ClearBridge Investments, an investment management firm, released its fourth-quarter 2023 “Mid Cap Growth Strategy” investor letter, a copy of which can be downloaded here. The strategy outperformed its benchmark Russell Midcap Growth Index in the quarter. The strategy gained nine of the 11 sectors it was invested in during the quarter on an absolute basis. Overall stock selection and sector allocation effects contributed to performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Mid Cap Growth Strategy 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 28, 2024, Chipotle Mexican Grill, Inc. (NYSE:CMG) stock closed at $2,906.77 per share. One-month return of Chipotle Mexican Grill, Inc. (NYSE:CMG) was 8.11%, and its shares gained 73.83% of their value over the last 52 weeks. Chipotle Mexican Grill, Inc. (NYSE:CMG) has a market capitalization of $79.707 billion.
ClearBridge Mid Cap Growth Strategy stated the following regarding Chipotle Mexican Grill, Inc. (NYSE:CMG) in its fourth quarter 2023 investor letter:
“The Strategy’s consumer discretionary holdings benefited from optimism over an economic soft landing that eased concerns about future consumer spending. Top individual performer Chipotle Mexican Grill, Inc. (NYSE:CMG) rebounded from lackluster results in the third quarter due to concerns over the timing and level of price increases. However, strong third quarter earnings and continued execution on its long-term growth plans help to mitigate these headwinds.”
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 Pershing Square Holdings’ views on the company. 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.
