Though Brazil has continued to struggle against the impacts of Covid-19, São Paulo-based Ambev (ABEV, Financial) has reaped the benefits of its conservative management and strong balance sheet. Despite already having a dominant market share in many South and Central American markets, Ambev (a subsidiary of Anheuser-Busch InBev) has been aggressive in building on that dominance and taking share from the competition. We believe the company is poised to benefit from favorable demographics and attractive consumption trends once the Brazilian economy recovers.
From the First Eagle Investment (Trades, Portfolio) Overseas Fund's second-quarter 2021 commentary.