VICE: 2nd Quarter 2023 Portfolio Review

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized. For the fund’s most recent standardized and month-end performance, please click www.advisorshares.com/etfs/vice. On November 1, 2020, the AdvisorShares Vice ETF changed its ticker from ACT to VICE and made a change to its investment strategy. See the prospectus for more information.

Performance

VICE had a positive period in the 2nd quarter of 2023. VICE’s Net Asset Value (NAV) was up 2.41%, but trailed the S&P 500.     

Portfolio

New Positions
VICE added a new position in BJ’s Restaurants INC (BJRI) with 13,797 shares, MGM Resorts International (MGM) with 10,600 shares, Netease INC (NTES) with 4,700 shares, Nvidia Corp (NVDA) with 1,000 shares, and Wingstop INC (WING) with 2,300 shares. There were several trades made throughout the quarter, including removing positions in Brown-Forman Corp (BF/B), Century Casinos INC (CNTY), Monarch Casino & Resorts INC (MCRI), and RCI Hospitality Holdings INC (RICK).

Winners / Losers
The portfolio’s laggards were Duckhorn Portfolio INC (NAPA) down 19.19% and Everi Holdings INC (EVRI) down 15.14%. Positive contributors to performance were Nvidia Corp (NVDA) up 51.27%, Molson Coors Beverage CO (TAP) up 26.32%, and Dave & Buster’s Entertainment (PLAY) up 23.85% for the second quarter.

Top Holdings

Ticker Security Description Portfolio Weight %
VGR VECTOR GROUP LTD 5.40%
PLAY DAVE & BUSTER’S ENTERTAINMEN 5.16%
BYD BOYD GAMING CORP 5.13%
LVMUY LVMH MOET HENNESSY-UNSP ADR 4.90%
CCU CIA CERVECERIAS UNI-SPON ADR 4.89%
TPB TURNING POINT BRANDS INC 4.82%
MGM MGM RESORTS INTERNATIONAL 4.76%
WING WINGSTOP INC 4.71%
INSE INSPIRED ENTERTAINMENT INC 4.69%
NTES NETEASE INC-ADR 4.65%

As of 06.30.2023. 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.

Market Update

“Vice” products continue to perform as consumers maintained their consumption of the goods and services, despite rising prices. Major players in alcohol, tobacco, and gaming continue to focus on product innovation, expanding into new markets, and catering to changing consumer preferences.

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Tune in to AdvisorShares’ Alpha Nooner Show streaming live each regular weekday starting at 12:00 pm (East Coast time), where I am a guest almost every Tuesday to get updates on the funds. Find it on most major social media platforms or visit our the AdvisorShares “Events” webpage for more information.

Cheers,

Dan Ahrens
AdvisorShares
AdvisorShares Vice ETF (VICE) Portfolio Manager

 

Definitions:

The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One cannot invest directly in an index.


Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the 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.