Fund Evaluator:
Bridgeway Global Opportunities Fund N (BRGOX)
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Best Performing in Equity Market Neutral Over the Last Year
| 17.7% | Bridgeway Global Opportunities Fund N (BRGOX) |
| 6.9% | Fidelity Advisor Equity Market Neutral Z (FEMWX) |
Fund Details
Bridgeway Global Opportunities Fund N Overview
Bridgeway Global Opportunities Fund N (BRGOX) is an actively managed Alternative Equity Market Neutral fund. Bridgeway launched the fund in 2024.
The investment seeks long-term positive absolute returns while limiting exposure to general stock market risk. Under normal market conditions, the fund follows a dollar neutral strategy, which the fund's managers consider as a strategy designed to produce a portfolio that is neutral with respect to general stock market direction. The dollar neutral strategy is periodically rebalanced to have roughly equal investments in long and short positions, subject to the availability of shorts.
About Bridgeway Global Opportunities Fund N (BRGOX)
There are 4 members of the management team with an average tenure of 1.71 years: Elena Khoziaeva (2024), Christine Wang (2024), John Montgomery (2024), Jacob Pozharny (2024). Management tenure is more important for actively managed funds than passive index funds.
Bridgeway Global Opportunities Fund N has 3564 securities in its portfolio. The top 10 holdings constitute 80.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Bridgeway Global Opportunities Fund N is part of the Alternative Strategies global asset class and is within the Alternative fund group. Bridgeway Global Opportunities Fund N has -0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is -0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Bridgeway Global Opportunities Fund N has 111.1% of the portfolio in cash.
Assets Under Management
The fund has $40 million in total assets, which is below the $602 million average for the Equity Market Neutral category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BRGOX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Bridgeway Global Opportunities Fund N expense ratio is high compared to funds in the Equity Market Neutral category. Bridgeway Global Opportunities Fund N has an expense ratio of 1.63%, which is 18% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. A portfolio turnover rate cannot be currently calculated for Bridgeway Global Opportunities Fund N. By way of comparison, the average portfolio turnover is 137% for the Equity Market Neutral category.
Recently, in the month of June 2026, Bridgeway Global Opportunities Fund N returned 2.4%, which earned it a grade of A, as the Equity Market Neutral category had an average return of 0.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Bridgeway Global Opportunities Fund N has a trailing yield of 6.40%, which is above the 2.28% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Bridgeway Global Opportunities Fund N Grades
Year to date, the fund has returned 6.2%, 3.6 percentage points better than the category, which translates into a grade of B. The fund has returned 17.7% over the past year (grade of A).
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BRGOX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BRGOX Return (NAV) | 2.4% | -0.2% | 17.7% | na | na | na |
| BRGOX Grade | A | D | A | na | na | na |
| +/- Category | 1.7% | -2.4% | 10.6% | na | na | na |
| Equity Market Neutral Avg | 0.7% | 2.2% | 7.1% | 9.7% | 7.9% | 4.8% |
| BRGOX Tax Cost Ratio | na | na | 4.2% | na | na | na |
BRGOX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BRGOX Return (NAV) | 6.2% | 14.6% | na | na | na | na | na | na | na | na | na |
| BRGOX Grade | B | A | na | na | na | na | na | na | na | na | na |
| +/- Category | 3.6% | 4.1% | na | na | na | na | na | na | na | na | na |
| Equity Market Neutral Avg | 2.5% | 10.5% | 9.8% | 8.3% | 4.5% | 6.9% | -1.6% | 1.7% | -0.4% | 5.7% | 0.6% |
| Risk Measures | |
| Standard Deviation: | na |
| Total Risk Index: | na |
| Category Risk Index: | na |
| Category Risk Grade: | |
| Beta: | na |
| R-Squared: | na |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 6.4% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $40 Mil |
| Fund Total Assets: | $ 40 Mil |
| Share Class Type: | N |
| Portfolio Turnover: | na |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 1.7 years | |||
| Average Tenure: 1.7 years | |||
| Managers (Year): Khoziaeva Elena (2024), Wang Christine (2024), Montgomery John (2024), Pozharny Jacob (2024) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 3564 |
| % in Top 10 Holdings: | 80.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | -0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | -0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -11.1% |
| Cash: | 111.1% |
Purchase Information
| Fund Family: | Bridgeway |
| Phone Number: | 800-661-3550 |
| Website: | www.bridgeway.com |
| Status: | Open |
| Inception Date: | October 15, 2024 |
| Min. Initial Purchase: | $2,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 2.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.63% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.99% |
| Share Class: | Bridgeway Global Opportunities Fund N |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
