Gotham Enhanced Return Fund (GENIX)

100% Net Long* (e.g., 170% long - 70% short)

NAV $12.30

Daily Return 0.82%

Since Inception Return (Cum) 165.58%

TickerGENIX
CUSIP360873129
Minimum Investment$100,000
Fund Net Assets$195,329,827
Inception DateMay 31, 2013
As of 12/01/2023

Investment Overview

The Gotham Enhanced Return Fund (the "Fund") is a long/short U.S. equity fund with a net long exposure of 100% (e.g., 170% long vs. 70% short = 100% net long). The Fund seeks long-term capital appreciation greater than that of the S&P 500® Index over a full market cycle. Joel Greenblatt and Robert Goldstein are the Managing Principals and Co-CIOs of Gotham Asset Management, LLC, the Advisor to this Fund.

Investment Strategy & Process

Gotham's proprietary equity research and risk controls are used to select long and short stock portfolios primarily from the U.S. large and mid-cap range.

The Co-CIOs and their team of equity analysts employ Gotham’s proprietary analytical framework to evaluate stocks within the coverage universe on measures of absolute and relative value.

The long portfolio is rebalanced daily to weight most heavily those stocks that are priced at the largest discount to Gotham's assessment of value. In general, as a company appears cheaper its weight in the portfolio increases.

Similarly, the short portfolio is rebalanced daily to weight most heavily those short positions selling at the largest premium to Gotham's measures of value.

Risk for the Fund's integrated long/short portfolio is managed following a disciplined proprietary process limiting concentration in any one company, industry or sector. In addition, gross and net exposures are managed daily to remain within carefully defined ranges.

Performance as of 10/31/2023

  Month Trailing 3
Months		 YTD 1 YEAR 3 YEAR 5 YEAR 10 YEAR Since Inception Annualized1 Since Inception Cumulative1
Gotham Enhanced Return Fund - GENIX -2.17% -6.00% 11.35% 12.89% 14.64% 7.54% 8.13% 8.92% 143.55%
S&P 500 -2.10% -8.25% 10.69% 10.14% 10.36% 11.01% 11.18% 11.59% 213.29%

1Inception date: May 31, 2013

Please click here to view quarterly standardized performance

Composition & Holdings as of 09/30/2023

Portfolio Exposures
Long 169.41%
Short -73.33%
Net 96.08%
Gross 242.74%
Portfolio Composition
Long Holdings 640
Short Holdings 593
Net Sector Allocation (% of Equity)
Information Tech 27.07%
Industrials 15.18%
Consumer Disc 12.90%
Health Care 11.75%
Consumer Staples 9.71%
Communication Services 9.39%
Energy 5.70%
Financials 4.72%
Materials 1.22%
Utilities -1.55%

Fees & Minimums

Purchase of Shares
Investment Minimum $100,000
Additional Investment Minimum $250

Annual Fund Operating Expenses
Gross Expense Ratio1 1.76%
Net Expense Ratio2 1.50%
Distribution (12b-1) Fee None

Shareholder Fees
Sales Load None
Deferred Sales Load None
Redemption Fees (within 30 days) 1.00%

 

Resources
Individual InvestorsFinancial Advisors

Purchase Directly through the Fund Family (See Below)

OR

Available at the Following Firms:

  • 1.

    To purchase directly, Complete Online Application for Non-Retirement Account or Retirement Account:

    CLICK HERE for the application

     

    CLICK HERE for the IRA Disclosures and Distribution Forms

  • 2.

    Any questions?

     

    If you have any questions, please contact Shareholder Services at (877) 974-6852 Monday – Friday 9:00am to 5:00pm ET. 



*The net long exposures are approximate and are the targeted exposures during most market environments.

The performance data quoted represents past performance. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares upon redemption may be worth more or less than their original cost. The performance quoted does not reflect a 1% redemption fee imposed on shares redeemed or exchanged within 30 days of purchase.   Returns would have been lower if certain expenses had not been reduced or reimbursed. Current performance may be lower or higher than the performance data quoted. For performance current to the most recent month-end, please call 877-974-6852.

The S&P 500 Total Return Index is a commonly followed equity index and is generally considered a barometer of the U.S. equity market. Returns for the S&P 500 Total Return Index include the reinvestment of income and do not include transaction fees, management fees or any other costs. The performance and volatility of the fund will be different than those of the index. It is not possible to invest directly in the index.

The Gotham Enhanced Return Fund’s gross expense ratio is estimated to be 1.76%. The net expense ratio is 1.50%.

Annual Fund Operating Expenses reflect current fees as if the following changes were in effect during the entire fiscal year ended September 30, 2020: (i) effective July 20, 2020, the Fund’s investment advisory fee was reduced from 2.00% to 1.50%; and (ii)(a) effective February 1, 2021, the investment advisory agreement between FundVantage Trust, on behalf of the Fund, and Gotham Asset Management, LLC (“Gotham” or the “Adviser”) was amended to reduce the Fund’s annual investment advisory fee by the dollar amount of “total annual fund operating expenses after fee waivers” attributable to any Fund assets invested in other investment companies advised or sub-advised by Gotham (each an “underlying fund” and collectively, the “underlying funds”), and (b) the Fund’s expense limitation agreement was revised to limit the Fund’s “Other Expenses,” as set forth in the Fund's "Annual Fund Operating Expenses" table in the summary section of its prospectus, to 0.00%. The effect of the reduction is intended to provide that Gotham’s aggregate direct and indirect compensation from the Fund and any underlying fund, respectively, does not exceed the 1.50% annual investment advisory fee paid by the Fund prior to February 1, 2021.

Gotham has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the fund to the extent necessary to ensure that the fund's "Other Expenses," as set forth in the Fund's "Annual Fund Operating Expenses" table in the summary section of its prospectus, do not exceed 0.00% (on an annual basis) of average daily net assets of the fund until January 31, 2024. The expense limitation is exclusive of certain expenses. See the Prospectus and Summary Prospectus for additional details.

Gotham Funds

Mutual fund investing involves risks, including possible loss of principal. It is anticipated that the funds will frequently adjust the size of positions and thus may experience high portfolio turnover which may increase brokerage costs. Certain funds short securities and/or utilize leverage. Short sales theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. Leverage could result in greater losses than if the funds were not leveraged. Certain funds utilize swap agreements in their investment programs. The use of derivatives such as swaps exposes the funds to additional risks including increased volatility, lack of liquidity and possible losses greater than the fund’s initial investment. In addition, certain funds invest in large, mid and small cap companies. Small and mid cap equity securities may be more volatile and less liquid than the securities of larger companies. Please see each Fund’s prospectus and fact sheet for additional risks.

An investor should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. The prospectus and summary prospectus contain this and other information about the funds. The prospectuses and summary prospectuses are available by clicking here or by calling 877-974-6852. The prospectuses and summary prospectuses should be read carefully before investing.

Gotham Funds, which are registered with the United States Securities and Exchange Commission pursuant to the Investment Company Act of 1940, are distributed by Foreside Funds Distributors LLC (“Foreside”). Gotham Asset Management, LLC is the investment adviser to the Gotham Funds and is not affiliated with Foreside.

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