The Lazard European Alternative Fund is a long/short equity strategy with a strong focus on bottom-up stock selection aimed at delivering disproportionate positive returns given the risk taken. The fund employs a robust risk management framework aimed at capital preservation. The portfolio is comprised of approximately 50-70 carefully selected liquid European large and mid-cap companies. There are typically 35-45 long positions and 15-25 short positions. The typical gross exposure of the Fund will be around 120% (+/-20%) and the typical net exposure will be around 30% (+/-10%). The investment objective of the Fund is to seek long-term capital growth.