Choice Equities Capital Management, a hedge fund manager, released its first-quarter 2024 investor letter recently. A copy of the same can be downloaded here. In the first quarter, the fund generated gains of +14.2% on a net basis in comparison to the Russell 2000’s quarterly gain of +5.2%. The S&P 500 generated a gain of +10.6% during the same period. Since its inception in 2017, the fund has generated annualized gains of +15.0% versus +7.8% and +14.5% returns for the indexes, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Choice Equities Capital Management featured stocks like Shake Shack Inc. (NYSE:SHAK) in the first quarter 2024 investor letter. Headquartered in New York, New York, Shake Shack Inc. (NYSE:SHAK) owns, operates and licenses Shake Shack restaurants. On May 1, 2024, Shake Shack Inc. (NYSE:SHAK) stock closed at $103.33 per share. One-month return of Shake Shack Inc. (NYSE:SHAK) was 7.00%, and its shares gained 74.35% of their value over the last 52 weeks. Shake Shack Inc. (NYSE:SHAK) has a market capitalization of $4.588 billion.
Choice Equities Capital Management stated the following regarding Shake Shack Inc. (NYSE:SHAK) in its first quarter 2024 investor letter:
“Shake Shack Inc. (NYSE:SHAK) – As for Shake-Shack, targeted marketing has helped spur an increase in foot traffic. Aided by self-help initiatives like kiosks and efforts to optimize supply chain efficiencies, incremental sales are beginning to flow through at higher profit margins than many had previously thought. Incoming CEO Rob Lynch of Papa Johns looks to expand on the recent profitability progress as the young brand continues a shift towards a coming-of-age era marked by greater professionalization relative to its scrappy upstart days when the concept began as a hot dog stand in Central Park. For a company with ample white space in its growth plans, the emerging improvement in profitability levels has been impactful to valuation.”
A closeup of a juicy hamburger sandwich with tomatoes and lettuce, on a sesame bun.
Shake Shack Inc. (NYSE:SHAK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. According to our database at the end of the fourth quarter, Shake Shack Inc. (NYSE:SHAK) was held by 28 hedge fund portfolios, compared to 24 in the previous quarter.
We previously discussed Shake Shack Inc. (NYSE:SHAK) in another article, where we shared the list of best fast-food stocks to buy according to analysts. In addition, please check out our hedge fund investor letters Q1 2024 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.