Philip Morris International (PM) Gained from Zyn's Explosive Growth

Broyhill Asset Management, an investment advisor, released its fourth-quarter 2025 investor letter. 2025 witnessed extreme market concentration and a strong focus on artificial intelligence, leaving many sectors behind. The Portfolio, which has been significantly reshaped, now trades at a substantial discount relative to the broader market. The firm strongly believes it will benefit as market fundamentals improve. For the year, the portfolio declined by 1.4%, underperforming the MSCI ACWI's 22.9% return. Momentum has dominated equity markets, with performance driven more by narratives than fundamentals. The firm admits the risks of being different but will remain contrarian and strategic, adapting more quickly to changing facts. In addition, please check the Portfolio’s top five holdings to know its best picks in 2025.

In its fourth-quarter 2025 investor letter, Broyhill Asset Management highlighted Philip Morris International Inc. (NYSE:PM) as one of its largest contributors. Philip Morris International Inc. (NYSE:PM) is a tobacco company that offers cigarettes and smoke-free products. On February 25, 2026, Philip Morris International Inc. (NYSE:PM) stock closed at $189.80 per share. One-month return of Philip Morris International Inc. (NYSE:PM) was 6.70%, and its shares gained 23.23% over the past 52 weeks. Philip Morris International Inc. (NYSE:PM) has a market capitalization of $295.458 billion.

Broyhill Asset Management stated the following regarding Philip Morris International Inc. (NYSE:PM) in its fourth quarter 2025 investor letter:

"Our largest contributors were Philip Morris International Inc. (NYSE:PM), Dollar Tree, and IQVIA. Winners shared a common thread: durable businesses with identifiable catalysts that the market had mispriced. Phillip Morris was a top contributor for the second year in a row as the company continued to benefit from Zyn's explosive growth. After years of skepticism, the trajectory of reduced-risk products became increasingly difficult to ignore. In our view, the stock’s recent performance reflects a narrowing gap between perception and fundamentals, validating our thesis that the transition away from combustible cigarettes would drive a re-rating for the industry leader."