Mondelez International's Dominant Growth Supported by Strong Pricing Power and Commodity Relief

Oakmark Global Fund highlighted Mondelez International (MDLZ) as a global snacking powerhouse with leading market share positions in crackers, cookies, and chocolate. The brand portfolio houses iconic names like Cadbury, Milka, Toblerone, Oreo, and Ritz. Mondelez possesses a unique global footprint that over-indexes to snacking occasions and benefits from robust pricing power, low private label competition, and rising per capita consumption. The fund believes that Mondelēz's strong pricing power and commodity relief will help improve margins, despite a rapid rise in commodity costs temporarily depressing margins.