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In episode 375, we welcome our guest, Jonathan Fell, founder of Ask Park Capital, where he manages the Global Consumer Franchise funds.\nIn today\u2019s episode, we\u2019re talking all things consumer staples and tobacco stocks. Jonathan has covered the space for over 30 years and shares the drivers behind successful consumer staples. Then we walk through the evolution of the tobacco industry and why he likes the setup for tobacco stocks today. We touch on the company\u2019s current valuations, factor profile, return drivers, and the impact of ESG.\xa0\nAs we wind down, Jonathan shares the impact of direct-to-consumer companies on large incumbents.\n-----\nFollow Meb on Twitter, LinkedIn and YouTube\nFor detailed show notes, click here\nTo learn more about our funds and follow us, subscribe to our\xa0mailing list\xa0or visit us at cambriainvestments.com\n-----\nThis episode is sponsored by\xa0Masterworks. Masterworks is opening the doors to top-tier, blue-chip art investments to everyone. Visit masterworks.io/meb to skip their wait list.\n-----\nDisclaimer: Ash Park Capital LLP (\u201cAsh Park\u201d) is authorised and regulated by the Financial Conduct Authority in the United Kingdom (the \u201cFCA\u201d). Ash Park does not offer investment advice or make any recommendations regarding the suitability of its products.\xa0This communication does not constitute an offer to buy or sell shares or interest in an Ash Park Fund. Nothing in these materials should be construed as a recommendation to invest in an Ash Park Fund or as legal, regulatory, tax, accounting, investment or other advice. Prospective investors in an Ash Park Fund should seek their own independent financial advice. The offering materials for an Ash Park Fund may only be distributed in accordance with the laws and regulations of each appropriate jurisdiction in which any prospective investor resides.\n\xa0\nPast performance is not necessarily a guide to future performance. Ash Park has taken all reasonable care to ensure that the information contained in this podcast is accurate, however it does not make any guarantee as to the accuracy of the information provided. While many of the thoughts expressed in this document are presented in a factual manner, the discussion reflects only Ash Park\u2019s beliefs and opinions about the financial markets in which it invests portfolio assets following its investment strategies, and these beliefs and opinions are subject to change at any time.\nLearn more about your ad choices. Visit megaphone.fm/adchoices