Heineken NV

• TA Troy Asset Management Investment Report No.79 January 2024 ↗ Troy Multi-Asset Strategy retained a cautious equity allocation, favouring short-duration inflation-linked government bonds and gold amid concern that equity markets price in an unusually benign US soft landing. The strategy initiated Heineken after its valuation fell to multi-year lows, citing its premium-beer position and management research. 2023 HEINY $47B
• Tweedy, Browne Tweedy, Browne Funds Commentary, Q2 2026 ↗ Tweedy, Browne Funds added Capgemini and bioMérieux at discounts to conservative intrinsic-value estimates, while trimming chemicals holdings and positions approaching estimated value. The managers warn that AI-led capital spending, elevated technology valuations and speculative market behavior resemble conditions preceding the 2000 technology bubble. Q2 2026 —
• LI Latitude Investment Management Latitude Annual Report 2025 ↗ Latitude Investment Management argues that disciplined trading in Dollar Tree improved the portfolio while preserving exposure to its core discount-retail thesis. It replaced Heineken with Royalty Pharma, Interactive Brokers with Intercontinental Exchange and BP with Assa Abloy, seeking stronger growth with less cyclicality. The portfolio also emphasizes defensive healthcare, infrastructure and selected AI exposure through Alphabet. 2025 DLTR $23BAIQUY $123BASAZY $38B +11

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