PCTY

PCTY

PCTY

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q1	Apr 23, 2025	Polen Capital – U.S. Small Company Growth	-10.8%	-10.8%	AAON, AIT, BROS, ELF, EXLS, FOXF, GLOB, GSHD, MEDP, MODG, NSIT, PCTY, PGNY, RMBS, RVLV, TECH, TREX, WRBY, YETI	consumer discretionary, growth, Portfolio Management, Quality, small caps, tariffs, volatility	The first quarter was marked by heightened volatility due to concerns about the Trump administration's emerging trade policies and global tariff imposition. The managers stress-tested their businesses across various tariff policy scenarios and made portfolio adjustments, particularly exiting Consumer Discretionary positions vulnerable to tariff uncertainty.	TECH RVLV ELF GLOB GSHD EXLS BROS	View
2026 Q1	Apr 21, 2026	Conestoga SMid Cap Composite	-10.2%	-10.2%	BCPC, CACI, CWST, PCTY, QTWO, RBC, RGEN, ROAD, SPSC, STVN, TYL, ULS, WSO	aerospace, energy, industrials, Quality, small cap, software, technology			View
2024 Q4	Dec 31, 2024	Wasatch Long/Short Alpha Fund	-8.3%	7.2%	ACHC, ENSG, FND, GWRE, HLNE, HQY, ICFI, IONQ, KAI, MORN, NSA, PCTY, RBC, ROP	Beta, Defensive, Long/Short, Mid Caps, risk management, small caps	The Fund has shorted stocks of special purpose acquisition companies because their business models are speculative and their paths to steady compounded earnings growth remain unclear. These stocks experienced sharp gains during the risk-on environment of the quarter.	IONQ ACHC FND ICFI HQY PCTY	View
2024 Q4	Dec 31, 2024	Wasatch Small Cap Growth Strategy	1.7%	15.2%	BOOT, BRBR, PACS, PCTY, ROAD, TMDX	consumer, financials, growth, healthcare, infrastructure, SaaS, small cap, technology	U.S. small-cap stocks gained after the November election on expectations of less regulation, tax cuts and stronger economic growth. The managers believe business conditions are generally favorable for smaller companies, though they note some pockets of consumer spending weakness.	TMDX ROAD PCTY BRBR	View
2023 Q4	Dec 31, 2023	Wasatch Small Cap Growth Strategy	7.6%	7.6%	BRBR, FOXF, MEDP, PCTY, PNFP, XPEL	earnings, financials, growth, healthcare, Quality, small caps, technology	High-quality companies with strong cash flows and below-average debt levels are positioned to outperform as market conditions normalize. These companies can use their cash flows for buybacks, acquisitions, and capital spending initiatives to support long-term growth.	PCTY XPEL FOXF PNFP MEDP BRBR	View
2023 Q4	Dec 31, 2023	TimesSquare Capital Management U.S. Small/Mid Cap Growth Strategy	5.9%	5.9%	ASND, ATRC, BJ, CYBR, ESAB, FIVE, FLYW, FROG, LEGN, LSCC, PCTY, PRA, RAPT, SYNA, TER, TPG, VC, WK, WNS	Biotechnology, cybersecurity, growth, healthcare, industrials, small cap, technology	Cybersecurity remains a top priority for companies, propelled by recent well-publicized cyberattacks at MGM Resorts, Caesars Entertainment, and Clorox. New SEC disclosure rules on cyber risks took effect in December 2023, requiring additional governance rules for cyber risk management strategy. IT budgets will continue growing, with cybersecurity becoming an increasing percentage.		View
2023 Q4	Dec 31, 2023	Baird Small/Mid Cap Growth Equity Fund	7.8%	10.9%	BJ, BOOT, BSY, BWXT, COCO, CWAN, DAVA, DECK, DSGX, DT, EXLS, FIVE, FND, FOUR, GLOB, GNRC, GTLS, HALO, IEX, INSP, KAI, KNSL, LGIH, LSCC, LW, MTZ, NEO, NSA, PCTY, PODD, POOL, PTC, PWSC, RBC, RVNC, SAM, SWAV, TREX, TTC, TYL, WNS, WSO	financials, growth, healthcare, industrials, rates, small cap, technology	Lower-than-expected inflation report in late October led markets to declare an end to Fed tightening and begin discounting multiple rate cuts in 2024. Interest-rate-sensitive stocks rallied sharply late in the quarter, benefiting housing-related and financial stocks. The changed outlook on rates drove significant market movements throughout the quarter.		View
2025 Q3	Nov 30, 2025	Bell Global Emerging Companies Fund	-	-	3064.T, 3769.T, 6146.T, ATD.TO, AUTO.L, BR, CHKP, CLH, COR, DB1.DE, DXCM, FBIN, JKHY, KEYS, MONC.MI, MSCI, PCTY, RMV.L, SCI, VEEV, WOLW.L	AI, Fintech, global, healthcare, payments, Quality, SMID Cap, technology	Several portfolio holdings faced pressure from perceived AI disruption risk throughout the year. The manager believes market fears are significantly overstated for many businesses and has added to positions as valuations became compelling. Where serious disruption concerns developed, positions were exited, such as Gartner due to structural threats to its business model from AI-driven competition.	AUTO LN 3769 JP JKHY	View
2023 Q3	Nov 10, 2023	ClearBridge Investments Mid Cap Growth Strategy	0.0%	0.0%	AZPN, BKI, CASY, CCK, CLH, DOCS, EDR, ETSY, KEYS, NE, PCTY, PINS, PXD, RE, RJF, SPLK, VRT, WSC	Data centers, energy, growth, industrials, mid cap, value	Vertiv, a leader in power and thermal management for data centers, was the top performer driven by strong AI-related demand. The company benefits from improved margins and strong free cash flow generation, with long-term prospects enhanced by AI buildouts increasing demand for liquid-cooling products.	PINS AD8 AU\|ARB AU\|BAP AU\|CAT AU\|DHG AU\|PME AU\|PNI AU\|RDX AU\|TNE AU CASY MELI\|NFLX\|ORCL\|TCOM\|VRTX\|YUMC	View
2022 Q3	Oct 26, 2022	Polen Capital – U.S. Small Company Growth	7.4%	-0.9%	AMN, AZTA, EEF GR, GSHD, PCTY, PGNY, WING, YETI	-			View
2024 Q3	Oct 23, 2024	Polen Capital – U.S. Small Company Growth	7.4%	-0.9%	AIT, ALIT, ALRM, APPF, BROS, DOCS, ELF, GSHD, HL, IBP, NSIT, NVEE, PCTY, PGNY, RGEN, RH, RMBS, ROAD, RVLV, SITM	growth, healthcare, Quality, small cap, technology, volatility	The fund focuses exclusively on U.S. small cap growth companies, noting that high-quality small cap companies have great latent potential for growth and are trading at significantly below-average valuations. The managers believe the highest quality small cap companies are more likely to take advantage of strong balance sheets and reinvestment to enhance their competitive position.		View
2025 Q3	Oct 20, 2025	Wasatch Small Cap Growth Strategy	-3.7%	-	AGYS, BRBR, ENSG, FN, FOUR, HQY, INSP, MEDP, NVMI, OLLI, PCTY, PNFP, RBC, SHAK	AI, growth, Quality, semiconductors, small caps, technology, underperformance	The fund focuses on high-quality, long-duration growth companies while markets have favored low-quality stocks with speculative business models. The quality gap between fund holdings and the index is near its widest level in at least a decade based on return on assets metrics.		View
2025 Q3	Oct 14, 2025	Bell Global Equities Fund	3.4%	-	AAPL, AMZN, ASML, CNM, COLOB.CO, GOOGL, META, MMC, MSFT, NVDA, NVO, ORCL, PCTY, SAP.DE, SGE.L, SNPS, TER, TSM, V, WM	global, growth, Quality, semiconductors, technology, valuation	The fund follows a Quality at a Reasonable Price investment approach, focusing on financially robust, well-managed companies with sustainable earnings growth. The current environment has been challenging for quality-focused investors, with the MSCI World Quality Index underperforming by around 9% over the past 12 months.	WM SGE ASML	View
2025 Q4	Jan 23, 2026	Bell Global Emerging Companies Fund	-1.8%	-5.9%	3064.T, 6146.T, AMS.MC, AUTO.L, BJ, BOOT, CHKP, CNM, COR, CPG.L, DB1.DE, GWW, LPLA, MSCI, ODFL, PCTY, SCI, TSCO, TTC, TTI.HK, VEEV, WKL.AS	global, industrials, Quality, SMID Cap, technology, value	The fund follows a Quality at a Reasonable Price (QARP) approach, focusing on consistently high returning companies with durable growth characteristics. 2025 was challenging for this style as markets favored momentum and sentiment-driven narratives over fundamentals, but the team believes quality investing will reassert itself as markets become more earnings driven. The fund invests in global small and mid cap equities with 30-60 holdings, maintaining benchmark agnostic positioning. The portfolio targets companies with market capitalizations in the SMID cap range, seeking to outperform the MSCI World SMID Cap Index over rolling three-year periods. The fund emphasizes valuation discipline as part of its QARP approach, seeking quality companies at reasonable prices. Many high-quality businesses in the portfolio are trading at compelling valuations, with the portfolio's weighted upside potential sitting at the upper end of historical ranges based on conservative assumptions.	VEEV AUTO LN COR TSCO CNM TTC 3064 JP 6146 JP CPG LN LPLA GWW ODFL	View
2023 Q1	Mar 31, 2023	Wasatch Small Cap Growth Strategy	7.6%	7.6%	BOOM, CYBR, FIVE, FOXF, GDYN, INSP, MEDP, PCTY	growth, healthcare, inflation, interest rates, Quality, small caps, technology	The strategy focuses on U.S. small-cap growth companies, specifically those in the Russell 2000 Growth Index. The managers believe small-cap growth companies with strong fundamentals will reassert themselves as economic conditions normalize, particularly as high-quality companies can take advantage of falling equity prices through buybacks and acquisitions.	CYBR PCTY GDYN FIVE ASIC\|CWAN\|INSP\|KRMN\|KTOS\|MAC\|MEG\|RH\|WYNN MEDP	View
2022 Q3	Feb 11, 2022	ClearBridge Mid Cap Growth Strategy	0.0%	0.0%	AVLR, AZPN, CMG, ETSY, PCTY, TFX, WSC	-			View
2024 Q4	Jan 23, 2025	Polen Capital – U.S. Small Company Growth	4.7%	3.8%	AIT, ALRM, AMN, BDC, BROS, CWAN, EEFT, FN, GSHD, HLI, IBP, NSIT, NVEE, OPCH, PCTY, RMBS, RVLV, SITE, TREX, WRBY, WSC	AI, growth, Quality, small cap, technology, value	The market was dominated by crowded AI trades and high beta AI-adjacent growth companies that outperformed significantly. While Polen did not own these lower-quality AI stocks, they believe their portfolio is well-positioned to benefit from Gen AI-driven transformation in a more sustainable, long-term manner.	BDC FN TREX WSC BROS RVLV WRBY	View
2022 Q4	Jan 3, 2023	Wasatch Small Cap Growth Strategy	7.6%	7.6%	BOOM, CYBR, FIVE, FOXF, GDYN, ISNP, MEDP, PCTY	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Wasatch Small Cap Growth Strategy	Paylocity Holding Corp.	Information Technology	Human Resources & Employment Services	Bull	NASDAQ	Client Funds, employment services, Human Resources, Payroll Software, recurring revenue, SaaS, Software-as-a-Service	View Pitch
Apr 27, 2026	Fund Letters	Wasatch Small Cap Growth Strategy	Paylocity Holding Corp.	Information Technology	Application Software	Bull	NASDAQ	Cloud software, Hr Technology, interest rate sensitivity, Payroll Software, SaaS, SMB market, Strong Fundamentals	View Pitch
Apr 13, 2026	Fund Letters	Wasatch Long/Short Alpha Fund	Paylocity Holding Corp.	Software & Services	Application Software	Bull	NASDAQ	growth, HR Management, Payroll Software, recurring revenue, SaaS, Software, technology	View Pitch
Apr 13, 2026	Fund Letters	Wasatch Small Cap Growth Strategy	Paylocity Holding Corp.	Information Technology	Application Software	Bull	NASDAQ	HR Management, Payroll Software, recurring revenue, revenue stabilization, SaaS, Software, turnaround	View Pitch

BSD Shareholders of PCTY

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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