Fund Evaluator:
Lazard Real Assets Instl (RALIX)
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Best Performing in Global Moderate Allocation Over the Last Year
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Fund Details
Lazard Real Assets Instl Overview
Lazard Real Assets Instl (RALIX) is an actively managed Allocation Global Moderate Allocation fund. Lazard launched the fund in 2016.
The investment seeks long-term capital appreciation. Under normal market conditions, the portfolio invests at least 80% of its assets in real assets investments, including instruments providing exposure to such investments. It may invest in equity securities of U.S. and non-U.S. companies, including emerging markets companies, as well as commodity-linked and other derivative instruments.
About Lazard Real Assets Instl (RALIX)
There are 5 members of the management team with an average tenure of 4.57 years: Stephen Marra (2016), Kim Tilley (2020), David Alcaly (2024), Dan McGoey (2022), Ryan Meltzer (2026). Management tenure is more important for actively managed funds than passive index funds.
The fund has 4 primary benchmarks: MSCI World NR USD index with a weighting of 100%, MSCI ACWI IMI Core RE NR USD index with a weighting of 33%, MSCI World Core INFRA Hdg NR USD index with a weighting of 33% and Bloomberg Commodity TR USD index with a weighting of 33%. Lazard Real Assets Instl has 194 securities in its portfolio. The top 10 holdings constitute 33.7% 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 Real Assets Instl is part of the Allocation global asset class and is within the Allocation fund group. Lazard Real Assets Instl has 25.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 46.5%. There is 25.8% 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 Real Assets Instl has 22.8% of the portfolio in cash.
Assets Under Management
The fund has $5 million in total assets, which is below the $947 million average for the Global Moderate 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.
RALIX 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 Real Assets Instl expense ratio is high compared to funds in the Global Moderate Allocation category. Lazard Real Assets Instl has an expense ratio of 0.83%, which is 20% 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 Real Assets Instl has a portfolio turnover rate of 32%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 64% for the Global Moderate Allocation category.
Recently, in the month of July 2026, Lazard Real Assets Instl returned 3.1%, which earned it a grade of A, as the Global Moderate Allocation category had an average return of 0.3%. 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 Real Assets Instl has a trailing yield of 8.48%, which is above the 2.61% 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 Real Assets Instl Grades
Year to date, the fund has returned 13.3%, 5.2 percentage points better than the category, which translates into a grade of A. The fund has returned 21.6% over the past year (grade of A), 12.4% over the past three years (grade of B) and 7.1% per year over the past five years (grade of B).
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RALIX 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 |
|
| RALIX Return (NAV) | 3.1% | -1.4% | 21.6% | 12.4% | 7.1% | na |
| RALIX Grade | A | F | A | B | B | na |
| +/- Category | 2.8% | -3.5% | 5.6% | 0.5% | 0.9% | na |
| Global Moderate Allocation Avg | 0.3% | 2.1% | 16.0% | 11.9% | 6.2% | 7.3% |
| RALIX Tax Cost Ratio | na | na | 3.4% | 2.1% | 2.8% | na |
RALIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| RALIX Return (NAV) | 13.3% | 16.8% | 5.9% | 4.4% | -8.4% | 21.6% | 0.6% | 16.1% | -7.6% | 9.9% | na |
| RALIX Grade | A | B | F | F | A | A | F | D | D | F | na |
| +/- Category | 5.2% | 0.6% | -2.5% | -7.8% | 4.9% | 10.0% | -9.2% | -1.6% | -0.4% | -4.1% | na |
| Global Moderate Allocation Avg | 8.1% | 16.1% | 8.4% | 12.2% | -13.4% | 11.6% | 9.8% | 17.7% | -7.1% | 14.0% | 6.6% |
| Risk Measures | |
| Standard Deviation: | 10.4% |
| Total Risk Index: | 0.85 - Average |
| Category Risk Index: | 1.13 - High |
| Category Risk Grade: | F (100% Rank) |
| Beta: | 0.83 |
| R-Squared: | 56% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 8.5% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Semi-Annually |
| Total Assets: | $6 Mil |
| Fund Total Assets: | $ 6 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 32% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 9.6 years | |||
| Average Tenure: 4.6 years | |||
| Managers (Year): Marra Stephen (2016), Tilley Kim (2020), McGoey Dan (2022), Alcaly David (2024), Meltzer Ryan (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 194 |
| % in Top 10 Holdings: | 33.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 25.8% |
Portfolio Allocation |
|
| Domestic Stock: | 46.5% |
| Foreign Stock: | 25.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 4.8% |
| Cash: | 22.8% |
Purchase Information
| Fund Family: | Lazard |
| Phone Number: | 800-823-6300 |
| Website: | www.lazardnet.com |
| Status: | Open |
| Inception Date: | December 30, 2016 |
| 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 (%): | 0.83% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.04% |
| Share Class: | Lazard Real Assets Instl |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
