What happened? This afternoon we attended a virtual sell-side analyst meeting hosted by ABInBev (CEO, CFO and IR team). We summarise the topics discussed below: QandA highlights . Portfolio optimisation: One of the benefits of having the mega-brand strategy is that it makes the whole supply chain much more efficient. The efficiencies can come from procurement, production efficiencies but also from marketing investments as well. If you look back 18 months, ABI have reduced the number of SKUs by 33%. That alone is a massive driver of efficiencies in terms of procurement and brewing. In the US, have a large portfolio which is in declining parts of the industry and a growing portfolio in growing parts of the industry. The investments in the higher-growth categories have higher ROI. . Corona: The Corona brand has existed for over 100 years, so much of the hard work on the brand has been done throughout its history. ABI fine-tuned the company strategy into the three pillars to lead and grow the category. Corona fits very well into the premiumisation trend, but it also fits into the growing consumer demand for natural products, which Corona also fits in to. Corona is one of the key brands which can lead premiumisation globally for ABI. By focussing on this one brand, and leveraging the global approach, this can have a meaningful impact on the growth of the brand. The other focus with Corona was to keep the price premium (of at least 20%, varying by market), and ensuring that the brand appeals to young and old consumers, as well as male and female consumers as well. . US capacity utilisation: Commented that ABI has 18 breweries in the US, a combination of large breweries and smaller craft facilities. The 12 large breweries that ABI has covers the US footprint efficiently. . Inflection in the US: Look at 2 things; i) the percentage of volume that sits on the growing parts of the industry - went from 20% in 2017 to 40% today, and ii) whether the growing...