ALL SEASONS FUND: OCTOBER 2022 – COMMENTARY LETTER
For the month of October, the All Seasons Fund was -0.54%.
Market Review
Global equity markets were mixed in October. While the US equity markets bounced back strongly on a mixed earnings season, emerging markets generally sold off. Global bonds also continued their sell-off as short-term rates were hiked by the Federal Reserve.
The ongoing rate hikes have not yet tipped the US economy into recession. The economy expanded in the third quarter, and the Atlanta Fed projects GDP growth into the fourth quarter. The inflation rate and potential recession signs may continue to drive markets through the end of the year.
The All Seasons Fund remains positive for the year with equities and bonds both down double digits in percentage terms. The 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 (09/30/2022) Fund Inception (02/01/2002)
| 1 Year | 5 Year | 10 Year | Since Inception | |
| UNAVX | 16.42% | 5.62% | 7.71% | 10.50% |
| S&P 500 Index | -15.47% | 9.24% | 11.70% | 7.89% |
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 3.46% and 2.00%. The advisor has contractually agreed to limit expenses to 1.99% of the average net assets of the Fund through 7/31/2023.
Definitions:
The S&P 500 Index: 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
