Not Quite Right

Both Lazard funds are using about their maximum leverage. Most of that leverage is in swaps for the goal of accessing foreign money markets. They view the leverage a little differently in terms of how much.

The site says they can use 50% leverage. If they have $100,000 in equity they can borrow $50,000. That $50,000 would be the limit but they view that as 1/3 leveraged. They have a point but you can decide for yourself. The more important thing is that the funds are essentially fully leveraged. The concept is still interesting.