Constellation Brands, Inc. (STZ)

Constellation Brands sells Mexican beer in the United States — Corona and Modelo — and is gradually shedding wine.

The rights to these brands in the United States belong to the company in perpetuity, while outside the country another owner controls them. That is a rare construction: a world-class brand with a geographically limited but protected position. Beer supplies the overwhelming share of profit and grows faster than the market.

The wine and spirits arm proved a poor acquisition and is being sold off: wine consumption is falling, especially among the young. A separate factor is the beer customer base, a substantial part of which is Hispanic households; changes in employment and immigration policy show in sales directly. The company pays a dividend and buys back stock.