GMIDX — Gotham Master Index Plus Fund

GMIDX Fund Overview

GMIDX — Gotham Master Index Plus Fund is a US mutual fund managed by FundVantage Trust, categorised as Developed ex-US Blend / Core 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: Developed ex-US Blend / Core Equity
• Assets under management: $993.82K
• Ticker: GMIDX
• SEC CIK: 0001388485
• SEC series ID: S000057564
• Share class ID: C000183464

GMIDX Investment Objective and Strategy

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

Investment objective

"The Gotham Master Index Plus Fund (the ""Fund"") seeks long-term capital appreciation."

Principal investment strategy

"The Fund intends to allocate a significant portion of its assets among mutual funds advised by Gotham (each an ""underlying fund"" and collectively, the ""underlying funds""), particularly, those underlying funds that attempt to outperform a broad based index of U.S. large capitalization companies (a ""benchmark""). Accordingly, the Fund currently intends to allocate to the Gotham Index Plus Fund, Gotham Index Plus All-Cap Fund, Gotham Enhanced S&P 500 Index Fund and Gotham Enhanced Index Plus Fund. The Fund may also invest in other underlying funds that implement a strategy intended to outperform a benchmark. Certain of the underlying funds utilize a long/short equity strategy with varying levels of gross exposure (which is the value of the long positions plus its short positions) and/or net exposure (long positions less short positions).

The Fund may also invest in securities directly. When investing in securities directly, the Fund will 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, and by generally following the investment approach described below for the underlying funds. The Fund may also purchase shares of other registered investment companies where the investment adviser is not the same as, or affiliated with, the Adviser, including ETFs. The Adviser expects that the net long exposure for the Fund will be 70% 100% during normal market conditions. The Fund's allocation among the underlying funds and investments is expected to be rebalanced from time to time.

Each of the underlying funds takes long positions in securities that the Adviser believes to be undervalued and, except for the Gotham Enhanced S&P 500 Index Fund, 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. The underlying funds generally invest in U.S. common stocks. Certain underlying funds will invest in companies with small and mid-sized market capitalizations. 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 (i.e., how well an issuer deploys or invests its capital), capital structure (i.e., the manner in which capital is obtained such as through debt, common stock or preferred stock), 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.

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 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 also 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 short positions on a daily basis, the Fund and the underlying funds may each experience a high portfolio turnover rate.

As of the date of the Prospectus, Gotham serves as an investment adviser to 16 mutual funds that may be utilized as underlying funds. Although not a principal investment strategy, the Fund may from time to time invest in foreign securities. An underlying fund's investment of the proceeds of short sales creates leverage in such underlying fund, which may amplify changes in such underlying fund's net asset value. The underlying funds also 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. The underlying funds may invest cash collateral received in securities consistent with their principal investment strategy.

Under normal circumstances, the Fund directly, or indirectly through underlying funds, invests at least 80% of its assets in securities of issuers included in the Russell 3000 Index at the time of purchase. For purposes of this 80% investment policy, the term ""assets"" means net assets, plus the amount of any borrowings for investment purposes and reinvested proceeds from short sales. This 80% policy may be changed by the Board of Trustees upon 60 days' written notice to shareholders. The Fund is not an index fund and does not utilize a passive investment strategy."

GMIDX Costs and Fees

GMIDX costs about $152 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.52%
• Gross expense ratio: 8.41%
• Portfolio turnover: 13%
• Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

GMIDX Cashflows

Over the 12 months to 2020-03, Gotham Master Index Plus Fund had net inflows of $192.34K, from monthly SEC N-PORT filings.

GMIDX Debt Constituents

No individual debt constituents are reported in Gotham Master Index Plus Fund's latest SEC N-PORT filing.

GMIDX Prospectus and SEC Filings

Official Gotham Master Index Plus Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-02-20
• Prospectus (485BPOS) — filed 2019-02-22
• Prospectus supplement (497) — filed 2020-02-20
• 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 Developed ex-US Blend / Core Equity funds tracked on ABC INVEST:

• State Street International Stock Selection Fund (SSAIX)
• Columbia Pyrford International Stock Fund (PISJX)
• Core Market Neutral Fund (STTKX)
• Long Cramer Tracker ETF (LJIM)
• Baillie Gifford International Smaller Companies Fund (BICKX)

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.