ALL SEASONS FUND: JANUARY 2022 – COMMENTARY LETTER
For the month of January, the All Seasons Fund was -6.36%.
Market Review
Global stocks fell in January. We believe investors are rotating into more defensive positions with the potential for rate hikes and escalating tensions in eastern Europe.
Federal Reserve Chairman Jerome Powell said, “Reducing our balance sheet will occur after the process of raising interest rates has begun.” We believe all indications point to several rate hikes in 2022. Moreover, Q4 GDP growth and the consumer price index came in higher than expected.
Energy stocks continued to move higher while consumer discretionary and real estate were among the weakest sectors in a month when most equity markets declined. Tech stocks also lagged as we believe inflation concerns mitigated any investor hope for the upcoming earnings season.
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 (12/31/2021) Fund Inception (02/01/2002)
| 1 Year | 5 Year | 10 Year | Since Inception | |
| UNAVX | 11.74% | 7.68% | 8.16% | 10.84% |
| S&P 500 Index | 28.71% | 18.47% | 16.55% | 9.69% |
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
