VICE FUND: JULY 2022 – COMMENTARY LETTER
For the month of July, the Fund was +1.74%.
Market Review
Global equities rebounded in July despite ongoing potentially pessimistic macroeconomic data. On an inflation-adjusted basis, the U.S. economy contracted in the second quarter and the Consumer Price Index (CPI) trended higher. The Federal Reserve and European Central Bank also hiked their key rates. Growth stocks generally outperformed value stocks over the month as yields were slightly lower.
The Fund’s portfolio is generally invested in value stocks which underperformed growth stock-heavy broad-based indices. This is trade-off that we believe is worth it in a rising rate environment. We believe the risks associated with many growth stocks remains elevated even after the recent sell-off. We remain committed to value stocks, specifically so-called vice stocks, that are sometimes unloved during bull 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 original cost upon redemption. For performance data as of the most recent month-end please call 1-866-264-8783.
Standardized performance as of (06/30/2022) Fund Inception (02/01/2002)
| 1 Year | 5 Year | 10 Year | Since Inception | |
| VICEX | -11.61% | 2.21% | 6.73% | 8.01% |
| MSCI World Index | 7.73% | 12.20% | 10.57% | 11.49% |
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 1.64% and 1.49%. Contractual fee waivers through 07/31/2023.
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
