Fund Evaluator:

Lazard Global Listed Infrastructure Open Overview

Lazard Global Listed Infrastructure Open (GLFOX) is an actively managed Sector Equity Infrastructure fund. Lazard launched the fund in 2009.

The investment seeks total return. Under normal circumstances, the portfolio invests at least 80% of its assets in equity securities of Infrastructure Companies with securities listed on a national or other recognized securities exchange. It 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.

About Lazard Global Listed Infrastructure Open (GLFOX)

There are 4 members of the management team with an average tenure of 13.18 years: John Mulquiney (2009), Warryn Robertson (2009), Bertrand Cliquet (2017), Matthew Landy (2016). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: MSCI World NR USD index with a weighting of 100% and MSCI World Core INFRA Hdg NR USD index with a weighting of 100%. Lazard Global Listed Infrastructure Open has 33 securities in its portfolio. The top 10 holdings constitute 60.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Lazard Global Listed Infrastructure Open is part of the Equity global asset class and is within the Sector Equity fund group. Lazard Global Listed Infrastructure Open has 72.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 18.5%. There is 72.3% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Lazard Global Listed Infrastructure Open has 9.3% of the portfolio in cash.

Assets Under Management

The fund has $305 million in total assets, which is below the $313 million average for the Infrastructure category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

GLFOX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Lazard Global Listed Infrastructure Open expense ratio is high compared to funds in the Infrastructure category. Lazard Global Listed Infrastructure Open has an expense ratio of 1.21%, which is 2% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Lazard Global Listed Infrastructure Open has a portfolio turnover rate of 43%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 56% for the Infrastructure category.

Recently, in the month of August 2026, Lazard Global Listed Infrastructure Open returned -2.3%, which earned it a grade of F, as the Infrastructure category had an average return of -1.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

Lazard Global Listed Infrastructure Open has a trailing yield of 3.96%, which is above the 1.96% category average. The fund normally distributes its income quarterly and its capital gains semi-annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Lazard Global Listed Infrastructure Open Grades

Year to date, the fund has returned 4.6%, 4.0 percentage points worse than the category, which translates into a grade of F. The fund has returned 10.8% over the past year (grade of D), 13.7% over the past three years (grade of C) and 9.9% per year over the past five years (grade of A) and 9.5% per year over the past 10 years (grade of A).

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