Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund’s Investor Class fund ARTMX returned 10.41%, Advisor Class fund APDMX posted a return of 10.40%, and Institutional Class fund APHMX returned 10.44%, compared to a 9.50% return for the Russell Midcap Growth Index. Balanced security selection across health care, industrials, consumer staples, consumer discretionary, and communication services led the portfolio to outperform the index in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Mid Cap Fund featured stocks like Chipotle Mexican Grill, Inc. (NYSE:CMG) in the first quarter 2024 investor letter. Headquartered in Newport Beach, California, Chipotle Mexican Grill, Inc. (NYSE:CMG) owns and operates Chipotle Mexican Grill restaurants. On April 11, 2024, Chipotle Mexican Grill, Inc. (NYSE:CMG) stock closed at $2,990.69 per share. One-month return of Chipotle Mexican Grill, Inc. (NYSE:CMG) was 8.50%, and its shares gained 72.05% of their value over the last 52 weeks. Chipotle Mexican Grill, Inc. (NYSE:CMG) has a market capitalization of $82.008 billion.
Artisan Mid Cap Fund stated the following regarding Chipotle Mexican Grill, Inc. (NYSE:CMG) in its first quarter 2024 investor letter:
“Among our top Q1 contributors were Chipotle Mexican Grill, Inc. (NYSE:CMG), Shockwave Medical and Spotify. Chipotle’s combination of superior quality and speed of service has created a strong brand affinity, and the company is currently expanding its store count at a growth rate of 8%–10% annually. With each restaurant generating an annual income of around 60% of its original investment cost, the implied payback period is less than two years. Given these attractive economics, we believe a long runway remains for market penetration potential. Next, increased accessibility and convenience have been a strategic priority, leading it to add secondary “make lines” that enable each store to meet increased demand from third-party delivery services and the company’s own digital pickup lanes (“Chipotlanes”). And last, evidence is emerging that the company’s post-COVID training initiatives (“the four pillars of throughput”) are resulting in higher peak-time productivity. Overall, the profit cycle remains nicely in motion, and the stock remains a large CropSM holding.”
The signature fire-grilled chicken of the brand, isolated on a wooden board with a citrus marinade.
Chipotle Mexican Grill, Inc. (NYSE:CMG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Chipotle Mexican Grill Inc (NYSE:CMG) was held by 56 hedge fund portfolios, down from 57 in the previous quarter, according to our database.
We previously discussed Chipotle Mexican Grill, Inc. (NYSE:CMG) in another article, where we shared ClearBridge Mid Cap Growth Strategy’s perspective on the company. In addition, please check out our hedge fund investor letters Q1 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.
