In terms of fundamentals, the wine and spirits sector is considered to be defensive. As such, it is generously valued. Over the recent period, the upscaling of the major players in the sector has created a favourable dynamic for the entire ecosystem, justifying the premium it receives. This trend is expected to continue. To build our selection, we started by drawing up a list of listed players who produce wine. There are profiles as varied as the French giant LVMH, which owns both Champagne (Moët, Ruinart, Dom Pérignon...) and Vins Tranquilles (Yquem, Cheval Blanc, Newton...), as well as the American micro-company Willamette Valley Wineyards, which produces top-of-the-range wines in Oregon. We also went to South America, where several producers are listed, and as far as Australia. We even found a producer of sparkling wine in Germany. We have also extended our research to suppliers in the sector, particularly glassmakers, who produce the precious vials. And specialists in cooperage or corking. The selection also includes some specialized distributors. On the other hand, we have not integrated companies that are too generalist: no supermarkets, for example, nor agrochemists or producers of packaging or labelling paper. Finally, the list includes about forty stocks, the largest contingent (26%) of which comes from France. The United Kingdom, Italy and the United States are also well represented. There are also Chinese actors and a Canadian, in addition to Chilean and Argentine representatives.