Fund Evaluator:

Lazard Developing Markets Equity Open Overview

Lazard Developing Markets Equity Open (LDMOX) is an actively managed International Equity Diversified Emerging Mkts fund. Lazard launched the fund in 2008.

The investment seeks long-term capital appreciation. Under normal circumstances, the portfolio invests at least 80% of its assets in equity securities of companies whose principal business activities are located in developing market countries (also known as “emerging markets”). It invests primarily in equity securities, principally common stocks, of non-U.S. companies whose principal.

About Lazard Developing Markets Equity Open (LDMOX)

There are 4 members of the management team with an average tenure of 4.73 years: Mark Lien (2026), Myla Cruz (2026), Kevin O'Hare (2008), Robert Horton (2026). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: MSCI EM NR USD index with a weighting of 100%. Lazard Developing Markets Equity Open has 72 securities in its portfolio. The top 10 holdings constitute 52.8% 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 Developing Markets Equity Open is part of the Equity global asset class and is within the International Equity fund group. Lazard Developing Markets Equity Open has 96.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 2.5%. There is 96.7% 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 Developing Markets Equity Open has 0.8% of the portfolio in cash.

Assets Under Management

The fund has $7 million in total assets, which is below the $992 million average for the Diversified Emerging Mkts 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.

LDMOX 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 Developing Markets Equity Open expense ratio is high compared to funds in the Diversified Emerging Mkts category. Lazard Developing Markets Equity Open has an expense ratio of 1.35%, which is 17% 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 Developing Markets Equity Open has a portfolio turnover rate of 35%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 68% for the Diversified Emerging Mkts category.

Recently, in the month of August 2026, Lazard Developing Markets Equity Open returned 3.6%, which earned it a grade of C, as the Diversified Emerging Mkts category had an average return of 3.9%. 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 Developing Markets Equity Open has a trailing yield of 0.69%, which is below the 1.65% category average. The fund normally distributes its income semi-annually 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 Developing Markets Equity Open Grades

Year to date, the fund has returned 29.4%, 5.6 percentage points better than the category, which translates into a grade of A. The fund has returned 44.2% over the past year (grade of A), 24.0% over the past three years (grade of B) and 7.7% per year over the past five years (grade of C) and 8.7% per year over the past 10 years (grade of C).

For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.

Otherwise, for more information about Lazard Developing Markets Equity Open, including its riskiness, submit your email to unlock the rest of the article.