Fund Evaluator:
Lazard Equity Franchise Inst Shr (LZFIX)
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Best Performing in Global Small/Mid Stock Over the Last Year
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Fund Details
Lazard Equity Franchise Inst Shr Overview
Lazard Equity Franchise Inst Shr (LZFIX) is an actively managed International Equity Global Small/Mid Stock fund. Lazard launched the fund in 2017.
The investment seeks total return consisting of appreciation and income. Under normal circumstances, the portfolio invests at least 80% of its assets in equity securities of companies that the Investment Manager considers to have an “economic franchise.” Such companies are identified by the Investment Manager as having historically shown an ability to generate unleveraged returns, at or above their cost of capital. The portfolio invests primarily in equity securities, principally common stocks, of U.S. and non-U.S. companies, including those in emerging markets. The Portfolio may invest in the equity securities of any size company. It is non-diversified.
About Lazard Equity Franchise Inst Shr (LZFIX)
There are 4 members of the management team with an average tenure of 8.84 years: John Mulquiney (2017), Warryn Robertson (2017), Bertrand Cliquet (2017), Matthew Landy (2017). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: MSCI World NR USD index with a weighting of 100%. Lazard Equity Franchise Inst Shr has 34 securities in its portfolio. The top 10 holdings constitute 53.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Lazard Equity Franchise Inst Shr is part of the Equity global asset class and is within the International Equity fund group. Lazard Equity Franchise Inst Shr has 43.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 52.4%. There is 43.8% 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 Equity Franchise Inst Shr has 3.8% of the portfolio in cash.
Assets Under Management
The fund has $41 million in total assets, which is below the $892 million average for the Global Small/Mid Stock 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.
LZFIX 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 Equity Franchise Inst Shr expense ratio is high compared to funds in the Global Small/Mid Stock category. Lazard Equity Franchise Inst Shr has an expense ratio of 0.95%, which is 24% lower than its category average, making the fund expense ratio grade a B. 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 Equity Franchise Inst Shr has a portfolio turnover rate of 96%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 57% for the Global Small/Mid Stock category.
Recently, in the month of July 2026, Lazard Equity Franchise Inst Shr returned 11.9%, which earned it a grade of A, as the Global Small/Mid Stock category had an average return of -2.0%. 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 Equity Franchise Inst Shr has a trailing yield of 6.02%, which is above the 1.34% 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 Equity Franchise Inst Shr Grades
Year to date, the fund has returned 4.4%, 6.4 percentage points worse than the category, which translates into a grade of F. The fund has returned -0.9% over the past year (grade of F), 2.5% over the past three years (grade of F) and 4.5% per year over the past five years (grade of B).
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LZFIX 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 |
|
| LZFIX Return (NAV) | 11.9% | 8.4% | -0.9% | 2.5% | 4.5% | na |
| LZFIX Grade | A | A | F | F | B | na |
| +/- Category | 13.9% | 6.7% | -17.7% | -6.9% | 1.6% | na |
| Global Small/Mid Stock Avg | -2.0% | 1.7% | 16.8% | 9.4% | 2.9% | 8.3% |
| LZFIX Tax Cost Ratio | na | na | 6.5% | 4.8% | 4.5% | na |
LZFIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| LZFIX Return (NAV) | 4.4% | 4.1% | -3.2% | 18.7% | -5.2% | 22.8% | 1.1% | 21.7% | -5.1% | na | na |
| LZFIX Grade | F | F | F | B | A | B | F | F | A | na | na |
| +/- Category | -6.4% | -10.1% | -6.1% | 2.2% | 17.1% | 6.7% | -26.3% | -5.9% | 8.9% | na | na |
| Global Small/Mid Stock Avg | 10.9% | 14.2% | 2.9% | 16.5% | -22.3% | 16.1% | 27.5% | 27.6% | -14.0% | 26.0% | 7.9% |
| Risk Measures | |
| Standard Deviation: | 15.9% |
| Total Risk Index: | 1.29 - Above Average |
| Category Risk Index: | 0.94 - Average |
| Category Risk Grade: | C (42% Rank) |
| Beta: | 0.76 |
| R-Squared: | 36% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 6.0% |
| Dividend Distribution: | Semi-Annually |
| Cap Gains Distribution: | Semi-Annually |
| Total Assets: | $41 Mil |
| Fund Total Assets: | $ 41 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 96% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 8.8 years | |||
| Average Tenure: 8.8 years | |||
| Managers (Year): Mulquiney John (2017), Robertson Warryn (2017), Cliquet Bertrand (2017), Landy Matthew (2017) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 34 |
| % in Top 10 Holdings: | 53.2% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 43.8% |
Portfolio Allocation |
|
| Domestic Stock: | 52.4% |
| Foreign Stock: | 43.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.8% |
Purchase Information
| Fund Family: | Lazard |
| Phone Number: | 800-823-6300 |
| Website: | www.lazardnet.com |
| Status: | Open |
| Inception Date: | September 29, 2017 |
| Min. Initial Purchase: | $10,000 |
| 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: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.95% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.26% |
| Share Class: | Lazard Equity Franchise Inst Shr |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
