Why Did a Major Fund Just Dump Its $80M Shake Shack Bet?

Mane Global Capital just liquidated its entire Shake Shack position—unloading 570,507 shares worth $80.21 million in Q3. This wasn’t a small trim; SHAK was their eighth-largest holding at 3.4% of AUM just last quarter.

The Plot Twist

Shake Shack stock has been a roller coaster: it bounced between $75-$140 over the past year, then tanked nearly 40% since August. Mane might’ve timed a quick win during the rally, or they’re reading weakness ahead. Either way, it’s a significant vote of no-confidence.

Should Investors Care?

Here’s the thing: the stock looks cheap on paper. Trading at 18x operating cash flow (would be ~22-25x FCF without expansion capex), SHAK is growing fast:

• 15-17% annual revenue growth
• 14% store expansion (630 locations now)
• 19 consecutive quarters of same-store sales growth
• Management sees 4x potential in company-owned stores long-term

The problem? Growth is entirely dependent on new store openings. Same-store sales have flatlined, so the bull case hinges entirely on execution.

Current Metrics (as of Nov 25, 2025)

• Stock price: $86.99 (down 33% YoY)
• Market cap: $3.5B
• Revenue (TTM): $1.37B
• Net income: $42.6M

The question investors should ask: Is Mane rotating into safer bets (they’re now heavy on MSFT, AVGO, APP), or do they know something about Shake Shack’s execution risks? The answer might say more about the market’s appetite for growth-at-any-cost than about SHAK itself.