Cwm, Llc reports 20.51% decrease in ownership of CMG / Chipotle Mexican Grill, Inc.

Chipotle Mexican Grill, Inc.

CH ˙ SWX ˙ US1696561059

Security	CH:CMG / Chipotle Mexican Grill, Inc.
Institution	Cwm, Llc
Latest Disclosed Ownership	308,707 shares
Latest Disclosed Value	$ 9,881,726

On May 14, 2026 - Cwm, Llc filed a 13F-HR form disclosing ownership of 308,707 shares of Chipotle Mexican Grill, Inc. (CH:CMG) valued at $9,881,726 USD as of March 31, 2026. The entity filed a previous 13F-HR on January 26, 2026 disclosing 388,374 shares of Chipotle Mexican Grill, Inc.. This represents a change in shares of -20.51% during the quarter.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)

File Date	Effective Date	Form	Security	Class	ID	Reported Shares	ΔShares	ΔShares (%)	Reported Value (x1000)	ΔValue (%)	Alloc (%)
2026-05-14	2026-03-31	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	308,707	-79,667	-20.51	9,882	70,478.57	0.0257
2026-01-26	2025-12-31	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	388,374	327,540	538.42	14	600.00	0.0389
2025-10-15	2025-09-30	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	60,834	-12,757	-17.34	2	-50.00	0.0072
2025-07-25	2025-06-30	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	73,591	15,062	25.73	4	100.00	0.0146
2025-05-01	2025-03-31	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	58,529	6,004	11.43	3	-33.33	0.0117
2025-02-04	2024-12-31	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	52,525	13,939	36.12	3	50.00	0.0131
2024-10-08	2024-09-30	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	38,586	-1,493	-3.73	2	0.00	0.0096
2024-07-10	2024-06-30	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	40,079	39,440	6,172.14	3	100.00	0.0118
2024-04-05	2024-03-31	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	639	122	23.60	2	0.00	0.0090
2024-02-01	2023-12-31	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	517	41	8.61	1		0.0064
2023-10-11	2023-09-30	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	476	12	2.59	1		0.0053
2023-08-03	2023-06-30	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	464	80	20.83	1		0.0061
2023-05-01	2023-03-31	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	384	-10	-2.54	1		0.0044
2023-02-01	2022-12-31	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	394	23	6.20	1	-100.00	0.0040
2022-10-27	2022-09-30	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	371	28	8.16	558	24.55	0.0044
2022-07-28	2022-06-30	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	343	-13	-3.65	448	-20.43	0.0035
2022-04-21	2022-03-31	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	356	84	30.88	563	18.28	0.0040
2022-01-31	2021-12-31	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	272	123	82.55	476	106.06	0.0034
2021-09-15	2021-06-30	13F/A-1	CHIPOTLE MEXICAN GRILL	COM	169656105	149	0	0.00	231	0.00	0.0018
2021-07-29	2021-06-30	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	149	0		231		0.0018
2021-09-15	2021-03-31	13F/A-1	CHIPOTLE MEXICAN GRILL	COM	169656105	149	0	0.00	231	0.00	0.0018
2021-04-27	2021-03-31	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	144	-5		205		0.0018
2021-09-15	2020-12-31	13F/A-1	CHIPOTLE MEXICAN GRILL	COM	169656105	149	0	0.00	231	0.00	0.0018
2021-01-27	2020-12-31	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	116	-33		161		0.0015
2021-09-15	2020-09-30	13F/A-1	CHIPOTLE MEXICAN GRILL	COM	169656105	149	0	0.00	231	0.00	0.0018
2020-10-19	2020-09-30	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	100	-49		124		0.0014
2021-09-15	2020-06-30	13F/A-1	CHIPOTLE MEXICAN GRILL	COM	169656105	149	0	0.00	231	0.00	0.0018
2020-07-22	2020-06-30	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	74	-75		78		0.0009
2021-09-15	2020-03-31	13F/A-1	CHIPOTLE MEXICAN GRILL	COM	169656105	149	0	0.00	231	0.00	0.0018
2020-04-28	2020-03-31	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	69	-80		45		0.0007
2021-09-14	2019-12-31	13F/A-1	CHIPOTLE MEXICAN GRILL	COM	169656105	149	0	0.00	231	0.00	0.0018
2020-01-27	2019-12-31	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	62	-87		52		0.0007
2021-09-14	2019-09-30	13F/A-1	CHIPOTLE MEXICAN GRILL	COM	169656105	149	0	0.00	231	0.00	0.0018
2021-09-14	2019-06-30	13F/A-1	CHIPOTLE MEXICAN GRILL	COM	169656105	149	0	0.00	231	0.00	0.0018
2021-09-02	2019-03-31	13F/A-1	CHIPOTLE MEXICAN GRILL	COM	169656105	149	149		231		0.0018
2019-04-22	2019-03-31	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	50	50		36		0.0007
2019-01-25	2018-12-31	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	0	-2	-100.00	0	-100.00
2018-10-29	2018-09-30	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	2	0	0.00	1	0.00	0.0000
2018-07-31	2018-06-30	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	2	-6	-75.00	1	-66.67	0.0000
2018-04-26	2018-03-31	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	8	8		3		0.0001
2017-10-16	2017-09-30	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	0	-21	-100.00	0	-100.00
2017-07-17	2017-06-30	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	21	0	0.00	9	0.00	0.0005
2017-04-17	2017-03-31	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	21	-5	-19.23	9	-10.00	0.0005
2017-01-19	2016-12-31	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	26	5	23.81	10	11.11	0.0006
2016-10-17	2016-09-30	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	21	0	0.00	9	12.50	0.0006
2016-07-21	2016-06-30	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	21	0	0.00	8	-20.00	0.0006
2016-04-18	2016-03-31	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	21	15	250.00	10	233.33	0.0009
2014-02-14	2013-12-31	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	6	-1	-14.29	3	0.00	0.0005
2013-11-14	2013-09-30	13F	CHIPOTLE MEXICAN GRILL	COM	169656105	7	7		3		0.0008

Legend

Shares: The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value: The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price: The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class: This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred

Allocation (%): The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation: The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%): The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis: The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss: This is the market value of the position as of the effective date minus the cost basis.