Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the fund’s Investor Class fund ARTMX returned -5.73%, Advisor Class fund APDMX posted a return of -5.67%, and Institutional Class fund APHMX returned -5.64%, compared to a -3.21% return for the Russell Midcap Growth Index. The portfolio generated negative absolute returns and underperformed the index in the second quarter. Modest negative security selection across multiple sectors, including information technology, industrials, communication services, and health care led to the underperformance and was partially offset by outperformance within consumer discretionary. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Mid Cap Fund highlighted stocks like Chipotle Mexican Grill, Inc. (NYSE:CMG) in the second quarter 2024 investor letter. Chipotle Mexican Grill, Inc. (NYSE:CMG) owns and operates Chipotle Mexican Grill restaurants. The one-month return of Chipotle Mexican Grill, Inc. (NYSE:CMG) was -17.42%, and its shares gained 31.46% of their value over the last 52 weeks. On July 15, 2024, Chipotle Mexican Grill, Inc. (NYSE:CMG) stock closed at $56.61 per share with a market capitalization of $77.745 billion.
Artisan Mid Cap Fund stated the following regarding Chipotle Mexican Grill, Inc. (NYSE:CMG) in its Q2 2024 investor letter:
“Notable trims in the quarter included Chipotle Mexican Grill, Inc. (NYSE:CMG) and Arista Networks. Chipotle is currently expanding its store count at a growth rate of 8%–10% annually, which is supported by attractive store-level economics. At the same time, execution within these stores is strengthening due to increased accessibility and convenience, which is resulting in higher productivity during peak times. While the profit cycle remains nicely in motion, we trimmed the position due to our valuation discipline and its market cap outgrowing our mid-cap mandate.”
A chef plating up a wide variety of dishes for a restaurant chain.
Chipotle Mexican Grill, Inc. (NYSE:CMG) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 60 hedge fund portfolios held Chipotle Mexican Grill, Inc. (NYSE:CMG) at the end of the first quarter which was 56 in the previous quarter. Chipotle Mexican Grill, Inc. (NYSE:CMG) generated first-quarter sales of $2.7 billion, a 14.1% year-over-year growth. While we acknowledge the potential of Chipotle Mexican Grill, Inc. (NYSE:CMG) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Chipotle Mexican Grill, Inc. (NYSE:CMG) and shared the list of stocks to buy and sell before third quarter according to Jim Cramer. Chipotle Mexican Grill, Inc. (NYSE:CMG) was one of the top contributors to Artisan Mid Cap Fund’s performance in Q1 2024. In addition, please check out our hedge fund investor letters Q2 2024 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.
