July Monthly Snapshot

361 Managed Futures Strategy Fund &
361 Global Counter-Trend Fund

Equity markets continued to rise in July as the S&P 500 Index and MSCI World Index gained 3.68% and 4.25%, respectively. Not only did equity markets rise, but they did so with very little volatility or noise—with the S&P 500 Index realizing just 7.4% volatility over that time period. This type of environment can be very difficult for counter-trend strategies, as they generate very few trading opportunities. This was shown to be the case with both the 361 Managed Futures Strategy Fund and the 361 Global Counter-Trend Fund. 361 Managed Futures Strategy Fund had zero trades in July, while 361 Global Counter-Trend Fund completed just 14 trades—making July its second lowest activity month since its February 2014 inception. By comparison, during this timeframe the fund has averaged 32 trades per month. This lack of opportunity led to a -0.09% return for the 361 Managed Futures Fund and a -1.14% return for the 361 Global Counter-Trend Fund.