November Monthly Snapshot

361 Managed Futures Strategy Fund &
361 Global Managed Futures Strategy Fund

The S&P 500 Index gained 3.07% and the MSCI World Index returned 2.22% in November, bringing year-to-date returns to 20.49% and 21.42%, respectively. Volatility remained low, especially in Europe and the United States, where most markets exhibited single digit volatility during the month. Additionally, most equity markets exhibited little back-and-forth movement—which led to limited trading opportunities and muted returns for our managed futures funds.

During the month, the 361 Managed Futures Strategy Fund (AMFZX) gained 0.17% while the 361 Global Managed Futures Strategy Fund (AGFZX) lost 0.17%. As has been the case most of this year, profits in both funds were driven primarily by domestic equity market index trading. European trading continued to detract from returns for AGFZX, while Asian trading produced slightly positive results. Both portfolios are positive in 2017, with AMFZX earning 5.07% and AGFZX having gained 7.56%. Though we have been able to generate positive performance this year, the historically low volatility has led to a less than ideal trading environment for our funds. We remain confident that should the environment shift and risk increase, we are well positioned to deliver uncorrelated returns, providing risk reduction with the potential for increased absolute performance.