Did you know that PepsiCo has approximately 70% more packaged beverage SKUs than The Coca-Cola Company…but is generating roughly 15% less retail sales? That was just one of numerous fascinating insights included within the 75-page presentation Elliott Investment Management recently sent to PepsiCo board of directors. After building a $4 billion stake in PepsiCo, the well-known activist investor is urging the CPG giant to evaluate the potential refranchising of its bottling network…while streamlining its portfolio by divesting non-core and underperforming assets. Additionally, Elliott criticized the PepsiCo packaged beverages division for lagging behind principal competitors…despite a consistent flow of flashy (large) M&A deals. And if you’re wondering what that means for the recent “trade” between PepsiCo and Celsius Holdings, Elliott “thinks that the sale of the Rockstar Energy brand is a step in the right direction to simplify the portfolio.”