The new funds are based on Greenblatt’s so-called Magic Formula, a common-sense approach to value investing that ranks stocks on price and yield and recommends buying and holding a basket of cheap companies that have been overlooked or are under-appreciated by investors. (Greenblatt outlined the philosophy in his 2005 book, The Little Book That Beats the Market.) Greenblatt and his 16-person investment staff have been working to create a slate of value strategies, both long-only and long-short funds, which both build on and enhance his value-investing formula.
The rest of the article can be found here-
http://www.institutionalinvestor.com/asset_management/Articles/2682001/Value-Investor-Joel-Greenblatt-Launches-New-Fund.html
To learn more about Joel Greenblatt check out my resource page devoted to him-
https://www.valuewalk.com/resource-page-2/current-value-investors/joel-greenblatt/