So investiert der Bel Canto SICAV Giselle B USD Fonds: The investment objective of the Sub-Fund is to build a diversified portfolio of equity (including closed-ended REITs) and fixed income securities issued by companies or by governments or their local authorities established, listed or traded worldwide. The Sub-Fund will invest directly, or indirectly through third party investment funds, in fixed income securities and equities of European and North American companies but not excluding investments in other OECD and emerging countries. Under normal circumstances, the Sub-Fund's exposure to equities will be up to 20% of the Sub-Fund's net assets, although the Sub-Fund's equity exposure may vary significantly from this level, depending on market conditions.