Gotham Short Strategies Fund (GSSFX)

50% Net Short* (e.g., 100% Long - 150% Short)

NAV $8.23

Daily Return -0.12%

Since Inception Return (Cum) -5.49%

TickerGSSFX
CUSIP360875181
Minimum Investment$100,000
Fund Net Assets$20,999,432
Inception DateFebruary 1, 2008
As of 09/25/2023

Investment Overview

The Gotham Short Strategies Fund (the "Fund") is a long/short U.S. equity fund with a net short exposure of 50%-60% (e.g., 100% Long - 150% Short). The Fund seeks long-term capital appreciation and to provide positive returns during down markets. Joel Greenblatt and Robert Goldstein are the Managing Principals and Co-CIOs of Gotham Asset Management, LLC, the Advisor to this Fund.

Investment Strategy and Process

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.

Gotham's 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 long (short) portfolio is rebalanced daily to weight most heavily those stocks priced at the largest discount (premium) to Gotham's assessment of value.

In general, as a company appears cheaper, it's weight in the portfolio increases.

Risk for the fund is managed by 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 08/31/2023

  Month Trailing 3
Months		 YTD 1 YEAR 3 YEAR 5 YEAR 10 YEAR Since Inception Annualized1 Since Inception Cumulative1
Gotham Short Strategies Fund - GSSFX 3.92% -0.38% -8.08% -5.24% 3.71% -2.17% -2.89% -0.57% -8.59%
S&P 500 -1.59% 8.28% 18.73% 15.94% 10.52% 11.12% 12.81% 10.10% 347.88%
50% Inverse of S&P 500 1.07% -4.77% -9.36% -8.54% -6.86% -6.98% -7.32% -6.25% -63.43%

1Inception date: 02/1/2008

Please click here to view quarterly standardized performance

Composition & Holdings as of 06/30/2023

Portfolio Exposures
Long 97.61%
Short -148.08%
Net -50.46%
Gross 245.69%
Portfolio Composition
Long Holdings 172
Short Holdings 203
Net Sector Allocation (% of Equity)
Industrials 4.74%
Energy 3.63%
Communication Services -0.18%
Health Care -1.98%
Materials -7.60%
Consumer Discretionary -7.85%
Consumer Staples -9.06%
Utilities -11.99%
Information Technology -20.18%

Fees & Minimums

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

Annual Fund Operating Expenses
Gross Expense Ratio1 3.52%
Net Expense Ratio 1.35%
Distribution (12b-1) Fee None

Shareholder Fees
Sales Load None
Deferred Sales Load None
Redemption Fees (within 30 days) 1%

 

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



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. 

A privately offered fund managed by the Adviser (the "Predecessor Fund") was reorganized into the Gotham Short Strategies Fund ("GSSFX") on August 1, 2017, the date GSSFX commenced operations. The Predecessor Fund was organized and commenced operations on February 1, 2008, and had an investment objective, investment policies and restrictions that were, in all material respects, the same as those of GSSFX. However, the Predecessor Fund was not registered as an investment company under the 1940 Act. In addition, this Predecessor Fund was not subject to certain investment limitations, diversification requirements, liquidity requirements, and other restrictions imposed by the 1940 Act and the Code which, if applicable, might have adversely affected its performance. GSSFX's performance for periods prior to the commencement of operations on August 1, 2017 is that of the Predecessor Fund adjusted to reflect GSSFX's fee structure.

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 total operating expenses do not exceed 1.35% (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.

The Gotham Short Strategies Fund’s gross expense ratio is estimated to be 3.52%. The net expense ratio is 1.35% and the management fee is 1.35%. 

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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