iMGP World Accomplice, an funding administration firm, launched its fourth quarter 2025 investor letter for the “iMGP Small Firm Fund”. A duplicate of the letter might be downloaded right here. The Fund returned 1.33% within the fourth quarter in comparison with the Russell 2000 Index’s 2.19% return. The Fund’s returns had been flat at 0.01% in 2025, in comparison with a 12.81 return for the Index. In lots of respects, the market state of affairs returned to regular within the fourth quarter. The Fund’s poor efficiency within the fourth quarter was attributable to the biotech companies’ spectacular efficiency, which elevated by greater than 25%. The Fund usually avoids biotech shares as a result of their extraordinarily binary character. Nearly all of the yr’s underperformance occurred within the third quarter as a result of style-related elements. Shifting ahead to 2026, the Fund hoped to proceed to refine its course of and enhance its efficiency with a dedication to spend money on high-quality, rising companies. Please evaluate the Fund’s prime 5 holdings to realize insights into their key alternatives for 2025.
In its fourth-quarter 2025 investor letter, iMGP Small Firm Fund highlighted Manhattan Associates, Inc. (NASDAQ:MANH). Manhattan Associates, Inc. (NASDAQ:MANH) is a expertise firm that makes a speciality of creating, promoting, and deploying software program options for provide chains, stock, and omni-channel operations. On March 09, 2026, Manhattan Associates, Inc. (NASDAQ:MANH) inventory closed at $150.16 per share. One-month return of Manhattan Associates, Inc. (NASDAQ:MANH) was 0.35%, and its shares misplaced 10.36% over the previous 52 weeks. Manhattan Associates, Inc. (NASDAQ:MANH) has a market capitalization of $9.048 billion.
iMGP Small Firm Fund acknowledged the next concerning Manhattan Associates, Inc. (NASDAQ:MANH) in its fourth quarter 2025 investor letter:
“Manhattan Associates, Inc. (NASDAQ:MANH) is a number one supplier of warehouse administration techniques and associated provide chain software program. The inventory underperformed in 4Q, partly pushed by 3Q outcomes that included weaker-than-expected bookings, interrupting any momentum that was rebuilding. Some weak point within the retail sector and still-poor market sentiment in software program didn’t assist the inventory, both. As for MANH’s outcomes, bookings are inherently risky and the yet-to-be-reported 4Q outcomes must be extra vital seasonally. Following final yr’s disappointment and CEO transition, it seems to us the market continues to be on the lookout for consistency to regain confidence within the inventory. We proceed to have conviction in MANH’s aggressive place and the expansion alternative forward of it. We’re additionally rising more and more constructive on new CEO Eric Clark’s potential to enhance progress, which we imagine may change into extra evident within the coming quarters, particularly as a major buyer renewal cycle builds into late 2026 and 2027.”
