Lazard Equity Franchise Portfolio Open Shares LZFOX

Lazard Global Equity Franchise remains a viable choice for investors seeking value-oriented global equities exposure. The team's cohesive, nonhierarchical structure and well-defined investment approach provide a solid foundation in specific sectors. However, its inconsistent track record outside core areas of expertise, exclusion of key market segments, and an unconventional risk-management approach that lacks diversification and strict guardrails contribute to increased risk concentrations and reduced flexibility. These factors underpin our cautious view of the strategy, resulting in an Average rating for People and Process.