Gotham Index Plus (GINDX)

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

NAV $14.77

Daily Return -0.67%

Since Inception Return (Cum) 54.62%

TickerGINDX
CUSIP360875579
Minimum Investment$250,000
Fund Net Assets$726,138,378
Inception DateMarch 31, 2015
As of 06/25/2019

Investment Overview

The Gotham Index Plus Fund (the "Fund") was created as an investment that seeks to more closely track an index than purely active funds 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 to outperform the S&P 500 over most annual periods. The Fund is not a passive index fund. 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 05/31/2019

  Month Trailing 3
Months		 YTD 1 YEAR 3 YEAR Since Inception Annualized1 Since Inception Cumulative1
Gotham Index Plus Fund - GINDX -6.50% -5.29% 1.90% -0.85% 12.15% 9.53% 46.14%
S&P 500 -6.35% -0.67% 10.74% 3.78% 11.72% 9.33% 45.04%

1Inception date: March 31, 2015

Please click here to view quarterly standardized performance

Composition & Holdings as of 03/31/2019

Portfolio Exposures
Long 189.03%
Short -90.06%
Net 98.97%
Gross 279.09%
Portfolio Composition
Long Holdings 297
Short Holdings 198
Net Sector Allocation (% of Equity)
Financials 20.04%
Information Tech 19.89%
Industrials 17.22%
Health Care 11.42%
Consumer Staples 10.43%
Consumer Disc 8.49%
Energy 8.35%
Communication Services 7.66%
Materials 1.93%
Utilities -1.32%
Real Estate -5.13%

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 2.24%, but does not reflect dividends earned by the Fund on its long positions of 4.09%) 3.39%
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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*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.

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, 2021 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 3.39% inclusive of certain expenses related to dividend and interest expense on short sales estimated to be 2.24%. The gross expense ratio does not reflect dividends earned by the fund on its long positions estimated to be 4.09%.

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

The securities mentioned in this video may or may not be held by a particular Gotham Fund. The holdings, and weightings of any security mentioned in this video, will vary by Gotham Fund. For a complete list of holdings please see each fund's most recent annual report, which is available at www.gothamfunds.com. The holdings of the Gotham Funds are subject to change. The information herein is not a recommendation to buy, hold, or sell any security. The securities mentioned are subject to risk and may not perform as expected.

Please see the performance tab above for performance information. Past performance is not indicative of future results. 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.

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, Gotham Total 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, Gotham Index Plus Fund, Gotham Total Return Fund and Gotham Large Value 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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