Gotham Absolute Return Fund (GARIX)

50%-60% Net Long* (e.g., 120% long - 60% short)

NAV $16.90

Daily Return 0.78%

Since Inception Return (Cum) 83.08%

TickerGARIX
CUSIP360873137
Minimum Investment$100,000
Fund Net Assets$502,105,715
Inception DateAugust 31, 2012
As of 09/22/2021

Investment Overview

The Gotham Absolute Return Fund (the "Fund") is a long/short U.S. equity fund with a net long exposure of 50%-60% (e.g., 120% long vs. 60% short = 60% net long). The Fund seeks long-term capital appreciation and to achieve positive returns during most annual periods in an efficient, risk-adjusted manner. 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 08/31/2021

  Month Trailing 3
Months		 YTD 1 YEAR 3 YEAR 5 YEAR Since Inception Annualized1 Since Inception Cumulative1
Gotham Absolute Return Fund - GARIX 2.20% 3.74% 18.28% 17.88% 5.23% 6.28% 7.17% 86.44%
HFRX EH 1.34% 2.99% 9.81% 18.37% 4.57% 5.33% 4.02% 42.60%
S&P 500 3.04% 7.95% 21.58% 31.17% 18.07% 18.02% 16.16% 284.95%

1Inception date: August 31, 2012

Please click here to view quarterly standardized performance

Composition & Holdings as of 06/30/2021

Portfolio Exposures
Long 119.94%
Short -59.70%
Net 60.24%
Gross 179.63%
Portfolio Composition
Long Holdings 663
Short Holdings 492
Net Sector Allocation (% of Equity)
Information Tech 17.53%
Consumer Disc 10.06%
Industrials 8.54%
Communication Services 7.34%
Health Care 6.63%
Consumer Staples 4.17%
Materials 3.41%
Financials 3.01%
Energy 2.08%
Utilities -2.53%

Fees & Minimums

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

Annual Fund Operating Expenses
Gross Expense Ratio1  1.73%
Net Expense Ratio2 1.50%
Distribution (12b-1) Fee None

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

 

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*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 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 Absolute Return Fund’s gross expense ratio is estimated to be 1.73%. 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) the Fund’s principal investment strategy was revised to reflect that the Fund obtains long and short exposure through one or more swaps; and (ii) effective July 20, 2020, the Fund’s investment advisory fee was reduced from 2.00% to 1.50%; and (iii)(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. See the Prospectus and Summary Prospectus for additional details.

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, 2022. The expense limitation is exclusive of certain expenses. See the Prospectus and Summary Prospectus for additional details.

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. 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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