Lazard Emerging Markets Equity Advantage Portfolio Open Shares
LEAOX
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- Lazard Emerging Markets Equity Advantage Portfolio Open Shares (LEAOX) is an open-end mutual fund managed by Lazard Asset Management LLC that seeks long-term capital appreciation through a core equity strategy focused on emerging markets companies. The Portfolio employs a proprietary, systematic investment process emphasizing companies with attractive fundamentals, high-quality financial characteristics such as return on equity, free cash flow yield, and price/earnings ratios; it maintains a well-diversified portfolio of approximately 250-290 holdings, primarily large-cap blend equities across sectors including information technology (around 23%), financials (23%), consumer discretionary (13-14%), and communication services (10%), with top holdings like Taiwan Semiconductor Manufacturing Co., Tencent Holdings Ltd., and Alibaba Group Holding Ltd.; regional allocations concentrate in South/East Asia (80%), Europe/Middle East/Africa (12%), and Latin America (5%). LEAOX shares, part of The Lazard Funds, Inc., feature a net expense ratio of 1.15%, a minimum initial investment of $2,500, and benchmarked against the MSCI Emerging Markets Index, serving institutional and retail investors targeting diversified emerging markets exposure domiciled in the United States with inception on June 1, 2015. Complementing share classes include Institutional (LEAIX, 0.90% net expense ratio, $10,000 minimum) and R6 (READX, 0.85% net expense ratio, $1,000,000 minimum, launched February 23, 2023). The fund operates globally across emerging markets including China, Taiwan, South Korea, India, Brazil, and others, managed by a team of experienced portfolio managers and analysts such as Paul Moghtader, Taras Ivanenko, and Ciprian Marin, with collective industry experience exceeding 25 years each. In recent developments, Lazard Asset Management converted its Lazard Emerging Markets Core Equity Portfolio into the actively managed Lazard Emerging Markets Opportunities Fund ETF (NYSE: EMKT) in October 2025, marking its entry into the $450 billion emerging markets ETF arena with a high-conviction portfolio of about 70 stocks to capitalize on rebounding international markets and lower U.S. interest rates. This strategic shift expands Lazard's emerging markets offerings beyond mutual funds like LEAOX, leveraging three decades of expertise amid waning confidence in the U.S. economy. The Portfolio itself continues under a fee waiver agreement through May 1, 2026, maintaining competitive expenses, with total net assets at approximately $308 million as of June 30, 2025, and strong performance including 16.03% one-year returns for Open shares.