iMGP Global Partners, an investment management firm, has issued a 2025 fourth quarter investor letter for “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 return was flat at 0.01% in 2025, compared to a return of 12.81 for the index. In most areas, market conditions returned to normal in the fourth quarter. The fund’s poor performance in the fourth quarter was driven by the impressive performance of the biotech business, which rose more than 25%. Funds generally avoid biotech stocks because of their highly binary nature. Most of the year’s shortfalls occurred in the third quarter due to style-related factors. Moving into 2026, the fund hoped to continue its process and improve its performance by committing to investing in high-quality, growing companies. Please review the fund’s top five holdings for 2025 to gain insight into their key picks.
In a letter to investors in the fourth quarter of 2025, iMGP Small Company Fund Manhattan Associates Inc. (NASDAQ: MANH) highlighted. Manhattan Associates, Inc. (NASDAQ: MANH) is a technology company specializing in the development, sale, and implementation of software solutions for supply chain, inventory, and omnichannel operations. On March 09, 2026, Manhattan Associates Inc. (NASDAQ:MANH) stock closed at $150.16 per share. Manhattan Associates Inc. (NASDAQ:MANH)’s one-month return 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 of Manhattan Associates Inc. in its 2025 fourth quarter investor letter. (NASDAQ: MANH) made the following statements about:
“Manhattan Associates, Inc.” (NASDAQ: MANH) is a leading provider of warehouse management systems and related supply chain software. The stock underperformed in 4Q, driven in part by 3Q results that included weaker-than-expected bookings, interrupting any momentum that was recovering. Some weakness in the retail sector and still weak market sentiment in software did not help the stock. As for MANH results, bookings are inherently volatile and 4Q results should be seasonally significant. After last year’s disappointment and CEO transition, it seems to us that the market is still looking for continuity to regain confidence in the stock. We continue to be confident in MANH’s competitive position and the growth opportunity it faces. We are increasingly positive on new CEO Eric Clark’s ability to improve growth, which we believe will become more evident in the coming quarters, especially as a significant customer renewal cycle takes place in late 2026 and 2027.
