VICE: 2nd Quarter 2025 Portfolio Review
Portfolio
In the second quarter of 2025, VICE returned +8.59% on a net asset value (NAV) basis and +8.61% in market price. While slightly trailing the S&P 500’s +10.94% gain, the Fund’s steady performance reflects its focus on resilient, demand-driven sectors that tend to hold up well amid shifting macroeconomic conditions. The Fund has outpaced the S&P 500 year to date and for the past full year.
Portfolio Update
VICE continued its active management approach this quarter, rebalancing the portfolio in response to changing consumer preferences and broader market shifts.
New allocations were made to:
- Melco Resorts & Entertainment (MLCO): 46,800 shares
- Monster Beverage Corp. (MNST): 5,300 shares
- GDEV Inc. (GDEV): 10,197 shares
VICE re-established positions in:
- BiliBili Inc. (BILI): 15,800 shares
- Imperial Brands (IMBBY): 8,500 shares
- Universal Corp. (UVV): 5,500 shares
- Ferrari (RACE): 740 shares
Positions exited this quarter include:
- El Pollo Loco Holdings Inc. (LOCO
- Everi Holdings Inc. (EVRI)
- Gaming and Leisure Properties (GLPI)
- Huya Inc. (HUYA)
- Molson Coors Beverage Co. (TAP)
- RCI Hospitality Holdings Inc. (RICK)
- Texas Roadhouse Inc. (TXRH)
These portfolio moves reflect a conviction-led approach, favoring durable brand equity, digital innovation, and companies aligned with evolving consumer habits, while trimming exposure to names with diminished upside in the near term.
Winners / Losers
Technology and premium-brand exposure played a major role in VICE’s Q2 gains. Notable outperformers included:
- NVIDIA Corp. (NVDA): +45.78%
- NetEase Inc. (NTES): +31.49%
- Turning Point Brands Inc. (TPB): +27.60%
On the downside the biggest laggers in the portfolio were removed with slight drawdowns in some positions:
- GDEV Inc. (GDEV): -5.58%
- Gambling.com Group (GAMB): -5.78%
- Inspired Entertainment Inc. (INSE): -4.33%
These performance results highlight the diverse risk-reward characteristics across the VICE theme, with growth-driven tech names often counterbalancing short-term softness in other categories.
Top Holdings
| Ticker | Security Description | Portfolio Weight % |
| INSE | INSPIRED ENTERTAINMENT INC | 5.07% |
| NTES | NETEASE INC-ADR | 5.05% |
| ACEL | ACCEL ENTERTAINMENT INC | 4.95% |
| RACE | FERRARI NV | 4.94% |
| MO | ALTRIA GROUP INC | 4.82% |
| AGS | PLAYAGS INC | 4.76% |
| NVDA | NVIDIA CORP | 4.62% |
| BILI | BILIBILI INC-SPONSORED ADR | 4.61% |
| MLCO | MELCO RESORTS & ENTERT-ADR | 4.60% |
| VICI | VICI PROPERTIES INC | 4.57% |
As of 06.30.2025. Cash is not included. Holdings are subject to change.
Please see our complete Fund holdings at advisorshares.com/etfs/vice. The holdings details are updated each market day.
Market Update
Despite lingering macro concerns such as inflation and tightening capital conditions, these sectors offer a unique blend of defensiveness and innovation. The fund remains focused on revenue-generating businesses with cultural staying power and scalable models, especially in digital-first and globally expanding segments.
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Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus or summary prospectus, a copy of which may be obtained by visiting www.advisorshares.com. Please read the prospectus carefully before you invest. Foreside Fund Services, LLC, distributor.
Investing involves risks including possible loss of principal. Companies in the food, beverage and tobacco industry are very competitive and subject to a number of risks. Demographic and product trends, changing consumer preferences, nutritional and health-related concerns, competitive pricing, marketing campaigns, environmental factors, adverse changes in general economic conditions, government regulation, food inspection and processing control, consumer boycotts, risks of product tampering, product liability claims, and the availability and expense of liability insurance can affect the demand for, and success of, such companies’ products in the marketplace. For a full summary of the risks, please see the prospectus.
Shares are bought and sold at market price (closing price) not NAV and are not individually redeemed from the Fund. Market price returns are based on the midpoint of the bid/ask spread at 4:00 pm Eastern Time (when NAV is normally determined), and do not represent the return you would receive if you traded at other times.
Holdings and allocations are subject to risks and to change.
The views in this commentary are those of the portfolio manager and may not reflect his views on the date this material is distributed or any time thereafter. These views are intended to assist shareholders in understanding their investments and do not constitute investment advice.