VICE: 3rd Quarter 2025 Portfolio Review
Portfolio
Performance
In the third quarter of 2025, VICE returned +4.81% on a net asset value (NAV) basis and +4.59% in market price, while trailing the S&P 500 Index’s +8.12% gain.
Portfolio
VICE continued its active management approach this quarter, rebalancing the portfolio in response to changing consumer preferences and broader market shifts.
New allocations were made to:
- Celsius Holdings Inc. (CELH): 7,000 shares
- Sharplink Gaming Inc. (SBET): 12,000 shares
- Genius Sports Ltd. (GENI): 17,000 shares
VICE re-established positions in:
- BJ’s Restaurants Inc. (BJRI): 12,500 shares
- El Pollo Loco Holdings Inc. (LOCO): 32,000 shares
- Electronic Arts Inc. (EA): 2,102
- Red Rock Resorts Inc. (RRR): 6,300 shares
- Light & Wonder Inc. (LNW): 1,200 shares
Positions exited this quarter include:
- Inspired Entertainment Inc. (INSE)
- Monster Beverage Corp. (MNST)
- PlayAGS Inc. (AGS)
- Sea Ltd. (SE)
- Turning Point Brands Inc. (TPB)
- Flutter Entertainment Plc. (FLUT)
- Gdev Inc. (GDEV)
These portfolio moves reflect a conviction-led approach, favoring durable brand equity, digital innovation, and companies aligned with evolving consumer habits, while trimming exposure to names with diminished upside in the near term.
Winners and Losers
Technology and premium-brand exposure played a major role in VICE’s Q3 gains. Notable outperformers included:
- BiliBili Inc. (BILI): up +30.96%
- Electronic Arts Inc. (EA): up +31.52%
- Melco Resorts and Entertainment Inc. (MLCO): up +26.83%
On the downside the biggest laggers in the portfolio were removed with slight drawdowns in some positions:
- Gambling.com Group (GAMB): down -31.20%
- Phillip Morris International Inc. (PM): down -10.94%
- Accel Entertainment Inc. (ACEL): down -5.95%
These performance results highlight the diverse risk-reward characteristics across the VICE theme, with growth-driven tech names often counterbalancing short-term softness in other categories.
Top Holdings
| Ticker | Security Description | Portfolio Weight % |
| EA | ELECTRONIC ARTS INC | 5.26% |
| MLCO | MELCO RESORTS & ENTERT-ADR | 5.09% |
| MCRI | MONARCH CASINO & RESORT INC | 5.05% |
| BYD | BOYD GAMING CORP | 5.02% |
| CELH | CELSIUS HOLDINGS INC | 4.99% |
| NVDA | NVIDIA CORP | 4.97% |
| ACEL | ACCEL ENTERTAINMENT INC | 4.80% |
| RRR | RED ROCK RESORTS INC-CLASS A | 4.77% |
| BJRI | BJ’S RESTAURANTS INC | 4.73% |
| BILI | BILIBILI INC-SPONSORED ADR | 4.73% |
As of 09.30.2025. 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
In Q3 2025, vice stocks demonstrated resilience amid broader market volatility, benefiting from inelastic demand in sectors like tobacco, alcohol, gambling, and adult entertainment. These stocks often outperformed benchmarks during economic uncertainty, with excess returns particularly in gambling. Overall, sin stocks continued to attract contrarian investors seeking defensive growth, though ethical concerns and regulatory risks persisted.
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Cheers,Definitions:
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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.
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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.