Disclosures
Belle Haven Investments, L.P. Form CRS Relationship Summary - March 2023
Belle Haven Investments, L.P. Disclosure Brochure - March 2023
Belle Haven Investments, L.P. - Privacy Notice March 2023
Belle Haven Investments, L.P. - Form ADV Part 2A -March 2023
This brochure provides information about the qualifications and business practices of Belle Haven Investments, LP. If you have any questions about the contents of this brochure, please contact us at (914) 816-4633. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. Additional information about Belle Haven Investments is also available on the SEC’s website at www.adviserinfo.sec.gov
Belle Haven Investments, L.P. - Business Continuity Plan Disclosure Statement
Investor Education and Resources
SECURITIES INVESTOR PROTECTION CORPORATION (“SIPC”) INFORMATION
Belle Haven Investments, L.P. is a member of SIPC. Information regarding SIPC, including a SIPC brochure, may be obtained by contacting SIPC via its website at www.sipc.org or by telephone at (202) 371-8300.
FINANCIAL INDUSTRY REGULATORY AUTHORITY (“FINRA”) INVESTOR EDUCATION AND PROTECTION
Belle Haven Investments, L.P. is a member of FINRA. BrokerCheck is a free tool from FINRA that can help you research the professional background of brokers and firms. A brochure that includes information describing FINRA BrokerCheck and Public Disclosure Program may be obtained from FINRA at www.finra.org. The FINRA BrokerCheck hotline number is (800) 289-9999.
MUNICIPAL SECURITIES RULEMAKING BOARD (“MSRB”) RULE G-10 INVESTOR AND MUNICIPAL ADVISORY CLIENT EDUCATION AND PROTECTION
Belle Haven Investments, L.P. is registered with the Securities Exchange Commission (“SEC”) and a member of the Financial Industry Regulatory Authority (”FINRA”) and Municipal Securities Rulemaking Board (“MSRB”). An investor brochure that describes the protections available under MSRB rules, and instructions on how to file a complaint with an appropriate regulatory authority can be found on the MSRB website at www.msrb.org.
All decisions regarding the tax implications of your investment(s) should be made in consultation with your independent tax advisor.
Firm and Website Disclosures
Belle Haven Investments, L.P. (“Belle Haven” or the “Firm”) is defined as a fixed income manager of separately managed and sub-advised portfolios. Belle Haven manages taxable and tax-sensitive accounts which invest in U.S. municipal, corporate, government, and treasury securities. Not included in the “Firm” is the broker-dealer group of Belle Haven Investments, L.P. The Firm’s investment philosophy seeks to capitalize on structural inefficiencies in the fixed income markets through a bottom-up approach; identifying undervalued securities due to transaction size, optionality, and/or credit, among other characteristics.
The material contained on this website is for educational purposes only and is not intended to be relied upon as a forecast, research, or investment advice, nor should it be considered as a recommendation, offer, or solicitation for the purchase or sale of any security, or to adopt a specific investment strategy. The information contained herein is obtained from sources believed to be reliable, but its accuracy or completeness is not guaranteed. All opinions expressed are subject to change without notice. Investment decisions should be made based on an investor’s objective and circumstances, and in consultation with their professional tax, financial or legal advisor.
The material contained on this website should not be considered tax or legal advice and investors should contact their tax professional for information regarding their tax situation. Investing in municipal bonds for the purpose of generating tax-exempt income may not be appropriate for investors in all tax brackets or for all account types. There may be less public information available on municipal fixed income securities than found on public corporations. Municipal bonds may be less liquid than corporate bonds. A portion of the income may be taxable by state or local taxing authorities. Municipal bond holders may also be subject to capital gains taxes and interest income may be subject to alternative minimum tax. In addition, bonds incur ongoing fees and expenses. An investment in a portfolio involves various risks, including the risk that an investor can lose money. Investing in the bond market is subject to certain risks, including market, interest rate, issuer, credit, inflation, and liquidity risk. While the Manager strives to attain the investment objective of the strategy through research and portfolio management skills, there is no guarantee of successful performance, that the objective can be reached or that a positive return can be achieved. Past performance is no guarantee of future results.
Such material is not directed to, or intended for, distribution to or use by, any person or entity if Belle Haven Investments, L.P. is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to such person or entity. No such material may not be reproduced, re-distributed or passed to any other person or published in whole or in part for any purpose without the prior consent of Belle Haven Investments, L.P.
Belle Haven claims compliance with the Global Investment Performance Standards (“GIPS®”). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. To receive additional information regarding Belle Haven, including GIPS-compliant performance information for Belle Havens' strategies and products, contact service@bellehaven.com.
© Copyright Belle Haven Investments, L.P. 2023. All rights reserved.
Social Media Disclosures
All content published or otherwise disseminated by Belle Haven Investments, L.P. (“Belle Haven”, or the “Firm”) on any social media platform, including, but not limited to, Twitter and LinkedIn (“Belle Haven Social Media Platforms”), is obtained from sources believed to be reliable, but its accuracy or completeness is not guaranteed. All opinions expressed on Belle Haven Social Media Platforms are subject to change without notice. Nothing published or otherwise disseminated on Belle Haven Social Media Platform should be considered tax or legal advice, or a recommendation of any investment strategy and investors should contact their tax professional for information regarding their tax situation. There may be less public information available on municipal fixed income securities than found on public corporations. Municipal bonds may be less liquid than corporate bonds. A portion of the income may be taxable by state or local taxing authorities. Municipal bond holders may also be subject to capital gains taxes and interest income may be subject to alternative minimum tax. Bonds are subject to credit, interest rate inflation risks. In addition, bonds incur ongoing fees and expenses. There is a risk of loss inherent in any investment, past performances do not guarantee future results. Investors should seek such professional advice for their particular circumstances.
Any securities identified and/or described on any Belle Haven Social Media Platform, do not represent all of the securities purchased, sold or recommended for client accounts, by Belle Haven. There should be no assumption that an investment in the securities identified on any Belle Haven Social Media Platform, was, or will be profitable in the future. Belle Haven may or may not currently hold, or plan to hold securities discussed on Belle Haven Social Media Platforms.
Belle Haven is a registered investment advisor with the U.S. Securities and Exchange Commission (the “SEC”). Prospective clients will be required to execute an Investment Management Agreement and/or related account opening documents (collectively, “Agreements”), with Belle Haven and/or their Registered Investment Advisor, operating under their own agreement with Belle Haven, before any investment management services are provided. Should any information or opinion expressed on any Belle Haven Social Media Platform be inconsistent with the terms warranted in the Agreements, such Agreements shall take precedence.
Third-party content published, contributed, or posted on Belle Haven Social Media Platforms is solely the view of the contributing third-party, and not that of Belle Haven. Belle Haven cannot guarantee the appropriateness, accuracy or usefulness of any third-party content, or of any third-party hyper-link, nor is responsible for any unauthorized or copyrighted materials contributed by a third-party on any Belle Haven Social Media Platform. In using any of the links embedded within a Belle Haven Social Media Platform, you acknowledge that they are solely for your convenience, and do not imply any affiliations, sponsorships, endorsements, or representations by Belle Haven regarding the third-party website(s). Belle Haven is not responsible for the content, accuracy or privacy of these sites, and shall not be responsible or liable for any information, opinions, advice, products or services available on or through them. Belle Haven reserves the right to remove, alter or edit, any third-party content published, contributed, or posted on Belle Haven Social Media Platforms.
The analysis contained in any publication published or otherwise disseminated by Belle Haven, on Belle Haven Social Media Platforms, is based on the data available at the time of publication which may become outdated or otherwise be superseded at any time without notice, and are the opinions of Belle Haven. Certain information contained on Belle Haven Social Media Platforms is based upon third-party sources, which Belle Haven believes to be reliable, but is not guaranteed for accuracy or completeness. Neither the SEC nor any other federal or state agency or non-U.S. commission has confirmed the accuracy or determined the adequacy of information published or disseminated by Belle Haven, on any Belle Haven Social Media Platform. Any publication or dissemination of information to the contrary is unlawful. Each reader acknowledges the contents published or otherwise disseminated by Belle Haven, on Belle Haven Social Media Platforms, is not directed to, or intended for distribution to or use by, any person or entity if Belle Haven is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to such person or entity. These contents may not be reproduced, re-distributed or passed to any other person or published in whole or in part for any purpose without the prior consent of Belle Haven Investments, L.P.
Awards and recognition referenced on Belle Haven Social Media Platforms are produced by firms other than Belle Haven. Criteria used to determine these awards may vary depending on the organization presenting the award. Criteria used by firms may be mentioned and outlined for reference purposes only. Belle Haven cannot guarantee the accuracy of any other firm’s ranking or ranking methodology. For further information on our strategies or awards, please contact service@bellehaven.com .
Lipper Criteria
Lipper Best Money Manager Rankings: Lipper MarketPlace Rankings are based upon past performance which does not guarantee future results. Lipper MarketPlace is an investment manager database that serves as a third-party supplier of information. Lipper MarketPlace’s Best Money Manager ranking is a survey of institutional money manager performance. To be eligible for inclusion as a Lipper Best Money Manager, performance must be calculated on an asset size which is at least $10 million in size for traditional U.S. asset classes or $1 million for international and alternative investments. Classifications must fall into one of the categories that Lipper ranks (minimum of 20 contenders). Lipper MarketPlace rankings reflect strategies’ historical total return performance, excluding sales charges, as applicable, relative to peers as of the above quarter end date. Performance data must be calculated in U.S. dollars and net of fees. Rankings are relative to a peer group and do not necessarily mean that the fund had high total returns. Strategies are placed into peer groups by Lipper MarketPlace, based upon information submitted by portfolio managers. Lipper MarketPlace does not guarantee the accuracy of this information. See www.lippermarketplace.com for more information on categories and performance rankings. For recent performance information on any Belle Haven strategy, please contact service@bellehaven.com.
PSN Top Guns Criteria
PSN Informa Top Gun Awards: Managers eligible for the Top Gun Awards are categorized into one of six “star” categories; within those categories, managers are ranking according to the below criteria. All Belle Haven Strategies are currently classified as 2 star and above and subject to the below analysis. For more information on other categories or rankings, please see http://psn.informais.com/topguns/topguns.asp:
Criteria: The PSN universes were created using the information collected through the PSN investment manager questionnaire and use only gross of fee returns. Mutual fund and commingled fund products are not included in the universe. PSN Top Guns investment managers must claim that they are GIPS compliant. Products must have an R-Squared of 0.80 or greater relative to the style benchmark for a five year period. Moreover, products must have returns greater than the style benchmark for the three latest three-year rolling periods. At this point, the top ten performers for the latest 3 year period become the 4 STAR TOP GUNS. Products are then selected which have a standard deviation for the five year period equal or less than the median standard deviation for the peer group. The top ten performers for the latest 3 year period become the 5 STAR TOP GUNS. The top ten information ratios for the latest five-year period ending then become the 6 STAR TOP GUNS.
1-Star Category: Products with this rating were top ten performers within their respective universes, based on quarterly returns.
2-Star Category: These products were top ten performers within their respective universes, based on returns for the one-year period.
3-Star Category: These products were top ten performers within their respective universes, based on returns for the three-year period.
4-Star Category: Products with this rating must have an R-Squared of 0.80 or greater relative to the style benchmark for the recent five-year period. Moreover, products must have returns greater than the style benchmark for the three latest three-year rolling periods. The top ten returns for the latest three-year period then become the TOP GUNS.
5-Star Category: Products must have an R-Squared of 0.80 or greater relative to the style benchmark for the recent five-year period. Moreover, products must have returns greater than the style benchmark for the three latest three-year rolling periods. After that they select only the products which standard deviation for the five-year period is equal or less than the median standard deviation for the peer group. The top ten returns for the latest three-year period then become the TOP GUNS.
6-Star Category: Products must have an R-Squared of 0.80 or greater relative to the style benchmark for the recent five-year period. Moreover, products must have returns greater than the style benchmark for the three latest three-year rolling periods. After that they select only the products which standard deviation for the five-year period is equal or less than the median standard deviation for the peer group. The top ten information ratios for the latest five-year period then become the TOP GUNS.
Manager of the Decade: Products must have an R-Squared of 0.80 or greater relative to the style benchmark for the latest 10-year period. Moreover, products must have returns greater than the style benchmark for the latest 10-year period and also Standard Deviation less than the style benchmark for the latest ten year period. At this point, the top-10 performers for the latest 10-year period become the PSN Top Guns of the Decade.
The content of the Investment Manager Top Guns is intended for use by qualified investment professionals. Please consult with an investment professional before making any investment using content or implied content from any Investment Manager Top Guns.
Because of the possibility of human or mechanical error by Informa Investment Solutions (IIS) sources or others, IIS does not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. THERE ARE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall IIS be liable for any indirect, special or consequential damages in connection with use of any information or derived using information based on any Investment Manager Top Guns results.
Order Routing
Disclosure Pursuant to SEC Rule 606 - Order Routing
Pursuant to the Securities and Exchange Commission (“SEC”) Rule 606, Belle Haven Investments, L.P. (“Belle Haven”) is obligated to disclose, on a quarterly basis, certain statistical information regarding its order routing practices. Belle Haven routes customer orders in equity and option securities to its clearing firm, Pershing, LLC, for execution.
Belle Haven strives to achieve the best possible execution price for its clients at all times. For further details regarding how your order was routed, please contact us, in writing, with the details of your trade inquiry. We will be happy to provide that information.
Also, specific information regarding our order routing is available at the website of our clearing broker, Pershing, LLC, at https://www.orderroutingdisclosure.com.