GDLIX — Gotham Defensive Long Fund

GDLIX Fund Overview

GDLIX — Gotham Defensive Long Fund is a US mutual fund managed by FundVantage Trust, categorised as United States Value Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: FundVantage Trust
• Category: United States Value Equity
• Assets under management: $1.93M
• Ticker: GDLIX
• SEC CIK: 0001388485
• SEC series ID: S000055424
• Share class ID: C000174404

GDLIX Investment Objective and Strategy

Gotham Defensive Long Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by FundVantage Trust.

Investment objective

"The Gotham Defensive Long Fund (the ""Fund"") seeks long-term capital appreciation."

Principal investment strategy

The Fund seeks to achieve its investment objective by investing under normal circumstances in long and short positions of equity securities, primarily U.S. common stocks. The Fund will generally take long positions in securities that the Adviser believes to be undervalued and 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. It is anticipated that the Fund will hold several hundred long positions and a similar number of short positions. The Adviser seeks to capitalize on pricing inefficiencies in the market by employing a systematic, bottom-up, valuation approach based on the Adviser's proprietary analytical framework to identify companies that appear to be undervalued or overvalued on both an absolute and relative basis.

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 shorts based on the Adviser's assessment of value. The long portion of the portfolio is generally weighted more heavily towards those stocks that are priced at a larger discount to the Adviser's assessment of value and the short portion is generally weighted more heavily towards those positions selling at the largest premium to the Adviser's measures of value, subject to pre-specified risk and diversification constraints.

In constructing the portfolio the Adviser pursues a defensive investment style, meaning it seeks to mitigate downside risk in declining markets. The Fund will be rebalanced (generally daily) to maintain exposure levels, manage risk and reposition the portfolio to reflect earnings releases and other new information related to particular companies. Because the Fund generally rebalances its long and short positions on a daily basis, the Fund may experience a high portfolio turnover rate. The Adviser seeks to maintain the Fund's net exposure, which is the value of the Fund's long positions minus its short positions, in the range of approximately 70 100%. The Adviser expects that the Fund's gross exposure, which is the value of the Fund's long positions plus its short positions, will not exceed 275%.

The Fund may invest in companies of any size. The Fund may also lend portfolio securities to brokers, dealers and other financial organizations meeting capital and other credit requirements or other criteria established by the Fund's Board of Trustees. Loans of portfolio securities will be collateralized by liquid securities and cash. The Fund may invest cash collateral received in securities consistent with its principal investment strategy. The Fund's investment of the proceeds of short sales creates leverage in the Fund which may amplify changes in the Fund's net asset value.

GDLIX Costs and Fees

GDLIX costs about $344 per $10,000 invested per year in fund expenses.

• Net expense ratio: 3.44%
• Gross expense ratio: 7.66%
• Portfolio turnover: 204%
• Brokerage commissions: 5.17 bps of average net assets (SEC N-CEN)

GDLIX Cashflows

Over the 12 months to 2020-03, Gotham Defensive Long Fund had net inflows of $427.75K, from monthly SEC N-PORT filings.

GDLIX Debt Constituents

No individual debt constituents are reported in Gotham Defensive Long Fund's latest SEC N-PORT filing.

GDLIX Prospectus and SEC Filings

Official Gotham Defensive Long Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-02-20
• Prospectus (485BPOS) — filed 2018-02-20
• Prospectus supplement (497) — filed 2019-02-22
• Portfolio holdings (N-PORT) — filed 2020-05-20
• Portfolio holdings (N-PORT) — filed 2020-02-28
• Portfolio holdings (N-PORT) — filed 2019-11-19
• Annual census (N-CEN) — filed 2019-12-13
• Annual census (N-CEN) — filed 2018-12-14

Related Funds

Other United States Value Equity funds tracked on ABC INVEST:

• Dfa International Value Portfolio (DFIVX)
• Dfa International Value Portfolio III (DFVIX)
• HCM Dividend Sector Plus Fund (HCMNX)
• Eaton Vance Emerging Markets Local Income Fund (EEIAX)
• Eaton Vance High Income Opportunities Fund (ETHIX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.