Fund Evaluator:
USA Mutuals Vice Investor (VICEX)
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Best Performing in Global Large-Stock Blend Over the Last Year
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Fund Details
USA Mutuals Vice Investor Overview
USA Mutuals Vice Investor (VICEX) is an actively managed International Equity Global Large-Stock Blend fund. USA Mutuals launched the fund in 2002.
The investment seeks long-term growth of capital. Under normal market conditions, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies that derive a significant portion of their revenues from a group of vice industries that includes the alcoholic beverages, defense/aerospace, gaming and tobacco industries. It concentrates at least 25% of its net assets in this group of four vice industries (but no more than 80% of its net assets in any single industry).
About USA Mutuals Vice Investor (VICEX)
There are 1 members of the management team with an average tenure of 5.82 years: Paul Strehle (2020). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: MSCI ACWI GR USD index with a weighting of 100%. USA Mutuals Vice Investor has 42 securities in its portfolio. The top 10 holdings constitute 55.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
USA Mutuals Vice Investor is part of the Equity global asset class and is within the International Equity fund group. USA Mutuals Vice Investor has 49.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 48.0%. There is 49.8% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is -0.1% (-0.1% domestic bond, 0.0% foreign bond and 0.0% convertible bond). USA Mutuals Vice Investor has 2.3% of the portfolio in cash.
Assets Under Management
The fund has $42 million in total assets, which is below the $1 billion average for the Global Large-Stock Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
VICEX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The USA Mutuals Vice Investor expense ratio is high compared to funds in the Global Large-Stock Blend category. USA Mutuals Vice Investor has an expense ratio of 1.73%, which is 66% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. USA Mutuals Vice Investor has a portfolio turnover rate of 17%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 43% for the Global Large-Stock Blend category.
Recently, in the month of June 2026, USA Mutuals Vice Investor returned -1.5%, which earned it a grade of F, as the Global Large-Stock Blend category had an average return of -0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
USA Mutuals Vice Investor has a trailing yield of 1.04%, which is above the 0.96% category average. The fund normally distributes its income semi-annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
USA Mutuals Vice Investor Grades
Year to date, the fund has returned 4.6%, 4.3 percentage points worse than the category, which translates into a grade of F. The fund has returned 8.9% over the past year (grade of F), 7.2% over the past three years (grade of F) and 3.0% per year over the past five years (grade of F) and 4.9% per year over the past 10 years (grade of F).
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VICEX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| VICEX Return (NAV) | -1.5% | 3.8% | 8.9% | 7.2% | 3.0% | 4.9% |
| VICEX Grade | F | F | F | F | F | F |
| +/- Category | -1.2% | -7.7% | -9.5% | -8.9% | -5.9% | -6.1% |
| Global Large-Stock Blend Avg | -0.3% | 11.5% | 18.4% | 16.1% | 8.9% | 11.0% |
| VICEX Tax Cost Ratio | na | na | 3.0% | 2.1% | 2.3% | 2.0% |
VICEX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| VICEX Return (NAV) | 4.6% | 20.3% | 1.6% | -2.1% | 3.3% | -1.3% | -0.9% | 26.2% | -21.3% | 25.7% | 9.4% |
| VICEX Grade | F | C | F | F | A | F | F | C | F | B | A |
| +/- Category | -4.3% | 0.5% | -11.6% | -20.9% | 19.6% | -18.7% | -15.5% | 0.3% | -11.0% | 2.8% | 2.7% |
| Global Large-Stock Blend Avg | 9.0% | 19.8% | 13.2% | 18.8% | -16.3% | 17.4% | 14.6% | 25.9% | -10.3% | 22.9% | 6.7% |
| Risk Measures | |
| Standard Deviation: | 11.8% |
| Total Risk Index: | 0.97 - Average |
| Category Risk Index: | 0.95 - Below Average |
| Category Risk Grade: | B (26% Rank) |
| Beta: | 0.65 |
| R-Squared: | 49% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 1.0% |
| Dividend Distribution: | Semi-Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $51 Mil |
| Fund Total Assets: | $ 43 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 17% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 5.8 years | |||
| Average Tenure: 5.8 years | |||
| Managers (Year): Strehle Paul (2020) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 42 |
| % in Top 10 Holdings: | 55.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 49.8% |
Portfolio Allocation |
|
| Domestic Stock: | 48.0% |
| Foreign Stock: | 49.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | -0.1% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.3% |
Purchase Information
| Fund Family: | USA Mutuals |
| Phone Number: | 866-264-8783 |
| Website: | www.usamutuals.com |
| Status: | Open |
| Inception Date: | August 30, 2002 |
| Min. Initial Purchase: | $2,000 |
| Min. Initial IRA Purchase: | $ 100 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.73% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.04% |
| Share Class: | USA Mutuals Vice Investor |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
