February Monthly Snapshot

361 Managed Futures Strategy Fund & 361 Global Counter-Trend Fund

Global markets saw gains across the board and they did so with very low volatility and noise. In fact, realized volatility for both the S&P 500 Index and the Nasdaq 100 Index was less than 5% annualized during February. This left very little trading opportunity for either the 361 Managed Futures Strategy Fund (AMFZX) or the 361 Global Counter-Trend Fund (AGFZX). Despite the lack of opportunity, both funds posted positive performance, with AMFZX up 0.09% and AGFZX gaining 0.74%. In the U.S., AMFZX was long for two days making a slight profit on the trade. The performance in AGFZX was driven entirely by Europe, as the vast majority of the Fund’s trading activity during the month happened across European markets. So far this year, both of our Managed Futures funds have seen muted trading activity, as the models attempt to stay out of the way of a strong upward trending market. Should the market take a pause and become more volatile, we would expect to see trading activity revert to more normal levels.