Based on 537 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their MANH positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 87% of 3.0Y peak
87% of all-time peak
537 funds currently hold this stock — 87% of the 3.0-year high of 616 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 13% fewer funds vs a year ago
fund count last 6Q
79 fewer hedge funds hold MANH compared to a year ago (-13% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 42% buying
246 buying346 selling
Last quarter: 346 funds reduced or exited vs 246 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
⚠️
Fewer new buyers each quarter (-9 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 91 → 103 → 89 → 80. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒
60% of holders stayed for 2+ years
■ 60% conviction (2yr+)
■ 23% medium
■ 17% new
321 out of 537 hedge funds have held MANH for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
💎
Buying through price weakness — shares +0%, value -15%
Last quarter: funds added +0% more shares while total portfolio value only changed -15%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~80 new funds/quarter
93 → 91 → 103 → 89 → 80 new funds/Q
New funds entering each quarter: 91 → 103 → 89 → 80. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 64% of holders stayed 2+ years
■ 64% veterans
■ 14% 1-2yr
■ 23% new
Of 546 current holders: 349 (64%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
🏆
Elite ownership — 55% AUM from top-100 funds
55% from top-100 AUM funds
42 of 537 holders are among the 100 largest funds by AUM, controlling 55% of total institutional value in MANH. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.2/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.