Gotham Total Return Fund (GTRFX)

Allocation Strategy

NAV $12.64

Daily Return -0.08%

Since Inception Return (Cum) 31.40%

TickerGTRFX
CUSIP360875587
Minimum Investment$250,000
Fund Net Assets$29,723,945
Inception DateMarch 31, 2015
As of 05/24/2019

Investment Overview

The Gotham Total Return Fund (the “Fund”) is an allocation strategy that invests in underlying Gotham mutual funds. The underlying fund allocations will be rebalanced according to our assessment of market conditions to manage both net exposure and beta. The Fund seeks long-term capital appreciation by investing in underlying Gotham mutual funds and in doing so aims to outperform the investment returns of top ranked university endowments over a full market cycle, which includes bull (rising) and bear (falling) markets.

Investment Strategy & Process

Gotham's proprietary equity research and risk controls are used to select long and short stock portfolios from a diverse market capitalization universe.

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 portfolios of the underlying funds are 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 portfolios of the underlying funds are rebalanced daily to weight most heavily those short positions selling at the largest premium to Gotham's measures of value.

Risk for the underlying funds are managed by limiting concentration in anyone company, industry or sector. In addition, gross and net exposures are managed daily to remain within carefully defined ranges.

Allocations amongst underlying Gotham mutual funds are based on market conditions.

Performance as of 04/30/2019

  Month Trailing 3
Months		 YTD 1 YEAR 3 YEAR Since Inception Annualized1 Since Inception Cumulative1
Gotham Total Return Fund - GTRFX 0.39% 0.63% 5.49% 4.93% 10.16% 7.41% 33.89%
HFRX EH 0.67% 2.65% 6.67% -3.97% 3.09% 0.40% 1.65%

1Inception date: March 31, 2015

Please click here to view quarterly standardized performance

Composition & Holdings as of 03/31/2019

Portfolio Exposures
Long 160.33%
Short -80.91%
Net 79.41%
Gross 241.24%
Portfolio Composition
Long Holdings 631
Short Holdings 679
Net Sector Allocation (% of Equity)
Industrials 17.00%
Consumer Staples 16.28%
Health Care 12.31%
Information Tech 9.22%
Financials 9.15%
Energy 7.22%
Consumer Disc 6.63%
Communication Services 2.57%
Materials 1.72%
Utilities -1.10%
Real Estate -1.59%

Fees & Minimums

Purchase of Shares
Investment Minimum* $250,000
Additional Investment Minimum $5,000

Annual Fund Operating Expenses
Expense Ratio1 (excluding short dividends and after reimbursements) 1.46%
Gross Expense Ratio (Includes dividend expense on short sales and financing of 1.66%, but does not reflect dividends earned by the Fund on its long positions of 1.55% or waiver/reimbursements by the Advisor of 0.51%) 3.63%
Distribution (12b-1) Fee None

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

 

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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 click here.

The HFRX Equity Hedge Index is an index of quantitatively-selected hedge funds which maintain positions both long and short in primarily equity and equity derivative securities. Constituents of the HFRX Equity Hedge Index report returns net of all fees. 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 indexes. It is not possible to invest directly in the indexes.

The Gotham Total Return Fund’s gross expense ratio is estimated to be 3.63% inclusive of certain expenses related to dividend and interest expense on short sales estimated to be 1.66% and prior to waivers and/or expense reimbursements. The gross expense ratio does not reflect dividends earned by the fund on its long positions of 1.55%.

The information on this page is for the Gotham Total Return Fund's Institutional Share Class.

The securities mentioned in this video may or may not be held by a particular Gotham Fund. The holdings, and weightings of any security mentioned in this video, will vary by Gotham Fund. For a complete list of holdings please see each fund's most recent annual report, which is available at www.gothamfunds.com. The holdings of the Gotham Funds are subject to change. The information herein is not a recommendation to buy, hold, or sell any security. The securities mentioned are subject to risk and may not perform as expected.

Please see the performance tab above for performance information. Past performance is not indicative of future results. 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.

This site is intended for residents of the U.S. only. The information on the website does not constitute an offer for products or services, or a solicitation of an offer to any person outside of the United States who is prohibited from receiving such information under the laws applicable to their place of citizenship, domicile or residence.

Mutual fund investing involves risks, including possible loss of principal.  Short sales by a fund theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase.  It is anticipated the funds will frequently adjust the size of their long and short positions and thus may experience high portfolio turnover which tends to increase brokerage costs. The funds will use leverage to make additional investments which could result in greater losses than if the funds were not leveraged.  In addition, the Gotham Absolute Return Fund, the Gotham Enhanced Return Fund, Gotham Total Return Fund and the Gotham Neutral Fund may 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.

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 Gotham Absolute Return Fund, Gotham Enhanced Return Fund, Gotham Neutral Fund, Gotham Index Plus Fund, Gotham Total Return Fund and Gotham Large Value Fund prospectus and summary prospectus are available in PDF format by clicking here or by calling 877-974-6852. The prospectus and summary prospectus 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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