Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, its Investor Class fund ARTMX returned 4.44%, Advisor Class fund APDMX posted a return of 4.48%, and Institutional Class fund APHMX returned 4.49%, compared to a 6.23% return for the Russell Midcap Growth Index. Sector allocation and security selection drove the Q2 underperformance. ARTMX, APDMX, and APHMX returned 17.36%, 17.47%, and 17.48%, respectively, compared to 15.94% for the index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Mid Cap Fund Composite highlighted stocks like Chipotle Mexican Grill, Inc. (NYSE:CMG) in the second quarter 2023 investor letter. Headquartered in Newport Beach, California, Chipotle Mexican Grill, Inc. (NYSE:CMG) owns and operates Chipotle Mexican Grill restaurants. On August 25, 2023, Chipotle Mexican Grill, Inc. (NYSE:CMG) stock closed at $1,876.78 per share. One-month return of Chipotle Mexican Grill, Inc. (NYSE:CMG) was -3.97%, and its shares gained 14.97% of their value over the last 52 weeks. Chipotle Mexican Grill, Inc. (NYSE:CMG) has a market capitalization of $51.975 billion.
Artisan Mid Cap Fund Composite made the following comment about Chipotle Mexican Grill, Inc. (NYSE:CMG) in its second quarter 2023 investor letter:
“Among our top contributors were HubSpot, Chipotle Mexican Grill, Inc. (NYSE:CMG) and Exact Sciences. 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, the company reported revenue growth of 17%, which topped analyst expectations and was driven by both new store openings and an uptick in traffic. We have been encouraged by the progress the company is making within its store operations, enabled in part by a stabilized labor backdrop and focus on operational practices that are improving efficiency, especially during periods of peak demand. For context, CMG is achieving low-20s transaction counts during peak 15-minute intervals, but management believes high-20s to low-30s is attainable. This would drive meaningful improvements in same-store sales. Lastly, looking further out, we continue to believe that international expansion could be another leg to the growth story.”
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Chipotle Mexican Grill, Inc. (NYSE:CMG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 55 hedge fund portfolios held Chipotle Mexican Grill, Inc. (NYSE:CMG) at the end of second quarter which was 47 in the previous quarter.
We discussed Chipotle Mexican Grill, Inc. (NYSE:CMG) in another article and shared undervalued cyclical stocks to buy according to Wall Street analysts. In addition, please check out our hedge fund investor letters Q2 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.
