Gotham Index Plus (GINDX)

100% Net Long: Index Investment + Long/Short Overlay

NAV $14.58

Daily Return -0.14%

Since Inception Return (Cum) 49.65%

TickerGINDX
CUSIP360875579
Minimum Investment$250,000
Fund Net Assets$658,716,264
Inception DateMarch 31, 2015
As of 12/10/2018

Investment Overview

The Gotham Index Plus Fund (the "Fund") was created for investors that are seeking to more closely track an index by combining an index investment with an active long/short overlay. The Fund generally seeks 100% net long exposure by being 190% long vs. 90% short (100% index + active long/short overlay). The Fund seeks long-term capital appreciation greater than that of the S&P 500® Index over a full market cycle. 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

For each $100 invested in Gotham Index Plus, we start with $100 of U.S. stocks that seek to track the S&P 500® Index. Next, we select long and short positions (from a large cap investment universe) that we believe are the cheapest and most expensive, respectively, relative to our assessment of value. Finally, we net positions that appear in both the index portion and the actively managed long/short overlay, with the result being a portfolio with an overall exposure of approximately $190 long and $90 short.

For the active long/short overlay, 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 Fund also employs risk management, which follows 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 11/30/2018

  Month Trailing 3
Months		 YTD 1 YEAR 3 YEAR Since Inception Annualized1 Since Inception Cumulative1
Gotham Index Plus Fund - GINDX 2.68% -0.97% 5.94% 10.06% 15.84% 13.17% 57.45%
S&P 500 2.04% -4.40% 5.11% 6.27% 12.16% 10.45% 43.98%

1Inception date: March 31, 2015

Please click here to view quarterly standardized performance

Composition & Holdings as of 09/30/2018

Portfolio Exposures
Long 181.64%
Short -82.64%
Net 99.00%
Gross 264.28%
Portfolio Composition
Long Holdings 263
Short Holdings 234
Net Sector Allocation (% of Equity)
Information Tech 25.22%
Health Care 24.53%
Consumer Staples 18.46%
Industrials 16.48%
Consumer Disc 9.31%
Telecom Services 6.68%
Energy 5.65%
Financials 1.30%
Materials 1.30%
Utilities -2.90%
Real Estate -7.03%

Fees & Minimums

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

Annual Fund Operating Expenses
Expense Limitation1 (Includes management fee of 1.00%) 1.15%
Gross Expense Ratio (Includes dividend expense on short sales and financing of 2.46%, but does not reflect dividends earned by the Fund on its long positions of 4.07% or waiver/reimbursements by the Advisor of 0.01%) 3.62%
Net Expense Ratio (after waivers and reimbursements under expense cap agreement) 3.61%
Distribution (12b-1) Fee None

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

 

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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.

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 (exclusive of taxes, acquired funds fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 1.15% (on an annual basis) of average daily net assets of the fund (the "Expense Limitation"). The Expense Limitation will remain in place until January 31, 2020 with respect to the Gotham Index Plus Fund, unless the Board of Trustees of FundVantage Trust (the "Trust") approves its earlier termination. Gotham is entitled to recover, subject to approval by the Trust, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which Gotham reduced its compensation and/or assumed expenses for the fund. No recoupment will occur unless the fund's expenses are below the Expense Limitation. See the Prospectus for additional details.

The Gotham Index Plus Fund’s gross expense ratio is estimated to be 3.62% inclusive of certain expenses related to dividend and interest expense on short sales estimated to be 2.46% and prior to waivers and/or expense reimbursements under the Expense Limitation. The gross expense ratio does not reflect dividends earned by the fund on its long positions estimated to be 4.07%.

The information on this page is for the Gotham Index Plus Fund's Institutional Share Class.

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.  Short sales by a fund theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase.  It is anticipated the funds will frequently adjust the size of their long and short positions and thus may experience high portfolio turnover which tends to increase brokerage costs. The funds will use leverage to make additional investments which could result in greater losses than if the funds were not leveraged.  In addition, the Gotham Absolute Return Fund, the Gotham Enhanced Return Fund and the Gotham Neutral Fund may 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.

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 Gotham Absolute Return Fund, Gotham Enhanced Return Fund, Gotham Neutral Fund and Gotham Index Plus Fund prospectus and summary prospectus are available in PDF format by clicking here or by calling 877-974-6852. A copy of the Gotham Absolute 500 Fund prospectus and summary prospectus are available in PDF format by clicking here or by calling 877-974-6852. The prospectus and summary prospectus 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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