USA Mutuals Vice Fund Investor Class
VICEX
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- USA Mutuals Vice Fund Investor Class (VICEX) is a mutual fund that invests primarily in "vice" industries including tobacco, alcoholic beverages, gaming, hotels, restaurants, and defense/aerospace companies, seeking long-term capital appreciation through a non-diversified portfolio of common stocks selected for their market dominance and resilience. The fund offers shares in the Investor Class (ticker: VICEX), alongside other classes such as Institutional (VICEX-I), with a focus on companies exhibiting strong free cash flow, low debt levels, and competitive moats; it employs a fundamental, bottom-up research process emphasizing businesses that thrive regardless of macroeconomic conditions. Managed by USA Mutuals Advisors, Inc., the fund operates within the financial services sector, targeting growth-oriented investors seeking exposure to recession-resistant consumer staples and leisure sectors, with geographic operations centered in the United States. Founded in 2002 and headquartered in Marietta, Georgia, the fund is part of the USA Mutuals family of funds, which includes related offerings like the Allspring Special Small Cap Value Fund, and maintains no significant subsidiaries or parent company relationships beyond its advisor. In recent years, the fund has undergone a key strategic shift with the appointment of new co-portfolio manager Michael Schmedlen in 2023, enhancing its research capabilities and portfolio construction; it also navigated market volatility through 2024-2025 by increasing allocations to defense stocks amid geopolitical tensions and maintaining overweight positions in gaming and beverages. No major acquisitions, funding rounds, or name changes have occurred in the last 1-2 years, though the fund continues to expand its vice industry focus with selective new holdings in emerging gaming technologies and premium spirits brands.