We updated readers when a new mutual fund Gotham Absolute Return Fund, that trades under the name of Gotham Absolute Return Institutional (MUTF:GARIX), was launched by Gotham Capital. The fund has been operational since September of this year and is managed by the well known investor Joel Greenblatt and Robert Goldstein, who are both partners at Gotham Capital. The fund is also headed by Adam Barth, Gotham Capital’s Director of Research.
Gotham Absolute Return Fund is up 3.90 percent year to date till November, while the HFRX Equity Hedge Index has gained 1.71 percent in the same period. The fund was up 1.70 percent in its first month of business, September, and gained another 2.2 percent in the next two months. The daily return at end of October was 0.38 percent.
The current net asset value of NAV is around 10.56, the highest it has ever gained. GARIX is up 6.45 percent since it began trading on September 7th.
Gotham Absolute Return is an equity long/short fund that aims to keep net exposure below 70 percent, the net exposure till September was at 60 percent, with 118 percent long and -57 short exposure. The fund’s advisor, Gotham Asset Management is not charging any management fee for the first three years of operation and will reimburse any fund expenses to keep operating expenses, exclusive of costs, related to short sales and borrowing, at 2.25 percent.
The fund is available on several platforms, like Scottrade – Online Brokerage, Vanguard, TD Ameritrade, Fidelity Investments, Charles Schwab Mutual Fund OneSource, JP Morgan Securities, Curian Capital, SEI, Mesirow Financial, RW Baird, or directly from Gotham Asset Management. The minimum investment in the fund is $250,000.