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.
October 2020 Highlights:
- In October, AGAWX was down 2.83% for the month, slightly outperforming the MSCI World Index which was down 3.07%. Outperformance came during the final week of the month; over that time, the MSCI World Index was down 5.65% while the Fund was down 2.16%, capturing only 38% of the decline.
- October 26th-28th accounted for the bulk of this decline. Over just those three days, the market was down 5.10% (high beta was down 9.19%) and the Fund was only down 0.95%. The last two days saw high beta stocks rally nearly 3% while the market was down so the Fund lost a little ground.
- The month overall looked significantly different prior to the last week of the month, however. Through October 23rd, the MSCI World Index was up 2.73% and the Fund was down 0.69%. This underperformance came largely as a result of our 30% short position in high beta stocks which were up nearly 9% over this same time frame.
- Year-to-date the Fund is up 0.80% vs. the MSCI World Index, which is down 1.42% and the Morningstar Long/Short Equity Category down 3.58%.
- Check out this YTD chart of the Fund below, it specifically highlights how the performance of high beta stocks at different periods has affected the portfolio.