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361 Macro Opportunity Fund

I: AGMZX | Investor: AGMQX
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Fund Details

Objective: Seeks long term positive absolute returns.
Inception: 06/30/14
Manager: Blaine Rollins, CFA
Benchmark: FTSE 3 Month T-Bill Index and Blended Index
Morningstar Category: Multialternative

Performance

As of 08/31/19 – Class I Shares
YTD-3.39%
1 Year-8.79%
3 Year1.20%
5 Year-1.94%
Since Inception-1.75%

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.

Fund Strategy

Using a combination of 361’s quantitative abilities and Blaine Rollins’ market expertise, the strategy is designed to find and focus on the best Macro investment opportunities worldwide and then determine how to implement the exposure for the largest potential gain.

Why Invest in the Fund

Portfolio Diversification

Alternative strategy designed to provide a multi-asset class tactical element to strategically constructed portfolios.

Opportunistic Exposure

Fund applies both systematic and discretionary approaches to direct investments across asset classes.

Active Risk Management

Emphasis on risk management
in an attempt to protect capital in times of stress.

Returns include reinvestment of dividends and income.

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. Small- and mid-sized company securities tend to be less liquid and more volatile than those of large companies. High-yield bonds have higher default rates. Prices of commodities and related contracts may be very volatile for a variety of reasons, and may be difficult to liquidate in volatile markets. Commodity-related investments potentially may generate too much “non-qualifying income” that would jeopardize the Fund’s status as a “regulated investment company,” with significant adverse tax consequences for the Fund and its shareholders. 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 06/30/19*
* 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.
**2014 return is since the Fund's inception of 06/30/14.

Expense Ratio

The Gross Expense Ratio includes dividend and interest expense on short sales of 0.18%. The Net Expense Ratio reflects the fee waiver by the Adviser of 1.05%. See below for more information.

Equity Region Breakdown

Macro Opportunity Equity Region Breakdown
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 1.90% for Class I and 2.15% for Investor Class until 02/29/20. 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.CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

Equity Sector Allocations

As of 06/30/19
Macro Opportunity Equity Sector Allocations

Equity Style Breakdown

As of 06/30/19

Commentary

The market experienced large monthly swings in the quarter as investors were heavily influenced by macro sentiment. April was strong as markets were up on the hopes of a trade deal with China. In May, sentiment turned south on the trade deal and markets experienced a significant decline. Then as it became clear that the Fed would come to the rescue with further rate cuts, the market raced even higher in June. Investors that only look at their allocations quarterly may not have even realized the dramatic swings as most major asset classes were positive for the quarter.