Gotham Neutral Fund (GONIX)

Market Neutral**

NAV $11.65

Daily Return 0.43%

Since Inception Return (Cum) 20.27%

TickerGONIX
CUSIP360873111
Minimum Investment$100,000
Fund Net Assets$64,744,597
Inception DateAugust 30, 2013
As of 09/25/2023

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 08/31/2023

  Month Trailing 3
Months		 YTD 1 YEAR 3 YEAR 5 YEAR Since Inception Annualized1 Since Inception Cumulative1
Gotham Neutral Fund - GONIX 1.05% 4.92% 6.28% 10.67% 7.67% 2.41% 1.74% 18.83%

1Inception date: August 30, 2013

Please click here to view quarterly standardized performance

Composition & Holdings as of 06/30/2023

Portfolio Exposures
Long 121.04%
Short -95.87%
Net 25.16%
Gross 216.91%
Portfolio Composition
Long Holdings 669
Short Holdings 619
Net Sector Allocation (% of Equity)
Information Tech 10.93%
Industrials 4.51%
Consumer Staples 4.03%
Communication Services 3.57%
Financials 2.19%
Consumer Disc 1.99%
Energy 0.95%
Health Care -0.33%
Materials -0.86%
Utilities -1.82%

Fees & Minimums

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

Annual Fund Operating Expenses
Gross Expense Ratio1 1.94%
Net Expense Ratio2 1.50%
Distribution (12b-1) Fee None

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

 

Resources
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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 Gotham Neutral Fund is designed to be market neutral, which means the Fund seeks to achieve returns that are not closely correlated, in most cases, with the returns of the U.S. equity markets.

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 Gotham Neutral Fund’s gross expense ratio is estimated to be 1.94%. The net expense ratio is 1.50% and the management fee 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 the Fund’s expense limitation was reduced from 2.15% to 1.50%.

The Adviser 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 1.50% (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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