Constellation is also a star in beer, as the distributor of Corona, the favorite U.S. import. Constellation's management has earned a reputation for growing the company's bottom line with a series of savvy acquisitions over the years. Yet the company is one of the cheapest stocks in the group. Still, Anheuser-Busch has worked hard to keep profits growing, too. If you're looking to invest, don't expect to find a pure-alcohol stock fund.
Portfolio managers tend to mix beer and wine stocks with positions in food or other consumer shares.
The fund has exposure to the No. 2 beermaker, Miller, through a stake in Philip Morris. And some factors make the industry look good over a longer period. Over the next 10 years, the number of adults in their prime drinking years is predicted to jump by 25 million. And over the next 10 years, we're looking at a great opportunity. Anderson teaches journalism at the City University of New York.