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Mexico’s Gruma (OTC:GMKKY) may be defensive insofar as it is a leading food company and a leading player in tortillas and corn flour in the U.S., but “defensive” doesn’t mean immune to share price declines. Largely due to weaker results in the U.S. business, Gruma shares have lost about 13% of their value since I last wrote about the company – a decline that seems outsized relative to the actual erosion in performance and expectations.
Gruma is well-run and has room to grow its business in both Mexico and the U.S., but it’s