361 U.S. Small Cap Equity Fund

I: ASFZX | Investor: ASFQX

Fund Details

Objective: Seeks to achieve long-term capital appreciation that will exceed the Russell 2000® Index return over a three- to five-year time horizon.
Inception: 12/30/2016
Benchmark: Russell 2000 Index
Morningstar Category: Small Cap Blend


As of 1/31/18 – Class I Shares
YTD 2.75%
1 Year 18.41%
Since Inception 16.70%

Click here for quarter-end performance.

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 73 of the prospectus for additional unregistered product performance.

Fund Strategy

Based on an institutional strategy with a 10-year track record, the 361 U.S. Small Cap Equity Fund seeks to deliver capital appreciation by:

  • Utilizing 30 years of academic research that is rooted in the science of behavioral psychology
  • Believing security prices are influenced by the opinion of perceived experts and that the behavior of these experts follows a predictable pattern
  • Investing in companies that are likely to be the beneficiaries of future favorable earnings announcements and earnings estimate revisions

Why Invest in the Fund


Based on 30 years of research, the Fund’s quantitative process taps into behavioral biases in an attempt to identify stocks poised for appreciation.

Capital Appreciation

Seeks growth by outperforming the Russell 2000 Index over a full market cycle through exposure to small cap companies.

Alpha Seeking

Provides a compelling alpha source by forecasting changes in analyst estimates and corporate earnings announcements, which we believe drive stock prices.

Investment Process

U.S. Small Cap Equity Investment Process

Returns include reinvestment of dividends and income.

There are no guarantees that any investment strategy will be successful or will produce the intended results. Also, the 361 U.S. Small Cap Equity Fund does not hold any positions in Apple as of June 30, 2017.

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.

Investments made in small and mid-capitalization companies may be more volatile and less liquid due to limited resources or product lines and more sensitive to economic factors. The Fund may also invest in exchange-traded funds (ETFs), thus shareholders will bear additional costs and the ETF may not exactly replicate the performance it seeks to track.

See Glossary of Terms >

The 361 Funds are distributed by IMST Distributors, LLC.

% Total Returns

As of 12/31/2017

% Calendar Year Returns


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 12/31/2017


Executive Summary

U.S. equity markets had a strong fourth quarter to cap off an even stronger year. Economic data continued to be supportive, while inflation has yet to materialize. Tax reform legislation created tailwinds for higher-tax corporations and those with cash held outside the U.S. With that, all major U.S. equity market indices were positive in the fourth quarter. Small caps generally underperformed, with the Russell 2000 Index returning 3.34% compared to the Russell 1000 Index at 6.59%. Growth stocks outperformed value in both the large and small cap universes. The 361 U.S. Small Cap Equity Fund returned 2.15%, lagging the Russell 2000 Index for the quarter.

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