The Boston Beer Company (SAM) Fell Amid Mixed Short-Term Industry Data

Longleaf Partners, managed by Southeastern Asset Management , released its second-quarter 2026 investor letter for its "Small-Cap Fund". A copy of the letter can be downloaded here . The letter states that the portfolio holdings are attractive now based on both P/V and P/FCF metrics; however, market winners have gone far higher than fair value. The Fund returned -2.47% in the quarter, underperforming the 21.49% return for the Russell 2000 Index and the 17.19% gain for the Russell 2000 Value Index. The underperformance in the quarter was driven by unexpected moves primarily in the IT and industrials sectors and market favor for speculative stocks. The Firm's investment approach focuses on median, unweighted multiples, prioritizing growth in free cash flow per share, the potential for multiple expansion, and strategic initiatives. In addition, please check the Fund's top five holdings to know its best picks in 2026.

In its Q2 2026 investor letter, Longleaf Partners Small-Cap Fund highlighted The Boston Beer Company, Inc. (NYSE: SAM ). The Boston Beer Company, Inc. (NYSE:SAM) is an alcoholic beverage company known for its Samuel Adams Boston Lager. On July 13, 2026, The Boston Beer Company, Inc. (NYSE:SAM) closed at $172.39 per share, reflecting a market capitalization of $1.79 billion. The Boston Beer Company, Inc. (NYSE:SAM) posted a one-month return of -4.32%, while its shares lost 9.92% over the past 52 weeks.

Longleaf Partners Small-Cap Fund stated the following regarding The Boston Beer Company, Inc. (NYSE:SAM) in its Q2 2026 investor update:

"The Boston Beer Company, Inc. (NYSE:SAM) – Alcoholic beverage company Boston Beer was a detractor for the quarter as the market continues to react to mixed short-term industry data. The company reported a decent quarter that showed continued progress on gross margins. They were one of the few companies in the industry that gained share in shelf resets this past year as Sun Cruiser is now making its way into large chains. Boston Beer has one of the best innovation track records in the industry, and their pace of new product launches has recently picked up. We believe these will help contribute to ultimately returning the company to growth as they overcome declines at Truly. Their innovation track record and industry-leading salesforce remain very attractive to any potential strategic acquirors. In the meantime, the company continues to repurchase a meaningful amount of stock at value accretive prices."

The Boston Beer Company, Inc. (NYSE:SAM) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026 . According to our database, 35 hedge fund portfolios held The Boston Beer Company, Inc. (NYSE:SAM) at the end of the first quarter, compared to 37 in the previous quarter. While we acknowledge the potential of The Boston Beer Company, Inc. (NYSE:SAM) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock .

In another article , we covered The Boston Beer Company, Inc. (NYSE:SAM) and shared the list of best small cap stocks to buy with highest upside potential. The Boston Beer Company, Inc. (NYSE:SAM) contributed to Longleaf Partners Small-Cap Fund's performance in the last quarter . In addition, please check out our hedge fund investor letters Q2 2026 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey .

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