Gotham Total Return Fund (GTRFX)

Allocation Strategy

NAV $12.13

Daily Return 0.41%

Since Inception Return (Cum) 55.96%

TickerGTRFX
CUSIP360875587
Minimum Investment$250,000
Fund Net Assets$19,842,243
Inception DateMarch 31, 2015
As of 09/25/2023

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 08/31/2023

  Month Trailing 3
Months		 YTD 1 YEAR 3 YEAR 5 YEAR Since Inception Annualized1 Since Inception Cumulative1
Gotham Total Return Fund - GTRFX -0.72% 8.40% 8.78% 10.00% 5.90% 3.37% 5.69% 59.30%
HFRX EH 0.27% 2.26% 3.97% 3.61% 6.76% 3.29% 2.64% 24.57%

1Inception date: March 31, 2015

Please click here to view quarterly standardized performance

Composition & Holdings as of 06/30/2023

Portfolio Exposures
Long 115.73%
Short -24.50%
Net 91.24%
Gross 140.23%
Portfolio Composition
Long Holdings 753
Short Holdings 678
Net Sector Allocation (% of Equity)
Information Tech 17.75%
Consumer Staples 13.38%
Health Care 11.94%
Industrials 11.47%
Consumer Disc 10.46%
Financials 9.72%
Communication Services 9.67%
Energy 7.62%
Materials 1.80%
Real Estate 0.30%
Utilities -2.88%

Fees & Minimums

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

Annual Fund Operating Expenses
Gross Expense Ratio1 1.64%
Net Expense Ratio2 0.92%
Distribution (12b-1) Fee None

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

 

Resources
Purchase Fund →
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 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 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 1.64%. The net expense ratio is 0.92%. The fund does not charge a management fee. The Gross Expense Ratio reflects the management fee and expenses of the underlying funds. The expense ratios have been updated to reflect a reduction in the reported expenses of certain underlying funds as set forth in the updated prospectus.

The Adviser has contractually agreed to reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses do not exceed 0.92% (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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