85%
10 Years rr_AverageAnnualReturnYear10 9.39%
Life of Portfolio rr_AverageAnnualReturnSinceInception 6.27%
Lazard International Small Cap Equity Portfolio | R6 Shares | MSCI EAFE Small Cap Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (17.89%)
5 Years rr_AverageAnnualReturnYear05 3.06%
10 Years rr_AverageAnnualReturnYear10 10.51%
Life of Portfolio rr_AverageAnnualReturnSinceInception 5.30%
[1] "Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Institutional Shares from the last fiscal year.
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Label Element Value
Lazard Opportunistic Strategies Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Lazard Opportunistic Strategies 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, a series of The Lazard Funds, Inc. (the “Fund”). Investors transacting in Institutional or R6 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 May 01, 2020
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 227% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 227.00%
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 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 expense limitation agreement in year one only. 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 utilizes an asset allocation strategy to invest in a global portfolio of uncorrelated assets that can include exposure, through underlying vehicles, to stocks, bonds, commodities and other investments.


The Portfolio invests primarily in exchange-traded open-end management investment companies (“ETFs”) and similar products, which generally pursue a passive index-based strategy, as well as actively managed closed-end management investment companies (“closed-end funds”) and exchange-traded notes (“ETNs” and collectively with ETFs and closed-end funds, “Underlying Funds”). ETFs and ETNs in which the Portfolio may invest include both ETFs and ETNs designed to correlate directly with an index and ETFs and ETNs designed to correlate inversely with an index and may include actively-managed ETFs. The Portfolio, through Underlying Funds in which it invests, may invest in non-US companies (including those in emerging markets), and the Portfolio also may invest directly in equity and debt securities in addition to its investments in Underlying Funds. The Portfolio’s investment portfolio is concentrated in a relatively small number of holdings (generally 10 to 30). Investors can invest directly in Underlying Funds and do not need to invest in Underlying Funds through mutual funds or separately managed accounts.


The Portfolio may, but is not required to (1) enter into equity, total return and currency swap agreements; futures contracts and options on futures contracts (including with respect to index and commodities); and forward currency contracts; and (2) write put and covered call options on securities (including ETFs and ETNs), indexes and currencies, in each case for hedging purposes or to seek to increase returns, including as a substitute for purchasing an Underlying Fund.


The Portfolio may, but is not required to, effect short sales of securities. 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 Portfolio’s investment exposure.


Although the Portfolio is classified as “diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”), it may invest in a smaller number of issuers than other, more diversified, investment portfolios.

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 a 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.


Underlying Funds Risk. Shares of ETFs and closed-end funds in which the Portfolio invests may trade at prices that vary from their net asset values, sometimes significantly. The shares of ETFs and closed-end funds may trade at prices at, below or above their most recent net asset value. Shares of closed-end funds, in particular, frequently trade at persistent discounts to their net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. ETNs may not trade in the secondary market, but typically are redeemable by the issuer. The Portfolio’s investments in Underlying Funds are subject to the risks of Underlying Funds’ investments, as well as to the general risks of investing in Underlying Funds. Portfolio shares will bear not only the Portfolio’s management fees and operating expenses, but also their proportional share of the management fees and operating expenses of the ETFs and closed-end funds in which the Portfolio invests. While ETNs do not have management fees, they are subject to certain investor fees. ETNs are debt securities that, like ETFs, typically are listed on exchanges and their terms generally provide for a return that tracks specified market indexes. However, unlike ETFs and closed-end funds, ETNs are not registered investment companies and thus are not regulated under the 1940 Act. In addition, as debt securities, ETNs are subject to the additional risk of the creditworthiness of the issuer. ETNs typically do not make periodic interest payments.


The Portfolio may be limited by the 1940 Act in the amount of its assets that may be invested in ETFs and closed-end funds unless an ETF or a closed-end fund has received an exemptive order from the Securities and Exchange Commission on which the Portfolio may rely or an exemption is available.


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.


Emerging Market Risk. Emerging market countries 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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio’s foreign currency exposure.


Fixed-Income and Debt Securities Risk. The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.


Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. Risks associated with rising interest rates are heightened given that the Federal Reserve has raised the federal funds rate several times in recent periods and may continue to increase rates in the future.


The Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering the Portfolio’s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.


Focused Investing Risk. The Portfolio’s net asset value 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.


Short Position Risk. Short positions may involve substantial risks. If a short position appreciates in value during the period of the Portfolio’s investment, there will be a loss to the Portfolio that could be substantial. Short positions involve more risk than long positions because the maximum sustainable loss on a security purchased is limited to the amount paid for the security plus the transaction costs. However, the Portfolio’s potential loss on a short position is unlimited because, theoretically, there is no limit to the potential price increase of a security.


Derivatives and Hedging Risk. Derivatives transactions, including those entered into for hedging purposes (i.e., seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Over-the-counter swap agreements, forward currency contracts, over-the-counter options on securities (including options on ETFs and ETNs), indexes and currencies and other over-the-counter derivatives transactions are subject to the risk of default by the counterparty and can be illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which the Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of the related index, commodity, interest rate, currency, security or other reference asset. As such, a small investment could have a potentially large impact on the Portfolio’s performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.


High Portfolio Turnover Risk. The Portfolio’s investment strategy may involve high portfolio turnover (such as 100% or more). A portfolio turnover rate of 100%, for example, is equivalent to the Portfolio buying and selling all of its securities once during the course of the year. A high portfolio turnover rate could result in high transaction costs and an increase in taxable capital gains distributions to the Portfolio’s shareholders, which will reduce returns to shareholders.


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.
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 Opportunistic Strategies Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of broad measures 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.lazardassetmanagement.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 Opportunistic Strategies Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of broad measures of market performance.
Performance Additional Market Index [Text] rr_PerformanceAdditionalMarketIndex The Global Asset Allocation Blended Index is rebalanced quarterly and is a blended index constructed by the Investment Manager that is comprised of 60% MSCI World Index and 40% Bloomberg Barclays US Aggregate Index.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 823-6300
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.lazardassetmanagement.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:

Q2 09

14.66%

 

 

Worst Quarter:

Q4 18

-12.77%

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 14.66%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2018
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (12.77%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended December 31, 2018)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expense, 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 One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.


The Global Asset Allocation Blended Index is rebalanced quarterly and is a blended index constructed by the Investment Manager that is comprised of 60% MSCI World Index and 40% Bloomberg Barclays US Aggregate Index.

Lazard Opportunistic Strategies Portfolio | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.15%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.37%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.52%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.13% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.39% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 142
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 468
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 817
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,801
Annual Return 2009 rr_AnnualReturn2009 21.21%
Annual Return 2010 rr_AnnualReturn2010 14.58%
Annual Return 2011 rr_AnnualReturn2011 (3.28%)
Annual Return 2012 rr_AnnualReturn2012 9.16%
Annual Return 2013 rr_AnnualReturn2013 12.22%
Annual Return 2014 rr_AnnualReturn2014 4.40%
Annual Return 2015 rr_AnnualReturn2015 (3.80%)
Annual Return 2016 rr_AnnualReturn2016 5.36%
Annual Return 2017 rr_AnnualReturn2017 17.74%
Annual Return 2018 rr_AnnualReturn2018 (12.72%)
1 Year rr_AverageAnnualReturnYear01 (12.72%)
5 Years rr_AverageAnnualReturnYear05 1.69%
10 Years rr_AverageAnnualReturnYear10 5.99%
Life of Portfolio rr_AverageAnnualReturnSinceInception 2.94%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 26, 2008
Lazard Opportunistic Strategies Portfolio | Institutional Shares | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (14.06%)
5 Years rr_AverageAnnualReturnYear05 0.12%
10 Years rr_AverageAnnualReturnYear10 4.65%
Life of Portfolio rr_AverageAnnualReturnSinceInception 1.62%
Lazard Opportunistic Strategies Portfolio | Institutional Shares | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (6.85%)
5 Years rr_AverageAnnualReturnYear05 0.86%
10 Years rr_AverageAnnualReturnYear10 4.10%
Life of Portfolio rr_AverageAnnualReturnSinceInception 1.90%
Lazard Opportunistic Strategies Portfolio | Institutional Shares | MSCI World Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (8.71%)
5 Years rr_AverageAnnualReturnYear05 4.56%
10 Years rr_AverageAnnualReturnYear10 9.67%
Life of Portfolio rr_AverageAnnualReturnSinceInception 4.66%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 26, 2008
Lazard Opportunistic Strategies Portfolio | Institutional Shares | Global Asset Allocation Blended Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.99%)
5 Years rr_AverageAnnualReturnYear05 3.88%
10 Years rr_AverageAnnualReturnYear10 7.48%
Life of Portfolio rr_AverageAnnualReturnSinceInception 4.64%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 26, 2008
Lazard Opportunistic Strategies Portfolio | Open Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 2.97%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.37%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 4.59%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 2.95% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.64% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 167
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,119
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 2,080
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 4,516
1 Year rr_AverageAnnualReturnYear01 (13.05%)
5 Years rr_AverageAnnualReturnYear05 1.28%
10 Years rr_AverageAnnualReturnYear10 5.60%
Life of Portfolio rr_AverageAnnualReturnSinceInception 2.62%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 31, 2008
Lazard Opportunistic Strategies Portfolio | Open Shares | MSCI World Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (8.71%)
5 Years rr_AverageAnnualReturnYear05 4.56%
10 Years rr_AverageAnnualReturnYear10 9.67%
Life of Portfolio rr_AverageAnnualReturnSinceInception 4.71%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 31, 2008
Lazard Opportunistic Strategies Portfolio | Open Shares | Global Asset Allocation Blended Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.99%)
5 Years rr_AverageAnnualReturnYear05 3.88%
10 Years rr_AverageAnnualReturnYear10 7.48%
Life of Portfolio rr_AverageAnnualReturnSinceInception 4.66%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 31, 2008
Lazard Opportunistic Strategies Portfolio | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.15% [3]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.37% [3]
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.52%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.13% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.39% [2]
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 142
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 468
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 817
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,801
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2018) reflect the performance of the Portfolio’s Institutional Shares.
1 Year rr_AverageAnnualReturnYear01 (12.72%)
5 Years rr_AverageAnnualReturnYear05 1.69%
10 Years rr_AverageAnnualReturnYear10 5.99%
Life of Portfolio rr_AverageAnnualReturnSinceInception 2.94%
Lazard Opportunistic Strategies Portfolio | R6 Shares | MSCI World Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (8.71%)
5 Years rr_AverageAnnualReturnYear05 4.56%
10 Years rr_AverageAnnualReturnYear10 9.67%
Life of Portfolio rr_AverageAnnualReturnSinceInception 4.66%
Lazard Opportunistic Strategies Portfolio | R6 Shares | Global Asset Allocation Blended Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.99%)
5 Years rr_AverageAnnualReturnYear05 3.88%
10 Years rr_AverageAnnualReturnYear10 7.48%
Life of Portfolio rr_AverageAnnualReturnSinceInception 4.64%
[1] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed 1.02%, 1.27% and 1.02% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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.
[2] Excluding Acquired Fund Fees and Expenses, the Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement are 1.02%, 1.27% and 1.02% of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively.
[3] Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year.

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Label Element Value
Lazard International Equity Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Lazard International 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, a series of The Lazard Funds, Inc. (the “Fund”). Investors transacting in Institutional or R6 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 May 01, 2020
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 36% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 36.00%
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 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 expense limitation agreement in year one only. 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 relatively large non-US companies with market capitalizations in the range of companies included in the MSCI® Europe, Australasia and Far East (“EAFE®”) Index (ranging from approximately $1.3 billion to $291.9 billion as of March 29, 2019) that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values.


In choosing stocks for the Portfolio, the Investment Manager looks for established companies in economically developed countries and may invest up to 15% of the Portfolio’s assets in securities of companies whose principal business activities are located in emerging market countries. Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities.

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 a 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.


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.


Emerging Market Risk. Emerging market countries 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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio’s foreign currency exposure.


Value Investing Risk. The Portfolio invests in securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


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.


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.
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 International 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.lazardassetmanagement.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 International 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 Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 823-6300
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.lazardassetmanagement.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:

Q2 09

21.90%

 

 

Worst Quarter:

Q3 11

-17.77%

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 21.90%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (17.77%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended December 31, 2018)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expense, 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 One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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.

Lazard International Equity Portfolio | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.06%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 0.81%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.81%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 83
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 259
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 450
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,002
Annual Return 2009 rr_AnnualReturn2009 25.19%
Annual Return 2010 rr_AnnualReturn2010 8.04%
Annual Return 2011 rr_AnnualReturn2011 (7.17%)
Annual Return 2012 rr_AnnualReturn2012 22.70%
Annual Return 2013 rr_AnnualReturn2013 20.84%
Annual Return 2014 rr_AnnualReturn2014 (4.29%)
Annual Return 2015 rr_AnnualReturn2015 1.62%
Annual Return 2016 rr_AnnualReturn2016 (4.18%)
Annual Return 2017 rr_AnnualReturn2017 22.81%
Annual Return 2018 rr_AnnualReturn2018 (13.61%)
1 Year rr_AverageAnnualReturnYear01 (13.61%)
5 Years rr_AverageAnnualReturnYear05 (0.23%)
10 Years rr_AverageAnnualReturnYear10 6.29%
Life of Portfolio rr_AverageAnnualReturnSinceInception 5.42%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 29, 1991
Lazard International Equity Portfolio | Institutional Shares | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (14.89%)
5 Years rr_AverageAnnualReturnYear05 (0.56%)
10 Years rr_AverageAnnualReturnYear10 6.05%
Life of Portfolio rr_AverageAnnualReturnSinceInception 4.65%
Lazard International Equity Portfolio | Institutional Shares | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (6.74%)
5 Years rr_AverageAnnualReturnYear05 0.04%
10 Years rr_AverageAnnualReturnYear10 5.32%
Life of Portfolio rr_AverageAnnualReturnSinceInception 4.44%
Lazard International Equity Portfolio | Institutional Shares | MSCI EAFE Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (13.79%)
5 Years rr_AverageAnnualReturnYear05 0.53%
10 Years rr_AverageAnnualReturnYear10 6.32%
Life of Portfolio rr_AverageAnnualReturnSinceInception 4.85%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 29, 1991
Lazard International Equity Portfolio | Open Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.06%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.06%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.06%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 108
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 337
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 585
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,294
1 Year rr_AverageAnnualReturnYear01 (13.83%)
5 Years rr_AverageAnnualReturnYear05 (0.49%)
10 Years rr_AverageAnnualReturnYear10 6.00%
Life of Portfolio rr_AverageAnnualReturnSinceInception 4.14%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 23, 1997
Lazard International Equity Portfolio | Open Shares | MSCI EAFE Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (13.79%)
5 Years rr_AverageAnnualReturnYear05 0.53%
10 Years rr_AverageAnnualReturnYear10 6.32%
Life of Portfolio rr_AverageAnnualReturnSinceInception 4.31%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 23, 1997
Lazard International Equity Portfolio | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.06%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 0.81%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.01% [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.80%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 82
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 258
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 449
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,001
1 Year rr_AverageAnnualReturnYear01 (13.62%)
Life of Portfolio rr_AverageAnnualReturnSinceInception (0.67%)
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 01, 2015
Lazard International Equity Portfolio | R6 Shares | MSCI EAFE Index (reflects no deduction for fees, expense or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (13.79%)
5 Years rr_AverageAnnualReturnYear05 0.53%
10 Years rr_AverageAnnualReturnYear10 6.32%
Life of Portfolio rr_AverageAnnualReturnSinceInception 0.74%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 01, 2015
[1] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed .85%, 1.10% and .80% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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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Total
Lazard International Equity Portfolio
Lazard International Equity Portfolio
Investment Objective

The Portfolio seeks long-term capital appreciation.

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 or R6 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 International Equity Portfolio
Institutional Shares
Open Shares
R6 Shares
Management Fees 0.75% 0.75% 0.75%
Distribution and Service (12b-1) Fees none 0.25% none
Other Expenses 0.06% 0.06% 0.06%
Total Annual Portfolio Operating Expenses 0.81% 1.06% 0.81%
Fee Waiver and/or Expense Reimbursement [1] 0.01%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.81% 1.06% 0.80%
[1] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2020, to the extent Total Annual Portfolio Operating Expenses exceed .85%, 1.10% and .80% 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 expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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 expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Lazard International Equity Portfolio - USD ($)
1 year
3 years
5 years
10 years
Institutional Shares 83 259 450 1,002
Open Shares 108 337 585 1,294
R6 Shares 82 258 449 1,001
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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 36% of the average value of its portfolio.

Principal Investment Strategies

The Portfolio invests primarily in equity securities, principally common stocks, of relatively large non-US companies with market capitalizations in the range of companies included in the MSCI® Europe, Australasia and Far East (“EAFE®”) Index (ranging from approximately $1.3 billion to $291.9 billion as of March 29, 2019) that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values.


In choosing stocks for the Portfolio, the Investment Manager looks for established companies in economically developed countries and may invest up to 15% of the Portfolio’s assets in securities of companies whose principal business activities are located in emerging market countries. Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities.

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 a 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.


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.


Emerging Market Risk. Emerging market countries 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.


Foreign Currency Risk. 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolio’s foreign currency exposure.


Value Investing Risk. The Portfolio invests in securities 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 securities in which the Portfolio invests may respond differently to market and other developments than other types of securities.


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.


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 Year-by-Year Total Returns for Institutional Shares As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard International 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.lazardassetmanagement.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.

Bar Chart
  

Best Quarter:

Q2 09

21.90%

 

 

Worst Quarter:

Q3 11

-17.77%

Average Annual Total Returns (for the periods ended December 31, 2018)

After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. 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.

Average Annual Returns - Lazard International Equity Portfolio
1 Year
5 Years
10 Years
Life of Portfolio
Inception Date
Institutional Shares (13.61%) (0.23%) 6.29% 5.42% Oct. 29, 1991
Open Shares (13.83%) (0.49%) 6.00% 4.14% Jan. 23, 1997
R6 Shares (13.62%)     (0.67%) Apr. 01, 2015
After Taxes on Distributions | Institutional Shares (14.89%) (0.56%) 6.05% 4.65%  
After Taxes on Distributions and Sale of Fund Shares | Institutional Shares (6.74%) 0.04% 5.32% 4.44%  
MSCI EAFE Index (reflects no deduction for fees, expense or taxes) | Institutional Shares (13.79%) 0.53% 6.32% 4.85% Oct. 29, 1991
MSCI EAFE Index (reflects no deduction for fees, expense or taxes) | Open Shares (13.79%) 0.53% 6.32% 4.31% Jan. 23, 1997
MSCI EAFE Index (reflects no deduction for fees, expense or taxes) | R6 Shares (13.79%) 0.53% 6.32% 0.74% Apr. 01, 2015