VICE GLOBAL FUND: APRIL 2021 – COMMENTARY LETTER
For the month, VICEX gained 3.89%, slightly underperforming its benchmark, the MSCI ACWI Large Cap Index, which added 4.41%. The Fund ended April with a YTD gain of 13.55%, surpassing the benchmark by over four percentage points.
Market Review
April was a positive month for nearly every risk asset. It also marked the return of market leadership to large and growth stocks, which were able to gain ground on their smaller and more value-oriented counterparts. U.S. stocks outpaced foreign stocks for the month.
The lead performer in April were commodities, which surged 8.3% via the Bloomberg Commodity Index, its largest advance in nearly a year. The continued upward pressure on raw materials will, in our view, set the stage for persistent inflation, buoyed by government and consumer spending. Our tilt to commodities benefitted from this trend.
Gaming stocks recovered from their mid-month nadir, posting gains on increased travel and lessened COVID restrictions. Tobacco stocks were generally lower on news that the U.S. government might impose limits on nicotine levels, although that would most likely lead to more consumption over time.
Consumer Discretionary stocks – the “bread and butter” of the Vice Global Fund – have posted the most positive earnings surprises of the current earnings season. We believe this bodes well for the prospects of the Fund as the economy continues to sizzle and COVID becomes less of a driver for markets.
We remain very bullish on equities, especially foreign and small-cap stocks, in the near-term. We continue to position the portfolio for continued weakness in the U.S. dollar, a rise in raw materials, and increased consumer spending.
Sincerely yours,
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 (3/31/2021) Fund Inception (02/01/2002)
| 1 Year | 5 Year | 10 Year | Since Inception | |
| VICEX | 47.26% | 7.13% | 9.74% | 9.17% |
| MSCI World Index | 55.31% | 13.81% | 9.73% | 9.45% |
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 07/31/2021.
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 Total Return Index® (“S&P 500 TR”) is considered to be generally representative of the U.S. large capitalization stock market as a whole. You cannot invest directly in an index.
The Bloomberg Commodities Index (BCOM) is a broadly diversified commodity price index distributed by Bloomberg Indexes.
SYMBOL: VICEX
