Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Mid Cap Growth Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. After underwhelming results in Q3, mid-cap stocks made impressive gains in Q4. Mid-cap stocks had a positive year, with every sector performing well. The Russell Midcap Growth Index (up 25.86%) outperformed the Russell Midcap Value Index (up 12.66%) by a significant margin. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Carillon Eagle Mid Cap Growth Fund featured stocks such as Paycom Software, Inc. (NYSE:PAYC) in the Q4 2023 investor letter. Headquartered in Oklahoma City, Oklahoma, Paycom Software, Inc. (NYSE:PAYC) is a cloud-based human capital management solution provider. On January 31, 2024, Paycom Software, Inc. (NYSE:PAYC) stock closed at $190.24 per share. One-month return of Paycom Software, Inc. (NYSE:PAYC) was -3.19%, and its shares lost 46.02% of their value over the last 52 weeks. Paycom Software, Inc. (NYSE:PAYC) has a market capitalization of $10.977 billion.
Carillon Eagle Mid Cap Growth Fund stated the following regarding Paycom Software, Inc. (NYSE:PAYC) in its fourth quarter 2023 investor letter:
“Paycom Software, Inc. (NYSE:PAYC) provides analytical software products to manage employment from recruitment to retirement. The company issued disappointing earnings results and forward guidance. Paycom is seeing current weakness driven partly by the macroeconomic backdrop: Customers have reduced new employee hires. Additionally, its new product offering, which drastically reduces customer-made errors, reduced what had been a very profitable revenue stream. The company’s sales force had also been focusing on converting existing customers to its new product platform instead of attracting new customers. We believe that the company has an attractive, differentiated product offering, and we expect investor sentiment to improve with earnings stability.”
A close-up of two software engineers typing away at laptops in a modern, well-lit office.
Paycom Software, Inc. (NYSE:PAYC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 43 hedge fund portfolios held Paycom Software, Inc. (NYSE:PAYC) at the end of third quarter which was 40 in the previous quarter.
We discussed Paycom Software, Inc. (NYSE:PAYC) in another article and shared Oakmark Select Fund’s views on the company. In addition, please check out our hedge fund investor letters Q4 2023 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.
