Gargoyle Hedged Value Fund

GOAL

Since 1997, the Fund has sought to produce superior long-term investment returns versus the S&P 500, with lower volatility and a high degree of tax efficiency.

PHILOSOPHY

Over a complete market cycle, the risk-adjusted profile of an equity portfolio can be consistently and significantly enhanced through the skillful application of an options premium harvesting strategy.

APPROACH

To achieve tax-advantaged long-term gains:

From among the 1,000 U.S.-listed companies with the highest market capitalization, the Gargoyle Group identifies and buys a leveraged (140% long) portfolio of stocks that are undervalued based upon our proprietary metrics.

To reduce volatility of returns:

Actively manage a basket of short index call options and long index put options, targeting a net 50% long market exposure. Manage the options position to keep the overall net long market exposure between 35% and 65%.

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