ASFQX — 361 U.S. Small Cap Equity Fund
Data updated: 2025-04-28
ASFQX — 361 U.S. Small Cap Equity Fund. United States Small Cap Blend / Core Equity · $16.35M AUM. Holdings, fees, performance and SEC filings.
ASFQX Fund Overview
ASFQX — 361 U.S. Small Cap Equity Fund is a US mutual fund managed by Investment Managers Series Trust, categorised as United States Small Cap Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Investment Managers Series Trust
- Category: United States Small Cap Blend / Core Equity
- Assets under management: $16.35M
- Ticker: ASFQX
- SEC CIK: 0001318342
- SEC series ID: S000055769
- Share class ID: C000175593
ASFQX Investment Objective and Strategy
361 U.S. Small Cap Equity Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Investment Managers Series Trust.
Investment objective
"The 361 U.S. Small Cap Equity Fund (the ""Fund"") seeks to achieve long-term capital appreciation that will exceed the Russell 2000 Index return over a three- to five-year time horizon."
Principal investment strategy
"Under normal market conditions, the Fund will invest at least 80% of the value of its net assets (which include borrowings for investment purposes) in common stocks of U.S. small capitalization issuers. A company is considered to be a U.S. company if the Fund's advisor determines that the company meets one or more of the following criteria: (i) the company is organized under the laws of, or has its principal office in, the United States; (ii) the company's securities principally trade in U.S. markets; and/or (iii) the company has at least 50% of its assets or derives at least 50% of its revenue from business, in the U.S. The Fund's advisor defines small capitalization companies as companies that, at the time of investment, have market capitalizations that are within the range of the market capitalizations of the issuers represented in the Russell 2000 Index (the Fund's benchmark), which is a market capitalization-weighted index of the 2000 smallest companies by market capitalization in the Russell 3000 Index.
As of December 31, 2017, the Russell 2000 Index had a weighted average market capitalization of approximately $2,383 billion and a median capitalization of $858 billion, and the range of capitalization of issuers included in the Russell 2000 Index was approximately $22.7 million to $9,404 billion. The Russell 2000 Index is reconstituted annually so that stocks that have outgrown the Index can be removed and new entries added. The Fund's investment strategy involves active and frequent trading. 361 Capital, LLC (""361"" or the ""Advisor"") is the investment advisor to the Fund. The Advisor's investment philosophy is based on the belief that future investor expectations are strongly influenced by the opinions, forecasts and announcements of perceived market experts, including Wall Street analysts and company management.
The Advisor seeks to invest in companies that are likely to be the beneficiaries of future favorable earnings announcements and earnings estimate revisions. The Fund normally holds a core position of between 75 and 150 common stocks. The number of securities held by the Fund may occasionally exceed this range, such as when the portfolio managers are accumulating new positions, phasing out and replacing existing positions, or responding to exceptional market conditions. The Fund's portfolio is allocated to economic sectors based on a target number of positions for each of the sectors included in the universe. The target for each sector is a weight that is in proportion to the weighting of the equivalent sector in the benchmark index. The Fund may also invest in securities of issuers that are not part of the Fund's benchmark Index.
The Fund may invest in the securities of other registered investment companies, including without limitation exchange-traded funds (""ETFs"") and index ETFs, as well as cash and cash equivalents. The Advisor may sell a security if inclusion of the security in the Fund's portfolio is inconsistent with the guidance generated by the Advisor's proprietary strategies."
ASFQX Costs and Fees
ASFQX costs about $124 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.24%
- Gross expense ratio: 2.19%
- Portfolio turnover: 235%
- Brokerage commissions: 37.54 bps of average net assets (SEC N-CEN)
ASFQX Cashflows
Over the 12 months to 2020-04, 361 U.S. Small Cap Equity Fund had net inflows of $17.11M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2020-04 | $1.93M |
| 2020-03 | $1.60M |
| 2020-02 | $2.60M |
| 2020-01 | $1.01M |
| 2019-12 | $3.10M |
| 2019-11 | $3.36M |
ASFQX Debt Constituents
No individual debt constituents are reported in 361 U.S. Small Cap Equity Fund's latest SEC N-PORT filing.
ASFQX Prospectus and SEC Filings
Official 361 U.S. Small Cap Equity Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2025-04-28
- Prospectus (485BPOS) — filed 2020-03-18
- Prospectus (485BPOS) — filed 2019-03-20
- Portfolio holdings (N-PORT) — filed 2020-06-26
- Portfolio holdings (N-PORT) — filed 2020-03-27
- Portfolio holdings (N-PORT) — filed 2019-12-23
- Annual census (N-CEN) — filed 2020-01-14
- Annual census (N-CEN) — filed 2019-01-14
Related Funds
Other United States Small Cap Blend / Core Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.