Lazard Global Listed Infrastructure Portfolio
Actively managed developed international stock fund
The Portfolio seeks total return.
The fund invests at least 80% of assets in equity securities of infrastructure companies—those deriving at least 50% of revenues or assets from energy production and distribution, water treatment, communications, or ownership and operation of physical infrastructure assets such as pipelines, toll roads, airports, and ports. The manager screens for companies with minimum market capitalization of $250 million that it believes are undervalued, and allocates at least 30% to 40% of the portfolio to infrastructure companies organized, located, or doing substantial business outside the U.S. across at least three countries. Because the fund concentrates its investments in infrastructure industries and may hold a smaller number of issuers than more diversified portfolios, performance depends on the selection and weightings of those holdings.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
LAZARD GOVT MNY MMKT INS | 9.16% | $1.14B | — | — |
National Grid PLC | 8.10% | $1.01B | 60.8M | $16.56 |
Vinci SA | 7.97% | $991.01M | 6.8M | $146.26 |
Snam SpA | 6.92% | $861.19M | 119.6M | $7.20 |
Terna - Rete Elettrica Nazionale | 4.79% | $595.74M | 50.9M | $11.70 |
4.75% | $590.31M | 5.3M | $110.63 | |
EXCExelon Corp | 4.66% | $580.25M | 12.4M | $46.62 |
Ferrovial NV | 4.55% | $565.64M | 8.2M | $68.60 |
4.50% | $560.49M | 3.4M | $163.57 | |
4.36% | $542.59M | 7.2M | $75.73 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
All 36 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 89.60% |
| Cash & short-term | 9.16% |
| Derivatives | 0.96% |
Derivatives are shown at market value, not notional exposure.
By sector
- International
- 71.5%
- Utilities
- 9.4%
- Cash
- 9.2%
- Real Estate
- 8.9%
- 2 other sectors
- 1.0%
- International
- 71.5%
- Utilities
- 9.4%
- Cash
- 9.2%
- Real Estate
- 8.9%
- Other
- 0.8%
- Financials
- 0.1%
How it has done
GLIFX share class · total returns with dividends reinvested
Volatility over the last 12 months: 12.79%. Past returns are a record, not a forecast.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.96% | +23.56% | +51.83% | +80.56% | -7.27% | |
| 1.21% | +23.16% | +50.70% | +78.35% | -7.31% |
These classes hold the same portfolio, so the 2.21pp spread over 5 years is the cost difference between them — roughly 0.44pp a year — not a difference in what they own.
Fees & fund details
Lazard Global Listed Infrastructure Portfolio is an actively managed developed international equity fund.
- Asset class
- Equity
- Region
- Developed international
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.96% – 1.21%· GLIFX 0.96%
- Portfolio turnover
- 43.00% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
3 new· the largest 2
5 exited· the largest 4
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