361 Domestic Long/Short Equity Fund

I: ADMZX | Investor: ADMQX

Fund Details

Objective: Seeks to achieve long-term capital appreciation. The Fund also seeks to preserve capital in down markets.
Inception: 03/31/16
Sub-Advisor: Analytic Investors Team
Benchmark: Russell 1000 Index
Morningstar Category: Long/Short Equity

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.

Fund Strategy

The 361 Domestic Long/Short Equity Fund, sub-advised by Analytic Investors, seeks to deliver an equity-like return with significantly less variability by investing across domestic 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.

Alpha Seeking

Structural elements combined with dynamic factor models seeks meaningful alpha from both long and short exposures.

Growth of Hypothetical $10,000 Investment


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.

Returns include reinvestment of dividends and income.

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 Domestic Long/Short Equity Fund Class I shares was rated 4 stars for the 3-year period among 192 funds 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.

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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. 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

As of 03/31/20*
* Returns shown over one year are annualized. Returns include the reinvestment of dividends and income.

Calendar Year Returns

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.
**2016 return is since the Fund's inception of 03/31/16.

Expense Ratio

The Gross Expense Ratio includes dividend and interest expense on short sales of 1.04%. The Net Expense Ratio reflects the fee waiver by the Adviser of 0.23%. See below for more information.
See Glossary of Terms >

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.

Sector Exposure

As of 03/31/20


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 higheralphas to outperform those with lower predicted alphas).