Gotham Index Plus (GNNDX) 100% Net Long: Index Investment + Long/Short Overlay

NAVDAILY RETURN
$14.62-0.95%

As of August 20, 2019

starstarstarstar Overall Morningstar Rating ™ based on total risk-adjusted return through 7/31/19.Rated against 1,197 Large Blend Funds

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 July 31, 2019 Since Inception (Cumulative) Since Inception (Annualized) 3 Year (Annualized) Trailing 12 Months YTD Trailing 3 Months Month
GNNDX (Net) 57.23% 11.01% 13.40% 3.10% 10.67% 1.61% 2.37%
S&P 500 Total Return Index 57.50% 11.05% 13.36% 7.99% 20.24% 1.69% 1.44%
As of June 30, 2019 Since Inception (Cumulative) Since Inception (Annualized) 3 Year (Annualized) Trailing 12 Months YTD Trailing 3 Months Month
GNNDX (Net) 53.60% 10.63% 14.75% 5.08% 8.11% 1.79% 6.17%
S&P 500 Total Return Index 55.26% 10.91% 14.19% 10.42% 18.54% 4.30% 7.05%
As of July 31, 2019 2019 YTD 2018 2017 2016 2015
GNNDX (Net) 10.67% (3.75%) 25.75% 17.68% (0.25%)
S&P 500 Total Return Index 20.24% (4.38%) 21.83% 11.96% 0.43%

As of July 31, 2019

The Gotham Index Plus Fund Investor Class (GNNDX) shares were launched on 12/29/2017. Returns of GNNDX reflect extended performance and are an estimate based on the performance of the fund’s oldest share class, GINDX, adjusted for fees and expenses.

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. Current performance may be higher or lower than the performance quoted. Returns would have been lower if certain expenses had not been reduced or reimbursed.

Performance

As of July 31, 2019 GNNDX (Net) S&P 500 Total Return Index
Since Inception (Cumulative) 57.23% 57.50%
Since Inception (Annualized) 11.01% 11.05%
3 Year (Annualized) 13.40% 13.36%
Trailing 12 Months 3.10% 7.99%
YTD 10.67% 20.24%
Trailing 3 Months 1.61% 1.69%
Month 2.37% 1.44%
As of June 30, 2019 GNNDX (Net) S&P 500 Total Return Index
Since Inception (Cumulative) 53.60% 55.26%
Since Inception (Annualized) 10.63% 10.91%
3 Year (Annualized) 14.75% 14.19%
Trailing 12 Months 5.08% 10.42%
YTD 8.11% 18.54%
Trailing 3 Months 1.79% 4.30%
Month 6.17% 7.05%
As of July 31, 2019 GNNDX (Net) S&P 500 Total Return Index
2019 YTD 10.67% 20.24%
2018 (3.75%) (4.38%)
2017 25.75% 21.83%
2016 17.68% 11.96%
2015 (0.25%) 0.43%

As of July 31, 2019

The Gotham Index Plus Fund Investor Class (GNNDX) shares were launched on 12/29/2017. Returns of GNNDX reflect extended performance and are an estimate based on the performance of the fund’s oldest share class, GINDX, adjusted for fees and expenses.

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. Current performance may be higher or lower than the performance quoted. Returns would have been lower if certain expenses had not been reduced or reimbursed.

Key Facts

As of 7/31/19

Fund Inception Date 3/31/15
Ticker GNNDX
Share Class Investor
CUSIP 360875157
Targeted Gross Exposure 190% long/90% short
Targeted Net Exposure 100%
Investment Universe Large Cap
Size of Fund (millions) $752m
Morningstar Category Large Blend

Fees & Minimums

Investment Minimum $2,500
Additional Investment Minimum $500
Management Fees 1.00%
Other Expenses1,2 0.40%
Total Annual Fund Operating Expenses2 1.40%
Redemption Fee (within 30 days) 1%

Portfolio Characteristics

As of 6/30/19

Portfolio Exposure  
Long 193.28%
Short -94.27%
Net 99.00%
Gross 287.55%
Portfolio Composition  
Long Holdings 299
Short Holdings 195
Net Sector Allocation (% of Equity)  

Purchase Fund

Option 1: Buy through your Brokerage Platform

Also available at E*Trade Financial®Vanguard® and TD Ameritrade.

Option 2: Discuss with your Financial Planner

Gotham Index Plus Institutional Share Class (GINDX) is available at Merrill Lynch, UBS, Morgan Stanley, Wells Fargo, Raymond James, LPL Financial, Pershing LLC, JP Morgan, RBC, Baird, and others.

Option 3: Buy Directly through the Fund Family

Mutual fund investing involves risks, including possible loss of principal. The fund is not a passive index fund and will use leverage to make additional investments which could result in greater losses than if the fund were not leveraged. 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 fund will frequently adjust the size of its long and short positions and thus may experience high portfolio turnover which may increase brokerage costs. The fund utilizes swap agreements in their investment programs. The use of derivatives such as swaps exposes the fund to additional risks including volatility, lack of liquidity and possible losses greater than the fund’s initial investment. 

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 fund. The Gotham Index Plus Fund prospectus and summary prospectus are available by clicking here: prospectussummary prospectus or by calling 888-705-0545.

1Effective July 29, 2019, the Fund’s principal investment strategy was revised to reflect that the Fund will obtain its short exposure through the use of one or more swaps (a “swap”). Accordingly, “Other Expenses” has been restated to reflect estimated expenses that would have been incurred by the Fund if such strategy change was implemented for the entire fiscal year. “Other Expenses” does not include direct or indirect costs associated with the swap(s). Costs associated with swaps include any fees paid to the swap counterparty and the costs associated with the underlying reference assets including dividend and interest expenses on securities sold short. Such costs have the effect of reducing the return of the swap(s). The Fund’s performance is net of all such embedded swap fees and expenses. “Other Expenses” previously included a separate line item for “Dividend and Interest Expense on Securities Sold Short,” which expenses for the fiscal year ended September 30, 2018 were 2.39%. 

2Gotham Asset Management, LLC (“Gotham” or 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 (exclusive of taxes, “Acquired Fund Fees and Expenses”, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 1.40% (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, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of the reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation. 

While the inclusion of pre-inception data, in the form of extended performance, can provide valuable insight into the probable long-term behavior of newer share classes of a fund, investors should be aware that an adjusted historical return can only provide an approximation of that behavior. For example, the fee structures of a retail share class will vary from that of an institutional share class, as retail shares tend to have higher operating expenses and sales charges. These adjusted historical returns are not actual returns. The underlying investments in the share classes used to calculate the pre-performance string will likely vary from the underlying investments held in the fund after inception. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the fund itself.

The Morningstar RatingTM (“star rating”) applies to managed products (funds, variable subaccounts, and separate accounts) at least three years old. Exchange-traded and open-end mutual funds are combined into a single population. The rating is based on a Morningstar Risk-Adjusted Return, measuring variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and consistent performance. The top 10% of products in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is a weighted average of the three-, five-, and 10-year (if applicable) Morningstar Rating metrics. In the Large Blend category, GNNDX was rated 4 stars among 1,197 funds for the 3-year period ending 7/31/2019. © 2018 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Some of Morningstar’s proprietary calculations, including the Morningstar Rating™, are not customarily calculated based on adjusted historical returns. However, for new share classes/ channels, Morningstar may calculate an extended performance Morningstar Rating. The extended performance is calculated by adjusting the historical total returns of the oldest share class of a fund to reflect the fee structure of the younger share class/channel, attaching this data to the younger share class’ performance record, and then compounding the adjusted plus actual monthly returns into the extended performance Morningstar Risk-Adjusted Return for the three-, five-, and 10-year time periods. The Morningstar Risk-Adjusted Returns are used to determine the extended performance Morningstar Rating. The extended performance Morningstar Rating for this fund does not affect the retail fund data published by Morningstar, as the bell curve distribution on which the ratings are based includes only funds with actual returns. The Overall Morningstar Rating for multi-share funds is based on actual performance only or extended performance only. Once the share class turns three years old, the Overall Morningstar Rating will be based on actual ratings only.

S&P 500 Total Return Index is a market capitalization-weighted index of 500 large-capitalization stocks commonly used to represent 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. The index is unmanaged and investors cannot invest directly in the index.

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.

Gotham Index Plus Fund shares are distributed by Foreside Funds Distributors LLC (“Foreside”).

Gotham Asset Management, LLC is not affiliated with Foreside.