The Lazard Funds, Inc. - Lazard Global Equity Select Portfolio
GESOX
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- Lazard Global Equity Select Portfolio Open Shares (GESOX) is an open-end mutual fund that seeks long-term capital appreciation by investing primarily in equity securities, principally common stocks, of large-cap companies worldwide with strong and/or improving fundamentals that the investment manager believes are undervalued or possess attractive growth potential; the portfolio maintains a blend investment style, with approximately 56% in U.S. stocks, 43% in non-U.S. stocks, and minimal cash holdings, diversified across sectors such as technology (31%), financial services (19%), industrials (16%), healthcare (10%), and consumer defensive (9%). Top holdings include Apple Inc., Microsoft Corp., Taiwan Semiconductor Manufacturing Co. Ltd., Amazon.com Inc., and ASML Holding NV, representing about 18% of the portfolio; the fund targets institutional and retail investors in the United States with a minimum initial investment of $2,500, a net expense ratio of 1.15%, and daily pricing. Managed by a team at Lazard Asset Management LLC including Andrew Lacey (since inception), Louis Florentin-Lee, Martin Flood, Barnaby Wilson, Jessica Kittay, and Kyle Waldhauer, the fund operates within the Global Large-Stock Growth category. Lazard Asset Management LLC, the fund's investment manager and a subsidiary of Lazard, Inc. (founded in 1848 and headquartered in New York), provides asset management services globally from offices across North America, Europe, Asia, Australia, and other regions. The Portfolio, domiciled in the United States, launched on December 31, 2013, with total net assets of approximately $39.77 million and share class size of $671,530 as of the latest reports. In a significant recent development, Lazard announced the liquidation of the Lazard Global Equity Select Portfolio, with assets anticipated to be distributed to shareholders on or about December 30, 2025, marking a major strategic restructuring within its mutual fund offerings. This follows broader initiatives by Lazard Asset Management, including the May 2025 conversion of its Lazard International Equity Advantage mutual fund into the Lazard International Dynamic Equity ETF (NYSE: IEQ), reflecting a shift toward more tax-efficient ETF structures and expansion of its actively managed ETF platform with launches such as Lazard Equity Megatrends ETF (THMZ), Lazard Japanese Equity ETF (JPY), and Lazard Next Gen Technologies ETF (TEKY). No recent acquisitions, partnerships, or new product launches specific to GESOX were reported prior to the liquidation decision.