iMGP Global Partner, an investment management company, released its fourth quarter 2025 investor letter for the “iMGP Small Company Fund”. A copy of the letter can be downloaded here. The Fund returned 1.33% in the fourth quarter compared to the Russell 2000 Index’s 2.19% return. The Fund’s returns were flat at 0.01% in 2025, compared to a 12.81 return for the Index. In many respects, the market situation returned to normal in the fourth quarter. The Fund’s poor performance in the fourth quarter was caused by the biotech businesses’ impressive performance, which increased by more than 25%. The Fund generally avoids biotech stocks due to their extremely binary character. The majority of the year’s underperformance happened in the third quarter due to style-related factors. Moving forward to 2026, the Fund hoped to continue to refine its process and improve its performance with a commitment to invest in high-quality, growing firms. Please review the Fund’s top five holdings to gain insights into their key selections for 2025.
In its fourth-quarter 2025 investor letter, iMGP Small Company Fund highlighted Manhattan Associates, Inc. (NASDAQ:MANH). Manhattan Associates, Inc. (NASDAQ:MANH) is a technology company that specializes in developing, selling, and deploying software solutions for supply chains, inventory, and omni-channel operations. On March 09, 2026, Manhattan Associates, Inc. (NASDAQ:MANH) stock closed at $150.16 per share. One-month return of Manhattan Associates, Inc. (NASDAQ:MANH) was 0.35%, and its shares lost 10.36% over the past 52 weeks. Manhattan Associates, Inc. (NASDAQ:MANH) has a market capitalization of $9.048 billion.
iMGP Small Company Fund stated the following regarding Manhattan Associates, Inc. (NASDAQ:MANH) in its fourth quarter 2025 investor letter:
“Manhattan Associates, Inc. (NASDAQ:MANH) is a leading provider of warehouse management systems and related supply chain software. The stock underperformed in 4Q, in part driven by 3Q results that included weaker-than-expected bookings, interrupting any momentum that was rebuilding. Some weakness in the retail sector and still-poor market sentiment in software did not help the stock, either. As for MANH’s results, bookings are inherently volatile and the yet-to-be-reported 4Q results should be more important seasonally. Following last year’s disappointment and CEO transition, it appears to us the market is still looking for consistency to regain confidence in the stock. We continue to have conviction in MANH’s competitive position and the growth opportunity ahead of it. We are also growing increasingly positive on new CEO Eric Clark’s potential to improve growth, which we believe could become more evident in the coming quarters, especially as a significant customer renewal cycle builds into late 2026 and 2027.”
