Shifting consumer patterns and behaviour. Disruptive innovations. Generational changes. These are not simply headlines; they are real challenges being navigated by investors. However, that is not all they are. They are also opportunity creators for investors who have done their homework and are deeply focused on fundamentals. Allan Gray portfolio managers Rory Kutisker-Jacobson, Jithen Pillay and Siphesihle Zwane delve into British American Tobacco, AB InBev and Disney – three large, long-standing businesses that have managed to reinvent themselves despite existing within rapidly evolving industries, experiencing major changes in their core economics and having made major acquisitions in recent times.