Longleaf Partners, managed by Southeastern Asset Management, released its “Small-Cap Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund delivered 0.26% in the third quarter in a challenging, “risk-off” period compared to a -5.13% return for the Russell 2000 Index and -2.96% for the Russell 2000 Value Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Longleaf Partners Small-Cap Fund highlighted stocks like The Boston Beer Company, Inc. (NYSE:SAM) in the third quarter 2023 investor letter. Headquartered in Boston, Massachusetts, The Boston Beer Company, Inc. (NYSE:SAM) produces and markets alcoholic beverages. On November 2, 2023, The Boston Beer Company, Inc. (NYSE:SAM) stock closed at $333.17 per share. One-month return of The Boston Beer Company, Inc. (NYSE:SAM) was -7.41%, and its shares lost 10.36% of their value over the last 52 weeks. The Boston Beer Company, Inc. (NYSE:SAM) has a market capitalization of $4.03 billion.
Longleaf Partners Small-Cap Fund made the following comment about The Boston Beer Company, Inc. (NYSE:SAM) in its Q3 2023 investor letter:
“The Boston Beer Company, Inc. (NYSE:SAM) – Boston Beer Company was also a positive contributor in the quarter on the back of strong growth from underlying brand Twisted Tea, which represents the largest portion of our value for the business. Twisted Tea’s growth is finally offsetting Truly Seltzer, which peaked in what turned out to be a seltzer fad in 2020 and has steadily declined over the subsequent two years but is beginning to flatten out. The company is still in the early days of rationalizing some of the Truly costs, which will further optimize margins. Boston Beer has a net cash balance sheet and Executive Chairman and Founder Jim Koch and team have been opportunistically buying back discounted shares.”
The Boston Beer Company, Inc. (NYSE:SAM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held The Boston Beer Company, Inc. (NYSE:SAM) at the end of second quarter which was 20 in the previous quarter.
We discussed The Boston Beer Company, Inc. (NYSE:SAM) in another article and shared SouthernSun Small Cap Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q3 2023 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.
