
basis points in 2005 due to strong results in Brazil and Mexico and efficiencies derived from integration of the Panamerican Beverages (Panamco) acquisition. While Coke Femsa operates in a number of traditionally unstable markets, it generates
commodity market, especially for PET, but we also expect the company to continue to improve the efficiency of former Panamerican Beverages operations. Though trapped in the capital-intensive, low-return bottling industry, Coke Femsa is among
believe that the company is starting to improve efficiencies in the markets it entered with the acquisition of Panamerican Beverages , making up for a difficult commodity environment, especially for PET, and a soft Mexican market that has been
shares, cash flows, and balance sheets. These defensive issues buoyed the fund for most of 2001. Indeed, PanAmerican Beverages PB gained 40% between Jan. 1 and Sept. 10 of 2001. Thus, though this fund has lagged in recent months, as