VICE: 4th Quarter 2023 Portfolio Review
Performance
During the fourth quarter of 2023, VICE experienced positive performance. VICE’s Net Asset Value (NAV) showed growth of 7.12%, slightly behind the positive return of the S&P 500, which was up 11.69% for the same quarter.
Portfolio
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).
Winners / Losers
The underperformers in the portfolio included Everi Holdings Inc. (EVRI) with a decline of -13.97%, International Gaming Technology (IGT) down -9.21%, and Netease Inc. (NTES) down -6.55%. On the positive side, notable contributors to the portfolio’s performance were Dave & Buster’s Entertainment (PLAY) with an increase of 45.97%, Wingstop Inc. (WING) up by 39.21%, and MGM Resorts International (MGM) showing a gain of 21.45% for the fourth quarter.
Top Holdings
| Ticker | Security Description | Portfolio Weight % |
| TAST | CARROLS RESTAURANT GROUP INC | 5.91% |
| WING | WINGSTOP INC | 5.75% |
| TPB | TURNING POINT BRANDS INC | 5.02% |
| NVDA | NVIDIA CORP | 4.99% |
| CHUY | CHUY’S HOLDINGS INC | 4.68% |
| TAP | MOLSON COORS BEVERAGE CO – B | 4.65% |
| ACEL | ACCEL ENTERTAINMENT INC | 4.58% |
| LOCO | EL POLLO LOCO HOLDINGS INC | 4.55% |
| NTES | NETEASE INC-ADR | 4.49% |
| VICI | VICI PROPERTIES INC | 4.47% |
As of 012.31.2023. 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 and services continue to enjoy popularity, with consumers maintaining their consumption habits despite rising costs. Major players in industries such as alcohol, tobacco, and gaming are committed to innovation, exploring new markets, and adapting to changing 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.