November Monthly Snapshot

361 Managed Futures Fund & 361 Global Counter-Trend Fund

Equity markets suffered a fascinating shock during November, as the unexpected Trump presidential victory sent the U.S. equity markets on strong upward trajectory. This was particularly true of small capitalization stocks, which gained over 11% during the month. The Russell 2000 Index was up a staggering 15 days in a row. Internationally, reactions were much more mixed, as a Trump victory has differing impacts on the United States’ global trading partners. A strengthening U.S. dollar did leave international indices in the red for the month when viewed in USD terms. While the election results had a positive impact on domestic equities, rising rates wreaked havoc on U.S. Treasury Bonds. Longer-term Treasuries shed more than 8% in November—their worst month since January 2009. Despite the tumultuous environment, the 361 Global Counter-Trend Fund (AGFZX) and the 361 Managed Futures Strategy Fund  (AMFZX) had fairly uneventful months. AGFZX lost 0.27% while AMFZX earned 0.53%. Trading activity was very muted during the month as equity markets trended steadily upwards post-election, leaving very few trading opportunities for either fund. For the year, both funds have generated gains; AGFZX is up 9.98% while AMFZX has earned 1.26%.