The Boston Beer Company (SAM) Fell as Alcohol Consumption Faced Challenges

3 weeks ago 14

Soumya Eswaran

Wed, February 25, 2026 astatine 7:01 AM CST 4 min read

Longleaf Partners, managed by Southeastern Asset Management, released its “Small-Cap Fund” fourth-quarter 2025 capitalist letter. A transcript of the missive tin beryllium downloaded here. Longleaf experienced respective environments passim its acquisition successful small-cap investing. This year, the underlying developments successful the Fund’s holdings were much promising than the existent banal terms returns erstwhile compared to the people of ostentation positive 10% and the antithetic show of the Russell 2000. In Q4 2025, the Fund returned 1.13% compared to 2.40% for the Russell 3000 Index and 2.19% for the Russell 2000 Index. The Fund’s yearly instrumentality was 7.56% compared to 17.15% and 12.81% instrumentality for the indexes, respectively. In 2025, Southeastern demonstrated beardown show by protecting investments during marketplace volatility, emphasizing the worth of owning solid, escaped currency flow-generating companies implicit speculative fads. In addition, delight cheque the Fund’s apical 5 holdings to cognize its champion picks successful 2025.

In its fourth-quarter 2025 capitalist letter, Longleaf Partners Small-Cap Fund highlighted stocks The Boston Beer Company, Inc. (NYSE:SAM). The Boston Beer Company, Inc. (NYSE:SAM) is an intoxicant beverage institution known for its Samuel Adams Boston Lager. On February 24, 2026, The Boston Beer Company, Inc. (NYSE:SAM) banal closed astatine $227.45 per share. One-month instrumentality of The Boston Beer Company, Inc. (NYSE:SAM) was 6.61%, and its shares mislaid 5.76% implicit the past 52 weeks. The Boston Beer Company, Inc. (NYSE:SAM) has a marketplace capitalization of $2.477 billion.

Longleaf Partners Small-Cap Fund stated the pursuing regarding The Boston Beer Company, Inc. (NYSE:SAM) successful its 4th fourth 2025 capitalist letter:

"The Boston Beer Company, Inc. (NYSE:SAM) – Alcoholic beverage institution Boston Beer was a detractor for the twelvemonth arsenic intoxicant depletion faced headwinds. Volume declines astatine Twisted Tea, the company’s largest brand, weighed connected the stock. Twisted’s pricing had gotten a small overextended, but the institution is actively moving to hole this occupation and has besides successfully fended disconnected galore competitors that entered the hard beverage abstraction implicit the past fewer years. Additionally, Truly is inactive having trouble returning to maturation aft aggregate hard years but is present a overmuch smaller portion of the company. Boston Beer has continually proven itself arsenic 1 of the champion innovators successful the industry, arsenic shown again by its caller and palmy vodka-based merchandise Sun Cruiser, which is successful the process of a nationalist rollout and volition beryllium cardinal to getting the institution backmost to growth. We person been pleased by the velocity astatine which absorption has corrected borderline problems that arose successful the aftermath of the hard seltzer boom, and we inactive judge determination is further country for improvement. Founder Jim Koch stepped backmost into the CEO spot successful August for the archetypal clip successful astir 25 years aft erstwhile CEO Michael Spillane stepped down. The institution inactive has a nett currency presumption and is 1 of our largest stock repurchasers. We deliberation repurchase is simply a large usage of superior for a user packaged goods institution with prime brands that trades astatine 1x revenue, each astatine a clip that it could beryllium an acquisition people amidst manufacture consolidation."

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