1 | SHARES | 22 August 2018
ŽŶƟŶƵŝŶŐŽƵƌůŽŽŬĂƚƚŚĞ&d^ϯρϬ͕ƚŚŝƐ
ǁĞĞŬǁĞĐŽŶƐŝĚĞƌĐŽŶƐƵŵĞƌƐƚŽĐŬƐĂŶĚ
ƉŝĐŬĮǀĞŽĨŽƵƌĨĂǀŽƵƌŝƚĞƐ͘dŚƌĞĞĂƌĞ
ĨƌŽŵƚŚĞ&d^ϭϬϬĂŶĚƚǁŽĂƌĞĨƌŽŵƚŚĞ
&d^ϮρϬ͘tĞ͛ǀĞǁŽǀĞŶŽƵƌƉŝĐŬƐŝŶǁŝƚŚƐŽŵĞ
ďƌĂŶĚͲŶĞǁŵĂƌŬĞƚƌĞƐĞĂƌĐŚŽŶƌŝƚĂŝŶ͛Ɛ&ĂǀŽƵƌŝƚĞ
ƌĂŶĚƐǁŚŝĐŚĐĂŵĞŽƵƚĂƚƚŚĞƐƚĂƌƚŽĨƚŚĞŵŽŶƚŚ͘
ƵƌŝŶŐ:ƵŶĞĂŶĚ:ƵůLJYouGov (YOU:AIM)
ƐƵƌǀĞLJĞĚƐŽŵĞε͕ϬϬϬƌŝƟƐŚĐŽŶƐƵŵĞƌƐƚŽĮŶĚ
ŽƵƚƚŚĞŝƌĨĂǀŽƵƌŝƚĞďƌĂŶĚƐĂĐƌŽƐƐĂǁŚŽůĞƌĂŶŐĞŽĨ
ƉƌŽĚƵĐƚƐĂŶĚƐĞƌǀŝĐĞƐǁŚŝĐŚƚŽƵĐŚŽƵƌĞǀĞƌLJĚĂLJ
ůŝǀĞƐ͕ĨƌŽŵƐŶĂĐŬĨŽŽĚƐĂŶĚĚŝŶŝŶŐŽƵƚƚŽĨĂƐŚŝŽŶ
ĂŶĚƚŚĞďƌŽĂĚĞƌƌĞƚĂŝůŵĂƌŬĞƚ͘
dŚĞƌĞƐƵůƚƐĂƌĞŐŽůĚͲĚƵƐƚĨŽƌƌĞƐĞĂƌĐŚĞƌƐĂŶĚ
ŵĂƌŬĞƚĞƌƐďĞĐĂƵƐĞƵŶůŝŬĞŵĂŶLJƐƵƌǀĞLJƐŽĨƚŚĞ
ďŝŐŐĞƐƚŽƌŵŽƐƚǀĂůƵĂďůĞďƌĂŶĚƐ͕ǁŚŝĐŚĂƌĞƚLJƉŝĐĂůůLJ
ĐŽŵƉŝůĞĚďLJŝŶĚƵƐƚƌLJĞdžƉĞƌƚƐĂŶĚƚŽƉƉĞĚďLJŶĂŵĞƐ
ůŝŬĞŵĂnjŽŶ͕ƉƉůĞ͕ŽĐĂͲŽůĂŽƌDĐŽŶĂůĚ͛Ɛ͕ƚŚĞ
ƌĞƐƉŽŶƐĞƐĂƌĞĨƌŽŵĂĐƚƵĂůĐŽŶƐƵŵĞƌƐ͘
dŚŽƐĞƉŽůůĞĚǁĞƌĞĂƐŬĞĚĂͿŝĨƚŚĞLJŚĂĚĂƉŽƐŝƟǀĞ
ǀŝĞǁŽĨĂƉƌŽĚƵĐƚ͕ǁŚŝĐŚŐĂǀĞŝƚĂ͚ƉŽƉƵůĂƌŝƚLJ͛
ƐĐŽƌĞ͕ĂŶĚďͿŝĨƚŚĞLJŚĂĚŚĞĂƌĚŽĨƚŚĞďƌĂŶĚ͕ǁŚŝĐŚ
ŐĂǀĞŝƚĂ͚ĨĂŵĞ͛ƐĐŽƌĞ͘dŚĞŽǀĞƌĂůůƐĐŽƌĞƐǁĞƌĞƚŚĞŶ
ǁĞŝŐŚƚĞĚďLJĂŐĞŐƌŽƵƉĂŶĚƌĞŐŝŽŶƚŽŵĂŬĞƚŚĞŵ
ƌĞƉƌĞƐĞŶƚĂƟǀĞŽĨƚŚĞŽǀĞƌĂůůƉŽƉƵůĂƟŽŶ͘
^ƵƌƉƌŝƐŝŶŐůLJŶŽŶĞŽĨƚŚĞŵĞŐĂͲďƌĂŶĚƐŵĞŶƟŽŶĞĚ
ĂďŽǀĞǁĞƌĞĞǀĞŶĐůŽƐĞƚŽŐĞƫŶŐŝŶƚŽƚŚĞƚŽƉϭϬ
ŵŽƐƚƉŽƉƵůĂƌďƌĂŶĚƐŝŶƌŝƚĂŝŶ͘
dŚĞdŽƉϭϬ&ĂǀŽƵƌŝƚĞĨŽŽĚĂŶĚƐŶĂĐŬďƌĂŶĚƐǁĞƌĞ͗
FOOD & SNACK BRAND OWNER LOCATION
Heinz <ƌĂŌͲ,ĞŝŶnj h^
Kit Kat EĞƐƚůĞ ^ǁŝƚnjĞƌůĂŶĚ
Walkers WĞƉƐŝŽ h^
Kellogg's <ĞůůŽŐŐΖƐ h^
Jacob's WůĂĚŝƐ UK
Twix DĂƌƐ/ŶĐ h^
Aero EĞƐƚůĞ ^ǁŝƚnjĞƌůĂŶĚ
Galaxy DĂƌƐ/ŶĐ h^
Pringles <ĞůůŽŐŐΖƐ h^
Magnum hŶŝůĞǀĞƌ h<ͬ,ŽůůĂŶĚ
^ŽƵƌĐĞ͗zŽƵ'ŽǀƐƵƌǀĞLJ:ƵŶĞͲ:ƵůLJϮϬϭε
OUR TOP CONSUMER PICKS
STOCK RATIONALE
B&M EUROPEAN
VALUE
hŶŝƋƵĞƉůĂLJŽŶǀĂůƵĞĂŶĚ
ĐŽŶǀĞŶŝĞŶĐĞƚƌĞŶĚƐ
GREGGS ŽƵƚͲŽĨͲŚŽŵĞͬĐŽŶǀĞŶŝĞŶĐĞĨŽŽĚƐĞůůĞƌĞƐƚŝŶĐůĂƐƐ
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TESCO ĞƐƚƐƵƉĞƌŵĂƌŬĞƚ͕ƚĂƉƉŝŶŐĐŽŶǀĞŶŝĞŶĐĞŵĂƌŬĞƚ
UNILEVER DŽƐƚƉŽƉƵůĂƌďƌĂŶĚƐ͕ƉƌŝĐŝŶŐƉŽǁĞƌ͕ĐƵƌƌĞŶĐLJŚĞĚŐĞ
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