Dividend Investing Ideas Center
Critical Facts You Need to Know About Preferred Stocks
Have you ever wished for the safety of bonds, but the return potential...
Name
As of 12/05/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
30.7%
1 yr return
40.4%
3 Yr Avg Return
14.8%
5 Yr Avg Return
15.7%
Net Assets
$591 M
Holdings in Top 10
54.4%
Expense Ratio 1.49%
Front Load N/A
Deferred Load N/A
Turnover 158.00%
Redemption Fee 1.00%
Standard (Taxable)
$2,500
IRA
N/A
Fund Type
Open End Mutual Fund
Name
As of 12/05/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
The Fund seeks to achieve its investment objective by investing under normal circumstances in long and short positions of equity and equity-related securities. The Adviser will invest a portion of the assets in securities intended to track or exceed the performance of the S&P 500® Index (the “Index”) and additional exposure to a long/short portfolio (the “Long/Short Portfolio”), consisting of long and short positions, generally selected from the largest 500 to 700 U.S. companies by market capitalization. The Fund is not a passive index fund, but instead utilizes an enhanced index or “index plus” strategy.
The Long/Short Portfolio consists of 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. Under normal market conditions, the Fund targets a net exposure of approximately 100% and a gross exposure in the range of approximately 250 – 290%.
In determining in which securities to take a long or short position for the Long/Short Portfolio, the Adviser employs 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. |
Generally, the long portion of the Long/Short Portfolio is weighted towards those stocks that are priced at the largest discount to the Adviser’s assessment of value. Similarly, the short portion of the Long/Short Portfolio is generally weighted towards those short positions selling at the largest premium to the Adviser’s measures of value. The Long/Short Portfolio is also subject to the Adviser’s risk controls, which include liquidity and diversification considerations. The Fund is 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.
The Fund obtains exposure to the Index and invests some or all of the long portion of the Long/Short Portfolio through investment in one or more exchange-traded funds (“ETFs”) or mutual funds intended to track or exceed the performance of the Index. Such ETFs and mutual funds may include ETFs or mutual funds advised or sub-advised by the Adviser (each an “underlying fund” and collectively, the “underlying funds”). Presently, the Fund obtains some or all of its exposure to the Index and/or invests some or all of the long portion of the Long/Short Portfolio through its investment in the Gotham Enhanced 500 ETF. The Gotham Enhanced 500 ETF is an actively managed ETF sub-advised by Gotham that invests in securities of issuers included in the Index weighted based on Gotham’s assessment of value and each security’s weight in the Index.
The Fund currently obtains its long exposure through direct investment in securities, investments in other ETFs and through one or more swaps and its short exposure through one or more swaps. In addition, the Fund may 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. Because the Fund generally rebalances its long and short positions daily, the Fund will experience a high portfolio turnover rate.
Period | GNNDX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 30.7% | 6.3% | 46.9% | 9.28% |
1 Yr | 40.4% | 8.6% | 56.2% | 30.82% |
3 Yr | 14.8%* | -10.2% | 18.5% | 1.84% |
5 Yr | 15.7%* | -7.7% | 111.2% | 21.81% |
10 Yr | N/A* | -0.2% | 52.6% | N/A |
* Annualized
Period | GNNDX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 21.4% | -42.6% | 47.4% | 35.68% |
2022 | -13.4% | -56.3% | -4.2% | 6.28% |
2021 | 25.8% | -27.2% | 537.8% | 10.23% |
2020 | 5.6% | -22.5% | 2181.7% | 79.70% |
2019 | 17.8% | -13.5% | 40.4% | 78.88% |
Period | GNNDX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 30.7% | 6.3% | 46.9% | 9.28% |
1 Yr | 40.4% | 8.6% | 56.2% | 30.82% |
3 Yr | 14.8%* | -10.2% | 18.5% | 1.84% |
5 Yr | 15.7%* | -7.7% | 111.2% | 21.81% |
10 Yr | N/A* | -0.2% | 52.6% | N/A |
* Annualized
Period | GNNDX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 26.1% | -5.0% | 47.4% | 26.91% |
2022 | -11.9% | -36.8% | -2.2% | 13.96% |
2021 | 32.4% | 3.0% | 537.8% | 4.45% |
2020 | 6.5% | -15.8% | 2266.0% | 96.78% |
2019 | 19.1% | -0.4% | 241.3% | 98.35% |
GNNDX | Category Low | Category High | GNNDX % Rank | |
---|---|---|---|---|
Net Assets | 591 M | 2.34 M | 1.55 T | 63.45% |
Number of Holdings | 788 | 2 | 3963 | 6.95% |
Net Assets in Top 10 | 486 M | 880 K | 525 B | 50.70% |
Weighting of Top 10 | 54.36% | 0.3% | 111.6% | 5.67% |
Weighting | Return Low | Return High | GNNDX % Rank | |
---|---|---|---|---|
Stocks | 94.89% | 0.00% | 105.79% | 92.80% |
Other | 17.99% | -13.91% | 100.00% | 1.39% |
Preferred Stocks | 0.00% | 0.00% | 2.03% | 59.61% |
Convertible Bonds | 0.00% | 0.00% | 5.54% | 57.18% |
Cash | 0.00% | 0.00% | 99.07% | 97.79% |
Bonds | 0.00% | 0.00% | 93.85% | 60.18% |
Weighting | Return Low | Return High | GNNDX % Rank | |
---|---|---|---|---|
Technology | 19.26% | 0.00% | 48.94% | 77.35% |
Healthcare | 13.80% | 0.00% | 52.29% | 67.03% |
Consumer Cyclical | 12.41% | 0.00% | 30.33% | 16.24% |
Industrials | 12.22% | 0.00% | 29.90% | 16.32% |
Financial Services | 11.31% | 0.00% | 55.59% | 86.84% |
Consumer Defense | 9.04% | 0.00% | 47.71% | 18.07% |
Communication Services | 8.36% | 0.00% | 27.94% | 52.04% |
Energy | 3.94% | 0.00% | 41.64% | 54.95% |
Utilities | 3.70% | 0.00% | 20.91% | 15.65% |
Basic Materials | 3.01% | 0.00% | 25.70% | 36.80% |
Real Estate | 2.94% | 0.00% | 31.91% | 39.97% |
Weighting | Return Low | Return High | GNNDX % Rank | |
---|---|---|---|---|
US | 94.89% | 0.00% | 105.79% | 82.99% |
Non US | 0.00% | 0.00% | 63.83% | 64.84% |
GNNDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.49% | 0.01% | 19.75% | 14.49% |
Management Fee | 0.77% | 0.00% | 1.90% | 92.28% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 47.01% |
Administrative Fee | N/A | 0.00% | 0.85% | N/A |
GNNDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 1.00% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
GNNDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | 1.00% | 0.25% | 2.00% | 82.05% |
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.
GNNDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 158.00% | 0.00% | 268.00% | 96.03% |
GNNDX | Category Low | Category High | GNNDX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.28% | 0.00% | 25.47% | 28.61% |
GNNDX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annual | Quarterly | Quarterly |
GNNDX | Category Low | Category High | GNNDX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.30% | -54.00% | 2.44% | 71.93% |
GNNDX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Date | Amount | Type |
---|---|---|
Dec 06, 2023 | $0.083 | OrdinaryDividend |
Dec 06, 2023 | $0.766 | CapitalGainLongTerm |
Dec 07, 2022 | $0.337 | CapitalGainLongTerm |
Dec 08, 2021 | $1.100 | OrdinaryDividend |
Dec 10, 2020 | $0.141 | OrdinaryDividend |
Dec 12, 2019 | $0.180 | OrdinaryDividend |
Dec 13, 2018 | $0.040 | OrdinaryDividend |
Dec 13, 2018 | $0.230 | CapitalGainLongTerm |
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.
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.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.04 | 39.02 | 7.25 | 2.42 |
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