The man who used to run the Vice Fund is now zeroing in on just one vice for his new firm's first fund offering.

Ahrens Advisors, headed by Dan Ahrens, on Thursday launched the Gaming and Casino Fund, a no-load, multicap mutual fund that will invest 88 percent of its assets into casinos and gaming manufacturers, as well as pari-mutuel companies, lottery support systems, electronic game developers, manufacturers and distributors.

Ahrens, who will manage the new fund, was formerly president of Mutuals.com Funds and portoflio manager of the Vice Fund, which invests in the gambling, arms, alcohol and tobacco industries. He left the company in September last year, and shortly after set up his own firm.

In an interview, Ahrens said there is a great demand for a fund that focuses on gaming and related industries. "I'm surprised one didn't exist yet prior to this," he said.

The industry, he noted, is booming, with the growth expected to continue in the coming years. "Years ago, gaming was confined to Altantic City and Las Vegas and now it's growing nationwide and worldwide as well," he said.

Ahrens, who authored the book "Investing in Vice, The Recession-Proof Portoflio of Booze, Bets, Bombs and Butts," pointed to the growth of gaming in the Midwest and Gulf Coast, and cited emerging opportunities in the Far East and Europe.

The fund has an expense ratio of 1.7 percent. 

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