|Objective: Seeks to achieve long-term capital appreciation. The Fund also seeks to participate in rising markets and preserve capital in down markets.|
|Sub-Advisor: Analytic Investors Team†|
|Benchmark: MSCI World Index “MSCI”|
|Morningstar Category: Long/Short Equity|
|Alpha α |
(as of 12/31/19)
Returns over one year are annualized.
Past returns shown do not guarantee future results. Current performance may be lower or higher. Call 888-736-1227 for the latest month-end returns. Return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than original cost. Other share class performance may vary.
Please see page 69 of the prospectus for additional unregistered product performance.
The 361 Global Long/Short Equity Fund, sub-advised by Analytic Investors, seeks to deliver an equity-like return with significantly less variability by investing across global developed equity markets, taking advantage of the low volatility anomaly by going long lower volatility stocks and shorting higher volatility stocks, and dynamically allocating to high predicted alpha stocks.
Why Invest in the Fund
Enhance Core Allocations
Seeks to bolster traditional elements of a core allocation (stocks and bonds) enhancing the portfolio’s overall risk/return profile.
Growth While Managing Downside Risk
Quantitative approach that pursues equity-like returns with significantly less volatility than the benchmark.
Structural elements combined with dynamic factor models seeks meaningful alpha from both long and short exposures.
Portfolio Statistics Percentile Rankings
Morningstar rankings are based on a fund’s average annual total return relative to the funds in the same category and includes the reinvestment of dividends and capital gains. Rankings shown are for Class I shares and may be lower for Investor shares due to higher fees and expenses. The rankings may have been lower without the fee waiver in effect. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The Fund was ranked 70% for the 1-year period, 57% for the 3-year period, 32% for the 5-year period and 38% since inception among 233, 192, 139 and 192 funds, respectively.
Past performance does not guarantee future results.
Market Turbulence Resulting from COVID-19. The outbreak of COVID-19 has negatively affected the worldwide economy, individual countries, individual companies and the market in general. The future impact of COVID-19 is currently unknown, and it may exacerbate other risks that apply to the Fund.
† Analytic Investors, LLC is a part of Wells Capital Management, a registered investment advisor and a wholly owned subsidiary of Wells Fargo Asset Management Holdings, LLC.
The 361 Global Long/Short Equity Fund Class I shares was rated 3 stars for the 3-year period and 4 stars for the 5-year period among 192 and 139 funds, respectively, in the Long-Short Equity funds category. Ratings reflect fee waivers in effect; in their absence, ratings may have been lower.
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weight is 100% for a three-year rating for 36-59 months of total returns and 60% five-year rating/40% three-year rating for 60-119 months of total returns. © 2020 Morningstar. All rights reserved.
The Analytic Global Long/Short Equity Fund, L.P. (the “Predecessor Account”) was a limited partnership that commenced operations on 01/06/14 and reorganized into the Fund on 12/12/14. The Fund’s objectives, policies, guidelines and restrictions are, in all material respects, equivalent to those of the Predecessor Account. Performance shown prior to 12/12/14 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 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 imposed by the Act or the Internal Revenue Code of 1986 on regulated investment companies, if it had been its performance may have been adversely affected.See Glossary of Terms >
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, tax 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.
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. Please read the prospectus or summary prospectus carefully before investing.
The 361 Funds are distributed by IMST Distributors, LLC.
Total Returns* Returns shown over one year are annualized. Returns include the reinvestment of dividends and income.
Calendar Year ReturnsPast returns shown do not guarantee future results. Current performance may be lower or higher. Call 888-736-1227 for the latest month-end returns. Return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than original cost.
**2014 return is since the Fund's inception of 01/06/14.
Expense RatioThe Gross Expense Ratio includes dividend and interest expense on short sales of 0.92%. The Net Expense Ratio reflects the fee waiver by the Adviser of 0.03%. See below for more information.†
† The Adviser has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total fund annual operating expenses with certain limitations do not exceed 1.39% until 02/28/21. The expense limitation is exclusive of dividend and interest expenses on short sales, Rule 12b-1 fees, shareholder servicing fees and extraordinary expenses. See Prospectus for additional details.
Fund performance is best viewed through three lenses; market environment (i.e., what was our exposure to the market and how did it perform), beta spread (i.e., did high beta stocks lag lower beta stocks) and alpha (i.e., did the stocks we assign higher alphas to outperform those with lower predicted alphas).