ALL SEASONS FUND: NOVEMBER 2021 – COMMENTARY LETTER
For the month of November, the All Seasons Fund gained -2.15%.
Market Review
Equity markets were flat to down generally for the month of November. We believe that the most recent COVID-19 variant Omicron sent markets down during the short Thanksgiving week when volume tends to be lighter. Further emboldening market bears, Jerome Powell indicated that today’s inflation should no longer be referred to as transitory.
The volatility surge in percentage terms was its highest since February 2020. Fear has clearly returned to the market after a 2021 year-to-date that thus far has experienced low volatility. We believe that the two-headed risks of inflation and further COVID-19 variants have grounded equities for the moment.
The All Seasons Fund seeks capital appreciation and capital preservation with lower volatility throughout market cycles – highly correlated with the Standard & Poor’s (“S&P”) 500® Index in bull markets, and less or negatively correlated in bear markets.
Sincerely yours,
Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call 1-800-MUTUALS or visit our website at www.USAMutuals.com. Read the prospectus or summary prospectus carefully before investing.
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Share prices and investment returns fluctuate and an investor’s shares may be worth more or less than the original cost upon redemption. For performance data as of the most recent month-end please call 1-866-264-8783.
Fund Objective:
The All Seasons Fund seeks capital appreciation and preservation with lower volatility throughout market cycles. The resulting portfolio targets a high correlation to the S&P 500 in bull markets and a lower, or negative, correlation in bear markets.
Standardized performance as of (09/30/2021) Fund Inception (02/01/2002)
| 1 Year | 5 Year | 10 Year | Since Inception | |
| UNAVX | -4.11% | 5.33% | 6.81% | 10.20% |
| S&P 500 Index | 30.00% | 16.90% | 16.63% | 9.24% |
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-866-264-8783. Returns over one year are annualized. The Gross and Net expense 2.36% and 2.01%. The advisor has contractually agreed to limit expenses to 1.99% of the average net assets of the Fund through 7/31/2022.
Definitions:
The S&P 500 Index is an unmanaged composite of 500 large capitalization companies. This index is widely used by professional investors as a performance benchmark for large-cap stocks. You cannot invest directly in an index.
SYMBOL: UNAVX
