EATZ: 1st Quarter 2023 Portfolio Review
EATZ had a strong 1st quarter, finishing up 9.65% (NAV) and outperforming the S&P 500, which was up 7.50% for the same period.
The restaurant industry continued to grow despite the Federal Reserve’s approach to curbing inflation, as well as labor shortages. Consumer demand is there but the rebound to pre-pandemic levels is still delayed.
Winners and Losers
The leaders for the quarter were Fat Brands Inc. (FAT) up 42.51%, Shake Shack Inc. (SHAK) up 33.61%, and One Group Hospitality (STKS) up 28.57%. The biggest drags on the portfolio during the quarter were RCI Hospitality Inc. (RICK) losing 16.12% for the quarter and SweetGreen Inc (SG) losing 8.52%.
A new position in Brinker International Inc. (EAT) was added to the portfolio. Other trades were smaller tactical adjustments to the portfolio.
Restaurant sales remained elevated, despite inflation, with consumers continuing to spend on experiences and services.
|Ticker||Security Description||Portfolio Weight %|
|ARCO||ARCOS DORADOS HOLDINGS INC-A||8.91%|
|BLMN||BLOOMIN’ BRANDS INC||6.18%|
|DRI||DARDEN RESTAURANTS INC||5.17%|
|CHUY||CHUY’S HOLDINGS INC||5.06%|
|YUM||YUM! BRANDS INC||5.00%|
|CMG||CHIPOTLE MEXICAN GRILL INC||4.93%|
|BROS||DUTCH BROS INC-CLASS A||4.77%|
|DPZ||DOMINO’S PIZZA INC||4.74%|
|QSR||RESTAURANT BRANDS INTERN||4.69%|
As of 03.31.2023. Cash is not included. Subject to change.
Please see our complete Fund holdings at advisorshares.com/etfs/eatz. The holdings details are updated each market day.