Spectrum Updates – October 2018

Replacing Campbell’s Soup

Given the continued uncertainty surrounding Campbell Soup’s future business model and board composition, coupled with high debt levels and declining revenue levels, our Investment Committee has decided to replace Campbell’s Soup with PepsiCo, Inc in your Tactical Growth Solution portfolio.

Pepsi continues to see strong growth across their business segments, despite the recent challenges faced by their peers. Its snack segment, which owns brands such as Frito-Lay and Quaker, continue to produce solid net revenue and operating profit growth. Its beverage segment, which owns brands that include Gatorade and Bubbly, continues to deliver revenue improvements and most recently, have turned into positive growth territory. Pepsi also generates strong free cash flows, propelled by 22 brands that generated more than $1 billion of sales in 2017. We believe that Pepsi’s growth prospects coupled with its positive shareholder stewardship and financial position (raising their dividend for 46 consecutive years) provides an improvement to your overall portfolio.

If you have any questions about these or any changes in your Liberty One portfolio(s), potential tax implications, or would simply like to learn more, please contact your financial advisor.

Thank you for your continued trust and confidence!

Liberty One Investment Management, LLC is a Registered Investment Advisor with the SEC. Liberty One Investment Management’s ADV Brochure, which serves as Liberty One’s primary disclosure document, is available upon request at no charge or may be obtained directly from Liberty One Investment Management’s website at www.libertyoneim.com. An investment in any Liberty One strategy involves risk of loss, including principal, as well as the potential for gain. Before investing, consider the investment objective, risk tolerance, potential for loss of principal, fees, and expenses. Past performance is no guarantee of future results. Diversification and asset allocation do not ensure a profit or guarantee against loss. Liberty One Investment strategies may lose value, are not FDIC/NCUA insured. Liberty One strategies are not suitable for all investors.

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