Harin de Silva, Ph.D., CFA, portfolio manager of the 361 Global Long/Short Equity Fund (AGAZX | AGAQX) was recently interviewed by Advisor Perspectives to discuss how the Fund is managed for various market conditions and provide an overview of how the Fund sought to preserve capital during recent market volatility.
* Returns shown over one year are annualized. Returns include the reinvestment of dividends and income.
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% Total Returns
As of 03/31/20*
Fund inception was 1/6/2014.
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.
Expense Ratio (%)
The Gross Expense Ratio includes dividend and interest expense on short sales of 0.92%. The Net Expense Ratio reflects the fee waiver by the Adviser of 0.03%. The Adviser has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total fund annual operating expenses with certain limitations do not exceed 1.39% until 02/28/21. The expense limitation is exclusive of dividend and interest expenses on short sales, Rule 12b-1 fees, shareholder servicing fees and extraordinary expenses. See Prospectus for additional details.
The “long/short” strategy that the Sub-Advisor employs for the Fund’s portfolio seeks to provide favorable performance while seeking to reduce certain risks relative to a portfolio comprised of only long positions in the same or substantially similar securities. The Sub-Advisor anticipates that, in general, the portfolio of the Fund will not be more than 100% long or short on a net basis. Currently the Sub-Advisor has set a parameter of 30% short and 70% long for the portfolio. Parameters set by the Sub-Advisor are subject to change at any time.
The “expected growth rate of earnings” is a measure used by Advisors to assess the underlying stocks projected growth rate for annual sales and earnings. Growth rates are calculated for a firm’s earnings, sales or cash flow, but Advisers may also look at growth rates for other metrics, such as price-to-earnings ratios (P/E) or Return on Equity (ROE), among others. This measure is an assumption only and is not guaranteed. Expected growth rate refers to the underlying stocks within a fund’s portfolio and does not predict or project the return of the fund itself. The financial health of individual companies and the market in general could be negatively impacted due to economic or market conditions and adversely affect the performance of the securities in a portfolio to a degree which significantly varies from long-term historical averages.
For more definitions of technical terms, please click on the Glossary.
Market Turbulence Resulting from COVID-19. The outbreak of COVID-19 has negatively affected the worldwide economy, individual countries, individual companies and the market in general. The future impact of COVID-19 is currently unknown, and it may exacerbate other risks that apply to the Fund.
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, tax 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.
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. Please read the prospectus or summary prospectus carefully before investing.
The 361 Funds are distributed by IMST Distributors, LLC.