We buy businesses with big global brands that make money every single day from repeatable transactions. Over the past couple of years many of these businesses have performed well, including L’Oréal and Anheuser-Busch InBev, which brews Budweiser and Beck’s. People tend to buy the same shampoo and beer, so these are two fantastic businesses to buy and hold.
The fund has also benefited from only having a small amount of exposure to oil stocks and financial firms, which have both, for different reasons, been out of form.
http://www.telegraph.co.uk/finance/personalfinance/investing/funds/11449042/Whether-or-not-QE-fixes-Europe-people-will-still-buy-beer-and-shampoo-David-Dudding-of-Threadneedle-European-Select.html
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