Ensemble Capital Management, an investment management company, released its first quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy returned 3.48% in the first quarter compared to 7.50% for the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Ensemble Capital highlighted stocks like Chipotle Mexican Grill, Inc. (NYSE:CMG) in the first quarter 2023 investor letter. Headquartered in Newport Beach, California, Chipotle Mexican Grill, Inc. (NYSE:CMG) owns and operates Chipotle Mexican Grill restaurants. On April 20, 2023, Chipotle Mexican Grill, Inc. (NYSE:CMG) stock closed at $1,798.40 per share. One-month return of Chipotle Mexican Grill, Inc. (NYSE:CMG) was 10.72%, and its shares gained 21.44% of their value over the last 52 weeks. Chipotle Mexican Grill, Inc. (NYSE:CMG) has a market capitalization of $49.657 billion.
Ensemble Capital made the following comment about Chipotle Mexican Grill, Inc. (NYSE:CMG) in its Q1 2023 investor letter:
“Chipotle Mexican Grill, Inc. (NYSE:CMG) (+23.12%): The company continues to attract loyal customers to their all natural, fresh food alternative to the highly processes, junk food sold by most fast food companies. Despite needing to raise prices by double digit rates to offset inflation in food prices and higher labor costs, the company has seen resilient customer demand. While digital orders have fallen from peak COVID levels, digital sales stabilized in the fourth quarter at approximately 40% of all orders or twice the volume seen pre-COVID. The company has remained busy opening new locations with a focus on those that can support a Chipotlane, the company’s drive through concept that leverages customers’ ability to order ahead on their phones to make pick up times very short. Today, 18% of all locations have a Chipotlane pick up option compared to just 3% pre-COVID.”
Pixabay/Public Domain
Chipotle Mexican Grill, Inc. (NYSE:CMG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held Chipotle Mexican Grill, Inc. (NYSE:CMG) at the end of the fourth quarter which was 45 in the previous quarter.
We discussed Chipotle Mexican Grill, Inc. (NYSE:CMG) in another article and shared Credit Suisse’s highest-conviction stock picks. In addition, please check out our hedge fund investor letters Q1 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.
