Polen Capital, an investment management company, released its “Polen Global SMID Company Growth Strategy” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. The portfolio returned 10.11% net of fees in the fourth quarter compared to an 11.11% return on the MSCI ACWI SMID Capitalization Index. Stock selection led the strategy to underperform in the quarter. For 2022, the fund returned -41.77% compared to -18.72% return for the benchmark index. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Polen Global SMID Company Growth Strategy highlighted stocks like Paycom Software, Inc. (NYSE:PAYC) in its Q4 2022 investor letter. Headquartered in Oklahoma City, Oklahoma, Paycom Software, Inc. (NYSE:PAYC) is a cloud-based human capital management solution provider. On February 14, 2023, Paycom Software, Inc. (NYSE:PAYC) stock closed at $324.69 per share. One-month return of Paycom Software, Inc. (NYSE:PAYC) was 4.64%, and its shares lost 6.75% of their value over the last 52 weeks. Paycom Software, Inc. (NYSE:PAYC) has a market capitalization of $18.789 billion.
Polen Global SMID Company Growth Strategy made the following comment about Paycom Software, Inc. (NYSE:PAYC) in its Q4 2022 investor letter:
“Paycom Software, Inc. (NYSE:PAYC), a high quality, high-growth leader in human capital management and payroll software, was the largest single detractor from returns over the quarter, reversing some of the gains it made in Q3. The company posted strong third-quarter results, with revenue and earnings ahead of expectations. However, concerns over a Global recession and a weaker US employment market weighed heavily on the share price. The company continues to take market share from long-standing incumbents. We believe the business has a long runway with only approximately 5% market share and a growing total addressable market.”
Paycom Software, Inc. (NYSE:PAYC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 54 hedge fund portfolios held Paycom Software, Inc. (NYSE:PAYC) at the end of the third quarter, which was 43 in the previous quarter.
We discussed Paycom Software, Inc. (NYSE:PAYC) in another article and shared Brown Capital Management’s views on the company. In addition, please check out our hedge fund investor letters Q4 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.
