Should You Add First Watch Restaurant Group (FWRG) to Your Portfolio?

Investment management company Ave Maria recently released its “Ave Maria Focused Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned 9.86% compared to the S&P MidCap 400 Growth Index’s 8.74% return. Year-to-date the fund returned 23.96% compared to the 10.46% return for the index. You can check the top 5 holdings of the fund to know its best picks in 2023.

Ave Maria Focused Fund highlighted stocks like First Watch Restaurant Group, Inc. (NASDAQ:FWRG) in the second quarter 2023 investor letter. Headquartered in Bradenton, Florida, First Watch Restaurant Group, Inc. (NASDAQ:FWRG) owns, operates, and franchises restaurants under the First Watch trade name. On September 19, 2023, First Watch Restaurant Group, Inc. (NASDAQ:FWRG) stock closed at $18.84 per share. One-month return of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) was -3.34%, and its shares gained 25.27% of their value over the last 52 weeks. First Watch Restaurant Group, Inc. (NASDAQ:FWRG) has a market capitalization of $1.121 billion.

Ave Maria Focused Fund made the following comment about First Watch Restaurant Group, Inc. (NASDAQ:FWRG) in its Q2 2023 investor letter:

“The Fund added three new positions in the first half of the year. Two of them are high-growth restaurant chains. First Watch Restaurant Group, Inc. (NASDAQ:FWRG) is a daytime only concept that operates in the US. The second restaurant, Alsea Group, is owner of the master franchise agreement for Domino’s Pizza in Latin America, as well as Starbucks in Latin America, Spain, and France. Both restaurant groups exhibit strong same-store sales and store-count growth as well as high returns on invested capital.”

Photo by S O C I A L . C U T on Unsplash

First Watch Restaurant Group, Inc. (NASDAQ:FWRG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held First Watch Restaurant Group, Inc. (NASDAQ:FWRG) at the end of second quarter which was 6 in the previous quarter. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

• 11 Tech Stocks to Sell Now According to Cathie Wood
• 10 Best Large-Cap Growth ETFs
• 11 Best Performing ETFs of the Last 10 Years

Disclosure: None. This article is originally published at Insider Monkey.