April Monthly Snapshot

361 Managed Futures Strategy Fund & 361 Global Managed Futures Strategy Fund

April brought another quiet month for counter-trend trading strategies as equity market volatility remained muted and markets generally continued their strong upward movement. Both the 361 Managed Futures Strategy Fund (AMFZX) and the 361 Global Managed Futures Strategy Fund (AGFZX) earned 0.09%, while the S&P 500 Index and MSCI World Index gained 1.03% and 1.53%, respectively. AMFZX had one trade in April that lasted just over a week; the average exposure level of the trade was just 9% which did generate a slight gain. AGFZX had low, but positive, returns in Asia and Europe that were mostly offset by a small loss generated by U.S. trading, leading to a slightly positive month. As we have seen before, if volatility reverts to more normalized levels there will be more trading opportunities, and with that more potential to generate positive returns for investors.