Molson Coors Beverage Co.

Dodge & Cox employs in-house fundamental bottom-up research, a rigorous valuation discipline, and maintains a long-term investment horizon. Their investment decisions are made by a team of seasoned investment professionals. The firm's approach stresses an evaluation of risk relative to opportunity and they seek investments that they believe are undervalued by the market.

Prentice Capital Management pursues a fundamentally-driven, value-oriented research strategy in the U.S. consumer/retail sector, managed in a public long/short equity only portfolio. The firm's investments include, but aren't limited to, companies in the following business segments: hard and soft goods, restaurants, beverages, consumer products, supermarkets, drugstores, footwear, apparel, food, leisure, gaming and lodging.

Independent Franchise Partners is an active manager which aims to deliver attractive long-term returns while focusing on absolute risk inherent in equity investment. The firm's investment approach is based on the belief that a concentrated portfolio of exceptionally high quality companies, whose primary competitive advantage is supported by a dominant intangible asset, will tend to earn attractive long-term returns with less than average volatility, particularly when the investments are selected with an absolute value bias. Independent Franchise Partners does not invest more than 10 percent of any portfolio in any one company, nor does it invest more than 25 percent of a portfolio in any one industry. Additionally, they do not hold more than 10 percent of the outstanding shares of any publicly listed company. The firm does not invest in options, futures or other derivatives except, where permitted by client guidelines; it may invest in forward foreign exchange contracts used for currency hedging purposes. Independent Franchise Partners does not use leverage. Sector, industry and country weightings result from the firm's stock selection process and it does not impose any hard or soft benchmark-relative exposure limits.