The Vice Fund is founded on the predictability of certain consumers. Drinkers, smokers, gamblers, and governments have historically purchased these goods and services throughout economic cycles. The businesses that cater to these consumers are generally older, with well-established brands that hold defensible positions in the marketplace, also known as wide motes. Globally, these businesses are growing based on the long-term trends that are driving global consumer sales. These economic and demographic trends are typically, though not exclusively, rooted in developing regions and emerging markets. Historically, this combination of consistent consumers and global opportunity has allowed the Vice Fund to generate returns for investors by buying predicable growth at value prices. Today, there are 7.6 billion people on Earth, and only 18% of them live in the developed world. The majority of the global population is experiencing a radical step forward in terms of disposable income and consumption. The Vice Fund is invested in the equities of companies that we feel will directly provide the goods and services these consumers desire in the global market place.