" The Boston Beer Company sells a focused portfolio of alcoholic beverage brands, and in recent years has emerged as one of the leaders in the fast-growing hard seltzer category. It continues to enhance the Truly seltzer brand—launching new flavors (iced tea, fruit punch) and gaining market share despite multiple new entrants. However, the growth of the hard seltzer category has been slowing in recent months, falling short of high investor expectations, which limits the company's earnings upside and increases the risk of continued deceleration. While we remain confident in the management team, brand name and the company's distribution capabilities/advantages, we have trimmed our position in favor of other opportunities as we monitor hard seltzer category trends for signs of reacceleration."