VICE: 2nd Quarter 2022 Portfolio Manager Review
For Q2 of 2022, VICE’s performance was roughly in line with the S&P 500. VICE returned -6% while the S&P 500 was down -5%.
VICE’s portfolio benefitted from exposure to the beverage, including beer, wine and spirits, and the tobacco industries while it was weighed down by the gaming and online gambling categories.
VICE made several trades throughout the quarter, including decreasing positions in in Chuy’s, LVMH, and McDonald’s, while adding to Everi Holdings and Dave and Busters Entertainment.
Winners / Losers
The portfolio’s laggards were gaming and online gambling stocks, particularly Monarch Casino, Caesars, Boyd Gaming, Penn Entertainment, and Take-Two Interactive. Positive contributors to performance were Duckhorn, Molson Coors, Philip Morris, and Brown Forman.
|Ticker||Security Description||Portfolio Weight %|
|MGPI||MGP INGREDIENTS INC||7.27%|
|STZ||CONSTELLATION BRANDS INC-A||5.13%|
|PRNDY||PERNOD RICARD SA – SPON ADR||4.92%|
|RICK||RCI HOSPITALITY HOLDINGS INC||4.85%|
|CHDN||CHURCHILL DOWNS INC||4.74%|
|PLAY||DAVE & BUSTER’S ENTERTAINMEN||4.68%|
|BTI||BRITISH AMERICAN TOB-SP ADR||4.18%|
|GLPI||GAMING AND LEISURE PROPERTIE||3.81%|
|INSE||INSPIRED ENTERTAINMENT INC||3.79%|
As of 06.30.2022. Cash is excluded. Subject to change.
Please see our complete Fund holdings at advisorshares.com/etfs/vice. The holdings details are updated each market day.
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News / Update
During difficult markets, companies providing “vice” products and services are often considered more resilient as consumers have a tendency to maintain their consumption of the goods and services provided by these companies. But we are currently witnessing a conflicted market – stocks and bonds are both down and inflation is high, but the job market is strong and wages are up. While we currently aren’t seeing much performance difference between the broader market and the VICE ETF, we believe that could change.
Past Manager Commentary