The Duckhorn Portfolio’s Post

Make this July extraordinary with a visit to Quinta da Vacaria! 🔸 Historic charm: with its first recorded mention dating back to 1616, Quinta da Vacaria is steeped in rich history and tradition. Walking through this estate is like taking a step back in time. 🔸 Breathtaking landscapes: marvel at the stunning vistas of the Douro Valley and the picturesque Casa da Vinha. 🔸 Guided vineyard tours: enjoy a guided walking tour through the vineyards. Learn about the winemaking process, the estate’s history, and the unique characteristics that make Douro wines so special. 🔸 Wine tasting experiences: from robust reds to elegant whites, savor the flavors that have made Quinta da Vacaria a renowned name in the wine world.

OK…so this one might be a touch controversial I’m sat recovering from this weekend’s Napa Valley Marathon and scanning the lots sold at this years Premiere Napa Valley (PNV) auction The highest bid of 2024? A Cabernet from Fairest Creature. Now no doubt this is a beautifully crafted wine (given the lot reached comfortably north of $1,000 / bottle you’d certainly hope so)... 𝘽𝙐𝙏…𝙞𝙩 𝙙𝙤𝙚𝙨 𝙡𝙤𝙤𝙠 𝙖 𝙗𝙞𝙩 𝙡𝙞𝙠𝙚 𝙩𝙝𝙚 𝙚𝙭𝙚𝙘𝙪𝙩𝙞𝙫𝙚𝙨 𝙖𝙩 𝙈𝙖𝙧𝙫𝙚𝙡 𝙨𝙩𝙪𝙙𝙞𝙤𝙨 𝙩𝙖𝙠𝙚 𝙤𝙣 𝙬𝙞𝙣𝙚𝙢𝙖𝙠𝙞𝙣𝙜 Exec 1: “We want a luxurious wine, opulent, exclusive” Exec 2: “OK…who shall we get to make it” Exec 1: “We’ve got Phillipe Melka lined up” Boss: “Everyone’s got Melka” Exec 1: “OK, well we’ll get Rivers Brown” Exec 2: “How about we get Benoit Touquette too” Exec 1: “Yeah, we’ll make the first 300pt wine” Boss: “I like it. What else can we do” Exec 3: “OK, how about we fly in Michel Rolland for a final touch” Exec 1: “And we bottle the wines at dawn, under a full moon, by hand into rare crystal jugs”* *OK. I’m getting silly now. A quick glance at the Fairest Creature website says their signature Triniceros blend is “only available in oversized formats”; no mention of a full moon there 😉 I don’t doubt the wine will be superb. Clearly no expense has been spared, and the roll call of winemaking talent is beyond repute. But is this what we want Napa Valley to stand for to the world? 𝘼𝙣 𝙚𝙣𝙙𝙡𝙚𝙨𝙨 𝙦𝙪𝙚𝙨𝙩 𝙩𝙤 𝙘𝙧𝙖𝙛𝙩 𝙩𝙝𝙚 “𝙥𝙚𝙧𝙛𝙚𝙘𝙩” 𝙘𝙖𝙗 More. Bigger. Richer. More Luxurious. More Expensive. The same names and faces? The theme runs down the PNV docket. Nearly 80% of lots were Cabernet (not including the Cabernet led red blends) Or is there room for more diversity? More innovation? 𝗗𝗼𝗲𝘀 𝗶𝘁 𝗲𝘃𝗲𝗻 𝗺𝗮𝘁𝘁𝗲𝗿? I think it does. While PNV is only a handful of wines it’s a massive showcase for the valley. For the valley to be healthy, not just the leading luxury brands we need a next generation of wine drinkers. If not, Napa risks following Bordeaux into a sharp divide between elite brands and a struggling majority If we are serious about asking how we engage the next generation of drinkers and have them fall in love with this slice of paradise I think it’s a question we need to ask? 𝗪𝗵𝗮𝘁 𝗱𝗼 𝘆𝗼𝘂 𝘁𝗵𝗶𝗻𝗸? Are you still excited by the quest for the “best Cabernet ever conceived” or have we reached peak cab?

VINEXPO HONG KONG 2024: A FEW TAKEAWAYS #1 BORDEAUX AND WHAT IT TAKES TO BE A LEADER IN THE INDUSTRY   One month ago, I had the opportunity to attend Vinexpo. You might think it's outdated information, but here's why I believe otherwise. -         First, Vinexpo takes place every other year in Hong Kong, and this year it resumed after a six-year hiatus. -          Second, despite the ever-changing business trends in our VUCA (volatile, uncertain, complex, ambiguous) world, there are long-lived phenomena that offer valuable insights. Now, let's delve into my first takeaway. On May 28th, I attended the Union des Grands Crus de Bordeaux Tasting, showcasing the 2021 vintage. It was a truly unique opportunity to sample over 75 exceptional wines. Despite the weather challenges faced in 2021, the results are quite impressive. Contrary to the Bordeaux bashing we can hear or read here and there, this serves as further evidence that Bordeaux Grand Cru winemakers possess exceptional expertise in their craft. They demonstrate their ability to adapt to adverse climate conditions while maintaining consistency and outstanding quality. Furthermore, tasting a wide range of wines on the same occasion allows you to discern the influence of terroir and winemaking techniques on a wine's style. The pricing of Bordeaux Grand Crus has recently sparked controversy. However, it's important to remember that for some of these Châteaux, it's no longer just about the wine itself; it has become intertwined with notions of luxury and status. In French history, Napoleon III may not have left a favourable impression, but there is at least one thing for which we should give him credit: he commissioned the Bordeaux Grand Cru classification of 1855. The 1855 Classification and the Saint-Émilion Classification have fulfilled consumers' expectations in an ever more fragmented market by offering a concise list of top-quality products. Critics focus on these select names each year, refining the rankings with tasting notes, giving birth to iconic wines.   Nevertheless, even these esteemed Châteaux must follow market trends. This year's « En Primeur » release signalled more reasonable pricing in line with the principles of supply and demand.   Even before this, if we step away from the world of Grand Crus and luxury, it was already possible to find many Bordeaux Médoc and Haut-Médoc wines in Hong Kong at genuinely reasonable and competitive price points (even below $300, some below $200). These wines can undoubtedly satisfy the palates of many wine enthusiasts.   Why such a stark difference? Because beyond the leading estates, numerous excellent Bordeaux wineries struggle with market conditions to establish themselves, create a renowned brand, and capture a broad consumer base. #Vinexpoasia #UniondesGrandsCrusdeBordeaux #WineHongKong

Chateau d’Armailhac 2009 & 2012: The colour is in both cases medium ruby. On the nose also pretty similar. Both display an aroma of herbs, red and black berries, with the addition of leather and tobacco for the 2009, and coffee and chocolate for the 2012. In the mouth they are both very elegant. The tannins of the 2012 are edgier. The aftertaste medium long in both cases. This the first impression, with the bottles just opened. After a while, the superiority of the 2009 vintage clearly shows off. In fact, 2009 was a great year for Bordeaux, while the 2012 is considered a classic vintage. The 2009 vintage is a blend of 60% Cabernet Sauvignon, 24% Merlot, 14% Cabernet Franc and 2% Petit Verdot. The 2012 is a blend of 54% Cabernet Sauvignon, 29% Merlot, 14% Cabernet Franc and 3% Petit Verdot. Château Mouton d’Armailhacq was classified as a Fifth Growth in the famous 1855 classification drawn up by Bordeaux wine brokers. Count Adrien de Ferrand, "son-in-law of Armailhacq", acquired the estate in 1878. Following the difficulties created by mildew, phylloxera, WWI and the 1929 crash, in 1930 some Médoc’s Chateaux were auctioned or sold off cheaply. In this financially difficult context for the entire vineyard, in 1931 the Count of Ferrand created the “Société anonyme du Domaine de Mouton d'Armailhacq”. A back then young Baron Philippe de Rothschild became a minority shareholder. In 1933 he bought all the shares. In 1956 Mouton d’Armailhacq was renamed Mouton Baron Philippe, then Mouton Baronne Philippe until the vintage 1988. In 1989 Baroness Philippine decided to restore Mouton d’Armailhacq to its original identity and renamed it Château d’Armailhac. I bought both wines En Primeur. I paid 39.20 EUR for the 2012 and 46.80 EUR for the 2009. Nowadays they sell for 60 EUR (+50%), respectively 80 EUR (+70%). An appreciation of roughly 3.8% a year each.

En Primeur 🍷 📈 Investing in Bordeaux En Primeur offers early access to newly released vintages, providing a chance to procure wine directly from producers before broader market availability. This practice, common in esteemed wine regions like Bordeaux, presents several advantages, including access to rare wines at initial release prices, opportunities to secure allocations of highly sought-after vintages, and the assurance of provenance. When looking at wines from an investment point of view, we consider various factors including scoring, critics' reviews, past vintages, and branding Critics’ Reviews: Highly acclaimed wines endorsed by such critics often command premium prices. For example: • The 1989 Chateau Haut Brion Blanc, awarded a perfect score of 100 by Robert Parker, commands £2,000 per bottle • The 2005 Chateau Ausone, Saint-Emilion Grand Cru, earning 100 points from The Wine Advocate, fetches £1,200 per bottle. Top Vintages: • Vintage: 1949, 1953, 1955, 1959, 1961 and 1982 • More Recent Vintages: 2005, 2009, 2010, 2015, 2018 and 2019 left bank Classification: The Bordeaux Wine Official Classification of 1855 divides estates into First to Fifth Growth based on prestige and market value First Growth Wines (Premier Cru) represent the highest tier: 🥇 Château Haut-Brion Château Lafite Rothschild Château Latour Château Margaux Château Mouton Rothschild Second Growth Wines, often referred to as "super seconds," boast promising investment potential. A few to note: 🥈 Château Cos d’Estournel Château Ducru-Beaucaillou Château La Mission Château Montrose Château Léoville-Poyferré 5th Growth Wines, despite their accessible prices, frequently demonstrate remarkable investment potential. 🏅 Château Pontet-Canet Château Lynch-Bages Château Batailley Château Grand-Puy-Lacoste Château Lynch-Bages for example. In essence, Bordeaux En Primeur investments offer a diverse array of opportunities, enabling investors to capitalise on the allure and prestige of Bordeaux's finest offerings, whether it's the revered First Growth estates, the promising Second Growth producers, or the accessible yet formidable 5th Growth wines. Are you securing a case this campaign? ? ✅ #investing #assurance #quality #enprimeur #future

Château Lafite Rothschild 2010: This premier Pauillac is a classic example of Bordeaux elegance and power. It is a blend of 80% Cabernet Sauvignon, 18% Merlot and 2% Petit Verdot. Deep garnet in color, this wine has complex aromas of blackcurrant, cedar, tobacco and spices. It has a rich, full-bodied palate with firm tannins and a long finish.