Michael Lindsell backs Heineken position despite reduced holding

Laurent Perrier and Mondelez detractors in July

Despite a reduced position in Dutch brewer Heineken and the relative outperformance of other investments, plus Covid-19 headwinds hitting sales revenue over the last two years, Michael Lindsell remains overwhelming positive on the stock's outlook.

According to his portfolio manager statement for July 2022, Lindsell said that while Heineken once made up 4% of the trust in 2017, today it represented just 2.6% of NAV following "unprecedented headwinds" spanning lockdowns across Asia, Europe, and consumption bans in Mexico. This is despite managers adding to the holding over the last five years. Lindsell stated, however, that Heineken's relative performance had "in no way diminished" the company's enthusiasm for owning the company, and that its strategic actions had conversely enhanced its investment case. Year-to-date, the trust i...