NEW YORK (CNN/Money) - If a smoke and a cold brew (or several for that matter) are a part of your daily post-work unwinding routine and if you firmly believe in investing in what you know, then Dan Ahrens has a mutual fund for you.

Ahrens recently started a fund that is being dubbed as socially irresponsible: the Mutuals.com Vice fund. He is going to invest exclusively in companies in the alcohol, tobacco, gaming and defense industries. The fund opened to investors on Aug. 15 and Ahrens will start making purchases on Sept. 3.

At a meeting of mutual fund managers in New York on Tuesday, Ahrens quizzed the audience about their drinking, smoking and gambling habits (he admitted to having some drinks and a cigar the prior evening) and handed out coasters featuring the fund's logo: drawings of a cigarette, martini glass, the scope of a gun, and a pair of dice (that has landed on lucky seven, but of course).

Ahrens says there are hundreds of stocks to choose from in these four industries but he plans on owning only about 40 in the fund. One noticeable omission from the fund? Sex. "An amazing number of people have asked us about sex-related stocks," he says. "Some want us to own Playboy because it's fun. But it's not a good stock."

Now, investing in these kinds of stocks is not new. Many so-called "leisure" funds have heavy weightings in alcohol and gaming companies. And scores of large cap funds own defense stocks.

There's even a closed-end fund that made a name for itself by investing in sinful indulgences: Morgan Funshares (MFUN: Research, Estimates). But the only thing that's morally wrong about the fund is its returns: It has underperformed the Dow, S&P 500 and Nasdaq since it started trading in 1995 and is down 34 percent year to date.

Plus, the fund just hasn't lived up to its name, with Johnson & Johnson and AOL Time Warner, parent of CNN/Money, as two of the top three holdings (unless you think popping a Tylenol and checking e-mail is a raucously good time).

Ahrens says that unlike leisure funds or Morgan Funshares, he's not going to buy media stocks, restaurants, or other consumer-oriented companies like Coca-Cola and Pepsi. He's targeting companies like Philip Morris (MO: Research, Estimates), Anheuser-Busch (BUD: Research, Estimates), MGM Mirage (MGG: Research, Estimates) and General Dynamics (GD: Research, Estimates). And despite the poor performance of Morgan Funshares, Ahrens is convinced that investing in iniquities can be lucrative.

According to the fund's Web site, a basket of alcohol, cigarette, gaming and defense stocks has drastically outperformed the S&P 500 during the past five years. This "Vice portfolio" is up 53 percent from June 30, 1997 through June 30, 2002 while the S&P 500 is up just 11.8 percent. (The fund itself, of course, has no track record, and hasn't even been issued a ticker symbol yet.)

Ahrens says he expects "vice stocks" to continue to do well, particularly since defense spending is on the rise and that he's tired of hearing about socially responsible funds that scorn these stocks even though they generate solid returns. "To socially responsible investors I would say donate your time and money to good causes. But your investing should not be a political statement. It should be to make money," he says.

Still, he's not a total hedonist. Socially responsible investors can take comfort in the fact that his fund's prospectus is printed on recycled paper.