BELT

BELT is targeted US equity exposure, managed actively through an unconstrained investment approach. Securities selected can span any market capitalization. The philosophy emphasizes long-term investment with low portfolio turnover, aiming for sustained capital growth. Up to 20% of the fund's assets may be allocated to foreign equity securities, including ADRs and GDRs, with foreign currency exposure managed through forward currency contracts, though systematic heeding is not a primary focus. Derivatives such as options, futures, swaps, and forward contracts enhance returns and manage risks associated with market movements, interest rates, and currency exchange rates. Additionally, futures contracts or options on such contracts may be employed to manage cash flows. Investments may also include REITS, as well as indexed and inverse securities.