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 or click here. Please read the prospectus or summary prospectus carefully before investing.
Investing involves risk, including possible loss of principal. The potential loss from a short sale is theoretically unlimited since the appreciation of the underlying asset also is theoretically unlimited. Foreign investment entails additional risk from adverse changes in currency exchange rates, lax regulation, and potential market instability. Frequent trading by the Fund may reduce returns and increase the number of taxable transactions.Concentration of its portfolio in relatively few issuers may make the Fund more volatile than a diversified fund.
†The Advisor has contractually agreed to waive its management fee and/or pay for operating expenses of the Fund to the extent necessary to maintain the total annual fund operating expenses at the stated levels, exclusive of certain expenses such as acquired fund expenses and dividend and interest expenses on short sales until February 28, 2017. See Prospectus for additional details.
The Analytic Global Long/Short Equity Fund, L.P. (“Predecessor Account”) was a limited partnership that commenced operations on 1/6/2014 and reorganized into the Fund on 12/12/2014. The Fund’s objectives, policies, guidelines and restrictions are, in all material respects, equivalent to those of the Predecessor Account. Performance shown prior to 12/12/2014 is that of the Predecessor Account and has not been adjusted to reflect the expenses of the Fund’s Class I shares, which are lower than the expenses of the Predecessor Account. If the Class I expenses were reflected, the Predecessor Account returns would be higher than those shown. However, the Predecessor Account was not registered under the Investment Company Act of 1940 and therefore was not subject to certain restrictions on regulated investment companies. If the Predecessor Account had been registered its performance may have been lower.
Alpha measures the difference between a fund’s actual and expected returns, based on beta, and is generally used as a measure of a manager’s added value over a passive strategy. Downside Capture measures how well or poorly an investment manager performed relative to the benchmark during periods when the benchmark has dropped. Sharpe Ratio is a ratio developed to measure risk-adjusted performance. Sortino Ratio is a ratio developed to measure downside risk-adjusted performance.
The 361 Global Long/Short Equity Fund ranked in the 9th percentile based on Total Return for the 3 year period as of 1/31/17 among 168 funds in the Morningstar Long Short Equity Funds category. The lower the number rank, the better the Fund performed compared to other funds in its category.
Portfolio characteristics do not represent or predict the performance of the fund.
The 361 Funds are distributed by IMST Distributors, LLC.