AB-Inbev (ANH) had underperformed its main rival for 20 consecutive quarters in terms of volume growth, until Q2: both companies reported 2.1% organic volume growth. Weak underlying volume growth has long been ANH’s Achilles heel; hopefully, this is a sign of better days ahead. Note that ANH has lower exposure to Europe, where the weather was unhelpful. Heineken continues to enjoy very strong growth in Asia, led by Vietnam and Cambodia. The Chinese joint venture with CRE became effective in April. In South Africa, brand Heineken and cider both grew volumes >10% and total volumes were likewise up >10%. Nigeria, Brazil and Mexico were all strong, but weakness persists in the US.