Performance Summary - The portfolio achieved a return of 5.7% in the second half of 2025, resulting in a total return of +10.2% for the calendar year and +76% since inception in Canadian dollars net of fees [2][3] - Realized gains since inception are reported at +71.4%, with unrealized gains at 4.6% as of December 31, 2025 [3][35] - The portfolio's exposure by strategy bucket shows a significant concentration in Special Situations Equity at 35.9% for FY 2025, while Core Value Equity stands at 47% [4] Geopolitical Landscape - The investment landscape is undergoing dramatic shifts due to geopolitical changes, impacting competitive intensity and market size [7][8] - The corporate strategy of relying on low-cost supply chains is being challenged, leading to downward pressure on returns on capital [8] - Despite these changes, the opportunity set for fundamental value investors is not shrinking, but rather evolving [9][11] Portfolio Changes - In the second half of 2025, the company sold positions in Protector, Ryanair, and Alimak, marking the exit from all initial positions since inception [13] - The average return across the initial investments was 2.0x money with a 16% IRR, with no losses recorded on any investment [14] - The portfolio is now more concentrated, with the three largest positions comprising 37% of capital and the five largest making up 57% [19] Investment Cases for Major Holdings - **Burford Capital**: The company has seen an increase in book value per share and cash proceeds from litigation, with a fair value estimate of approximately 3x the current price [24][26] - **Borr Drilling**: The fundamentals have improved, with run-rate EBITDA increasing from $100 million to $500 million, and a fair value estimate of about 3x the current price [25][30] - **GetBusy PLC**: The management's ability to extract value from its US asset is crucial, with a fair value estimate of 2-4x the current price [27][30] - **Fever-Tree Drinks PLC**: The joint venture with Molson Coors is expected to accelerate commercialization, with a focus on recovering margins [28][30] - **Bolloré and Compagnie de L'Odet**: The simplification of the holding structure is ongoing, with potential for significant value creation over time [29][31] Business Update - The company has onboarded new investors aligned with its values and is utilizing AI to enhance business operations and insights [32]

Core Viewpoint - The recent trend of Chinese liquor brands partnering with celebrities for endorsements is driven by the need to enhance brand image and boost sales, especially as the Spring Festival approaches, marking a peak consumption period for liquor [1][3][16]. Group 1: Brand Positioning and Image Building - Tuo Pai Jiu, a brand under Shede Liquor, has appointed celebrities Liu Xiaoqing and Yang Yuguang as brand ambassadors to strengthen its market presence [1][3]. - Other brands like Wuliangye and Moutai are also leveraging celebrity endorsements to connect with younger consumers and establish a modern brand image [6][19]. - The choice of high-profile figures like Tony Leung for Wuliangye's premium line aims to reinforce the brand's upscale positioning [19]. Group 2: Sales Promotion and Market Engagement - Brands such as Tuo Pai Jiu and Gu Xiao Jiu are targeting the mass market by selecting relatable and popular figures like Yue Yunpeng and Luo Yonghao to resonate with their consumer base [7][20]. - The trend indicates a shift towards more accessible marketing strategies, with brands opting for celebrities who have a strong online presence and appeal to younger audiences [20][21]. - The success of these endorsements is attributed to the celebrities' ability to engage with consumers on a personal level, enhancing brand affinity [22]. Group 3: Alternative Marketing Strategies - Some brands are exploring cost-effective marketing strategies, such as Luzhou Laojiao's sponsorship of the Australian Open, which aligns with the festive season to maximize visibility [10][23]. - The evolving marketing landscape suggests that liquor brands will continue to adopt innovative and relatable approaches to connect with consumers [11][24].

Debuted at UFC 324 | Expanding to 100+ Retail Stores in Early Q2 2026AUSTIN, Texas, Jan. 26, 2026 (GLOBE NEWSWIRE) -- via IBN — Golden Triangle Ventures (OTC: GTVH) subsidiary Snapt Beverages, a beverage innovation and manufacturing company focused on building next-generation consumer brands, today announced the official launch of Nama Water, a premium functional water brand created in partnership with UFC Champion Rose Namajunas. Nama Water is a hydrogen-infused water enhanced with colloidal metals, develo ...

Core Insights - Anheuser-Busch InBev (AB InBev) is experiencing strong revenue growth driven by consistent consumer demand, effective pricing strategies, and premiumization across its diverse brand portfolio [1][7] - The company is focusing on expanding its premium and super-premium beer offerings, with brands like Corona performing well internationally [2][5] - AB InBev is enhancing growth through its Beyond Beer portfolio and digital transformation, entering new beverage categories and scaling digital platforms for better customer engagement [3][4] Revenue and Growth Strategies - The premiumization strategy is a significant growth opportunity, with investments in a diverse portfolio of global and specialty premium brands [5] - In Q3 2025, Corona achieved a 6.3% revenue increase outside its home market, with double-digit growth in 33 markets [5] - Digital platforms, including B2B tools, are contributing approximately 70% to revenues, with the omnichannel ecosystem generating $325 million in Q3 2025 [4][7] Market Position and Competitiveness - AB InBev is well-positioned for growth, competing with companies like The Boston Beer Company, Constellation Brands, and Brown-Forman [6] - The company's disciplined revenue management and sustained investments in brand building and operational efficiency are strengthening its leadership in the global beverage industry [1][7]

Core Insights - Celsius Holdings, Inc. reported international revenue of $23.1 million for Q3 fiscal 2025, marking a 24% year-over-year increase and contributing to a year-to-date total of $70.6 million, which is up 30% from the same period in 2024 [1][5] Group 1: International Revenue Growth - The growth in international revenue was supported by strong performance in the Nordics and expanding contributions from newer markets such as the U.K., Ireland, France, Australia, New Zealand, and the Benelux region [2][3] - Australia emerged as a notable contributor with performance exceeding expectations due to deeper retail engagement, while European markets are still in foundational stages, focusing on strengthening retailer relationships [4][5] Group 2: Strategic Focus - The company emphasized that its international business is in a build-out phase, prioritizing distribution establishment, brand awareness, and market-specific execution capabilities [3][5] - The health, fitness, and wellness trends driving demand in the U.S. are also resonating in international markets, providing a consistent backdrop for expansion [3] Group 3: Comparison with Peers - Monster Beverage reported double-digit year-over-year international net sales growth, with international results outpacing North America [6] - PepsiCo achieved its 18th consecutive quarter of mid-single-digit organic revenue growth internationally, benefiting from scale and distribution strength [7] - Coca-Cola reported positive international unit case volume growth, highlighting the importance of international markets to its overall growth [8]

Kenya, the world’s largest exporter of black tea, is ramping up production of orthodox teas, which fetch higher prices and are seeing rising demand https://t.co/ryzl4MupEn ...

Group 1 - Kofola ČeskoSlovensko has increased its stake in Alta Fermentación by 10%, raising its total holding to 49% [1] - Alta Fermentación operates three microbreweries and a rum distillery, and also manages a coffee roasting business [2] - The company expects Alta Fermentación to generate over $20 million in sales and more than $4 million in EBITDA by 2025 [3] Group 2 - The acquisition includes three recognized microbreweries and a network of nearly 40 pubs and cafes in Colombia, Panama, and Ecuador [4] - Kofola aims to leverage synergies with Alta Fermentación to enhance efficiency and increase sales [5] - Alta Fermentación plans to become the leading drinks and craft beer producer in Colombia and Panama by 2030 [6]

Core Insights - Coca-Cola dominates the global soft drink market with over 200 beverage varieties available in more than 200 countries, selling 2.2 billion servings daily [1] - The company is expected to maintain steady growth, with a projected compound annual growth rate of 3.8% in revenue from 2024 to 2027 [3] Company Performance - Coca-Cola's brand strength and economic moat contribute significantly to its success, allowing it to charge higher prices without reducing demand [4][5] - The company reported a net profit margin of 30% in Q3, with low capital reinvestment requirements enabling consistent quarterly dividends of $0.51 per share [6] Market Position - Coca-Cola's stock has produced a total return of 31% over the past three years, underperforming the S&P 500, which returned 79% in the same period [7] - While the stock is not expected to outperform the market, it remains an attractive option for dividend investors seeking income [8]

America still drinks, but it drinks differently. In 2026 the U.S. alcohol market shifts to moderation, value, and No/Lo—forcing brands to earn every pour.https://t.co/gnuWJH6p8m ...

President Trump put prohibitive tariffs on European wine back on the agenda this week when he lashed out at President Macron for refusing to pony up $1 billion to join the Council for Peace he's putting together to rebuild Gaza. -Well, nobody wants him because he's going to be out of office very soon. So, you know, that's all right. What I'll do is, if they feel like hostile, I'll put a 200% tariff on his wines and champagnes, and he'll join. Westin: Stocks reacted dramatically, with shares of Paris-based l ...