WealthTrack: Joel Greenblatt on why he built GINDX
Consuelo Mack and Joel Greenblatt revisit the Gotham Index Plus Fund (GINDX) after its 3 year anniversary. For fund holdings please visit www.gothamfunds.com.
Podcast: Gotham Index Plus Update with Joel Greenblatt
Joel Greenblatt provides his market outlook and discusses the Gotham Index Plus Fund (GINDX).
Joel Greenblatt’s Investing Secrets Revealed
The Columbia University professor and co-founder of Gotham Asset Management made the case for value investing in his best-selling The Little Book That Beats the Market, buying shares of businesses that were cheap relative to returns on…
WealthTrack: Joel Greenblatt – Index Based Strategies
Consuelo Mack and Joel Greenblatt discuss his market observations and the launch of the Gotham Index Plus Fund (GINDX).
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 increased 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: prospectus, summary 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 1.15%, with respect to Institutional Class shares, (on an annual basis) and 1.40%, with respect to Investor Class shares, (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.
3A preference for long-term gains is an objective established and followed by Gotham, is not formal policy of the fund, and is subject to change at any time.
Performance and Morningstar ranking is that of the Gotham Index Plus Fund Institutional Class shares (GINDX). The Gotham Index Plus Fund Investor Class (GNNDX) shares were launched on 12/29/2017.
GINDX ranked in the 7th percentile based on total return among 1,202 Large Blend funds in its Morningstar peer group for the period since inception (3/31/2015) through 7/31/19. For the trailing 1-year time period through 7/31/2019, GINDX ranked in the 76th percentile based on total return among 1,314 Large Blend funds in its Morningstar peer group. Past performance is no guarantee of future results.
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.