BESF

BESF provides targeted exposure to the energy sector of the US equity market. It actively invests in equity securities of companies engaged in energy-related business activities including, but is not limited to, exploration, production, refining, marketing, storage, and transportation of oil, gas, coal, and consumable fuels, including its equipment and services. The fund may hold common stocks, preferred stocks, and depositary receipts, as well as MLPs up to 25%. In selecting constituents, a fundamental value investing approach is utilized, prioritizing undervalued companies believed could increase value in the future. These companies also are selected for their competitive advantages over peers and their potential to benefit from industry and macro-economic trends. The portfolio consists of 20-30 securities of any market capitalization. Constituent weighting is based on value, tilting heavily towards those priced at the largest discount. BESF seeks long-term capital appreciation.