Longleaf Partners Small-Cap Fund reported that The Boston Beer Company was a detractor in the second quarter of 2026 as the market reacted to mixed short-term industry data. The fund noted that Boston Beer reported a decent quarter with continued progress on gross margins and was one of the few companies in the industry that gained share in shelf resets this past year, with its Sun Cruiser brand now entering large chains. The firm highlighted Boston Beer's strong innovation track record and recently increased pace of new product launches, which it believes will help return the company to growth as it overcomes declines at Truly. Longleaf also pointed to the company's attractive innovation record and industry-leading salesforce as appealing to potential strategic acquirers, while Boston Beer continues to repurchase a meaningful amount of stock at value-accretive prices.
Boston Beer Company IncFund highlights share repurchases at value-accretive prices, which is a capital allocation positive.
Constellation Brands Inc Class A