Within the consumer staples sector, Japan’s Asahi Group (TSE:2502, Financial) was up more than 10% after it reported mixed first half results with below target numbers in alcohol beverages but strong performance in soft drinks and food. The market has also warmed up to Asahi’s strategy of diversifying outside Japan, mainly through key acquisitions. One such deal was consummated during the quarter, as Asahi paid $11.3 billion to buy Carlton & United Breweries, the Australian subsidiary of Anheuser-Busch InBev
From Bernard Horn (Trades, Portfolio)'s third-quarter 2019 Polaris Global Value Fund shareholder letter.
