Brown Capital Management, an investment management company, released its “The Brown Capital Management Mid Company Strategy” Q3 2022 investor letter. A copy of the same can be downloaded here. The Mid Company Composite returned -4.52% in the quarter compared to a -0.65% return for the Russell Midcap Growth Index. The firm invests in mission-critical companies and owns companies with a competitive advantage and skilled managers. In addition, check the fund’s top five holdings to know its best picks in 2022.
Brown Capital Management highlighted stocks like Manhattan Associates, Inc. (NASDAQ:MANH) in the Q3 2022 investor letter. Headquartered in Atlanta, Georgia, Manhattan Associates, Inc. (NASDAQ:MANH) is a software development company. On December 20, 2022, Manhattan Associates, Inc. (NASDAQ:MANH) stock closed at $120.29 per share. One-month return of Manhattan Associates, Inc. (NASDAQ:MANH) was -2.80%, and its shares lost 22.28% of their value over the last 52 weeks. Manhattan Associates, Inc. (NASDAQ:MANH) has a market capitalization of $7.506 billion.
Brown Capital Management made the following comment about Manhattan Associates, Inc. (NASDAQ:MANH) in its Q3 2022 investor letter:
“Manhattan Associates, Inc. (NASDAQ:MANH) provides supply-chain-management software and services. For retailers, wholesalers, and manufacturers, the company’s products increase supply chain visibility to improve asset turnover, reduce costs and uncertainty on when goods will be delivered. The market for supply-chain software has risen steadily over recent years and Manhattan has been a beneficiary of this increased demand.
The company continues to generate strong revenue growth from its Cloud and Services offerings. During the second quarter, Cloud subscription revenue grew 48% year over year while Services revenue grew 19%. Existing and new customers are responding positively to the company’s new product launches. Additionally, increasing revenue from Cloud buyers against its historical investment in the cloud infrastructure is poised to expand the segment’s operating margins in the years to come. Manhattan should also benefit from other tailwinds, including supply-chain digitalization, an increased focus on fulfillment and Manhattan’s new omni-channel software offering. We met with Manhattan Associates’s management team in September. After discussing the company’s product development roadmap and its approach to solving customer challenges, we were convinced the company has many years of attractive growth remaining. Despite our enthusiasm, we did modestly reduce our position size in response to our internal risk controls on position sizing.”
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Manhattan Associates, Inc. (NASDAQ:MANH) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held Manhattan Associates, Inc. (NASDAQ:MANH) at the end of the third quarter, which was 25 in the previous quarter.
We discussed Manhattan Associates, Inc. (NASDAQ:MANH) in another article and shared the best tech stocks to buy according to Peter Algert’s Algert Global. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
