Fund Evaluator:
Gator Capital L/S Fd (GATRX)
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Best Performing in Long-Short Equity Over the Last Year
| 30.7% | Boston Partners Long/Short Equity Inv (BPLEX) |
| 22.7% | ABR 50/50 Volatility Investor (ABRJX) |
| 19.8% | ABR 75/25 Volatility Investor (VOLJX) |
| 19.7% | Gator Capital L/S Fd (GATRX) |
| 18.4% | Cromwell Long Short Investor (MFADX) |
Fund Details
Gator Capital L/S Fd Overview
Gator Capital L/S Fd (GATRX) is an actively managed Nontraditional Equity Long-Short Equity fund. Caldwell & Orkin launched the fund in 1992.
The investment seeks to provide long-term capital growth with a short-term focus on capital preservation. The fund's principal investment strategy involves active asset allocation among long, short and cash positions in an effort to mitigate market risk (the risk of broad market declines), while employing fundamental and technical analysis in an effort to mitigate stock selection risk. It typically invests between 30% and 100% of its net assets in common stocks and ETFs, and between 0% and 30% in cash, money market investments or fixed income securities. It may invest in companies of any size.
About Gator Capital L/S Fd (GATRX)
There are 2 members of the management team with an average tenure of 8.38 years: Derek Pilecki (2017), Christopher Pilecki (2018). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Morningstar Long/Short Equity Cat index with a weighting of 100%. Gator Capital L/S Fd has 99 securities in its portfolio. The top 10 holdings constitute 35.5% 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.
Gator Capital L/S Fd is part of the Equity global asset class and is within the Nontraditional Equity fund group. Gator Capital L/S Fd has 12.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 47.5%. There is 12.6% allocated to foreign stock, and 0.9% 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). Gator Capital L/S Fd has 39.1% of the portfolio in cash.
Assets Under Management
The fund has $76 million in total assets, which is below the $342 million average for the Long-Short Equity 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.
GATRX 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 Gator Capital L/S Fd expense ratio is high compared to funds in the Long-Short Equity category. Gator Capital L/S Fd has an expense ratio of 2.63%, which is 20% higher than its category average, making the fund expense ratio grade a D. 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. Gator Capital L/S Fd has a portfolio turnover rate of 42%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 287% for the Long-Short Equity category.
Recently, in the month of June 2026, Gator Capital L/S Fd returned 5.4%, which earned it a grade of A, as the Long-Short Equity category had an average return of -0.3%. 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.
Gator Capital L/S Fd has a trailing yield of 0.40%, which is below the 1.21% 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.
Gator Capital L/S Fd Grades
Year to date, the fund has returned 7.0%, 1.9 percentage points better than the category, which translates into a grade of C. The fund has returned 19.7% over the past year (grade of B), 28.9% over the past three years (grade of A) and 17.8% per year over the past five years (grade of A) and 11.9% per year over the past 10 years (grade of A).
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GATRX 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 |
|
| GATRX Return (NAV) | 5.4% | 13.4% | 19.7% | 28.9% | 17.8% | 11.9% |
| GATRX Grade | A | A | B | A | A | A |
| +/- Category | 5.7% | 7.7% | 7.7% | 17.3% | 9.4% | 3.9% |
| Long-Short Equity Avg | -0.3% | 5.7% | 12.1% | 11.6% | 8.5% | 8.0% |
| GATRX Tax Cost Ratio | na | na | 1.1% | 0.5% | 0.3% | 0.1% |
GATRX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| GATRX Return (NAV) | 7.0% | 22.8% | 35.6% | 32.0% | -7.2% | 27.2% | 11.1% | 24.2% | -15.5% | 0.9% | -10.2% |
| GATRX Grade | C | A | A | A | C | B | B | A | F | F | F |
| +/- Category | 1.9% | 11.3% | 22.2% | 18.9% | -3.3% | 6.0% | 5.2% | 10.9% | -7.6% | -10.7% | -17.4% |
| Long-Short Equity Avg | 5.1% | 11.4% | 13.4% | 13.0% | -3.8% | 21.2% | 5.8% | 13.3% | -7.9% | 11.6% | 7.3% |
| Risk Measures | |
| Standard Deviation: | 15.5% |
| Total Risk Index: | 1.27 - Above Average |
| Category Risk Index: | 1.52 - High |
| Category Risk Grade: | F (94% Rank) |
| Beta: | 0.83 |
| R-Squared: | 49% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | na |
| Yield: | 0.4% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $76 Mil |
| Fund Total Assets: | $ 77 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 42% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 8.7 years | |||
| Average Tenure: 8.4 years | |||
| Managers (Year): Pilecki Derek (2017), Pilecki Christopher (2018) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 99 |
| % in Top 10 Holdings: | 35.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 12.6% |
Portfolio Allocation |
|
| Domestic Stock: | 47.5% |
| Foreign Stock: | 12.6% |
| Preferred Stock: | 0.9% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.0% |
| Cash: | 39.1% |
Purchase Information
| Fund Family: | Caldwell & Orkin |
| Phone Number: | 800-467-7903 |
| Website: | www.caldwellorkin.com |
| Status: | Open |
| Inception Date: | August 24, 1992 |
| Min. Initial Purchase: | $5,000 |
| Min. Initial IRA Purchase: | $5,000 |
| 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 (%): | 2.63% ( Rating : High ) |
| Category Average Expense Ratio (%): | 2.19% |
| Share Class: | Gator Capital L/S Fd |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
