VICE FUND: FEBRUARY 2022 – COMMENTARY LETTER
For the month of February, the Fund was +1.32%.
Market Review
Global equities sold off in February as the Ukraine – Russia conflict coupled with fears of tighter monetary policy offered little respite for stock investors. Despite these troubling events globally, the Vice Fund was +1.32% for the month.
Although the conflict was the focus for many market watchers, we believe expectations of tighter monetary policy around the world may pose the clearest risk to equities. The conflict, in our opinion, has exacerbated ongoing inflation pressures.
We believe the Vice Fund benefited on a relative basis as value stocks continued to outperform growth given the upward pressures on interest rates and inflation. In fixed income, global yields trended higher. The 10- and 30-year Treasury yields increased; fixed-income benchmark returns were broadly negative for the month.
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 original cost upon redemption. For performance data as of the most recent month-end please call 1-866-264-8783.
Standardized performance as of (12/31/2021) Fund Inception (02/01/2002)
| 1 Year | 5 Year | 10 Year | Since Inception | |
| VICEX | -1.30% | 4.09% | 8.27% | 8.24% |
| MSCI World Index | 19.04% | 14.79% | 12.44% | 9.80% |
Investor Class 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 1.67% and 1.49%. Contractual fee waivers through 07/31/2022.
DEFINITIONS:
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.
SYMBOL: VICEX
