Billionaires Unloaded These 24 Stocks In Q2

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7. Anheuser-Busch InBev (BUD, $59.33)

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Investment manager Gardner Russo & Gardner sold around 23% of their shares in BUD, the world’s largest brewer, during Q2. The brewer’s stock still represents 3% of the almost $10 billion in assets of Gardner Russo clients, which makes it the 13th largest holding in their portfolio. Gardner Russo first started buying BUDFF stock, which is sold “over-the-counter” in Q3 of 2016. While there are no average prices published for what was paid for the stock, it is highly unlikely that it made money on its investment. Between the end of Q3 2016 and Q2 2020, BUDFF lost 56% of its value.

Anheuser-Busch currently holds 41% of the US beer market, yet is having difficulty growing its business. This is likely behind the reasoning of the recent expenditure of $100 on hard seltzers, the latest trend in alcoholic beverages. In April 2020, Drinks Business Magazine figures that Bud Light Seltzer had already grabbed 9% market share since launching at the beginning of the year. However, JP Morgan Cazenove analysts believe that mainstream hard seltzer is more likely to cannibalize the beer portfolio, rather than grow the business.