Lazard International Small Cap Equity Portfolio Open Shares
LZSMX
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- Lazard International Small Cap Equity Portfolio Open Shares (LZSMX) is an actively managed open-end mutual fund that seeks long-term capital appreciation by investing primarily in equity securities, principally common stocks, of relatively small non-U.S. companies deemed undervalued by Lazard Asset Management LLC based on earnings, cash flow, or asset values; the portfolio emphasizes holdings in industrials, financial services, consumer cyclical, technology, and healthcare sectors across regions including the Eurozone, Japan, the United Kingdom, and Europe ex-Euro. Offered through Lazard Funds, Inc., the Open Shares class features a net expense ratio of 1.28%, a minimum initial investment of $2,500, and daily pricing, with total net assets of approximately $12.99 million and a Morningstar category of Foreign Small/Mid Growth. The fund, domiciled in the United States and available for sale there, launched on February 13, 1997, and is managed by a team including Edward Rosenfeld (since 2007), Alex Ingham (since 2012), and newer additions Sebastian Pigeon, Scott Kolar, Patricia Biggers, Michael DeBernardis, and Sean Gallagher (all since 2025). Lazard Asset Management LLC, the fund's investment manager and part of Lazard Inc. (founded in 1848 with U.S. asset management operations established in 1970), is headquartered at 30 Rockefeller Plaza in New York, NY, and oversees global investment solutions with a focus on equities including small-cap strategies. The firm operates across North America, Europe, Asia, and other regions, serving institutional, corporate, and individual investors through diversified portfolios that target inefficiencies in international small-cap markets. Recent changes include portfolio manager additions in 2025—Sebastian Pigeon on May 1, Scott Kolar, Patricia Biggers, Michael DeBernardis, and Sean Gallagher on September 1—enhancing the team's expertise amid ongoing market navigation, as reflected in the Q4 2024 commentary noting a 9.6% decline versus the MSCI EAFE Small Cap Index benchmark. Lazard Asset Management has pursued strategic expansions in small-cap equity, such as launching the Lazard US Small Cap Equity UCITS Fund in May 2024 with $100 million in initial assets using an AI-enhanced process, converting the Lazard US Systematic Small Cap Equity Portfolio to the Lazard US Systematic Small Cap Equity ETF (NASDAQ: SYZ) in September 2025 to improve tax efficiency and accessibility, and debuting three active U.S. ETFs in April 2025. These initiatives align with broader firm efforts to optimize products and achieve net zero outflows targeting positive inflows in 2025, amid reported December 2024 assets under management of $226.3 billion for Lazard Inc.