USA MUTUALS

The legacy of USA Mutuals is, and will continue to be, rooted in the satisfaction of the thousands of investors we’ve had the privilege to serve. Their expectations are our expectations. Their success is our success. Yes, it can, and should be, that simple
Our simple mandate: Create an environment in which the company’s goals and expectations are truly aligned with our investors.
 

VITIUM GLOBAL FUND

INNOVATIVE INVESTMENTS. EVOLVED EXPECTATIONS.

The Vitium Global Fund invests in domestic and foreign companies engaged in the aerospace and defense industries, owners and operators of casinos and gaming facilities, manufacturers of cigarettes and other tobacco products, and brewers, distillers, vintners and producers of other alcoholic beverages. These sectors have exhibited resilient demand through economic cycles and have fundamental strengths that help explain why they’ve endured for centuries.

High barriers to entry created from strict government regulation, economies of scale, limited access to distribution channels and strong brand loyalty.

Excellent and durable profitability due to low production costs and tremendous pricing power, often operating in an oligopoly.

Strong free cash flow generation, which can be used to reinvest in the business at high rates of return, or distributed to shareholders through generous dividends.

Global in nature, allowing our Fund to diversify across international markets, with over 40% of assets invested in foreign companies.

Governments are large beneficiaries, through the collection of billions of dollars in tax revenue, settlement payments and access to the world’s best military technology, so they are incentivized to have these businesses thrive.

Charles L. Norton, CFA

Portfolio Management

Mr. Charles L. Norton is co-portfolio manager of the Vitium Global Fund. Mr. Norton serves as a portfolio manager at the Advisor and also serves as a portfolio manager at Penn Davis McFarland, Inc., a Dallas-based registered investment advisor. Previously, Mr. Norton managed global multi-asset class portfolios as a senior portfolio manager at Wells Fargo Private Bank, where he also served as a senior analyst on the national equity research team covering consumer stocks. Mr. Norton was also a founding principal of a long/short equity investment management firm, where he was responsible for portfolio management and investment research for all of the company’s managed assets. Mr. Norton started his career as an analyst at a NYC-based hedge fund firm and a health care investment banker at Smith Barney. Mr. Norton is a CFA charterholder and holds a bachelor’s degree in finance from Tulane University’s A.B. Freeman School of Business.

Jeffrey W. Helfrich, CFA

Portfolio Management

Mr. Jeffrey W. Helfrich is co-portfolio manager of the Vitium Global Fund. Mr. Helfrich serves as a portfolio manager at the Advisor and also serves as a portfolio manager at Penn Davis McFarland, Inc., a Dallas-based registered investment advisor. Previously, Mr. Helfrich was a research analyst for a multi-billion-dollar family office in Dallas, investing in debt and equity. Mr. Helfrich also has been a global equity research analyst with Janus Capital Group (now Janus Henderson Group), and Independence Capital Asset Partners, LLC in Denver. Mr. Helfrich graduated magna cum laude from Harvard University with an AB in Economics and is a CFA charterholder.

PERFORMANCE AT A GLANCE 0
QUARTER-END PERFORMANCE AS OF 9/30/2019
FUNDYTD1 YEAR3 YEARS5 YEARS10 YEARSSINCE INCEPTION*

USA Mutuals Vitium Global Fund Investor Class

17.92%

-0.24%

4.77%

5.62%

10.87%

9.08%

USA Mutuals Vitium Global Fund Class A w/ Load

11.13%

-5.99%

2.66%

4.34%

-

9.50%

USA Mutuals Vitium Global Fund Class A w/o Load

17.91%

-0.27%

4.71%

5.58%

-

10.33%

USA Mutuals Vitium Global Fund Class C w/ Load


16.26%

-1.97%

4.01%

4.84%

-

9.55%

USA Mutuals Vitium Global Fund Class C w/o Load

17.26%

-0.98%

4.01%

4.84%

-

9.55%

USA Mutuals Vitium Global Fund Inst. Class

18.15%

-0.01%

5.09%

5.91%

-

5.02%

S&P 500 TR

20.55%4.25%13.39%10.84%13.24%9.35%

Inception: 8/30/2002 (Investor), 12/08/2011 (Class A & C), 4/1/2014

(Institutional)Gross expense ratio Vitium: Inst – 1.28%, Investor- 1.53%, A – 1.53%, C- 2.28% Net Expense Ratio Vitium: Inst – 1.24%, Investor – 1.49%, A – 1.49%, C-2.24% Contractual fee waivers through 7/31/20.

Performance data quoted represents past performance and 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.

In addition, performance for Class A shares may reflect a CDSC of 1.00% if certain conditions apply. Please see the fund prospectus for further details. Performance shown including load reflects the Class A Maximum Sales Charge of 5.75% and Class C Maximum Sales Charge of 1.00% as a on shares redeemed within 12 months of purchase.

Fund holdings are subject to change and should no be considered a recommendation to buy or sell any security. The top 10 holdings exclude cash or cash instruments.

S&P 500 Index is considered to be generally representative of the U.S. large capitalization stock market as a whole. You cannot invest directly in an index. Unmanaged index returns do not reflect fees, expenses or sales charges.

TOP TEN HOLDINGS AS OF 11/29/2019
SECURITY NAME% OF NET ASSETS OR MARKET VALUE
RAYTHEON CO5.4%
LAS VEGAS SANDS CORP5.2%
GALAXY ENTERTAINME5.2%
LOCKHEED MARTIN CORP4.6%
DIAGEO P L C4.4%
CONSTELLATION BRANDS INC4.4%
BOEING CO4.2%
PHILIP MORRIS INTL INC4.2%
BRITISH AMERN TOB PLC3.8%
MGM RESORTS INTERNATIONAL3.8%
Our Firm

INNOVATIVE INVESTMENTS. EVOLVED EXPECTATIONS.

With a history spanning three decades, Dallas based USA Mutuals has long been a provider of alternative investment strategies to both the institutional and retail marketplaces. Founded in 1994, the company launched with a simple mandate: Create an environment in which the company’s goals and expectations are truly aligned with our investors. Our stable of fund offerings has been methodically assembled in concert with that mandate. It contains carefully selected Proprietary and Sub-Advised strategies that have historically demonstrated the ability to navigate a variety of market cycles, including the most difficult ones. Armed with a thorough understanding of the performance expectations for each of these investment philosophies, we work diligently to correctly pair them with the portfolio needs of our clients. This alignment of expectations is vital to all aspects of our approach. We firmly believe that the success of USA Mutuals is rooted in the satisfaction of the thousands of investors we’ve had the privilege to serve.