Chipotle Mexican (CMG US) $US1491.06

MM has owned this Mexican Restaurant chain that owns nearly 3,000 quick-casual eateries since March this year and while we are marginally behind on the position (-3%), the stock has been a big outperformer relative to the broader market and other sector players, and rightly so. Their performance continues to be very strong in a tough environment, with CMG leading the industry in same-store sales growth while also maintaining very strong margins in excess of 25%. A large operator that can continue to grow when things are tough, and deliver strength in key underlying metrics like margins when the majority are sighting supply chain issues, inflationary pressures and weakening demand is a clear sign of underlying business strength.