Monthly Performance Update

In an effort to keep you updated on the 361 Global Long/Short Equity Fund, below are some highlights for the month – mainly to provide context around the Fund’s recent monthly performance.

April 2019 Highlights:

  • AGAWX returned 0.81% for the month versus the Morningstar Long/Short Equity Category which returned 1.85%, and the MSCI World Index which returned 2.74%.
  • The Fund’s largest headwind came from the spread between high and low beta stocks. As measured by S&P 500 Index high and low beta ETFs*, high beta stocks were up over 6%, while low beta stocks were up just over 2%—lagging the broader market.
  • A differentiator of our fund compared to most in the category is the non-U.S. exposure. This was also a headwind for the month, as non-U.S. stocks underperformed U.S. stocks by about 1%.
  • While YTD the high vs low beta relationship has not been beneficial, we believe this approach will bring value to investors over time. Read this article to learn why.