Danone (XPAR:BN, Financial) is a French food-products company with three key business lines: essential dairy and plant-based products (such as yogurt and soy milk), specialized nutrition (including infant formula and protein drinks) and waters. The stock rallied for much of the year, but investors trimmed positions in the fourth quarter following lowered guidance for full-year 2019 sales.
From First Eagle Investment (Trades, Portfolio)'s Global Income Builder Fund fourth-quarter 2019 shareholder letter.
