Fund Evaluator:
Lazard Opportunistic Strategies Open (LCAOX)
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Best Performing in Tactical Allocation Over the Last Year
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Fund Details
Lazard Opportunistic Strategies Open Overview
Lazard Opportunistic Strategies Open (LCAOX) is an actively managed Allocation Tactical Allocation fund. Lazard launched the fund in 2008.
The investment seeks long-term capital appreciation. The fund 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”), generally those that pursue a passive index-based strategy, as well as actively managed closed-end management investment companies.
About Lazard Opportunistic Strategies Open (LCAOX)
There are 4 members of the management team with an average tenure of 5.62 years: Stephen Marra (2017), Kim Tilley (2017), David Alcaly (2023), Ryan Meltzer (2026). Management tenure is more important for actively managed funds than passive index funds.
The fund has 3 primary benchmarks: MSCI World NR USD index with a weighting of 100%, Bloomberg US Agg Bond TR USD index with a weighting of 40% and MSCI World NR USD index with a weighting of 60%. Lazard Opportunistic Strategies Open has 22 securities in its portfolio. The top 10 holdings constitute 80.9% 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 Opportunistic Strategies Open is part of the Allocation global asset class and is within the Allocation fund group. Lazard Opportunistic Strategies Open has 21.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 48.9%. There is 17.5% allocated to foreign stock, and 0.5% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 23.4% (19.2% domestic bond, 4.3% foreign bond and 0.0% convertible bond). Lazard Opportunistic Strategies Open has 5.3% of the portfolio in cash.
Assets Under Management
The fund has $94 million in total assets, which is below the $222 million average for the Tactical Allocation 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.
LCAOX 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 Opportunistic Strategies Open expense ratio is high compared to funds in the Tactical Allocation category. Lazard Opportunistic Strategies Open has an expense ratio of 1.46%, which is 17% lower than its category average, making the fund expense ratio grade a C. 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 Opportunistic Strategies Open has a portfolio turnover rate of 56%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 196% for the Tactical Allocation category.
Recently, in the month of July 2026, Lazard Opportunistic Strategies Open returned -1.7%, which earned it a grade of F, as the Tactical Allocation category had an average return of -0.9%. 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 Opportunistic Strategies Open has a trailing yield of 1.04%, which is below the 2.86% category average. The fund normally distributes its income annually and its capital gains 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 Opportunistic Strategies Open Grades
Year to date, the fund has returned 5.3%, 3.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 12.7% over the past year (grade of D), 11.3% over the past three years (grade of B) and 5.3% per year over the past five years (grade of C) and 6.2% per year over the past 10 years (grade of C).
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LCAOX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| LCAOX Return (NAV) | -1.7% | 1.1% | 12.7% | 11.3% | 5.3% | 6.2% |
| LCAOX Grade | F | C | D | B | C | C |
| +/- Category | -0.8% | -0.3% | -3.5% | 0.6% | 0.0% | -0.1% |
| Tactical Allocation Avg | -0.9% | 1.5% | 16.2% | 10.6% | 5.3% | 6.3% |
| LCAOX Tax Cost Ratio | na | na | 3.5% | 2.4% | 1.9% | 1.5% |
LCAOX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| LCAOX Return (NAV) | 5.3% | 13.7% | 12.1% | 9.9% | -15.1% | 12.5% | 9.2% | 14.9% | -13.0% | 17.5% | 5.1% |
| LCAOX Grade | D | C | B | C | D | C | C | B | F | A | C |
| +/- Category | -3.1% | 1.0% | 3.2% | -0.9% | -1.9% | -0.1% | -0.9% | 1.4% | -6.8% | 4.3% | -0.6% |
| Tactical Allocation Avg | 8.4% | 12.7% | 8.9% | 10.8% | -13.1% | 12.7% | 10.2% | 13.5% | -6.2% | 13.2% | 5.6% |
| Risk Measures | |
| Standard Deviation: | 10.5% |
| Total Risk Index: | 0.86 - Average |
| Category Risk Index: | 1.02 - Above Average |
| Category Risk Grade: | D (64% Rank) |
| Beta: | 1.05 |
| R-Squared: | 89% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | High Quality Extensive Sensitivity |
| Yield: | 1.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $23 Mil |
| Fund Total Assets: | $ 0 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 56% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 9.5 years | |||
| Average Tenure: 5.6 years | |||
| Managers (Year): Marra Stephen (2017), Tilley Kim (2017), Alcaly David (2023), Meltzer Ryan (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 22 |
| % in Top 10 Holdings: | 80.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 21.8% |
Portfolio Allocation |
|
| Domestic Stock: | 48.9% |
| Foreign Stock: | 17.5% |
| Preferred Stock: | 0.5% |
| Domestic Bond: | 19.2% |
| Foreign Bond: | 4.3% |
| Convertible Bond: | 0.0% |
| Other: | 4.4% |
| Cash: | 5.3% |
Purchase Information
| Fund Family: | Lazard |
| Phone Number: | 800-823-6300 |
| Website: | www.lazardnet.com |
| Status: | Open |
| Inception Date: | March 31, 2008 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.46% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.76% |
| Share Class: | Lazard Opportunistic Strategies Instl |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
