Investors buy AVI shares not because they expect sustained scintillating performance but because they value the predictability of earnings and the strong likelihood of regular special dividends.

Investors also like AVI management’s strong financial discipline, honed to perfection over many years. The result is an iconic brands company — conveniently located in the food processors segment of the JSE — that produces mid-single-digit earnings and dividend growth, even under the most challenging circumstances...

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