DER ARIVA-FONDS-TIP (von pm und jp)

Ein Aktienfonds setzt auf die Laster der Menschen: Alkohol, Tabak, Glücksspiel, Waffen. Sind Sünden wirklich Viagra fürs Depot?

Fidelity hat eine Pyramide als Logo, Pioneer ein Segelschiff, und bei Merrill Lynch ist es der Bulle. Um ihren neuen Fonds zu repräsentieren hat die US-Fondsgesellschaft Mutuals.com ein originelleres Motiv gewählt: Eine Zigarette, ein Martini-Glas, ein Würfelspiel und ein Fadenkreuz.

Der Vice Fund (zu Deutsch: Sündenfonds) setzt auf die Laster der Menschheit. Politisch korrekt ist das zwar nicht - doch daran stört sich bei Mutuals.com niemand. Die Gesellschaft verwaltet rund 240 Millionen Dollar und gehört damit zu den Zwergen der Branche. Mit dem Sündenfonds ist ihr allerdings ein echter Volltreffer gelungen. Tausende Investoren haben Interesse signalisiert, obwohl es den Fonds erst seit drei Wochen gibt. "Die Nachfrage ist riesig, wir sind total überrascht", sagt Fondsmanager Dan Ahrens. "Jeden Tag gibt es enorme Zuflüsse."

Die Initiatoren scheinen in der Tat eine Marktlücke entdeckt zu haben. Zwar gibt es tausende Fondsgesellschaften mit unzähligen Angeboten. Doch ein Sündenfonds ist noch nicht darunter. Dabei ist die Idee eigentlich einleuchtend: Kein Mensch verzichtet freiwillig auf seine Laster.

"Egal ob es der Wirtschaft gut oder schlecht geht, ob Terror-Angst oder Bilanz-Skandale die Menschen verunsichern - geraucht wird immer", behauptet Mutuals.com. Laster Nummer eins ist deshalb die Nikotinsucht. Zwar greifen in den USA immer weniger Menschen zum Glimmstängel, doch wird dieser Rückgang durch Zuwächse im Rest der Welt wettgemacht. Im Vergleich zu anderen Branchen steht die Tabakindustrie somit glänzend da. Philip Morris, Reynolds und British American Tobacco kommen auf sagenhafte Dividendenrenditen zwischen vier und sieben Prozent. Gesundheitsrisiken hin, Sammelklagen her - Tabak gibt es schon seit Jahrhunderten und wird es auch in Zukunft geben, meinen die Fondsmanager.

Sünde Nummer zwei ist der Alkohol. Scheinbar ebenfalls eine krisensichere Sache. "Haben Sie in den letzten Jahren einmal einen Blick auf Ihren Depotstand geworfen", fragen die Initiatoren. "Dann brauchten Sie sicher erst einmal einen Drink." Keine Frage: So lange es an den Börse noch abwärts geht, wird der Frust weggespült. Und wenn die Talfahrt kein Ende findet? Dann erst recht! Also gehören in einen waschechten Sündenfonds auch Brauereiaktien. Während der vergangenen zwölf Monate ließen Anheuser-Busch (plus 22 Prozent) und Adolph Coors (plus 36 Prozent) die Papiere der braven Softdrink-Konkurrenz alt aussehen.

Sünde Nummer drei: Das Glücksspiel. Wem die Börsenbaisse noch Geld gelassen hat, der trägt es scheinbar ins Kasino. Jedenfalls erlebt die Branche in den USA derzeit auch außerhalb von Las Vegas einen einzigartigen Boom. Viele der einst so strengen Gesetze wurden gelockert, mit der Folge, dass in den Staaten eine Spielhölle nach der anderen entsteht. Aktionäre von Kasinobetreibern wie Harrah's Entertainment verdoppelten ihren Einsatz binnen eines Jahres. Da kann kaum ein Croupier mithalten.

Und auch die Rüstungsindustrie darf nicht fehlen: Sünde Nummer vier. Ethik-fonds fassen solche Papiere noch nicht einmal mit spitzen Fingern an. Die Manager des Vice Fund haben da freilich weniger Berührungsängste: "In einer perfekten Welt bräuchte man vielleicht keine Rüstung. Aber unsere Welt ist nicht perfekt." Folglich gehören auch Papiere von Lockheed Martin, General Dynamics & Co. ins Depot des gewissenlosen Anlegers. Apropos Gewissen: Damit hat Fondsmanager Ahrens kein Problem. "Wir sind die bösen Buben der Börse", sagt er mit einem Grinsen. "Na und? Was am Ende zählt ist die Performance. Und die wird bei uns stimmen", ist er sich sicher.

Experten raten dagegen zur Vorsicht. Sie warnen vor dem engen Anlagehorizont und einer höheren Volatilität. Dadurch seien zwar satte Gewinne, aber auch höhere Verluste möglich. Morningstar-Analyst Russel Kinnel ist noch aus einem anderen Grund skeptisch: "Mehr als 8300 Aktienfonds konkurrieren um Investoren", sagt er. "Da müssen sich einige scheinbar solche Scherze ausdenken, um an Geld zu kommen."

Wer weiß, welche Fonds Mutuals.com noch so alles in der Pipeline hat. Ach ja, da fehlt doch noch ein Laster. Kann denn Liebe keine Sünde sein? Verspricht das älteste Gewerbe der Welt etwa kein Wachstum mehr? "Doch natürlich", versichert Manager Ahrens. "Aber es gibt einfach keine guten Aktien aus der Sex-Branche." Dabei würde ein Herz vielleicht sogar ganz gut ins Logo passen.

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Investments in









Name: Vice Fund
Minimum Investment: $2500
Minimum Additional: $100
Sales Load: NONE
Inception Date: 8/30/2002
Ticker Symbol: VICEX
Cusip Number: 62845J503
Objective: Long-term growth of capital
Advisor: MUTUALS.com, Inc.  

Top 10 Fund Holdings as of 09/16/02:

Fund holdings are subject to change and are not recommendations
to buy or sell any security.                

4.3% - Philip Morris
4.2% - Anheuser-Busch
4.1% - Reynolds Tobacco Holdings
4.1% - Coors Adolph Class B
4.1% - Universal Corp.
4.0% - US Tobacco Inc.
3.6% - British American Tobacco
3.2% - Multimedia Games
3.2% - Harrah's Entertainment
3.1% - Imperial Tobacco Group

Top Industry Breakdown as of 09/16/02: 23.3% - Alcohol

23.2% - Tobacco
19.1% - Gambling
16.7% - Defense  
 
Fund Performance: The Fund has no performance data until
at least one quarter after the inception date  

The graph below is taken from a study of the alcohol, tobacco, gaming & casino, and aerospace / defense industries, conducted by MUTUALS.com. Over the five-year period June 30, 1997 to June 30, 2002, a individual simply investing 25% into each of the alcohol, tobacco, gaming & casino, and aerospace/defense sectors, would have significantly outperformed the S&P 500 index. While actual investment performance of the VICE FUND will differ, we believe that these sectors, regardless of bull or bear markets, will continue to experience significant capital appreciation.  

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The Case for Casino & Gambling Stocks

"Gambling is inevitable. No matter what is said or done by advocates or opponents in all its various forms, it is an activity that is practiced, or tacitly endorsed, by a substantial majority of Americans." Final Report, Commission on the Review of the National Policy Toward Gambling, p. 1 (Washington: 1976). The industry has grown immensely since that statement 26 years ago.

The gambling industry seems to be booming. As the charts on this page show, stock prices of the industry have continued to rise, even while much of the stock market has suffered. The United States has been transformed from a nation in which legalized gambling was a limited and a relatively rare phenomenon into one in which such activity is common and growing.

Las Vegas is now one of the top "family" destinations with new multi-million dollar, themed hotels / casinos being built yearly. Virtually everyone in the U.S. has some form of legalized gambling available when you consider not only Nevada and Atlantic City, but now the Mississippi gulf coast, river boats in the Midwest, horse and dog tracks, Indian reservation casinos, and quickly growing internet gambling. Many state governments have turned into one of the biggest proponents of gambling in the form of state lotteries. Numerous publicly traded companies support the multi-billion dollar lottery industry.

We're willing to bet that the gambling industry will continue to grow for years to come. At least we think the odds are much better than if you took your money into the casino and gambled with it.

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The Case for Tobacco Investing

We think it's obvious that through good economy or bad, fears of terrorism, corporate scandal, and even health fears, people keep smoking. It's not going away. Many of this country's founding fathers were tobacco farmers. People have been smoking for centuries.

While the percentage of people smoking in the U.S. may have declined, many people do not realize the huge worldwide market for tobacco products. "The tobacco industry contributes substantially to the economies of over 150 countries, with more than 100 million people world wide depending on it for employment. Tobacco is the world's most widely cultivated non-food crop."*

In the prospectus for the VICE FUND, we're required to mention potential risks. It hard not to think about the tobacco industry without thinking about potential litigation. In our opinion, once again, the public may not realize the vast differences between the U.S. markets and worldwide markets for tobacco. "Despite attempted imitation elsewhere, litigation is largely confined to the USA because of the unique characteristics of the US judicial system. The industry has a strong record of winning cases in the US and we - along with many analysts - see an encouraging trend in US litigation in favour of the tobacco industry."*

*www.bat.com (British American Tobacco)

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The Case for Alcohol Investing

Have you looked at your retirement plan or brokerage account statements the last couple years, and said, "I need a drink"? Apparently a lot of people have. Take a look at the 1, 3, and 5-year charts on this page. The stock market has been lousy, but alcohol stocks seem to have performed well.

According to Richard Joy, equity analyst covering food, beverage and tobacco stocks for Standard & Poor's, "Insight from Standard & Poor's", February, 2002: "In good times and bad, consumer demand for alcoholic beverages remains pretty consistent. And that's why Standard & Poor's maintains a positive near-term outlook for the U.S. alcoholic beverage industry -- both brewers and wine and spirits producers. The U.S. brewing industry is expected to benefit from a favorable pricing environment for beer, improving demographic trends, and rising consumption."

As with other so called, "Vice Stocks", the alcohol industry has existed for centuries, and doesn't seem to be ending any time soon. A quote concerning our nations 1st President, George Washington: "His biographers declare that in eating and in drinking as in all things, he was normal; enjoying the juice of the malt all the days of his life. He drank it around campfires, as well as in his own home and upon social and state occasions."*

We do believe in drinking responsibly. As an example of good things that brewers and distillers are doing; since 1982, Anheuser-Busch and its network of more than 600 independent wholesalers have invested more than $375 million implementing and promoting alcohol awareness programs in cities and towns across the United States. *

*www.anheuser-busch.com

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The Case for Defense Stock Investing

Osama bin Laden. That should be enough of a reason for Defense stocks. So called "Socially Responsible Investors" would claim that you shouldn't own stocks that have anything to do with defense or weapons. That means that all of the Aerospace and Defense Industries are to be avoided. Maybe in a perfect world these industries wouldn't need to exist, but until that perfect world does exist, we want to own these stocks.

Through good times and bad times, Aerospace and Defense firms employ millions of Americans and contribute billions of dollars to the U.S. economy. They provide the technology and equipment that helps to protect every one of us. Why wouldn't we want to invest in these companies?

Are these good stocks to own? See the charts on this page. The industry seems to have done well recently. As an example, look at any public information on stocks like Lockheed Martin or General Dynamics. You'll see that they outperformed the S&P 500 Index by wide margins over the past 15 years.

Like other "Vice Stock" industries, defense and weapons have been around for a long, long time. If you believe The Bible, it all started with Cain and Abel. We think this industry will be a good place to invest for a very long time.





How to Buy the VICE FUND

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Gruß
Happy End

pm is watching you:

seid (auch) Ihr nicht zu gebrauchen ;-))

The Vice Fund is likely to have its holdings split evenly among the four categories: 25 percent each in liquor, tobacco, casinos and defense, Ahrens said. But that could change over time, depending on the economy and world events.

"If we go to war with Iraq next year, we might want to put more money into defense," he said.

According to the fund's prospectus, only tobacco stocks _have been under legal attacks by state governments, the federal government, and class-action attorneys - underperformed the Standard &Poor's 500 index over the last five years. The largest gainer was alcoholic-beverage stocks, which include beer stocks. They gained 62.57 percent over the five years, compared with an 11.8 percent gain for the S&P 500.

The companies that the Vice Fund may invest in include Brown-Forman Corp., Adolph Coors Co. and Anheuser-Busch Cos. Inc. in liquor; Philip Morris, UST Corp. and Swedish Match in tobacco; Penn National Gaming Inc., Harrah's Entertainment Inc., Mandalay Resort Group and GTech Holdings Corp. in gaming; and Boeing Co. or Lockheed Martin Corp. in aerospace-defense. Ahrens said there were "hundreds" of companies that the Vice Fund would find appropriate for its theme.

As for management, "we gave ourselves lots of flexibility," Ahrens said. The Vice Fund may invest in Harley-Davidson Inc. because its motorcycles could be associated with drinking, smoking and gambling, he said.

The fund may invest in Carnival Corp., which operates cruise ships. "A guy in our office recently got back from a cruise, and there was a lot of drinking, smoking and gambling going on there, so that would fit with our fund," Ahrens said. But "we are trying to focus 90 to 95 percent of the assets on the big four categories we are talking about," he said.

Theme funds are nothing new. There have been golf, race-car and funeral funds, as well as Catholic, Islamic and Lutheran funds. "Socially responsible funds" - the inverse of the Vice Fund - have been around for decades, and gained some respectability in the 1990s for solid returns.

"There are plenty of them, and they have been around for years," Ahrens said. If they allow investors to "sleep at night, then that's a good investment for them," he said.

Upon hearing of the Vice Fund, ethics and mutual-fund experts were either bemused or appalled at its investing strategy. Most believed it was a clever idea and was poking fun of socially responsible funds, which have struck a chord with baby boomer sensibilities.

"My first reaction ... is to laugh," said Michael Kerlin, professor in the philosophy department at LaSalle University in Philadelphia. "It's sort of like a right-wing political joke that is making fun of liberals."

He said he did not consider booze, smoking or gaming as "wicked" pursuits, and that buying those stocks would not require a trip to the confessional by the investor. People could enjoy the products of those companies in moderation, he said. "I don't want my kids to work in casinos, even if they make a lot of money. But I think they're OK," he said.

Kerlin said he would probably "feel foolish" investing in the Vice Fund because it seemed more of a "cultural or political statement than an economic thing."

Terry Halbert, a professor of legal studies who teaches business ethics at the Fox School of Business at Temple University, said she was aghast at the idea of investing in a mutual fund that focuses, in particular, on tobacco stocks.

She said tobacco and liquor companies prey on vulnerable consumers such as teenagers. Putting money into their stocks is participating in that activity, she said. "These vice businesses are exploiting vulnerable populations of our society," Halbert said. "I would feel that I was living on tainted money, and I would not feel like I should retire more comfortably, or buy a house at the Shore, on their backs," she said.

Investing in mutual funds can be ethically hazardous for investors who find that companies they support through stock purchases, sometimes unwittingly, engage in unethical behavior or business practices. But the Vice Fund "ratchets up" this hazard to a new level, Halbert said.

"I would say it is more unethical participating in this (Vice Fund) than in, say, putting your money into a big mutual fund and you find a few tobacco companies in it," Halbert said.

Mutual-fund consultants said the odds were long for Vice Fund to make a name for itself in a crowded field of thousands of mutual funds.

"This is a marketing-driven fund," said Burt Greenwald, a Philadelphia-based mutual-fund industry consultant. "I don't think it appeals to anybody who wants to see their money grow." He said investors would be unwilling "to bet the ranch" on an unproven fund, even it has a marketable concept.

Geoff Bobroff of Bobroff Consulting Inc. in Rhode Island, a consultant to the investment management industry, said big-name mutual funds have stayed away from a concept like the Vice Fund for fear of alienating investors in parts of the United States, such as those in the Bible Belt. Tobacco and liquor companies have been "no-no's in the traditional fund families," Bobroff said.

As for the idea of investing in what people know, Bobroff laughed. "Do you like to look at yourself in the mirror after a bender? Then you will want to invest in what you know," he said.

The Vice Fund will be available through brokerages such as T.D. Waterhouse, Fidelity, Harris Direct and Vanguard, Ahrens said. It also can be purchased directly through the www.vicefund.com Web site, he said. The minimum investment is $2,500, and it is a no-load fund.

Are they concerned about pickets outside the Mutuals.com office in downtown Dallas protesting the Vice Fund and its approach to investing? "We'd kinda like that," Ahrens said.

aber z.B. Schnorrer oder der Ruhrpottzocker sind auch angesprochen.

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