Wasatch Global Investors, an asset management company, released its “Wasatch Small Cap Growth Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy underperformed its benchmark indexes, the Russell 2000 Growth Index and the Russell 2000 Index. The weakness of investments in health care, information technology (IT), and industrials was responsible for the underperformance of the strategy in the quarter relative to the Russell 2000 Growth Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Wasatch Global Investors highlighted stocks like Paylocity Holding Corporation (NASDAQ:PCTY) in the Q3 2022 investor letter. Headquartered in Schaumburg, Illinois, Paylocity Holding Corporation (NASDAQ:PCTY) provides cloud-based payroll and human capital management solutions. On December 9, 2022, Paylocity Holding Corporation (NASDAQ:PCTY) stock closed at $202.70 per share. One-month return of Paylocity Holding Corporation (NASDAQ:PCTY) was -5.11%, and its shares lost 14.86% of their value over the last 52 weeks. Paylocity Holding Corporation (NASDAQ:PCTY) has a market capitalization of $11.285 billion.
Wasatch Global Investors made the following comment about Paylocity Holding Corporation (NASDAQ:PCTY) in its Q3 2022 investor letter:
“The top contributor to strategy performance was Paylocity Holding Corporation (NASDAQ:PCTY). The stock was up substantially after the company reported revenue and earnings that topped consensus expectations. We continue to like the strong, recurring revenue streams associated with the company’s cloud-based payroll and human-capital-management software targeted at smaller businesses. Because Paylocity holds significant customer cash on its balance sheet, earnings get a boost in a rising interest-rate environment. While that advantage is an attractive sweetener, it’s not a reason why we own the company. Instead, we value Paylocity for its core operations.”
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Paylocity Holding Corporation (NASDAQ:PCTY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held Paylocity Holding Corporation (NASDAQ:PCTY) at the end of the third quarter, which was 24 in the previous quarter.
We discussed Paylocity Holding Corporation (NASDAQ:PCTY) in another article and shared ClearBridge Investments’ views on the company. In addition, please check out our hedge fund investor letters Q3 2022 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.
