Fund in Focus
Gotham U.S. Equity Long Short UCITS Fund
Investment objective and philosophy:
The MLIS Gotham U.S. Equity Long/Short UCITS Fund invests in U.S. equity long and short based on proprietary valuations and adjusts positions daily to take advantage of changing stock prices and fundamental information.
- Value oriented long/short U.S. equity strategy, combining fundamental research, bottom-up stock picking and systematic portfolio construction and risk management.
- Valuation process assesses recurring earnings, cash flows, capital efficiency and capital structure of mid to large cap U.S. companies to determine which companies are absolutely and relatively cheap or expensive.
- Portfolio consists of at least 250 long and 250 short positions, ranked and rebalanced daily by the research team led by Co-CIOs Joel Greenblatt and Robert Goldstein using the firm’s proprietary methodology.
- Positions are not equally weighted; they are sized from most attractive (largest discount to value) to least attractive (largest premium to value) based on Gotham’s proprietary measures of absolute and relative value, subject to risk constraints.
- Targets approximately 50% net long exposure by being 115% long and 65% short (approximately 180% gross exposure).
- Manages risk through portfolio diversification, setting maximum limits for sector concentration and maintaining overall gross and net exposures within carefully defined ranges.
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