Joel Greenblatt

Joel Greenblatt's Gotham Absolute Return Fund Up 15% in Past Year

Joel Greenblatt’s Gotham Asset Management is pleased to announce the launch of Gotham Enhanced Return Fund Institutional Class Shares (MUTF:GENIX).  This is the firm’s second long/short equity hedged fund available in the form of a mutual fund.

See Joel Greenblatt And Ben Graham Stocks: Short Ideas In Europe

Joel Greenblatt's Gotham Absolute Return Fund Up 15% in Past Year

Gotham Enhanced Return Fund (GENIX) complements our existing long/short fund, Gotham Absolute Return Fund Institutional Class Shares (MUTF:GARIX), for clients seeking a higher net equity exposure.

The new fund seeks long term capital appreciation greater than that of the S&P 500 over a full market cycle. Gotham Enhanced Return Fund Institutional Class Shares (MUTF:GENIX) uses Gotham’s proprietary equity research and risk controls to select long and short stock portfolios primarily from the U.S. large and mid-cap range.  The Fund’s net long exposure will generally approximate 100% long while using a combination of long and short stock positions.

Gotham Absolute Return Fund Institutional Class Shares (MUTF:GARIX), the long/short equity hedged fund we launched last August, will generally maintain a net long exposure between 50 and 60% long while using a combination of long and short stock positions. Gotham Absolute Return Fund Institutional Class Shares (MUTF:GARIX) seeks long term capital appreciation while also seeking to achieve positive returns during most annual periods in an efficient, risk-adjusted manner.

See Joel Greenblatt CBS Lecture on Valuing and Using LEAPS

Joel Greenblatt and Robert Goldstein proprietary analytical framework

Both Funds employ Gotham’s proprietary equity research and risk controls to select long and short stock portfolios primarily from the U.S. large and mid-cap range.  The Co-CIO’s, Joel Greenblatt and Robert Goldstein and their team of equity analysts employ Gotham’s proprietary analytical framework to evaluate stocks within the coverage universe on measures of absolute and relative value.

The long portfolios are rebalanced daily to weight most heavily those stocks that are priced at the largest discount to Gotham’s assessment of value.  In general, as a company appears cheaper its weight in the portfolio increases. Similarly, the short portfolios are rebalanced daily to weight most heavily those short positions selling at the largest premium to Gotham’s measures of value.

Risk for the Fund’s integrated long/short portfolios is managed following a disciplined proprietary process limiting concentration in any one company, industry or sector.  In addition, gross and net exposures are managed daily to remain within carefully defined ranges.

See Ben Graham And Joel Greenblatt Stocks In South Korea

Gotham Asset Management Joel Greenblatt Shareholder Letter

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