VICE FUND: OCTOBER 2022 – COMMENTARY LETTER
For the month of October, the Fund was +1.80%.
Market Review
Global equity markets were mixed in October. While the US equity markets bounced back strongly on a mixed earnings season, emerging markets generally sold off. Global bonds also continued their sell-off as short-term rates were hiked by the Federal Reserve.
The ongoing rate hikes have not yet tipped the US economy into recession. The US economy expanded in the third quarter, and the Atlanta Fed projects GDP growth into the fourth quarter. The inflation rate and potential recession signs may continue to drive markets through the end of the year.
In October, the Vice Fund holdings showed increasing dispersion with US stocks generally rising and international stocks generally selling off. We expect dispersion to remain high among stocks with central banks ending quantitative easing and governments managing the Covid unwind in different ways and over varying time frames.
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 (09/30/2022) Fund Inception (02/01/2002)
| 1 Year | 5 Year | 10 Year | Since Inception | |
| VICEX | -8.88% | -0.98% | 5.66% | 7.40% |
| MSCI World Index | -20.29% | 4.96% | 7.84% | 7.83% |
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
