VICE FUND (SYMBOL: VICEX)
INNOVATIVE INVESTMENTS. EVOLVED EXPECTATIONS.
FUND OBJECTIVE:
The Vice Fund seeks long-term growth of capital.
Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies that derive a significant portion of their revenues from a group of vice industries that includes the alcoholic beverages, defense/aerospace, gaming, and tobacco industries. The Fund concentrates at least 25% of its net assets in this group of four vice industries (but no more than 80% of its net assets in any single industry). “Vice industries” are those industries whose focus, in the Adviser’s assessment, may be morally questioned by members of the general public or face funding or regulatory challenges because of social disapproval. In addition, under normal market conditions, the Fund invests in at least three countries (one of which may be the United States) and invests at least 40% of its total assets at the time of purchase in non-U.S. companies.
QUARTER-END PERFORMANCE AS OF 9/30/2024
| FUND | YTD | 1 YEAR | 3 YEARS | 5 YEARS | 10 YEARS | SINCE INCEPTION* |
|---|---|---|---|---|---|---|
USA Mutuals Vice Fund Investor Class | 7.56% | 12.40% | 2.97% | 2.62% | 4.11% | 7.58% |
MSCI ACWI TR | 19.08% | 32.35% | 8.60% | 12.72% | 9.94% | 9.43% |
USA Mutuals Vice Fund Class A w/ Load | 1.38% | 5.91% | 0.96% | 1.41% | 3.47% | 6.76% |
USA Mutuals Vice Fund Class A w/o Load | 7.58% | 12.39% | 2.97% | 2.62% | 4.09% | 7.26% |
MSCI ACWI TR | 19.08% | 32.35% | 8.60% | 12.72% | 9.94% | 11.17% |
USA Mutuals Vice Fund Class C w/ Load | 6.00% | 10.58% | 2.21% | 1.86% | 3.34% | 6.48% |
USA Mutuals Vice Fund Class C w/o Load | 7.00% | 11.58% | 2.21% | 1.86% | 3.34% | 6.48% |
MSCI ACWI TR | 19.08% | 32.35% | 8.60% | 12.72% | 9.94% | 11.17% |
USA Mutuals Vice Fund Inst. Class | 7.83% | 12.72% | 3.24% | 2.88% | 4.39% | 3.99% |
MSCI ACWI TR | 19.08% | 32.35% | 8.60% | 12.72% | 9.94% | 9.69% |
Inception: 08/30/2002 (Investor), 12/08/2011 (Class A & C), 04/01/2014 (Institutional)
Gross expense ratio Vice: Inst – 1.66%, Investor- 1.91%, A – 1.91%, C – 2.65% Net Expense Ratio Vice: Inst – 1.48%, Investor – 1.73%, A – 1.73%, C – 2.48% Contractual fee waivers through 07/31/2024.
Performance data quoted represents past performance and 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.
In addition, performance for Class A shares may reflect a CDSC of 1.00% if certain conditions apply. Please see the fund prospectus for further details. Performance shown including load reflects the Class A Maximum Sales Charge of 5.75% and Class C Maximum Sales Charge of 1.00% as a on shares redeemed within 12 months of purchase.
Fund holdings are subject to change and should not be considered a recommendation to buy or sell any security. The top 10 holdings exclude cash or cash instruments.
The MSCI All Country World Index Total Return (“MSCI ACWI TR”) captures large and mid-cap representation across 23 Developed Markets (DM) and 26 Emerging Markets (EM) countries. You cannot invest directly in an index. Unmanaged index returns do not reflect fees, expenses, or sales charges.
TOP TEN HOLDINGS AS OF 9/30/2024
| SECURITY NAME | % OF NET ASSETS OR MARKET VALUE |
|---|---|
| RTX CORPORATION | 12.28% |
| NORTHROP GRUMMMAN CORP | 11.72% |
| BAE SYSTEMS PLC | 7.24% |
| DIAGEO PLC | 6.01% |
| PHILLIP MORRIS INTERNATIONAL, INC | 4.99% |
| HEINEKEN NV | 4.65% |
| PERNOD RICARD SA | 4.36% |
| ANHEUSER-BUSCH INDEV SA | 4.06% |
| EVOLUTION AB | 3.87% |
| BRITISH AMERICAN TOBACCO PLC | 3.39% |
NEWS ON OUR FUNDS
We publish regular commentaries on our funds in order to keep our investors informed. In addition, our team keeps up to date on business and legal matters that are or could become relevant to the overall health of our portfolios. Take a look at our news page to stay up to date with our comprehensive news and analysis.
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THE VICE FUND IN THE MEDIA
