A short note on the TWE AGM.
The outlook remains unchanged, one of earnings growth, driven by margin expansion. The focus on premium wines, which are somewhat more economically resilient (given it is typically purchased by wealthier cohorts) is working well.
There was none of this “earnings weighted to second half” business, that has plagued the start of the AGM season.
Overall, management have done a great job handling the macro backdrop, the China trade lockout, and roiling impacts of inflation and COVID.
We remain happy holders in our direct equity portfolios.
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