Fund Evaluator:
Lazard Global Small Cap Eq Open (LZSMX)
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Fund Details
Lazard Global Small Cap Eq Open Overview
Lazard Global Small Cap Eq Open (LZSMX) is an actively managed International Equity Global Small/Mid Stock fund. Lazard launched the fund in 1997.
The investment seeks long-term capital appreciation. Under normal circumstances, the portfolio invests at least 80% of its assets in equity securities of small capitalization companies. It invests primarily in equity securities, principally common stocks, of relatively small capitalization companies that the Investment Manager believes have strong and/or improving financial productivity at attractive valuations.
About Lazard Global Small Cap Eq Open (LZSMX)
There are 7 members of the management team with an average tenure of 5.54 years: Patricia Biggers (2025), Michael DeBernardis (2025), Sebastian Pigeon (2025), Scott Kolar (2025), Edward Rosenfeld (2007), Sean Gallagher (2025), Alex Ingham (2012). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI EAFE IMI NR USD index with a weighting of 100% and MSCI World Small Cap NR USD index with a weighting of 100%. Lazard Global Small Cap Eq Open has 88 securities in its portfolio. The top 10 holdings constitute 26.3% 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 Small Cap Eq Open is part of the Equity global asset class and is within the International Equity fund group. Lazard Global Small Cap Eq Open has 40.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 57.3%. There is 40.9% 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 Small Cap Eq Open has 1.8% of the portfolio in cash.
Assets Under Management
The fund has $6 million in total assets, which is below the $858 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.
LZSMX 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 Small Cap Eq Open expense ratio is high compared to funds in the Global Small/Mid Stock category. Lazard Global Small Cap Eq Open has an expense ratio of 1.28%, 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 Small Cap Eq Open has a portfolio turnover rate of 160%, 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 August 2026, Lazard Global Small Cap Eq Open returned 1.0%, which earned it a grade of D, as the Global Small/Mid Stock category had an average return of 1.9%. 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 Global Small Cap Eq Open has a trailing yield of 0.90%, which is below the 1.30% category average. The fund normally distributes its income semi-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 Global Small Cap Eq Open Grades
Year to date, the fund has returned 19.6%, 6.6 percentage points better than the category, which translates into a grade of A. The fund has returned 22.1% over the past year (grade of A), 17.9% over the past three years (grade of A) and 3.8% per year over the past five years (grade of B) and 7.1% per year over the past 10 years (grade of D).
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LZSMX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| LZSMX Return (NAV) | 1.0% | -6.2% | 22.1% | 17.9% | 3.8% | 7.1% |
| LZSMX Grade | D | F | A | A | B | D |
| +/- Category | -1.0% | -7.3% | 7.1% | 6.3% | 1.0% | -1.2% |
| Global Small/Mid Stock Avg | 1.9% | 1.1% | 15.0% | 11.7% | 2.8% | 8.4% |
| LZSMX Tax Cost Ratio | na | na | 0.3% | 0.6% | 2.0% | 1.3% |
LZSMX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| LZSMX Return (NAV) | 19.6% | 35.6% | -3.9% | 11.2% | -26.5% | 11.6% | 13.2% | 25.8% | -25.1% | 36.3% | -5.0% |
| LZSMX Grade | A | A | F | D | C | C | D | D | F | A | F |
| +/- Category | 6.6% | 21.4% | -6.8% | -5.2% | -4.2% | -4.5% | -14.3% | -1.8% | -11.1% | 10.3% | -12.9% |
| Global Small/Mid Stock Avg | 13.0% | 14.2% | 2.9% | 16.5% | -22.3% | 16.1% | 27.5% | 27.6% | -14.0% | 26.0% | 7.9% |
| Risk Measures | |
| Standard Deviation: | 18.4% |
| Total Risk Index: | 1.51 - High |
| Category Risk Index: | 1.11 - Above Average |
| Category Risk Grade: | D (76% Rank) |
| Beta: | 1.16 |
| R-Squared: | 60% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.9% |
| Dividend Distribution: | Semi-Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $19 Mil |
| Fund Total Assets: | $ 7 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 160% |
Management Team
| Number of Managers: 7 | |||
| Longest Tenure: 19.4 years | |||
| Average Tenure: 5.5 years | |||
| Managers (Year): Rosenfeld Edward (2007), Ingham Alex (2012), Pigeon Sebastian (2025), Kolar Scott (2025), Biggers Patricia (2025), DeBernardis Michael (2025), Gallagher Sean (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 88 |
| % in Top 10 Holdings: | 26.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 40.9% |
Portfolio Allocation |
|
| Domestic Stock: | 57.3% |
| Foreign Stock: | 40.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.8% |
Purchase Information
| Fund Family: | Lazard |
| Phone Number: | 800-823-6300 |
| Website: | www.lazardnet.com |
| Status: | Open |
| Inception Date: | February 13, 1997 |
| 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 (%): | 1.28% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.26% |
| Share Class: | Lazard Global Small Cap Eq Instl |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
