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Vice Fund has Rough Start3 March 2003NEW YORK – As reported by Reuters: " A new mutual fund that embraces `socially irresponsible" investments such as alcohol, tobacco and gambling stocks has gotten off to a rough start. "The Vice Fund VICEX.O has lagged the broader market since its inception six months ago, in part because of declines in its casino holdings. "…`It has underperformed, but it's a short period of time,' co-portfolio manager Dan Ahrens told Reuters on Friday. `History shows that these sectors have done very well through thick and thin.' "…The Vice Fund is down 16.4 percent from inception on Aug. 30 through Thursday, according to Mutuals.com Inc., the Dallas-based company that runs the fund. "…Gambling stocks, which have fallen this year amid the sluggish economy, made up about 24.5 percent of the fund's assets as of Jan. 31. Casino operator Harrah's Entertainment Inc. HET.N was the fund's third-biggest holding. Harrah's shares are down about 18 percent this year…" |