VICE FUND: NOVEMBER 2024 – COMMENTARY LETTER -

USA MUTUALS ADVISORS, INC.

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USA Mutuals / Commentary & Insight  / VICE FUND: NOVEMBER 2024 – COMMENTARY LETTER

VICE FUND: NOVEMBER 2024 – COMMENTARY LETTER

The Vice Fund ended the month of November with a return of +2.61%.

Market Review

US equities staged a post-election rally in November, with all major equity indices moving higher. The rapid and conclusive Republican sweep of the White House and both chambers of Congress created expectations that the new administration may swiftly enact policy changes.

Trump ran on lower taxes, higher tariffs, and government deregulation that we believe fostered hope for economic growth, but uncertainty around the ramifications of these changes to inflation remains uncertain. There are also no guarantees Trump’s policies will make it through narrowly controlled Republican majorities in the House and Senate. The mixed reception to Trump’s Cabinet nominees may spell a more fractured Congress than expected.

In our opinion, the other major story of the month was the Federal Reserve cutting rates by twenty-five basis points and providing guidance forward. The key words from Federal Reserve Chair Powell were around the labor market normalizing and inflation cooling which he expects to continue. The Federal Reserve’s dual mandate is maximum employment with stable prices, but this has not yet been achieved.

The Vice Fund remains committed to its core belief that certain stocks are undervalued because certain factions of society deem them morally questionable. Our core holdings remain military defense, casino, alcohol, and tobacco stocks because they typically have an inelastic customer base that is unlikely to be swayed by whether the product price rises or falls.

Sincerely yours,

Paul Strehle

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.

Standardized performance as of (9/30/2024) Fund Inception (8/30/2002)

1 Year 5 Year 10 Year Since Inception
VICEX 12.40% 2.62% 4.11% 7.58%
MSCI World Index 32.35% 12.72% 9.94% 9.43%

 

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 are 1.91% and 1.73%. The Fund’s adviser, USA Mutuals Advisors, Inc. (the “Adviser”), has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until July 31, 2025, to ensure that total annual fund operating expenses after fee waiver and reimbursement will not exceed 1.48% of the Fund’s average daily net assets for each share class.

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.

The S&P 500 Index: An unmanaged composite of 500 large capitalization companies. Professional investors widely use this index as a performance benchmark for large-cap stocks. You cannot invest directly in an index.

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SYMBOL: VICEX

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