361 Global Long/Short Equity Fund
Annual Expense Ratios: Gross 2.40%; Net 2.35%, and Net Excluding Dividend & Interest on Short Sales 1.50% for Class I. The Gross Expense Ratio includes dividend and interest expense on short sales of 0.85%. The Net Expense Ratio reflects the fee waiver by the Adviser of 0.05%.†
Past returns shown do not guarantee future results. Current performance may be lower or higher. Call 888-736-1227 for the latest month-end returns. Return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than original cost. Other share class performance may vary.
You should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. For a prospectus, or summary prospectus, that contains this and other information about the Funds, call 1-888-736-1227 or click here. Please read the prospectus or summary prospectus carefully before investing.
Investing involves risk, including possible loss of principal. The potential loss from a short sale is theoretically unlimited since the appreciation of the underlying asset also is theoretically unlimited. Foreign investment entails additional risk from adverse changes in currency exchange rates, lax regulation, and potential market instability. Frequent trading by the Fund may reduce returns and increase the number of taxable transactions.Concentration of its portfolio in relatively few issuers may make the Fund more volatile than a diversified fund.
†Reflects contractual agreement to waive and/or pay for certain fees and expenses until 2/28/2019.
The Analytic Global Long/Short Equity Fund, L.P. (“Predecessor Account”) was a limited partnership that commenced operations on 1/6/2014 and reorganized into the Fund on 12/12/2014. The Fund’s objectives, policies, guidelines and restrictions are, in all material respects, equivalent to those of the Predecessor Account. Performance shown prior to 12/12/2014 is that of the Predecessor Account and has not been adjusted to reflect the expenses of the Fund’s Class I shares, which are lower than the expenses of the Predecessor Account. If the Class I expenses were reflected, the Predecessor Account returns would be higher than those shown. However, the Predecessor Account was not registered under the Investment Company Act of 1940 and therefore was not subject to certain restrictions on regulated investment companies. If the Predecessor Account had been registered its performance may have been lower.
The MSCI World Index is a free float adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The index includes reinvestment of dividends, net of foreign withholding taxes. Morningstar Long/Short Equity Category is defined as long-short portfolios that hold sizable stakes in both long and short positions in equities and related derivatives. At least 75% of the assets are in equity securities or derivatives. It is not possible to invest directly in an index.
Alpha measures the difference between a fund’s actual and expected returns, based on beta, and is generally used as a measure of a manager’s added value over a passive strategy. Downside Capture measures how well or poorly an investment manager performed relative to the benchmark during periods when the benchmark has dropped. Sharpe Ratio is a ratio developed to measure risk-adjusted performance. Sortino Ratio is a ratio developed to measure downside risk-adjusted performance.
The 361 Global Long/Short Equity Fund ranked in the 17th percentile based on Total Return for the 3 year period as of 9/30/2018 among 189 funds in the Morningstar Long/Short Equity Funds category.
Portfolio characteristics do not represent or predict the performance of the fund.
The 361 Funds are distributed by IMST Distributors, LLC.