Brito Talks More on U.S. Strategy, Run Room for Mich Ultra in Major Markets

Dear Client:On yesterday's earnings call, Anheuser-Busch InBev chief Carlos Brito shared their "five point" commercial strategy for the U.S. market, before CFO Felipe Dutra explained more about the dividend slash that sent the stock reeling.Recall that depletions were also down 1.5% in Q3. Still, Brito said their market share declined by 0.5% in Q3, and 0.45% YTD, "which represents an improvement in our market share loss trend of 30 bps of last year."But while trends weren't great, Mich Ultra remained