Danone (XPAR:BN, Financial), a global French based food service company, had faced headwinds from some past sloppy capital allocation (overpaying for acquisitions) and challenges for their baby food brands with competition from Chinese companies. We believe the price accounts for these issues and we took the opportunity to buy this quality company which focuses on healthy products and adheres to ESG guidelines.
From Charles de Vaulx (Trades, Portfolio)'s IVA Worldwide Fund fourth-quater 2020 commentary.
