Gotham Defensive Long 500 Fund (GDLFX)

100% Net Long* (e.g, 190% Long - 90% Short)

NAV $18.04

Daily Return -0.22%

Since Inception Return (Cum)103.46%

Ticker GDLFX
CUSIP 360875355
Minimum Investment $250,000
Fund Net Assets $17,648,845
Inception Date September 30, 2016
As of 09/10/2024

Investment Overview

The Gotham Defensive Long 500 Fund (the "Fund") is a U.S. large cap long/short strategy that seeks equity like returns with lower volatility than the general stock market.  The Fund seeks long-term capital appreciation. 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 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.

*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 call 877-974-6852.

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. Returns for the S&P 500 Total Return Index include the reinvestment of income and do not include transaction fees, management fees or any other costs. The performance and volatility of the fund will be different than those of the index. It is not possible to invest directly in the index.

The Gotham Defensive Long 500 Fund’s gross expense ratio is estimated to be 2.09%. The net expense ratio is 1.35% and the management fee is 1.35%. 

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 do not exceed 1.96% (on an annual basis) of average daily net assets of the Fund until January 31, 2026. The expense limitation is exclusive of certain expenses. See the Prospectus and Summary Prospectus for additional details.

Performance as of 08/31/2024

 MonthTrailing 3
Months		YTD1 YEAR3 YEAR5 YEARSince Inception Annualized1Since Inception Cumulative1
Gotham Defensive Long 500 Fund - GDLFX3.04%10.56%19.27%26.13%11.59%8.36%9.83%110.11%
S&P 5002.43%7.39%19.53%27.14%9.38%15.92%14.86%199.54%

1Inception date: September 30, 2016

Please click here to view quarterly standardized performance

Composition & Holdings as of 06/30/2024

PORTFOLIO EXPOSURES

Long

189.05%

Short

-90.05%

Net

99.00%

Gross

279.10%

PORTFOLIO COMPOSITION

Long Holdings

167

Short Holdings

136

NET SECTOR ALLOCATION (% OF EQUITY)

Information Technology

32.16%

Financials

19.53%

Consumer Staples

17.45%

Communication Services

15.56%

Consumer Discretionary

13.49%

Health Care

12.85%

Industrials

12.01%

Energy

1.20%

Materials

-0.81%

Real Estate

-3.45%

Utilities

-20.99%

*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 call 877-974-6852.

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. Returns for the S&P 500 Total Return Index include the reinvestment of income and do not include transaction fees, management fees or any other costs. The performance and volatility of the fund will be different than those of the index. It is not possible to invest directly in the index.

The Gotham Defensive Long 500 Fund’s gross expense ratio is estimated to be 2.09%. The net expense ratio is 1.35% and the management fee is 1.35%. 

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 do not exceed 1.96% (on an annual basis) of average daily net assets of the Fund until January 31, 2026. The expense limitation is exclusive of certain expenses. See the Prospectus and Summary Prospectus for additional details.

Portfolio composition is subject to change at any time.

Fees & Minimums

PURCHASE OF SHARES

Investment Minimum

$25,000

Additional Investment Minimum

$250

ANNUAL FUND OPERATING EXPENSES

Gross Expense Ratio

2.09%

Net Expense Ratio2

1.35%

Distribution (12b-1) Fee

None

SHAREHOLDER FEES

Sales Load

None

Deferred Sales Load

None

Redemption Fees (within 30 days)

1.00%

*The net long exposures are approximate and are the targeted exposures during most market environments.

1Gotham 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 1.96% (on an annual basis) of average daily net assets of the Fund until January 31, 2026. The expense limitation is exclusive of certain expenses. See the Prospectus and Summary Prospectus for additional details.

INDIVIDUAL INVESTORSFINANCIAL ADVISORS

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.

    • Charles Schwab
    • Fidelity Investments
    • Pershing
    • Vanguard

*The net long exposures are approximate and are the targeted exposures during most market environments.

 

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