ClearBridge Investments, an investment management firm, published its “Mid Cap Growth Strategy” third-quarter 2022 investor letter – a copy of which can be downloaded here. The ClearBridge Mid Cap Growth Strategy underperformed the Russell Midcap Growth Index during the third quarter. On an absolute basis, the Strategy had losses across eight of the 10 sectors in which it was invested during the quarter (out of 11 sectors total). The leading detractors were the healthcare and IT sectors, while the industrials and consumer discretionary sectors were positive contributors. Try to spare some time to check the fund’s top 5 holdings for you to have an idea about their best stock picks this 2022.
In its Q3 2022 investor letter, ClearBridge Investments Mid Cap Growth Strategy mentioned Chipotle Mexican Grill, Inc. (NYSE:CMG) and explained its insights for the company. Founded in 1993, Chipotle Mexican Grill, Inc. (NYSE:CMG) is a Newport Beach, California-based restaurant company with a $41.6 billion market capitalization. Chipotle Mexican Grill, Inc. (NYSE:CMG) delivered a -14.06% return since the beginning of the year, while its 12-month returns are down by -12.72%. The stock closed at $1,502.48 per share on November 18, 2022.
Here is what ClearBridge Investments Mid Cap Growth Strategy has to say about Chipotle Mexican Grill, Inc. (NYSE:CMG) in its Q3 2022 investor letter:
“We added to our position in made-to-order burrito chain Chipotle Mexican Grill (NYSE:CMG). Despite restaurants typically being seen as more sensitive to an economic downturn, the company has consistently been able to exceed expectations through its ability to passthrough inflationary increases in both materials and labor through strong pricing power. Chipotle’s investments in digital technology have enabled it to leverage the higher margin delivery business, highlighted by the implementation of “Chipotlanes”, a digital drive through option in suburban areas where customers pay in advance online, to drive significant increases in restaurant volumes.”
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Our calculations show that Chipotle Mexican Grill, Inc. (NYSE:CMG) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Chipotle Mexican Grill, Inc. (NYSE:CMG) was in 45 hedge fund portfolios at the end of the second quarter of 2022, compared to 39 funds in the previous quarter. Chipotle Mexican Grill, Inc. (NYSE:CMG) delivered a -8.35% return in the past 3 months.
In September 2022, we also shared another hedge fund’s views on Chipotle Mexican Grill, Inc. (NYSE:CMG) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q3 page.
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Disclosure: None. This article is originally published at Insider Monkey.
