One of the primary appeals for FEMSA (FMX) for some time has been its status as a "defensive growth" stock. Rising populations and incomes in Central and South America meant growth opportunities for the Coca-Cola FEMSA (KOF) beverage operations, as well as the company's multiple retail formats, with incremental opportunities also available simply from out-executing smaller players with less scale and operating efficiency. Along with that, the company's status as a retailer of "staples" was supposed to provide some downside protection, as people still need to eat in recessions.
COVID-19 has thrown out a lot