January Monthly Snapshot

361 Managed Futures Fund & 361 Global Counter-Trend Fund

Global equity markets posted mixed results for the month of January. U.S. markets saw gains across the board, with the S&P 500 Index up nearly 2%, and the Russell 2000 earning 0.4%. Within European markets, Germany advanced by 0.5%, while the UK lost roughly 0.6%. In Asia, outsized gains were earned in Hong Kong, which returned about 6%, and in Korea, which increased by more than 3%. Overall, global markets remained in a low volatility environment. For example, the last time the S&P 500 Index gained or lost more than 1% was December 7th, when it rose by 1.32%. The last time the index saw a loss of more than 1% was September 13th, when the index lost 1.48%. This type of market environment leads to a lack of trading opportunities, especially for 361’s U.S.-focused fund. Given the market environment, the 361 Managed Futures Strategy Fund was only slightly exposed during January, with a short position for two days at the beginning of the month. This led to a loss of 0.27% for the month. While U.S. markets presented a difficult environment, global markets provided a bit more opportunity, as the 361 Global Managed Futures Fund was able earn 0.47%, with Asia and Europe both experiencing more noise during the month, albeit with muted volatility.