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361 Global Long/Short Equity Fund

I: AGAZX | Investor: AGAQX
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Fund Details

Objective: Seeks to achieve long-term capital appreciation. The Fund also seeks to participate in rising markets and preserve capital in down markets.
Inception: 1/6/2014
Sub-Advisor: Analytic Investors
Benchmark: MSCI World Index “MSCI”
Morningstar Category: Long/Short Equity

Performance

As of 09/30/17 – Class I Shares
YTD 12.38%
1 Year 11.72%
3 Year 8.86%
Since Inception 8.74%
Alpha α (as of 9/30/17) 5.68%

Click here for quarter-end performance.

Returns over one year are annualized.

Past returns shown do not guarantee future results. Current performance may be lower or higher. Call 888-736-1227 for the latest month-end returns. Return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than original cost. Other share class performance may vary.

Please see page 74 of the prospectus for additional unregistered product performance.

Fund Strategy

The 361 Global Long/Short Equity Fund, sub-advised by Analytic Investors, seeks to deliver an equity-like return with significantly less variability by investing across global developed equity markets, taking advantage of the low volatility anomaly by going long lower volatility stocks and shorting higher volatility stocks, and dynamically allocating to high predicted alpha stocks.

Why Invest in the Fund

Enhance Core Allocations

Seeks to bolster traditional elements of a core allocation (stocks and bonds) enhancing the portfolio’s overall risk/return profile.

Growth While Managing Downside Risk

Quantitative approach that pursues equity-like returns with significantly less volatility than the benchmark.

Alpha Seeking

Structural elements combined with dynamic factor models seeks meaningful alpha from both long and short exposures.

Growth of Hypothetical $10,000 Investment

1/6/2014-9/30/2017
Morningstar is represented by the Morningstar Long/Short Category Average.

Past performance does not guarantee future results.

The Analytic Global Long/Short Equity Fund, L.P. (the “Predecessor Account”) was a limited partnership that commenced operations on January 6, 2014 and reorganized into the Fund on December 12, 2014. The Fund’s objectives, policies, guidelines and restrictions are, in all material respects, equivalent to those of the Predecessor Account. Performance shown prior to December 12, 2014 is that of the Predecessor Account and has not been adjusted to reflect the expenses of the Fund’s Class I shares, which are lower than the expenses of the Predecessor Account. If the Class I expenses were reflected, the Predecessor Account returns would be higher than those shown. However, the Predecessor Account was not registered under the Investment Company Act of 1940 and therefore was not subject to certain restrictions on regulated investment companies. If the Predecessor Account had been registered its performance may have been lower.

Returns include reinvestment of dividends and income.

You should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. For a prospectus, or summary prospectus, that contains this and other information about the Funds, call 1-888-736-1227. Please read the prospectus or summary prospectus carefully before investing.

Investing involves risk, including possible loss of principal. The potential loss from a short sale is theoretically unlimited since the appreciation of the underlying asset also is theoretically unlimited. Foreign investment entails additional risk from adverse changes in currency exchange rates, tax regulation, and potential market instability. Frequent trading by the Fund may reduce returns and increase the number of taxable transactions. Concentration of its portfolio in relatively few issuers may make the Fund more volatile than a diversified fund.

HFMWeek U.S. Performance Awards, http://www.hfmweek.com. The 361 Global Long/Short Equity Fund was named a finalist in the '40 Act - Other category. Winners will be announced on October 19, 2017. The HFMWeek U.S. Performance Awards celebrate those funds that have stood out in the competitive market over the past twelve months, honoring those that have outperformed their peers and demonstrated impressive growth through the volatility of the last year. See Glossary of Terms >

The 361 Funds are distributed by IMST Distributors, LLC.

% Total Returns

As of 9/30/2017*

% Calendar Year Returns

Performance and Managing Drawdown Risk

This chart illustrates how over the time period the Fund was able to capture equity returns while managing drawdown risk.
Data from 5/21/2015-12/8/2016.

Enlarge chart >

Returns include reinvestment of dividends and income.

See Glossary of Terms >

† Furthermore, the Adviser has contractually agreed to maintain the total annual fund operating expenses at stated levels, exclusive of certain expenses such as acquired fund expenses and dividend and interest expenses on short sales until 2/28/2018. See Prospectus for additional details.

Sector Exposure

As of 9/30/2017

Geographic Exposure

As of 9/30/2017

Commentary

Executive Summary

During the quarter, global developed equity markets added three more months of positive returns to the current streak, bringing the number of months without a decline to eleven, and ending the quarter with a return of 4.84%, as measured by the MSCI World Index. In local currency terms, U.S. stocks outperformed their overseas peers, but given the weakness in the dollar, U.S. based investors benefited more from their international investments—EAFE was up 5.40% in dollar terms, while the Russell 3000 Index gained 4.57%.

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