Gotham Absolute 500 Fund (GFIVX)

40%-70% Net Long* (e.g., 142.5% long - 82.5% short)

NAV $10.92

Daily Return 0.55%

YTD Return 2.15%

TickerGFIVX
CUSIP360875660
Minimum Investment$250,000
GFIVX Return (Since Inception)115.22%
HFRX EH Return (Since Inception)12.28%
S&P 500 Return (Since Inception)132.72%
Fund Net Assets$12,403,100
Inception DateJuly 31, 2014
As of 06/28/2017

Investment Overview

The Gotham Absolute 500 Fund (the "Fund") is a long/short U.S. equity fund that chooses its long and short positions primarily from stocks in the S&P 500. The fund has a net long exposure of 40%-70% (e.g., 142.5% long vs. 82.5% 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 and Process

Gotham's proprietary equity research and risk controls are used to select long and short stock portfolios primarily from the U.S. large-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 05/31/2017

  Month Trailing 3
Months
YTD 1 YEAR Since Inception Annualized1 Since Inception Cumulative1
Gotham Absolute 500 Fund - GFIVX -1.45% -1.98% 1.87% 8.90% 5.13% 15.22%
HFRX EH -0.57% 0.81% 2.85% 5.57% 0.80% 2.28%
S&P 500 1.41% 2.57% 8.66% 17.47% 10.51% 32.72%

1Inception date: July 31, 2014

Composition & Holdings as of 03/31/2017

Portfolio Exposures
Long 143.11%
Short** -82.84%
Net** 60.27%
Gross 225.94%
Portfolio Composition
Long Holdings 210
Short Holdings 200
Net Sector Allocation (% of Equity)
Health Care 20.87%
Information Tech 15.57%
Consumer Disc 13.06%
Industrials 8.83%
Materials 6.84%
Consumer Staples 6.07%
Telecom Services 0.36%
Real Estate -0.89%
Utilities -2.31%
Energy -3.12%
Financials -5.00%

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 1.35%)   1.50%
Gross Expense Ratio (Includes dividend expense on short sales and financing of 1.97%, but does not reflect dividends earned by the Fund on its long positions of 3.61% or waiver/reimbursements by the Advisor of 0.38%) 3.85%
Net Expense Ratio (after waivers and reimbursements under expense cap agreement)   3.47%
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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