Gotham Total Return Fund
Name
As of 04/23/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
7.1%
1 yr return
21.3%
3 Yr Avg Return
8.3%
5 Yr Avg Return
6.2%
Net Assets
$21.7 M
Holdings in Top 10
98.7%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.78%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 85.00%
Redemption Fee 1.00%
Min Investment
Standard (Taxable)
$100,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/23/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
GTRFX - Profile
Distributions
- YTD Total Return 7.1%
- 3 Yr Annualized Total Return 8.3%
- 5 Yr Annualized Total Return 6.2%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.68%
- Dividend Yield 3.0%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameGotham Total Return Fund
-
Fund Family NameGotham
-
Inception DateMar 31, 2015
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerRobert Goldstein
Fund Description
The Fund seeks to achieve its objective primarily by investing in other funds managed by the Adviser as described below. By following the investment strategy described below, the Fund hopes to achieve its investment objective and in doing so, outperform the investment returns of the top ranked university endowments over a full market cycle, which is a period that includes both a bull (rising) market and a bear (falling) market cycle.
The Fund intends to allocate the majority of its assets among other investment companies advised or sub-advised by Gotham (each an “underlying fund” and collectively, the “underlying funds”). The underlying funds utilize long/short equity strategies with varying levels of net exposure (long positions less short positions) or long-only equity strategies. The Fund’s allocation to the underlying funds and investments may be rebalanced based on the Adviser’s current assessment of market conditions.
As a fund of funds, in addition to the underlying funds, the Fund may purchase shares of other registered investment companies where the investment adviser is not the same as, or affiliated with, Gotham, including ETFs. The Fund may also invest in equity or equity-related securities directly.
The Underlying Funds
Each of the underlying funds takes long positions in securities that the Adviser believes to be undervalued and, for those underlying funds that utilize a long/short strategy, short positions in securities that the Adviser believes to be overvalued, based on the Adviser’s analysis of the issuer’s financial reports and market valuation. Certain of the underlying funds obtain some or all of their long and short exposure, respectively, through the use of one or more swaps. The underlying funds generally invest in companies traded on U.S. markets.
For each of the underlying funds, the Adviser employs a systematic bottom-up approach based on the Adviser’s proprietary analytical framework. This approach consists of:
● | Researching and analyzing each company in the Adviser’s coverage universe according to a methodology that emphasizes fundamentals such as recurring earnings, cash flows, capital efficiency, capital structure, and valuation; |
● | Identifying and excluding companies that do not conform to the Adviser’s valuation methodology or companies judged by the Adviser to have questionable financial reporting; |
● | Updating the analysis for earning releases, annual (Form 10-K) and quarterly (Form 10-Q) reports and other corporate filings; and |
● | Recording analysis in a centralized database enabling the Adviser to compare companies and identify longs and, as applicable, shorts based on the Adviser’s assessment of value. |
Generally, each underlying fund’s long portfolio is weighted most heavily towards those stocks that are priced at the largest discount to the Adviser’s assessment of value. Similarly, the short portfolio of each underlying fund that utilizes a long/short strategy is generally weighted most heavily towards those short positions selling at the largest premium to the Adviser’s measures of value. The underlying funds are subject to the Adviser’s risk controls, which include liquidity and diversification considerations. The underlying funds are rebalanced (generally daily) to maintain exposure levels, manage risk and reposition the portfolios to reflect earnings releases and other new information related to particular companies. Because each underlying fund generally rebalances its long and, where applicable, short positions daily, the Fund and the underlying funds may each experience a high portfolio turnover rate.
An underlying fund may lend portfolio securities to brokers, dealers and other financial organizations meeting capital and other credit requirements or other criteria established by the Board of Trustees. Loans of portfolio securities will be collateralized by liquid securities and cash. An underlying fund may invest cash collateral received in securities consistent with its principal investment strategy.
GTRFX - Performance
Return Ranking - Trailing
Period | GTRFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 7.1% | -9.3% | 15.1% | 27.38% |
1 Yr | 21.3% | -14.9% | 36.6% | 13.69% |
3 Yr | 8.3%* | -20.9% | 26.9% | 16.22% |
5 Yr | 6.2%* | -4.4% | 25.5% | 51.11% |
10 Yr | N/A* | -4.1% | 9.9% | N/A |
* Annualized
Return Ranking - Calendar
Period | GTRFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 7.2% | -17.3% | 43.8% | 41.67% |
2022 | -18.1% | -54.0% | 17.4% | 83.01% |
2021 | 21.9% | -40.0% | 54.1% | 15.65% |
2020 | -12.0% | -47.6% | 88.4% | 88.65% |
2019 | 6.1% | -20.3% | 62.6% | 72.93% |
Total Return Ranking - Trailing
Period | GTRFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 7.1% | -9.3% | 15.1% | 27.38% |
1 Yr | 21.3% | -14.9% | 36.6% | 13.69% |
3 Yr | 8.3%* | -20.9% | 26.9% | 16.22% |
5 Yr | 6.2%* | -4.4% | 25.5% | 51.11% |
10 Yr | N/A* | -4.1% | 9.9% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | GTRFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 15.2% | -14.5% | 43.8% | 21.43% |
2022 | -9.9% | -54.0% | 50.3% | 65.36% |
2021 | 27.8% | -40.0% | 61.6% | 13.61% |
2020 | -11.4% | -29.9% | 91.0% | 92.20% |
2019 | 12.6% | -17.9% | 79.4% | 42.86% |
NAV & Total Return History
GTRFX - Holdings
Concentration Analysis
GTRFX | Category Low | Category High | GTRFX % Rank | |
---|---|---|---|---|
Net Assets | 21.7 M | 1.08 M | 6.67 B | 89.35% |
Number of Holdings | 6 | 3 | 1788 | 90.36% |
Net Assets in Top 10 | 21.1 M | 474 K | 2.09 B | 74.10% |
Weighting of Top 10 | 98.70% | 0.4% | 182.8% | 15.06% |
Top 10 Holdings
- Gotham 1000 Value ETF 29.32%
- Gotham Value Fund 18.61%
- Gotham Enhanced SP 500 Index Fund 16.45%
- Gotham Hedged Core Fund 14.78%
- Gotham Defensive Long 500 Fund 10.02%
- Gotham Neutral Fund 9.52%
Asset Allocation
Weighting | Return Low | Return High | GTRFX % Rank | |
---|---|---|---|---|
Stocks | 98.70% | 0.00% | 102.24% | 4.82% |
Cash | 1.30% | 0.00% | 102.08% | 96.99% |
Preferred Stocks | 0.00% | 0.00% | 8.29% | 56.63% |
Other | 0.00% | -45.12% | 99.51% | 56.63% |
Convertible Bonds | 0.00% | -0.02% | 4.48% | 48.75% |
Bonds | 0.00% | 0.00% | 178.67% | 63.86% |
Stock Sector Breakdown
Weighting | Return Low | Return High | GTRFX % Rank | |
---|---|---|---|---|
Technology | 19.61% | 0.00% | 43.24% | 41.01% |
Healthcare | 16.18% | 0.00% | 100.00% | 36.69% |
Consumer Cyclical | 12.97% | 0.00% | 88.83% | 22.30% |
Consumer Defense | 12.67% | 0.00% | 33.38% | 10.79% |
Industrials | 12.05% | 0.00% | 31.93% | 40.29% |
Communication Services | 8.63% | 0.00% | 32.32% | 30.22% |
Financial Services | 8.00% | 0.00% | 83.83% | 81.29% |
Basic Materials | 3.48% | 0.00% | 28.58% | 43.17% |
Energy | 3.47% | 0.00% | 32.57% | 57.55% |
Real Estate | 1.66% | 0.00% | 10.93% | 46.76% |
Utilities | 1.29% | 0.00% | 21.71% | 57.55% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | GTRFX % Rank | |
---|---|---|---|---|
US | 98.70% | 0.00% | 102.24% | 4.82% |
Non US | 0.00% | -3.09% | 67.69% | 57.83% |
GTRFX - Expenses
Operational Fees
GTRFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.78% | 0.42% | 8.51% | 65.68% |
Management Fee | 0.00% | 0.00% | 2.50% | 0.59% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.03% | 1.54% | N/A |
Sales Fees
GTRFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
GTRFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | 1.00% | 0.50% | 2.00% | 42.86% |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
GTRFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 85.00% | 0.00% | 479.00% | 43.94% |
GTRFX - Distributions
Dividend Yield Analysis
GTRFX | Category Low | Category High | GTRFX % Rank | |
---|---|---|---|---|
Dividend Yield | 3.01% | 0.00% | 27.60% | 10.12% |
Dividend Distribution Analysis
GTRFX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annual | Annual | Annual |
Net Income Ratio Analysis
GTRFX | Category Low | Category High | GTRFX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.68% | -3.33% | 2.16% | 8.98% |
Capital Gain Distribution Analysis
GTRFX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 07, 2023 | $0.888 | OrdinaryDividend |
Dec 08, 2022 | $1.167 | OrdinaryDividend |
Dec 16, 2019 | $0.786 | OrdinaryDividend |
Dec 17, 2018 | $0.048 | OrdinaryDividend |
Dec 18, 2017 | $0.035 | OrdinaryDividend |
Dec 16, 2016 | $0.005 | OrdinaryDividend |
GTRFX - Fund Manager Analysis
Managers
Robert Goldstein
Start Date
Tenure
Tenure Rank
Mar 31, 2015
7.17
7.2%
Mr. Robert Goldstein serves as Managing Principal & Co-Chief Investment Officer at Gotham Asset Management. Mr. Goldstein also founded and served as Managing Partner (1989-1997) of Metropolis Partners, value and special situation investment partnership managing capital on behalf of institutions and wealthy individuals before returning capital to outside investors at the end of 1997. Mr. Goldstein currently serves on the Board of Trustees of the Museum of the City of New York. He holds a BA (1988), magna cum laude, from Tufts University.
Joel Greenblatt
Start Date
Tenure
Tenure Rank
Mar 31, 2015
7.17
7.2%
Mr. Joel Greenblatt is the Founder and serves as Managing Principal & Co-Chief Investment Officer at Gotham Asset Management. Since 1996, he has been a professor on the adjunct faculty of Columbia Business School where he teaches "Value and Special Situation Investing." Mr. Greenblatt is a director of Pzena Investment Management, Inc., a global investment management firm. He formerly served on the Investment Boards of the University of Pennsylvania and the UJA Federation. Mr. Greenblatt is the author of You Can Be A Stock Market Genius (Simon & Schuster, 1997), The Little Book that Beats the Market (Wiley, 2005), The Little Book that Still Beats the Market (Wiley, 2010), and The Big Secret for the Small Investor (Random House, 2011). He is the Former Chairman of the Board (1994-1995) of Alliant Techsystems, an NYSE-listed aerospace and defense contractor. He holds a BS (1979), summa cum laude, and an MBA (1980) from the Wharton School of the University of Pennsylvania.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.07 | 23.55 | 6.07 | 7.93 |