Fundsmith 13F: Cuts Manhattan Associates (MANH) Stake by $24M

Fundsmith reduced its investment in Manhattan Associates, Inc. (NASDAQ: MANH) by 58.07% during the first part of the year, according to the fund's latest 13F filing with the SEC for the period ended May 15, 2026. The London-based fund manager sold 167,444 shares of the supply chain software provider, leaving it with 120,888 shares valued at approximately $17.28 million at the end of the reporting period.

Fundsmith's Playbook: Active Trimming in 2026

Fundsmith, managed by veteran investor Terry Smith, is typically known for its buy-and-hold philosophy, focusing on high-quality businesses with strong return on capital. However, the first half of 2026 has seen the fund take a much more active approach in paring down or completely exiting several of its holdings. The 58.07% reduction in Manhattan Associates mirrors similar aggressive trims the fund made recently, including cutting its stakes in Sabre Corporation and Doximity by 58% each, and slashing Napco Security Technologies by over 78%. The fund also completely cleared out its positions in Graco, Choice Hotels, and Exponent, showing a clear trend of consolidating capital and reducing exposure to certain mid-cap tech and industrial names.

Manhattan Associates Stock Performance

On Saturday, shares of Manhattan Associates were trading at $142.92. This price represents a drop from the stock's 50-day moving average of $194.33 and its 200-day moving average of $159.90. The stock has experienced a wide trading range over the past year, moving between a 52-week low of $119.06 and a high of $227.03. With a current price-to-earnings (P/E) ratio of 59.99, the market continues to price the software company at a premium, though its forward P/E ratio drops to a more modest 34.06.

Recent Earnings and Growth Metrics

The supply chain software developer continues to exhibit solid operational fundamentals. For its most recent fiscal year, the company reported annual revenue of $1.13 billion, marking a 9.3% increase in year-over-year revenue growth. Manhattan Associates also boasts a net profit margin of 18.67% and an exceptionally high return on equity of 96.38%. Investors looking for the next financial update can look forward to October 27, 2026, when the company is scheduled to report its next quarterly earnings results.

Wall Street Analyst Ratings and Price Targets

Despite the fund's selling activity, Wall Street analysts maintain a positive outlook on the company. On October 14, 2026, Stifel kept its buy rating on the stock with a $250.00 price target. Just two days prior on October 12, Morgan Stanley upgraded the stock to an overweight rating with a target of $250.00. DA Davidson adjusted its view on September 28, moving to a neutral rating with a price target of $210.00. Earlier in September, Barclays reiterated its overweight rating, setting a $239.00 price target, while Baird kept its outperform rating on August 26 with a target of $260.00. Across 10 analyst opinions, the stock carries a consensus buy recommendation with a mean price target of $217.70.

Supply Chain Software Leadership

Based in Atlanta, Georgia, Manhattan Associates develops and services software designed to manage complex supply chains, inventory, and retail operations. Its cloud-native applications help retailers, wholesalers, and logistics providers coordinate warehouse distribution and transport goods efficiently. As global logistics networks face constant pressure to modernize, the company's software remains central to many enterprise operations, which explains why institutional investors and analysts keep such a close watch on its financial health.

Looking Ahead on Manhattan Associates

Market participants will likely watch the upcoming October earnings release to see if the company's revenue growth continues to support its premium valuation. It is important to keep in mind that 13F filings are backward-looking snapshots that reflect portfolio holdings as of May 15, 2026, and do not necessarily represent Fundsmith's current investment strategy or active holdings today.