Gotham Neutral Fund (GONIX)

Market Neutral**

NAV $10.29

Daily Return -0.39%

YTD Return -1.25%

TickerGONIX
CUSIP360873111
Minimum Investment$250,000
GONIX Return (Since Inception)15.10%
Fund Net Assets$681,787,660
Inception DateAugust 30, 2013
As of 08/17/2017

Investment Overview

The Gotham Neutral Fund (the "Fund") is a market neutral long/short U.S. equity fund. The Fund seeks long-term capital appreciation with minimal correlation to the general stock market. 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 frequently 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 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 or sector. In addition, gross and net exposures are managed to remain within carefully defined ranges.

Performance as of 07/31/2017

  Month Trailing 3
Months
YTD 1 YEAR 3 YEAR Since Inception Annualized1 Since Inception Cumulative1
Gotham Neutral Fund - GONIX 0.39% -2.02% -2.30% 1.40% -2.39% 1.28% 5.10%

1Inception date: August 30, 2013

Composition & Holdings as of 06/30/2017

Portfolio Exposures
Long 120.88%
Short -95.83%
Net 25.06%
Gross 216.71%
Portfolio Composition
Long Holdings 608
Short Holdings 516
Net Sector Allocation (% of Equity)
Information Tech 7.94%
Industrials 7.20%
Consumer Disc 6.84%
Consumer Staples 3.04%
Health Care 3.03%
Telecom Services 0.60%
Materials -0.78%
Energy -2.82%

Fees & Minimums

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

Annual Fund Operating Expenses
Current Expense Ratio1 (Includes management fee of 2.00%) 2.15%
Gross Expense Ratio (Includes dividend expense on short sales and financing of 1.39%, but does not reflect dividends earned by the Fund on its long positions of 2.54%) 3.56%
Net Expense Ratio (after waivers and reimbursements under expense cap agreement) 3.54%
Distribution (12b-1) Fee None

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

Purchase Directly through the Fund Family (See Below)

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Available at the Following Firms:

Purchase through the Fund Family (steps 1-3):