Lazard Actions Emergentes R/  FR0010380675  /

The investment objective is to achieve, over the recommended investment horizon of 5 years, a return (net of charges) above the following simple benchmark: MSCI Emerging Markets. The benchmark is expressed in EUR. Nets dividends or coupons are reinvested. Lazard Frères Gestion delegated the financial management of the Fund to Lazard Asset Management LLC, New York. The investment objective is achieved by investing in the shares of companies that are domiciled, or have most of their operations, in emerging countries and which deliver the best results over a long period, giving preference to those that are undervalued by the stock market. The strategy implemented is based on: - identifying companies with the best economic performance profiles, - verifying that performance through financial analysis and examination of underlying strategies, - selecting stocks from such companies according to the market"s undervaluation of that performance at a given time, - building a diversified portfolio characterised by risk management and control. The Fund invests at least 90% of its net assets in emerging market equities or in ETFs exposed to emerging market equities.

The investment objective is to achieve, over the recommended investment horizon of 5 years, a return (net of charges) above the following simple benchmark: MSCI Emerging Markets. The benchmark is expressed in EUR. Nets dividends or coupons are reinvested.