VICE FUND: JANUARY 2022 – COMMENTARY LETTER
For the month of January, the Fund was -1.31%.
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.
Defense and Macau gaming stocks outperformed the broader equity indices. We believe Defense holdings benefited with speculation that European countries may reassess the risk of an aggressive Russia. In Macau, Chinese regulators have not made any further bold moves that might burden casino operators.
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
