Polen Capital, an investment management company, released its “Polen U.S. SMID Company Growth Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The portfolio returned 14.98% gross and 14.65 % net of fees in the fourth quarter compared to a 12.59% return for the Russell 2500 Growth Index. The portfolio returned 29.39% gross and 28.05% net for the full year, compared to 18.93% return for the index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen U.S. SMID Company Growth Strategy 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 February 22, 2024, Paycom Software, Inc. (NYSE:PAYC) stock closed at $181.71 per share. One-month return of Paycom Software, Inc. (NYSE:PAYC) was -5.74%, and its shares lost 39.42% of their value over the last 52 weeks. Paycom Software, Inc. (NYSE:PAYC) has a market capitalization of $10.277 billion.
Polen U.S. SMID Company Growth Strategy stated the following regarding Paycom Software, Inc. (NYSE:PAYC) in its fourth quarter 2023 investor letter:
“Paycom Software, Inc. (NYSE:PAYC), a leading provider of cloud-based human capital management software for small and mid-sized businesses, was another top detractor during the period. The stock sold off nearly 40% on earnings as investors expressed concerns about near-term revenue cannibalization associated with the continued rollout of its Better Employee Transaction Interface (“BETI”) platform and the uncertainty of when those headwinds might abate. In our view, while we will continue to monitor developments closely, we feel these are short-term issues that are likely to lead to better competitive positioning over the long term and which may even have the potential to be highly margin accretive.”
Paycom Software, Inc. (NYSE:PAYC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Paycom Software, Inc. (NYSE:PAYC) was held by 40 hedge fund portfolios, down from 43 in the previous quarter, according to our database.
We discussed Paycom Software, Inc. (NYSE:PAYC) in another article and shared the list of companies that just started paying dividends. 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.
