The Vice Fund has a hint of notoriety -- but there's nothing wrong with its returns: it earned 17.8 percent last year.
Co-portfolio manager Charles Norton is very specific about what goes into the fund. He offered his insights to CNBC.
"We're finding opportunities in gaming, we're finding opportunities in aerospace defense, and we're finding opportunities in alcoholic beverages, globally," he told CNBC.
"What we're finding opportunities on is really driven by global demand, that is there regardless of economic activity here in the U.S."
Lighting up the fund right now is Altria Group, which will spin off its PMI unit toward the end of March. Would Norton wait until then to buy it?
"Absolutely not," he said. "We like Altria right here today. In fact, it's our single largest holding here at the Vice Fund. We think there's going to be tremendous value after the spinoff."