USA Mutuals Vice Fund

USA Mutuals Vice Fund is a specialized mutual fund that invests primarily in industries considered to be 'vices,' including tobacco, alcoholic beverages, gaming, and aerospace and defense. Launched in 2002, the fund is built on the investment thesis that these sectors tend to be recession-resistant and possess high barriers to entry, often leading to consistent long-term performance. The fund was briefly renamed the Barrier Fund in 2014 before returning to its original name to better reflect its core strategy. It is managed by USA Mutuals and is accessible to investors through various share classes, including VICEX and VICVX. Although it is not a healthcare or biotechnology company, it represents a significant niche within the asset management industry by focusing on socially 'irresponsible' but historically profitable sectors.