VICE: 1st Quarter 2024 Portfolio Review
Portfolio
Performance
During the first quarter of 2024, VICE experienced positive performance. VICE’s Net Asset Value (NAV) gained +9.97%, just slightly lagging the return of the S&P 500, which was up +10.56% for the same period.
Holdings Changes
VICE initiated new holdings in the following stocks: Accel Entertainment Inc. (ACEL) with 35,000 shares, Caesars Entertainment Inc. (CZR) with 6,900 shares, Church & Dwight CO. Inc. (CHD) with 2,800 shares, Chuy’s Holding Inc. (CHUY) with 9,600 shares, El Pollo Loco Holdings Inc. (LOCO) with 40,500 shares, Electronic Arts Inc. (EA) with 2,300 shares, and Light & Wonder Inc. (LNW) with 3,900 shares. Additionally, there were several sell trades executed during the quarter, involving the removal of positions in Ambev (ABEV), Anheuser-Busch (BUD), BJ’s Restaurants Inc. (BJRI), Carlsberg (CABGY), CIA Cervecerias (CCU), Diageo (DEO), Heineken (HEINY), Hershey CO. (HSY), Kirin Holdings (KNBWY), LVMH Moet Hennessy (LVMUY), and Philip Morris International (PM).
New Positions
VICE initiated new holdings in Turtle Beach Corp. (HEAR) with the addition of +19,233 shares and Ferrari (RACE) with +800 shares. The Fund removed positions in Altria Group Inc. (MO), Caesars Entertainment Inc. (CZR), and Carrols Restaurant Group (TAST). TAST is being acquired by Restaurants Brands International (QSR).
Winners / Losers
During the first quarter, the portfolio saw notable contributions from NVDIA Corp. (NVDA), which surged by +82.46%, Wingstop Inc. (WING) also performed well, rising +42.89%, and Turtle Beach Corp. (HEAR) up +39.71%.
Underperformers included MGP Ingredients Inc. (MGPI) which declined -12.45%, Chuy’s Holdings Inc. (CHUY) down -11.77%,
Top Holdings
| Ticker | Security Description | Portfolio Weight % |
| TPB | TURNING POINT BRANDS INC | 5.94% |
| NVDA | NVIDIA CORP | 5.68% |
| MGM | MGM RESORTS INTERNATIONAL | 4.98% |
| VGR | VECTOR GROUP LTD | 4.75% |
| TAP | MOLSON COORS BEVERAGE CO – B | 4.70% |
| WING | WINGSTOP INC | 4.64% |
| RACE | FERRARI NV | 4.60% |
| BYD | BOYD GAMING CORP | 4.54% |
| HEAR | TURTLE BEACH CORP | 4.37% |
| ACEL | ACCEL ENTERTAINMENT INC | 4.29% |
As of 3.31.2024. 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 and services remain popular among consumers, who are steadfast in their consumption habits even as costs rise. Leading companies in industries such as alcohol, tobacco, and gaming are dedicated to innovation, actively exploring new markets, and adapting to evolving consumer preferences.
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Cheers,Past 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.