TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy underperformed the Russell Midcap Growth Index and returned 13.66% (gross) and 13.44% (net) while the index return was -14.55%. In addition, please check the fund’s top five holdings to know its best picks in 2023.
TimesSquare Capital U.S. Mid Cap Growth Strategy featured stocks like Paylocity Holding Corporation (NASDAQ:PCTY) in its Q4 2023 investor letter. Headquartered in Schaumburg, Illinois, Paylocity Holding Corporation (NASDAQ:PCTY) is a software company that provides cloud-based human capital management and payroll software solutions. On March 28, 2024, Paylocity Holding Corporation (NASDAQ:PCTY) stock closed at $171.86 per share. One-month return of Paylocity Holding Corporation (NASDAQ:PCTY) was 1.93%, and its shares lost 12.47% of their value over the last 52 weeks. Paylocity Holding Corporation (NASDAQ:PCTY) has a market capitalization of $9.681 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy stated the following regarding Paylocity Holding Corporation (NASDAQ:PCTY) in its fourth quarter 2023 investor letter:
“In the Industrials sector we gravitate toward business service companies, those focused on automation & efficiency improvements, and essential infrastructure services. Paylocity Holding Corporation (NASDAQ:PCTY) provides cloud-based human capital management and payroll software solutions. They reported a decent quarter with slightly better recurring revenue growth and much stronger profitability. The company cited strong sales execution with a healthy demand environment. There was however weakness in employment counts among their clients and that caused its shares to pull back by -9%. There were a number of new additions to the Industrials sector this quarter.”
A business operations manager, looking over the expense management system that helps simplifies the financials for the company.
Paylocity Holding Corporation (NASDAQ:PCTY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Paylocity Holding Corporation (NASDAQ:PCTY) was held by 31 hedge fund portfolios, compared to 34 in the previous quarter, according to our database.
We discussed Paylocity Holding Corporation (NASDAQ:PCTY) in another article and shared ClearBridge Aggressive Growth Strategy’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.
