VICE: 1st Quarter 2025 Portfolio Review
Portfolio
In the first quarter of 2025, VICE posted a slight decline of -0.11% (NAV) and -0.10% (market price), outperforming the broader market as the S&P 500 Index fell -4.27%. VICE’s relative resilience underscores the fund’s positioning in sectors that have historically provided stability during times of market volatility.
Portfolio Update
VICE made several tactical adjustments to the portfolio this quarter, aligning with evolving market conditions and emerging consumer behavior trends.
New Positions Initiated:
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- PlayAGS Inc. (AGS): 27,000 shares
- Sea Ltd. (SE): 2,180 shares
VICE re-established positions in:
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- Altria Group Inc. (MO): 5,542 shares
- Everi Holdings Inc. (EVRI): 22,500 shares
- Inspired Entertainment (INSE): 36,666 shares
- RCI Hospitality Holdings (RICK): 7,000 shares
VICE exited positions in:
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- Bilibili Inc. (BILI)
- Boston Beer Company Inc. (SAM)
- Electronic Arts Inc. (EA)
- Imperial Brands (IMBBY)
- Light & Wonder Inc. (LNW)
- Wingstop Inc. (WING)
These trades reflect VICE’s dynamic, conviction-based strategy focused on long-term opportunities in lifestyle-driven sectors while reducing exposure to names with less favorable near-term risk/reward profiles.
Winners / Losers
Despite broad market softness, several VICE holdings posted strong gains. Philip Morris International (PM) led the way with a 33.06% gain, followed by Altria Group Inc. (MO) at 18.96%, and Sea Ltd. (SE), which advanced 18.15%.
On the downside, Nvidia Corp. (NVDA) declined 19.90%, Flutter Entertainment (FLUT) fell 17.53%, and El Pollo Loco Holdings Inc. (LOCO) lost 10.75%, reflecting pressure across tech and discretionary categories.
Top Holdings
| Ticker | Security Description | Portfolio Weight % |
| PM | PHILIP MORRIS INTERNATIONAL | 5.38% |
| TAP | MOLSON COORS BEVERAGE CO – B | 5.31% |
| MO | ALTRIA GROUP INC | 4.91% |
| BTI | BRITISH AMERICAN TOB-SP ADR | 4.86% |
| AGS | PLAYAGS INC | 4.83% |
| LOCO | EL POLLO LOCO HOLDINGS INC | 4.81% |
| VICI | VICI PROPERTIES INC | 4.67% |
| INSE | INSPIRED ENTERTAINMENT INC | 4.62% |
| EVRI | EVERI HOLDINGS INC | 4.54% |
| GLPI | GAMING AND LEISURE PROPERTIE | 4.54% |
As of 3.31.2025. 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
With market dynamics shifting and inflation concerns lingering, the sector’s historic role as a buffer during periods of macro stress remains intact. VICE remains positioned to navigate this environment with a focus on durable, revenue-generating businesses that align with long-term cultural and consumption trends.
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Cheers,
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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.