VICE: 1st Quarter 2022 Portfolio Manager Review
Performance
Portfolio
New Positions
Alcohol company MGP Ingredients (NASDAQ: MGPI) was actually added on 12/30/21 and casino gaming technology company Everi Holdings Inc. (NASDAQ: EVRI) was added in early 2022. We are constantly managing the Fund and occasionally increasing or decreasing position sizes as we see fit. The Fund currently has heavy weights in gaming, entertainment and alcohol.
We sidestepped recent losses by Wingstop (NASDAQ: WING) by removing it from the portfolio early in the quarter.
Contributors / Detractors
Top performers included Monarch Casino (NASDAQ: MCRI) up 17.96% and Activision Blizzard (NASDAQ: ATVI) up 20.41% on its buyout news. Other contributors were old-school, conservative “vice stocks” Molson Coors (NYSE: TAP) up 16.03%, British American Tobacco (NYSE: BTI) up 14.62%, and Altria (NYSE: MO) up12.15%.
Among losers, Red Rock Resorts (NASDAQ: RRR) and Full House Resorts (NASDAQ FLL), both lost after being strong gainers in Q4 2021. RRR was down -21.02% and FLL lost -20.64% Penn National Gaming (NASDAQ: PENN) was a continued drag down over 18%, but a smaller holding.
Top Holdings
Ticker | Security Description | Portfolio Weight % |
RICK | RCI HOSPITALITY HOLDINGS INC | 5.71% |
BYD | BOYD GAMING CORP | 5.40% |
LVMUY | LVMH MOET HENNESSY-UNSP ADR | 5.19% |
MCRI | MONARCH CASINO & RESORT INC | 5.14% |
DEO | DIAGEO PLC-SPONSORED ADR | 4.91% |
GLPI | GAMING AND LEISURE PROPERTIE | 4.69% |
EVRI | EVERI HOLDINGS INC | 4.63% |
RRR | RED ROCK RESORTS INC-CLASS A | 4.56% |
PRNDY | PERNOD RICARD SA – SPON ADR | 4.47% |
CHUY | CHUY’S HOLDINGS INC | 4.46% |
As of 03.31.2022. 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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Past Manager Commentary
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.