PBJ invests in U.S. food and beverage companies.While the headline IRR is on the lower side, it is not a very volatile ETF, and it is also inexpensive.The valuation would suggest that even if inflation persists and PBJ's portfolio struggles to pass on the costs, the fund is still likely to beat inflation over the longer run.PBJ is a defensive bet, and probably only appealing to more risk-averse investors. It is however reasonably priced on the basis of earnings power and seems like a safe bet over the long run.Continue reading