Managed operations in 16 countries

Castel operations in 22 countries

Leadership in 30 countries

Coca-Cola bottlers in 20 countries

Eoin Treacy's view Demand growth for soft and alcoholic beverages across the globe is reflected in the outperformance of the drinks sector. Such companies typify our Autonomies theme because they are globally present, dominate their respective niches, are leveraged to the growth of the global disposable income class, generally have strong balance sheets and pay competitive dividends.

As repeated in the above report, the general opinion of Africa is shaded by a negative perception of war, corruption and poverty. However, this ignores the fact that it is one of the fastest growing global regions, albeit coming from a very low base. SAB Miller's origins in South Africa lend it an advantage in developing other African markets as the regional consumer class develops.

The share is an S&P Europe 350 dividend aristocrat and yields 2.12%. It has rallied impressively over the last 10 weeks and is becoming increasingly overextended relative to the 200-day MA. The first clear downward dynamic will probably signal the onset of a reversion towards the ascending 200-day MA.

I last reviewed the global alcoholic beverages sector in Comment of the Day on July 20th following Heineken's purchase of Asia Pacific Breweries. The commonality of the sector has been such that the majority of brewers have performed extremely impressively over the last few months but they are becoming increasingly susceptible to mean reversion.