Lazard U.S. Equity Value Portfolio announces strategy, name changes

By Tali David

Minneapolis, March 16 - The board of directors of the Lazard Funds, Inc. approved the investment strategy and name change of the Lazard U.S. Equity Value Portfolio, effective May 31, according to a 497 filed with the Securities and Exchange Commission.

The fund will be called the Lazard U.S. Equity Concentrated Portfolio.

The portfolio will now invest primarily in equity securities, principally common stocks, of U.S. companies of any market capitalization, Lazard said. The portfolio will have a concentrated portfolio of investments, typically investing in 15 to 35 companies with market capitalizations generally greater than $1 billion.

Previously, the portfolio consisted of equity securities, principally common stocks, of relatively large U.S. companies with market capitalizations generally in the range of companies included in the Russell 1000 Value Index - from roughly $212.8 million to $425.5 billion as of March 4, 2011 - at the time of initial purchase.

The portfolio will seek to outperform broad-based securities market indexes, such as the S&P 500 Index, the Russell 1000 Index and the Russell 3000 Index.

Previously, it sought long-term capital appreciation.

In connection with the investment strategy change, the board also approved changing the portfolio's diversification status from "diversified" to "non-diversified."

Also effective May 31, Christopher H. Blake joins existing portfolio managers Martin Flood and Andrew D. Lacey in managing the fund. J. Richard Tutino, Nicholas Sordoni and Ronald Temple are no longer managing the fund.

The fund's investment manager is New York-based Lazard Asset Management LLC.

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