PAYC

PAYC

PAYC

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q1	May 9, 2024	Polen Capital – Focus Growth	3.0%	11.0%	AAPL, ADBE, AMZN, META, MSFT, NFLX, NKE, NVDA, PAYC, PYPL, TSLA, ZTS	-			View
2024 Q1	May 9, 2024	Polen Capital – Global SMID Company Growth	3.5%	9.5%	AAPL, ABNB, ADBE, AMZN, GLOB, NESR GR, NVDA, PAYC, SAP GR, SGE LN	-			View
2025 Q4	Feb 8, 2026	Fidelity Dividend Growth Fund	5.1%	22.5%	000660.KS, AAPL, ALSN, AMZN, BA, BN, EPD, GEV, GOOGL, LLY, META, MSFT, MU, NFLX, NVDA, ORCL, PAYC, TSLA, TSM, WDC	aerospace, AI, dividends, energy, large cap, semiconductors, technology	The fund remains optimistic about generative artificial intelligence prospects, believing current breakthroughs in large language models will have massive implications for developed economies. The impact is expected to be at least as significant as the transistor or World Wide Web development. The fund maintains significant exposure to semiconductor companies, particularly Taiwan Semiconductor Manufacturing and memory chip producers like SK Hynix. Strong demand for digital memory solutions has resulted in products being sold out through 2026. Commercial aviation represents a key theme as one of the few end markets not yet recovered to pre-pandemic production levels despite robust air travel recovery. Boeing remains the fund's largest overweight with improving fundamentals and strengthened balance sheet. The fund is positioned in companies benefiting from global electrification and decarbonization trends, including GE Vernova which makes gas turbines for electricity generation. The advent of generative AI is increasing global power needs. The fund's core investment philosophy centers on companies with favorable prospects to sustainably pay and grow dividends over time. Energy sector positioning is supported by corporate policies focused on returning capital through dividends and stock buybacks.	GEV AAPL PAYC 000660 KS GOOGL	View
2024 Q4	Dec 31, 2024	Oakmark Select Fund	6.0%	14.2%	ABNB, EFX, IQV, KDP, PAYC	-			View
2022 Q3	Oct 26, 2022	Polen Capital – Global SMID Company Growth	7.4%	-2.4%	60N GR, AZTA, ENX GR, FIVE, PAYC, TEN	-			View
2022 Q3	Oct 26, 2022	Polen Capital – U.S. SMID Company Growth	8.8%	-1.3%	BMBL, DT, EEFT, GSHD, PAYC, TTD, WING, YETI	-			View
2024 Q3	Oct 23, 2024	Polen Capital – Focus Growth	3.0%	11.0%	ABNB, APPL, CRM, GOOG, MSCI, NKE, NOW, NVDA, ORCL, PAYC, SHOP, TSLA	-			View
2023 Q3	Oct 19, 2023	Polen Capital – U.S. SMID Company Growth	8.8%	-1.3%	CPRT, CWAN, DOCS, FTCH, GLOB, GSHD, OLO, PAYC, YETI	-			View
2025 Q4	Jan 26, 2026	Harris Associates Concentrated Strategy	8.4%	14.4%	CHTR, EFX, FCNCA, GOOGL, LBRDK, PAYC, TRGP, WBD	AI, Banking, Buybacks, energy, Media, Midstream, technology, value	Warner Bros Discovery was a major contributor as multiple parties submitted acquisition offers, with Netflix acquiring the Streaming and Studios business while Global Networks spins to shareholders. Paramount Skydance made a $30 per share offer for the entire company, representing significant value unlocking opportunities in the media sector. Alphabet delivered impressive earnings with strong Cloud segment performance driven by accelerating demand for AI compute. The manager sees potential for the company's AI leadership to drive further upside across the portfolio and views Alphabet as undervalued on a sum-of-the-parts basis. First Citizens Bancshares was a contributor with solid results exceeding consensus expectations. Loans and deposits grew healthily while management continues steady share repurchases. The manager believes it's a high-quality regional bank with strong management that can unlock sustained long-term value. Targa Resources was initiated as a new position, representing a leading midstream natural gas and NGL company controlling 90% of fractionation capacity at Mont Belvieu. The company generates approximately 90% of earnings through multi-year fee-based arrangements, providing protection against oversupply with meaningful cost advantages and barriers to entry.		View
2025 Q4	Jan 21, 2026	Polen Capital – Global SMID Company Growth	-2.7%	1.8%	0700.HK, ADBE, AMZN, BSX, CSGP, GOOGL, ICLR, LLY, MELI, NVDA, OR.PA, ORCL, PAYC, SGE.L, SHL.DE, SHOP, SPOT, TSM, WDAY, WTW	AI, global, growth, Quality, software, technology	The market experienced AI bubble concerns in Q4 that prompted a short-lived 5% sell-off, though NVIDIA's strong earnings report in late November alleviated the worst fears. Despite waning market enthusiasm in the AI trade, the managers believe the datacenter capex cycle should continue with revenues and earnings for critical players growing rapidly as they struggle to keep up with increasing demand. The portfolio's emphasis on quality growth investing was challenged by the market's preference for high-beta growth stocks, contributing to underperformance. The managers remain focused on competitive advantages and long-term business fundamentals while constantly re-assessing growth trajectories of portfolio companies competing in evolving global markets. Spotify was added as a new position, with the managers viewing it as a scaled two-sided network enjoying secular growth as streaming and smartphone proliferation become global norms. They believe music is the most under-monetized form of digital entertainment, with Spotify serving over 600 million active users and potential for greater than 20% annual free cash flow growth. Tencent Holdings was initiated as a new position, representing one of China's largest technology companies with leading positions in gaming, social media and payments. Despite economic headwinds, Tencent has remained a consistent growth business, compounding earnings growth at more than 30% annualized over the past 3 years.	SPOT 0700 HK ORCL LLY	View
2025 Q4	Jan 14, 2026	Spheria Global Opportunities Fund	-3.0%	2.9%	ACLR.SW, CARG, EXPD, HEM.ST, ITRK.L, JKHY, PAYC, RMV.L, SPNS, YETI	financials, global, industrials, Quality, small caps, technology	The fund maintains a consistent, valuation-aware approach focused on high-quality businesses with durable economics, proven cash generation and clear paths to value creation. This quality-oriented strategy faced challenges in 2025 as markets rewarded loss-making businesses and concept-driven stocks. Small caps are still yet to materially close the relative valuation gap that has opened up since shortly before the current interest rate cycle kicked off in early 2022. The fund targets global listed small cap and microcap companies.	PAYC JKHY	View
2025 Q4	Jan 13, 2026	Oakmark Select Fund	8.4%	14.3%	CHTR, EFX, GLIBA, GOOGL, IQV, LBRDK, NFLX, PAYC, TRGP, WBD	large cap, M&A, Media, Midstream, undervalued, value	Warner Bros Discovery was the top contributor as multiple parties submitted acquisition offers, with Netflix acquiring the Streaming and Studios business while Global Networks spins to shareholders. Paramount Skydance made a $30 per share offer for the entire company, creating a bidding war that unlocked shareholder value. Targa Resources represents a leading midstream natural gas and NGL company controlling 90% of fractionation capacity at Mont Belvieu hub. The company benefits from cost advantages, barriers to entry, and generates 90% of earnings through multi-year fee-based arrangements providing protection against oversupply. The fund continues to find attractive opportunities to invest in undervalued companies across various industries, including areas left behind in the momentum rally. Targa was purchased at a discount to peers based on normalized earnings power and intrinsic value estimates.	TRGP PAYC WBD	View
2023 Q4	Aug 1, 2024	Oakmark Select Fund	8.1%	0.0%	AXP, PAYC, PSX	-			View
2024 Q2	Jul 23, 2024	Polen Capital – U.S. SMID Company Growth	8.8%	-1.3%	AAON, CCCS, DAVA, FIVE, KNSL, MPWR, PAYC, RGEN, SITM, TTEK, TYL, WING	-			View
2024 Q2	Jul 16, 2024	Polen Capital – Global SMID Company Growth	3.5%	9.5%	ADBE, ADSK, AMZN, GOOG, MC FP, MSCI, NVDA, PAYC, SHOP, WDAY, ZTS	-			View
2024 Q2	Jun 30, 2024	Oakmark Select Fund	8.1%	0.0%	CNC, GOOG, PAYC	-			View
2023 Q4	Feb 16, 2024	Polen Capital – Global SMID Company Growth	7.4%	-2.4%	3697 JP, CCCS, EVD GR, FIVE, PAYC, XPEL	-			View
2023 Q4	Jan 27, 2024	Carillon Eagle Mid Cap Growth Fund	0.0%	0.0%	CRWD, DXCM, GTLS, HAL, MPWR, PAYC, PLNT, SNPS, TRU	-			View
2023 Q4	Jan 18, 2024	Polen Capital – U.S. SMID Company Growth	8.8%	-1.3%	CNM, FF0 GR, FIVE, GNRC, GSHD, MEDP, MKTX, PAYC, POOL, TECH, TREX, WING	-			View
2024 Q4	Jan 16, 2025	Polen Capital – Global SMID Company Growth	2.3%	12.0%	ABNB, ADBE, AMZN, CSGP, GOOG, ICLR, MC FP, NVO, OR FP, ORCL, PAYC, SHOP	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 21, 2026	Fund Letters	Zach C Turner	Paycom Software Inc	Industrials	Human Resource & Employment Services	Bull	New York Stock Exchange	AI, HCM, Margins, Recurring, Software	View Pitch
Jan 28, 2026	Fund Letters	Tony Coniaris	Paycom Software Inc.	Information Technology	Application Software	Bull	New York Stock Exchange	AI, buybacks, HCM, Software, switching costs	View Pitch
Jan 27, 2026	Fund Letters	William Nygren	Paycom Software, Inc.	Information Technology	Application Software	Neutral	New York Stock Exchange	AI, buybacks, HR, Software, valuation	View Pitch
Jan 16, 2026	Fund Letters	Marcus Burns	Paycom Software, Inc.	Information Technology	Human Capital Management Software	Bear	New York Stock Exchange	HCM, Jobs, Payroll, Software, valuation	View Pitch

BSD Shareholders of PAYC

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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