Seventeen conglomerates. Hundreds of brands. The PMs at the top have always been buying and selling — that's the job. The news isn't that they're rotating. The news is which way, and how fast: legacy out, better-for-you in, at a clip that's stopped looking like housekeeping and started looking like a thesis trade.
Demand pulled first. GLP-1 cohorts are restructuring three categories at once. MAHA / SNAP just took $830M of legacy velocity off shelf in 23 states. Gen-Z pays a premium for the cleaner label. The PMs are answering in size: $137B sold, $35B bought into BFY, 99 transactions since 2019 — capped (so far) by McCormick × Unilever Foods at $45B on Jun 17, the largest single move in the log. This tracker is the tape: every buy, every sell, every PM, in order.