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SAM

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q3	Sep 30, 2023	Baird Small/Mid Cap Growth Equity Fund	-8.9%	2.8%	BJ, CHDN, CHPX, CNMD, CWAN, FIVE, FND, FOUR, INSP, KNSL, LFUS, LGIH, MTDR, MTZ, PODD, RBC, SAM, SWAV, TTC, WSC	consumer, growth, healthcare, industrials, inflation, rates, small caps, technology	GLP-1 drugs emerged as a solution for obesity and reducing long-term cardiovascular risks, leading to sharp negative reactions across the medical equipment industry. The market views it as a zero-sum game with inevitable shrinkage of addressable markets for diabetes and sleep apnea devices.		View
2025 Q2	Jul 22, 2025	Longleaf Partners Small-Cap Fund	2.7%	4.2%	BATRA, CNX, CUERVO.MX, DOLE, GHC, GRUMA.MX, KODK, MAT, OSCR, PCH, SAM, TRIP, WEST, WTM	Alcohol, Buybacks, real estate, small caps, undervalued, value	The fund has an overweight to the alcohol industry with Boston Beer and Becle. There is market debate about whether current weak industry trends are cyclical versus structural factors, with the manager leaning toward cyclical explanations.	PCH SAM WEST BATRA BECLE.MX OSCR PCH SAM WEST BATRA CUERVO MM OSCR	View
2025 Q2	Jul 17, 2025	SouthernSun Small Cap	9.7%	-	AEIS, BOOT, DAR, DY, EPAC, EXTR, LPX, MSA, MUSA, OXM, SAM	Agriculture, Capital discipline, Housing, Operational Discipline, small caps, tariffs, technology, value	Tariffs have re-emerged as a significant cost driver, prompting companies to explore reshoring, leaner inventories, and domestic sourcing. Companies are developing mitigation plans including meaningful supply chain moves away from China. The impact varies significantly by company, with some facing material negative impacts while others may benefit from domestic sourcing advantages.	MSA SAM OXM DY BOOT MSA SAM DY BOOT	View
2025 Q2	Jul 17, 2025	SouthernSun SMID Cap	10.3%	-	APG, BOOT, DAR, DY, LPX, MOD, MSA, MUSA, SAM, TREX, WSO	Agriculture, Building Products, Resilience, Safety, SMID Cap, tariffs, technology, value	Companies demonstrated operational discipline through cost consciousness, margin stewardship, and capital discipline. Management teams acknowledged macroeconomic uncertainties while maintaining steady execution and preparing deliberately for challenges.	MSA SAM WSO BOOT APG MSA SAM WSO BOOT APG	View
2024 Q1	May 7, 2024	Longleaf Partners Small-Cap Fund	8.9%	11.5%	BATRA, CNX, DEI, GHC, GRUMAB, H, HOUS, IMKTA, KODK, MAT, OSCR, PK, SAM, WEST, WTM	Buybacks, insurance, Natural Gas, real estate, small caps, value	Fund focuses on carefully constructed portfolio that looks very little like any index, seeking 60 cent dollars while maintaining investment discipline in a fully priced market. Portfolio companies are growing their value per share while management partners take action to realize value via discounted share buybacks.	HOUS WTM CNX OSCR	View
2024 Q1	May 17, 2024	SouthernSun SMID Cap	8.8%	13.9%	AWI, BDC, BOOT, BR, DAR, DY, MGPI, SAM, THO, USPH	Concentration, long-term, Quality, small cap, SMID Cap, value	Fiber construction demand remains bright with private equity investment and public funding through ARPA, RDOF, and BEAD programs. The $40 billion BEAD program is expected to begin deployments in 2025, providing multi-year tailwinds. With only 43% of US homes passed with fiber, there is a long runway for penetration.	SAM MGPI BOOT DY	View
2024 Q1	May 17, 2024	SouthernSun Small Cap	10.6%	13.5%	AWI, BDC, BOOT, DAR, DY, LOB, MBUU, MGPI, SAM, USPH	long-term, retail, small cap, SMID Cap, Spirits, Telecommunications, value	Fiber construction demand remains bright with private equity investment and public funding through ARPA, RDOF, and BEAD programs. The $40 billion BEAD program is expected to begin deployments in 2025, providing multi-year tailwinds. Only 43% of US homes are passed with fiber, indicating a long runway for penetration.	MGPI MBUU BOOT DY	View
2025 Q1	Apr 25, 2025	SouthernSun Small Cap	-11.5%	-11.5%	AEIS, AGCO, AWI, BOOT, DANH, EPAC, EXTR, IEX, LOB, MOD, NGVT, OXM, PII, SAM, TKR, USPH	Manufacturing, Quality, Resilience, small caps, tariffs, value	Manager believes small- to mid-cap U.S. companies with strong fundamentals are poised to shine as the market transitions from speculative excess to substance-focused investing. The portfolio focuses on 20-30 fundamentally sound companies with financial backbone and market strongholds.	MOD EXTR LOB BOOT TKR EPAC	View
2025 Q1	Apr 25, 2025	SouthernSun SMID Cap	-8.8%	-8.8%	AEIS, AGCO, AWI, BDC, BOOT, BR, DHR, GNRC, IEX, MOD, PII, SAM, TKR, USPH, WSO	fundamentals, Quality, Resilience, small caps, SMID Cap, tariffs, Trade Policy, value	The manager believes small- to mid-cap U.S. companies with strong fundamentals are poised to shine as the market transitions from speculative excess to substance-focused investing. They see this as a shift from a sugar high to a carnivore diet - stripped of fluff and rooted in what's healthy and enduring.	MOD PII USPH BOOT WSO BR	View
2026 Q1	Apr 18, 2026	Longleaf Partners Small-Cap Fund	-2.7%	-2.7%	ALX, CNX, CUERVO.MX, ESRT, GLIBA, MAT, RYN, SAM, SHEN, TRIP	Alcohol, energy, private credit, real estate, small cap, Travel, value		TRIP MAT BECLE RYN ESRT SHEN SAM	View
2025 Q1	Apr 12, 2025	Longleaf Partners Small-Cap Fund	1.5%	1.5%	BATRA, CNX, DOLE, GHC, GMAB, KODK, MAT, PCH, PK, SAM, WEST, WTM	Buybacks, downside protection, Outperformance, small caps, stock picking, value	The fund emphasizes value investing discipline and downside protection. The portfolio's price-to-value ratio in the high-60s% is attractive and improved materially after quarter end. The fund continues to focus on companies trading below intrinsic value with substantial opportunity in the current portfolio.	PK CNX SAM PCH GRUMAB.MX GHC	View
2024 Q1	Mar 31, 2024	Baird Small/Mid Cap Growth Equity Fund	1.9%	1.9%	BOOT, BROS, BSY, BWXT, CELH, CHDN, CNMD, CWAN, DAVA, DECK, DT, EXAS, FIVE, FOUR, GLBE, GLOB, GXO, HALO, ICLR, INSP, KAI, KNSL, KNX, LFUS, LGIH, LSCC, LW, MNDY, MSTR, MTDR, ONTO, PCOR, PEN, PODD, QDEL, RGEN, SAM, SITM, SMCI, SMPL, SWAV, TARS, TECH, TREX, VITA, WNS, WSO, XPEL	AI, growth, healthcare, Performance, semiconductors, small cap, technology	AI spending expectations drove significant outperformance in technology stocks, particularly benefiting companies like Super Micro Computer which investors view as the next Nvidia. The fund has limited direct AI exposure through Lattice Semiconductor and has not reached comfort levels on sustainable AI impact for many benchmark holdings. AI headwinds affected both technology and industrial sectors as datacenter and semiconductor manufacturing equipment companies saw outsized gains.		View
2024 Q4	Dec 31, 2024	SouthernSun Small Cap	-7.7%	4.7%	AEIS, AWI, BCO, DORM, LOB, MGPI, NGVT, OXM, PII, SAM, TKR, USPH	Cyclical, Patience, positioning, Research, small cap, value	Dorman Products represents a leading position in automotive aftermarket parts with unique first-to-aftermarket capabilities. The company has invested heavily in developing proprietary software to break down OE part codes and create matching functionality for complex electronic components.		View
2023 Q4	Dec 31, 2023	Baird Small/Mid Cap Growth Equity Fund	7.8%	10.9%	BJ, BOOT, BSY, BWXT, COCO, CWAN, DAVA, DECK, DSGX, DT, EXLS, FIVE, FND, FOUR, GLOB, GNRC, GTLS, HALO, IEX, INSP, KAI, KNSL, LGIH, LSCC, LW, MTZ, NEO, NSA, PCTY, PODD, POOL, PTC, PWSC, RBC, RVNC, SAM, SWAV, TREX, TTC, TYL, WNS, WSO	financials, growth, healthcare, industrials, rates, small cap, technology	Lower-than-expected inflation report in late October led markets to declare an end to Fed tightening and begin discounting multiple rate cuts in 2024. Interest-rate-sensitive stocks rallied sharply late in the quarter, benefiting housing-related and financial stocks. The changed outlook on rates drove significant market movements throughout the quarter.		View
2023 Q3	Dec 10, 2023	Longleaf Partners Small-Cap Fund	8.9%	11.5%	BATRA, CNX, DOOR, ESRT, GHC, GRUMAB, KODK, LUMN, MAT, OSCAR, SAM, WEST, WTM	consumer, discount, energy, Entertainment, Quality, small caps, value	Small-cap stocks remained out of favor as they continue to be viewed as more volatile, cyclical businesses, while a small handful of US mega-cap stocks have dominated markets. This wide valuation gap has created a compelling opportunity to own high-quality small-cap businesses trading at a steep discount.	WEST OSCR AMAT SAM CNX	View
2024 Q3	Oct 16, 2024	Longleaf Partners Small-Cap Fund	8.9%	11.5%	BATRA, CNX, DOLE, GHC, GRUMA, H, HHH, HOUS, IMKTA, KODK, LLYVA, LMCA, MAT, OSCR, PCH, PK, SAM, WEST, WMT	Buybacks, Coffee, healthcare, Natural Gas, real estate, small caps, value	Fund focuses on small-cap stocks with 19 holdings and P/V ratio in low-70s%. Manager welcomes volatile small-cap environment that presents attractive opportunities to enhance portfolio with undervalued, high-quality businesses. Holdings consist of competitively advantaged businesses with strong balance sheets.	WEST HOUS CNX OSCR	View
2025 Q4	Jan 14, 2026	Longleaf Partners Small-Cap Fund	1.1%	7.6%	ALX, CLW, CNX, CUERVO.MX, ESRT, GHC, GLIBA, GRUMA.MX, MAT, PCH, RYN, SAM, SHEN, TRIP, WTM	Alcohol, Media, real estate, small cap, Telecommunications, undervalued, value	Fund focuses on undervalued companies trading below intrinsic value with P/V ratios in low-60s%. Manager emphasizes buying quality companies at discounted prices when market favors unprofitable, lower quality stocks. Significant exposure to alcoholic beverage companies including Becle (tequila/whiskey manufacturer) and Boston Beer. Alcohol industry faces consumption headwinds but companies have strong brands and pricing power. Holdings in Empire State Realty and Alexander's provide exposure to New York real estate. Despite political concerns about Mayor Mamdani, on-the-ground leasing trends outpace weak stock performance. Graham Holdings diversified conglomerate includes broadcast television assets that could benefit from increased M&A activity. Kaplan education segment returning to growth after multi-year turnaround.	PK ALX ESRT CLW SAM OSCR MAT GHC GLIBA	View
2024 Q3	Sep 30, 2024	SouthernSun Small Cap	10.6%	13.5%	AGCO, BDC, BOOT, DORM, LOB, LPX, NGVT, SAM, SCL, USPH	Agriculture, AI, infrastructure, Onshoring, Resilience, small cap, technology, value	Global infrastructure market expected to grow at 7.2% CAGR from 2024-2030, driven by public and private sector investments in modernization and sustainability. Geopolitical shifts encouraging re-shoring, onshoring, and near-shoring require substantial infrastructure investment. Governments worldwide seek to bolster economic resilience through infrastructure spending.	NGVT USPH BOOT LPX	View
2023 Q3	Sep 30, 2023	SouthernSun Small Cap	10.6%	13.5%	BCO, BDC, DAR, DY, LOB, MUSA, SAM, SCL, TKR, USPH	consumer, energy, financials, industrials, infrastructure, small cap, value	Darling Ingredients is building Sustainable Aviation Fuel capacity expected online in Q4 2024, with further SAF expansion being evaluated as growth and incentives provide significant margin expansion and return on investment. The company is the largest publicly traded company turning edible by-products and food waste into sustainable products and a leading producer of renewable energy.	ALDAR.AD ABDY.L AER\|AWI\|MUSA\|NEU\|SAIA\|WTM SAM	View
2023 Q3	Sep 30, 2023	SouthernSun SMID Cap	8.8%	13.9%	BCO, BDC, BR, DAR, DY, LPX, MUSA, SAM, TKR, USPH	Biofuels, Convenience Stores, self-help, SMID Cap, Telecommunications, value	Murphy USA benefits from its position as a low-cost, high-volume fuel retailer with advantaged locations on Walmart outparcels. The company continues to grow same-store sales and sees opportunities for new store additions while maintaining capital discipline through share repurchases.	ALDAR.AD ABDY.L AER\|AWI\|MUSA\|NEU\|SAIA\|WTM SAM	View
2023 Q2	Jul 19, 2023	Longleaf Partners Small-Cap Fund	8.9%	11.5%	BATRA, CNX, ESRT, GMK, H, HOUS, KODK, LUMN, LXS.DE, MAT, OSCR, SAM, WEST, WTM	concentrated, Consumer Staples, Defensive, real estate, small cap, value	Fund maintains concentrated portfolio of 18-22 ideas trading at discount to intrinsic value. Portfolio P/V ratio in mid-60s% indicates significant upside potential. Management emphasizes buying high quality businesses at temporary discounts with 3-5 year investment horizon.	LUMN SAM LXS.DE HOUS BATRA OSCR	View
2024 Q2	Jul 15, 2024	Bengal Capital	4.0%	105.0%	BAMM, BUD, GDNSF, GRUSF, GTI, SAM, XSF.TO	Cannabis, Capital markets, growth, MSOs, undervalued, value	The fund focuses exclusively on cannabis investments, holding positions in Grown Rogue, XS Financial, Goodness Growth, and Body and Mind. The manager argues that cannabis is not truly high growth but rather rapid absorption of illicit markets by regulated markets, with consistent patterns of increased units and decreased prices.		View
2023 Q4	Feb 20, 2024	SouthernSun Small Cap	10.6%	13.5%	AWI, BDC, BOOT, DY, LOB, LPX, MGPI, PII, SAM, SCL	Banking, Elections, infrastructure, Onshoring, small cap, Telecommunications, value	Companies continued to adapt to security of supply, labor, and technology adoption issues through on-shoring, re-shoring, and near-shoring strategies. With escalation of armed regional conflicts impacting shipping and supply chains, companies are expected to aggressively evaluate and adjust their strategies to ensure competitive advantages.	SAM BBDC4.SA ABDY.L ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM	View
2023 Q4	Feb 15, 2024	SouthernSun SMID Cap	8.8%	13.9%	AWI, BCO, BDC, BOOT, BR, DY, FND, LPX, MGPI, PII, SAM	Construction, consumer, industrials, Onshoring, SMID Cap, Telecommunications, value	Companies continue to adapt to security of supply, labor, and technology adoption issues through on-shoring, re-shoring, and near-shoring strategies. With escalation of armed regional conflicts impacting shipping and supply chains, companies are aggressively evaluating and adjusting their strategies to ensure competitive advantages.	ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO SAM BBDC4.SA AER\|AWI\|MUSA\|NEU\|SAIA\|WTM ABDY.L	View
2023 Q2	Feb 8, 2023	SouthernSun SMID Cap	8.8%	13.9%	AGCO, DY, IEX, MGPI, MUSA, NGVT, SAM, THO, TREX, UNVR, USPH, WRK	Chemicals, concentrated, healthcare, SMID Cap, Spirits, Telecommunications, value	Fiber penetration has significant runway with only 43% of US homes passed by high-speed fiber cable. Government funding through ARPA, RDOF, and BEAD programs is making previously uneconomical rural and low-income areas viable for fiber deployment. Industry capacity remains tight with strong demand from smaller customers.		View
2023 Q4	Jan 17, 2024	Longleaf Partners Small-Cap Fund	8.9%	11.5%	ARE, CNX, DEI, ESRT, GHC, GRUMAB, H, IMKTA, KNF, KODK, LUMN, MAS, MAT, OHI, PK, SAM, WEST, WTM	Buybacks, Hotels, Quality, real estate, small caps, value	The fund emphasizes their Business, People, Price discipline and differentiated approach to value investing. They focus on hidden quality companies with management teams that will take steps to get that quality recognized by the market over the medium to long term. The fund believes they are well positioned for the return of value investing as interest rates normalize.	WEST ^HSI ESRT GRUMAB KNF OSCR	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Longleaf Partners Small-Cap Fund	Boston Beer Company	Beverages - Brewers	Brewers	Bull	NASDAQ	alcoholic beverages, brand portfolio, Brewers, consumer staples, M&A Target, Ready-to-Drink, share repurchase	View Pitch
Apr 28, 2026	Fund Letters	SouthernSun Small Cap	Boston Beer Company, Inc.	Consumer Staples	Brewers	Bull	NYSE	alcoholic beverages, brand portfolio, consumer staples, Equity, margin expansion, operational efficiency, share repurchases, Twisted Tea	View Pitch
Apr 28, 2026	Fund Letters	SouthernSun SMID Cap	Boston Beer Company, Inc.	Consumer Staples	Beverages	Bull	NASDAQ	alcoholic beverages, brand portfolio, Equity, margin expansion, operational efficiency, share repurchases, Truly Hard Seltzer, Twisted Tea	View Pitch
Apr 28, 2026	Fund Letters	Longleaf Partners Small-Cap Fund	Boston Beer Company	Consumer Staples	Beverages	Bull	NYSE	Beverages, brand portfolio, consumer staples, Hard Seltzer, Margin Optimization, net cash, share repurchase, Twisted Tea	View Pitch
Apr 28, 2026	Fund Letters	SouthernSun Small Cap	Boston Beer Company, Inc.	Consumer Staples	Brewers	Bull	NASDAQ	brand portfolio, consumer staples, Craft Brewer, debt-free, Flavored Malt Beverages, Hard Seltzer, Manufacturing efficiency, share repurchases	View Pitch
Apr 28, 2026	Fund Letters	SouthernSun SMID Cap	Boston Beer Company, Inc.	Consumer Staples	Brewers	Bull	NASDAQ	alcoholic beverages, brand portfolio, Brewers, debt-free, Hard Seltzer, Manufacturing efficiency, share repurchases	View Pitch
Apr 28, 2026	Fund Letters	Longleaf Partners Small-Cap Fund	Boston Beer Company	Consumer Staples	Brewers	Bull	NYSE	alcoholic beverages, brand portfolio, craft beer, Cyclical Recovery, Hard Seltzer, Samuel Adams, Twisted Tea, value opportunity	View Pitch
Apr 13, 2026	Fund Letters	Longleaf Partners Small-Cap Fund	Boston Beer Company	Consumer Staples	Brewers	Bull	NYSE	Alcohol, Beverage, growth drivers, margin pressure, share repurchase, Truly Brand, turnaround	View Pitch
Apr 13, 2026	Fund Letters	SouthernSun Small Cap	The Boston Beer Company, Inc.	Consumer Staples	Beverages	Bull	NASDAQ	Beverages, Beyond Beer, brand portfolio, gross margins, Hard Seltzer, Innovation Pipeline, operational efficiency, Twisted Tea	View Pitch
Apr 13, 2026	Fund Letters	Longleaf Partners Small-Cap Fund	Boston Beer Company	Consumer Staples	Brewers	Bull	NYSE	Alcohol Industry, Beverage Company, margin expansion, net cash position, share repurchase, takeover target	View Pitch
Apr 13, 2026	Fund Letters	SouthernSun SMID Cap	The Boston Beer Company, Inc.	Consumer Staples	Beverages	Bull	NYSE	alcoholic beverages, brand portfolio, Hard Seltzer, leadership transition, margin expansion, operational efficiency, Truly, Twisted Tea	View Pitch
Apr 13, 2026	Fund Letters	SouthernSun SMID Cap	The Boston Beer Company, Inc.	Consumer Staples	Beverages	Bull	NASDAQ	Alcohol Beverages, Beyond Beer, brand portfolio, craft beer, Hard Seltzer, Innovation Pipeline, margin expansion, Twisted Tea	View Pitch
Jan 16, 2026	Fund Letters	Ross Glotzbach	Boston Beer Company, Inc.	Consumer Staples	Brewers	Bear	New York Stock Exchange	Alcohol, Beverages, buybacks, innovation, Pricing	View Pitch
Jan 8, 2026	Fund Letters	Ross Glotzbach	Boston Beer Company, Inc.	Consumer Staples	Brewers	Bull	New York Stock Exchange	Balance_Sheet, Beer, brands, buybacks, Margins	View Pitch
Jan 8, 2026	Fund Letters	Michael Cook	The Boston Beer Company, Inc.	Consumer Staples	Beverages	Bull	New York Stock Exchange	Beverages, brands, cashflow, innovation, Margins	View Pitch
Jan 8, 2026	Fund Letters	Michael Cook	The Boston Beer Company, Inc.	Consumer Staples	Brewers	Bull	New York Stock Exchange	Beverages, brands, cashflow, innovation, Longterm, Margins, Staples	View Pitch
Nov 11, 2025	Substack	DB Silverfox	Boston Beer Company	Consumer Staples	Beverages - Brewers	Bull		Boston Beer Company, brand heritage, buybacks, cash flow, craft beer, debt-free, innovation, Jim Koch, ROE improvement, Samuel Adams	View Pitch
Aug 8, 2025	Seeking Alpha	Brad Kenagy	The Boston Beer Company, Inc.	Consumer Staples	Beverages - Brewers	Bull	NYSE	—	View Pitch

BSD Shareholders of SAM

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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