ClearBridge Investments, an investment management firm, published its “Mid Cap Growth Strategy” third-quarter 2022 investor letter – a copy of which can be downloaded here. The ClearBridge Mid Cap Growth Strategy underperformed the Russell Midcap Growth Index during the third quarter. On an absolute basis, the Strategy had losses across eight of the 10 sectors in which it was invested during the quarter (out of 11 sectors total). The leading detractors were the health care and IT sectors, while the industrials and consumer discretionary sectors were positive contributors. Try to spare some time to check the fund’s top 5 holdings for you to have an idea about their best stock picks this 2022.
In its Q3 2022 investor letter, ClearBridge Investments Mid Cap Growth Strategy mentioned Paylocity Holding Corporation (NASDAQ:PCTY) and explained its insights for the company. Founded in 1997, Paylocity Holding Corporation (NASDAQ:PCTY) is an Illinois-based payroll and human capital management (HCM) software solutions provider with a $11.5 billion market capitalization. Paylocity Holding Corporation (NASDAQ:PCTY) delivered a -12.20% return since the beginning of the year, while its 12-month returns are down by -21.76%. The stock closed at $207.36 per share on November 18, 2022.
Here is what ClearBridge Investments Mid Cap Growth Strategy has to say about Paylocity Holding Corporation (NASDAQ:PCTY) in its Q3 2022 investor letter:
“Two of the portfolio’s top five performing stocks came from the IT sector. Paylocity (NASDAQ:PCTY), which provides cloud-based human capital management and payroll software solutions, benefited from a persistent need for the company’s payroll and tax services to small and medium-sized businesses.”
Our calculations show that Paylocity Holding Corporation (NASDAQ:PCTY) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Paylocity Holding Corporation (NASDAQ:PCTY) was in 32 hedge fund portfolios at the end of the second quarter of 2022, compared to 24 funds in the previous quarter. Paylocity Holding Corporation (NASDAQ:PCTY) delivered a -16.53% return in the past 3 months.
In October 2022, we also shared another hedge fund’s views on Paylocity Holding Corporation (NASDAQ:PCTY) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q3 page.
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Disclosure: None. This article is originally published at Insider Monkey.
