Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. Inflation remained on a downward trend in the quarter and the fund’s Investor Class fund ARTMX returned -2.95%, Advisor Class fund APDMX posted a return of -2.92%, and Institutional Class fund APHMX returned -2.90%, compared to a -5.22% return for the Russell Midcap Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Mid Cap Fund highlighted stocks like Wingstop Inc. (NASDAQ:WING) in the third quarter 2023 investor letter. Headquartered in Addison, Texas, Wingstop Inc. (NASDAQ:WING) is a restaurant company that operates under the brand name Wingstop. On December 4, 2023, Wingstop Inc. (NASDAQ:WING) stock closed at $245.02 per share. One-month return of Wingstop Inc. (NASDAQ:WING) was 18.26%, and its shares gained 63.66% of their value over the last 52 weeks. Wingstop Inc. (NASDAQ:WING) has a market capitalization of $7.207 billion.
Artisan Mid Cap Fund made the following comment about Wingstop Inc. (NASDAQ:WING) in its Q3 2023 investor letter:
“We initiated new Garden positions in Wingstop Inc. (NASDAQ:WING), Quanta Services and Jabil during the quarter. Wingstop is a quick-service restaurant franchisor specializing in chicken wings and sandwiches. The company is in the early stages of growing its store footprint domestically and internationally, which we believe is supported by very attractive economics for franchisees and growing brand awareness in new and existing markets. Strong same-store sales momentum is being driven by menu innovation, national branding efforts, integration of a second delivery provider (Uber Eats) and an ongoing value-based bundling strategy. Furthermore, growing same-store sales have been entirely traffic driven, which stands in stark contrast to double-digit price increases by some of its competitors. Meanwhile, we are optimistic about new store expansion as strong store-level revenue and profitability are driving payback periods of less than two years for the company’s franchisees. After a period of underperformance, we added a Garden position at a valuation level that we considered attractive.”
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Wingstop Inc. (NASDAQ:WING) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Wingstop Inc. (NASDAQ:WING) at the end of third quarter which was 31 in the previous quarter.
We discussed Wingstop Inc. (NASDAQ:WING) in another article and shared the list of most valuable restaurant companies in the world. In addition, please check out our hedge fund investor letters Q3 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.
