Lazard European Smaller Companies C Acc

Lazard European Smaller Companies Fund (the "Fund") aims for capital growth over at least 5 years. The Fund is actively managed and will invest at least 70% of its value in equities (i.e. shares) and equity-related securities (namely, common and preferred stock, convertible securities, warrants and rights) of European smaller companies, being generally companies within the market capitalisation range of the MSCI Europe Small Cap Index (the "Benchmark"). The Fund may invest in cash and in investments that are deemed to be nearly equivalent to cash at any time and to the extent considered appropriate in light of market conditions. The Fund may also invest in units or shares of other investment funds (including exchange traded funds, other sub-funds of the UCITS and/or other funds managed by the Lazard Group). The Fund may invest in units or shares of listed closed-ended funds which provide equity exposure consistent with the Fund’s investment policy. The Fund may use derivatives (which are financial contracts whose value is linked to the price of an underlying investment) for the purposes of efficient portfolio management. The Fund has the discretion to retain its investments in companies which were considered a smaller company at the time of acquisition but have grown beyond being a smaller company over the course of time.