Similar to other peers starting from 2014, Nestlé has faced a slowdown in organic growth. The group relies on a very large portfolio of brands and currently, not all of them seem to be strategic and consistent with the target to maintain organic growth in the mid-single digits. Nestlé has started to address the slow-down in organic growth by enlarging its presence in high-growth businesses and reducing its exposure to those expanding more slowly and where the company does not have a leading position. We believe that Nestlé's portfolio repositioning is an important step to maintain its global leadership in the food and beverage branded industry in the long term. In our view, the lack of balanced organic growth and
