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Quarter-End Insights

Consumer Defensive Stocks: Why So Sluggish?

Amid the current challenging environment for defensive names, we see several opportunities for long-term investment in wide-moat companies at reasonable discounts.

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  • Sluggish income growth, minimal inflation, and aggressive competition are challenging defensive retailers.
  • CAGE conference reinforces long-term emerging-market opportunities for certain consumer defensive names.
  • Electronic cigarettes and heated cigarettes have the potential to disrupt Big Tobacco, but moats still intact.


Ken Perkins does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.