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.

July 2019 Highlights:

  • AGAWX returned 0.09% for the month versus the Morningstar Long/Short Equity Category* which returned 0.83%. The MSCI World Index returned 0.50%.
  • YTD the Fund is up 8.57% versus the MSCI World Index up 17.56%, making it right in line to the category and our beta target of 0.5 even while there is a very tight spread between the lowest beta (those we are long) and highest beta (those we are short) stocks.
  • Our hedged equity approach is expected to lag in rising markets, but we seek to outperform in falling markets, aiming to ‘win over time by losing less’. This short paper illustrates why a more defensive approach can add value over time.