Avory & Co, an investment management firm, published its fourth-quarter 2020 Investor Letter – a copy of which can be downloaded here. In the letter, the firm talked about the key themes they formulated for 2021 and the coming years, through automation, interactive entertainment, digital work, commerce evolution, financial revolution, and a lot more. You can view the fund’s top 10 holdings to have a peek at their top bets for 2021.
Avory & Co, in their Q4 2020 Investor Letter said that they acquired a position in Paycom Software, Inc. (NYSE: PAYC), and continues to believe in the promising future of the company. Paycom Software, Inc. is an online payroll and human resource technology company that currently has a $23.6 billion market cap. For the past 3 months, PAYC delivered an 8.40% return and settled at $410.22 per share at the closing of January 25th.
Here is what Avory & Co has to say about Paycom Software, Inc. in their Investor Letter:
“We acquired shares of Paycom in mid-March as the pandemic left payroll providers down nearly 40-60% in a couple short weeks. Chad Richison, Paycom’s founder and CEO revamped his sales approach to complete internal sales. This company has historically been a boot on the ground sales culture. This shift led to shorter sales cycles, record pipeline, and lower cost of customer acquisition. The management team adapted quickly and their real-time changes are now permanent fixes in the business.”
Last December 2020, we published an article telling that Paycom Software, Inc. (NYSE: PAYC) was in 38hedge fund portfolios, its all time high statistics. PAYC delivered a decent 31.26% return in the past 12 months.
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Video: Top 5 Stocks Among Hedge Funds
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