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Lazard Global Fixed Income Portfolio to launch with two share classes
By Toni Weeks
San Diego, March 29 - Lazard Funds announced it will launch the Lazard Global Fixed Income Portfolio on March 30, according to a 497K filing with the Securities and Exchange Commission.
The portfolio offers institutional shares and open shares. Their ticker symbols are "LZGIX" and "LZGOX," respectively.
The portfolio seeks total return from current income and capital appreciation. Under normal circumstances, it will invest at least 80% of its assets in fixed-income investments, which includes all types of debt and income-producing securities and other instruments, including bonds, notes and structured notes, mortgage-related securities, asset-backed securities, euro- and dollar-denominated instruments, money market instruments and foreign currency forward contracts.
The portfolio's currency exposure is managed relative to that of the Barclays Capital Global Aggregate Bond Index - Unhedged, in dollar terms.
The portfolio invests at least 40% of its assets in issuers organized, located or participating significantly in a business outside the United States, with that percentage dropping to 30% in unfavorable market conditions. The portfolio may invest up to 15% of its assets in securities rated below investment grade.
Yvette Klevan and Jared Daniels are the portfolio managers.
Shareholder fees include a 1% maximum redemption fee imposed on shares redeemed in 30 days or less.
Management fees are 0.5%. New York-based Lazard Asset Management LLC, the fund's investment manager, has contractually agreed to limit total annual portfolio operating expenses to 0.8% for institutional shares and 1.1% for open shares.
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