Mane Global Sells Out of its $80 Million Shake Shack Position: Is the Growth Stock in Trouble?

Mane Global Capital Management LP fully exited its position in Shake Shack (NYSE:SHAK) during the third quarter, reducing the holding by 570,507 shares for an $80.21 million net change.

What happened

According to a filing submitted to the U.S. Securities and Exchange Commission (SEC) on Nov. 14, 2025, Mane Global Capital sold its entire stake in Shake Shack during the third quarter.

The transaction involved a reduction of 570,507 shares, with the position’s estimated value change totaling $80.21 million for the quarter.

What else to know

The fund fully exited Shake Shack, with no current position remaining in 13F assets under management.

Top holdings after the filing:

1. Microsoft (NASDAQ:MSFT): $144 million (6.8% of AUM)
2. Broadcom (NASDAQ:AVGO): $134 million (6.3% of AUM)
3. Applovin (NASDAQ:APP): $127 million (5.9% of AUM)
4. Carvana (NYSE:CVNA): $105 million (4.9% of AUM)
5. Celsius (NASDAQ:CELH): $83 million (3.9% of AUM)

As of Nov. 25, 2025, shares were priced at $86.99, down 33% over the past year.

Shake Shack underperformed the S&P 500 by 46 percentage points over the same period.

Company Overview

Company Snapshot

• Shake Shack generates revenue primarily from the sale of hamburgers, chicken sandwiches, hot dogs, fries, shakes, frozen custard, and beverages across its owned and licensed restaurant locations.
• The company operates a hybrid business model, directly managing company-owned restaurants while also licensing its brand to domestic and international partners for additional income streams.
• Shake Shack targets urban consumers, families, and tourists seeking premium fast-casual dining experiences in the United States and select international markets.

Shake Shack Inc. is a leading fast-casual restaurant operator with a multi-channel growth strategy, combining company-owned and licensed locations to expand its global footprint.

With over 12,800 employees, Shake Shack Inc. operates restaurants in the United States and internationally.

Shake Shack's scalable operating model and international licensing partnerships support ongoing revenue diversification and market expansion.

Foolish take

Mane Global's liquidation of its stake in Shake Shack is somewhat startling, considering that the stock was previously its eighth-largest holding, equal to 3.4% of the firm's portfolio.

Shake Shack's share price has been highly volatile, bouncing between $75 and $140 within the last year, so it's entirely possible that Mane managed to net a quick profit and decided to sell out.

However, since August, the stock's share price has slid nearly 40% from its 52-week high, so I'll be curious to see if Mane reopens its position in the company -- just as it did in 2023.

From a longer-term, Foolish perspective, there is a lot to like about Shake Shack. First, the company has a cult-like following that has expanded to new markets very well so far.

Second, Shake Shack has grown its same-store sales for 19 consecutive quarters, so it is entirely reliant upon new store openings to drive growth.

That said, the company grew its store count by 14% to 630 locations in the last quarter, and management believes it can quadruple the number of its company-owned stores over the long term.

Trading at just 18 times cash from operations -- while spending the vast majority of its capex on new store growth -- Shake Shack would be trading around 22 to 25 times free cash flow if it abandoned its expansion plans.

Obviously, I don't want the company to do this, but I just want to highlight its reasonable valuation, excluding its hefty growth spending. Growing sales by 17% annually over the last five years (and 15% this year), Shake Shake makes for a promising growth stock at today's prices, in my opinion.

Glossary

13F: A quarterly report required by the SEC showing institutional investment managers' holdings of certain securities.
Assets Under Management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Fully exited: When an investor sells all shares of a particular security, leaving no remaining position.
Net position change: The total dollar value difference in a fund's holdings after buying or selling a security.
Reportable assets: Investments that must be disclosed in regulatory filings, such as those listed in a 13F report.
Stake: The amount of ownership or investment a fund or investor holds in a company.
Hybrid business model: A strategy combining company-owned operations with partnerships or licensing to generate revenue.
Licensing partnerships: Agreements allowing other companies to use a brand or business model in exchange for fees or royalties.
Scalable operating model: A business structure designed to efficiently handle growth without a proportional increase in costs.
Multi-channel growth strategy: Expanding a business through multiple avenues, such as company-owned and licensed locations.
TTM: The 12 months ending with the most recent quarterly report.

Josh Kohn-Lindquist has positions in Celsius. The Motley Fool has positions in and recommends Celsius and Microsoft. The Motley Fool recommends Broadcom and recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.