Some mutual funds put your money into earth-friendly companies and health-food purveyors. But at least one contrarian growth fund loads up on booze, butts, and blackjack.

The Dallas-based Vice Fund (ticker: VICEX, invests in four types of companies: gaming, alcohol, tobacco, and defense and aerospace. And so far, what’s not so good for lungs and livers has meant healthy earnings for the two-year-old fund, which saw 38.2 percent returns through June of this year, easily beating the S&P 500.

It’s not everyone’s cup of tea, or shot of whiskey, but fund manager Dan Ahrens is betting that in good times, and bad, plenty of people will smoke, drink, and roll those bones.

“These companies are endorsed by the majority of Americans,” says Ahrens. “You should invest in what you understand, and people understand Anheuser Busch. It’s very easy to see how they make their money.”