Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The final quarter of 2023 saw a continuous fluctuation between recessionary fears and soft-landing optimism. In the fourth quarter, the fund’s Investor Class fund ARTMX returned 8.86%, Advisor Class fund APDMX posted a return of 8.93%, and Institutional Class fund APHMX returned 8.96%, compared to a 14.55% return for the Russell Midcap Growth Index. The portfolio generated a positive absolute return in Q4 but underperformed the Russell Midcap Growth Index due to poor security selection, particularly in health care and information technology. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Mid Cap Fund featured stocks like Chipotle Mexican Grill, Inc. (NYSE:CMG) in the fourth quarter 2023 investor letter. Headquartered in Newport Beach, California, Chipotle Mexican Grill, Inc. (NYSE:CMG) owns and operates Chipotle Mexican Grill restaurants. On March 6, 2024, Chipotle Mexican Grill Inc (NYSE:CMG) stock closed at $2,690.14 per share. One-month return of Chipotle Mexican Grill Inc (NYSE:CMG) was 2.66%, and its shares gained 73.43% of their value over the last 52 weeks. Chipotle Mexican Grill Inc (NYSE:CMG) has a market capitalization of $73.767 billion.
Artisan Mid Cap Fund stated the following regarding Chipotle Mexican Grill Inc (NYSE:CMG) in its fourth quarter 2023 investor letter:
“Among our top contributors were Chipotle Mexican Grill Inc (NYSE:CMG), DexCom and Shopify. Chipotle’s strong brand and relatively affordable menu have enabled it to pass along food inflation to its customers (price increases) without hurting demand. Meanwhile, initiatives such as drive-thru lanes and menu innovation support continued unit economic improvements. As a result, financial results have continued to be positive across both new store growth and same-store sales. The profit cycle remains nicely in motion as unit growth is accelerating, the company continues to invest in new technologies to drive efficiencies and the international expansion narrative is slowly building.”
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 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 discussed Chipotle Mexican Grill Inc (NYSE:CMG) in another article and shared the list of stocks that might be splitting soon. In addition, please check out our hedge fund investor letters Q4 2023 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.
