Fund Evaluator:

Gotham Total Return Institutional Overview

Gotham Total Return Institutional (GTRFX) is an actively managed Nontraditional Equity Long-Short Equity fund. Gotham launched the fund in 2015.

The investment seeks long-term capital appreciation. The advisor intends to allocate the majority of its assets among mutual funds advised by Gotham (each an "underlying fund" and collectively, the "underlying funds"). Each of the underlying funds utilize a long/short equity strategy with varying levels of net exposure (long positions less short positions). The fund's allocation to the underlying funds and investments may be rebalanced based on the adviser's current assessment of market conditions.

About Gotham Total Return Institutional (GTRFX)

There are 2 members of the management team with an average tenure of 11.43 years: Joel Greenblatt (2015), Robert Goldstein (2015). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: HFRX Equity Hedge USD index with a weighting of 100% and S&P 500 (TR) (1970) index with a weighting of 100%. Gotham Total Return Institutional has 5 securities in its portfolio. The top 10 holdings constitute 100.0% 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.

Gotham Total Return Institutional is part of the Equity global asset class and is within the Nontraditional Equity fund group. Gotham Total Return Institutional has 2.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 72.5%. There is 2.6% 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). Gotham Total Return Institutional has -0.1% of the portfolio in cash.

Assets Under Management

The fund has $18 million in total assets, which is below the $361 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.

GTRFX 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 Gotham Total Return Institutional expense ratio is high compared to funds in the Long-Short Equity category. Gotham Total Return Institutional has an expense ratio of 0.81%, which is 63% lower than its category average, making the fund expense ratio grade a A. 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. Gotham Total Return Institutional has a portfolio turnover rate of 7%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 287% for the Long-Short Equity category.

Recently, in the month of August 2026, Gotham Total Return Institutional returned 3.6%, which earned it a grade of A, as the Long-Short Equity category had an average return of 1.8%. 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.

Gotham Total Return Institutional has a trailing yield of 1.32%, which is above the 1.14% 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.

Gotham Total Return Institutional Grades

Year to date, the fund has returned 14.6%, 5.2 percentage points better than the category, which translates into a grade of B. The fund has returned 20.9% over the past year (grade of B), 17.5% over the past three years (grade of A) and 11.2% per year over the past five years (grade of B) and 9.6% per year over the past 10 years (grade of B).

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