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361 Global Long/Short Equity Fund

I: AGAZX | Investor: AGAQX
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Fund Details

Objective: Seeks to achieve long-term capital appreciation. The Fund also seeks to participate in rising markets and preserve capital in down markets.
Inception: 1/6/2014
Sub-Advisor: Analytic Investors
Benchmark: MSCI World Index “MSCI”
Morningstar Category: Long/Short Equity

 

Performance

As of 8/31/18 – Class I Shares
YTD 2.40%
1 Year 5.97%
3 Year 6.96%
Since Inception 8.08%
Alpha α (as of 6/30/18) 4.52%

Click here for quarter-end performance.

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 64 of the prospectus for additional unregistered product performance.

Fund Strategy

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.

Alpha Seeking

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

Growth of Hypothetical $10,000 Investment

1/6/2014-6/30/2018
Morningstar is represented by the Morningstar Long/Short Category Average.

Past performance does not guarantee future results.

The 361 Global Long/Short Equity Fund Class I shares was rated 4 stars Overall and for the 3-year period among 189 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. Sustainability Rating as of 4/30/2018. Sustainalytics provides company-level analysis used in the calculation of Morningstar’s Sustainability Score. Out of 99 Long/Short Equity funds as of 4/30/2018. Based on 96.61% of AUM. The Morningstar Sustainability RatingTM is a measure of how well the holdings in a portfolio are managing their environmental, social, and governance, or ESG, risks and opportunities relative to their Morningstar Category peers. Morningstar ranks all scored funds within a category by their Portfolio Sustainability Scores and divides them into five groups along a bell curve distribution. A fund’s rating is depicted by one to five globes with one globe being the lowest score to five globes being the highest. Sustainability Ratings only reflect information on the ESG performance of a fund’s holdings and are not an evaluation of a fund’s performance or overall investment merit. © 2018 Morningstar. All rights reserved.

The Analytic Global Long/Short Equity Fund, L.P. (the “Predecessor Account”) was a limited partnership that commenced operations on January 6, 2014 and reorganized into the Fund on December 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 December 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.

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

As of 6/30/2018*

% Calendar Year Returns

Expense Ratio (%)

Performance and Managing Drawdown Risk

This chart illustrates how over the time period the Fund was able to capture equity returns while managing drawdown risk.
Data from 5/21/2015-12/8/2016.

Enlarge chart >

Sector Exposure

As of 6/30/2018

Geographic Exposure

As of 6/30/2018

Commentary

Executive Summary

For investors concerned about rising volatility, due in part to high stock valuations, rising interest rates, and a steady stream of geopolitical concerns, we believe that our Long/Short Equity approach, which focuses on risk management, is well positioned to provide meaningful protection for one’s portfolio.

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