August Monthly Snapshot

361 Global Long/Short Equity Fund

The Fund ended the month with a gain of 2.38%, which exceeded both the Morningstar Long/Short Equity category average (+0.02%) and the MSCI World Index’s return of 0.14%. The Fund’s beta profile added about 42 basis points, primarily through short positions in the most volatile stocks. Further, the alpha models contributed about 118 basis points of performance, with both the highest predicted alpha and lowest predicted alpha stocks having the biggest impact (the Fund was long the former and short the latter). Stock selection relative to the alpha models was also greatly beneficial, accounting for about 1.2% of performance. At the country level, a short position in the UK was the biggest contributor, adding 7 bps. Finally, considering sector positioning, the net short to energy stocks, and the overweight to technology stocks, were responsible for about 0.6% and 0.4% of the Fund’s total return, respectively.

361 Domestic Long/Short Equity Fund

The Fund ended the month with a gain of 0.38%, beating both the Morningstar category average (+0.02%) and the Russell 1000 Index, which advanced by 0.31%. The Fund’s beta profile added about 41 basis points, primarily through short positions in the most volatile stocks. Further, the alpha models contributed about 148 basis points of performance, with both the highest predicted alpha and lowest predicted alpha stocks having the biggest impact (the Fund was long the former and short the latter). Unfortunately, stock selection relative to the alpha models was a net negative, reducing performance by about 110 basis points. Finally, considering sector positioning, the net short to energy stocks and the overweight to utility stocks were responsible for approximately 0.6% and 0.4% of the Fund’s total return, respectively.