Polen Capital, an investment management company, released its “Polen U.S. Small Company Growth Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. The portfolio returned -4.34% net of fees in the third quarter compared to -0.24% return for the Russell 2000 Growth Index. Stock selection led to the underperformance of the strategy in the quarter. The portfolio also faced style headwinds due to an underweight exposure to momentum and overweight exposure to profitability. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Polen Capital discussed stocks like Paylocity Holding Corporation (NASDAQ:PCTY) in the Q3 2022 investor letter. Headquartered in Schaumburg, Illinois, Paylocity Holding Corporation (NASDAQ:PCTY) is a software company that provides cloud-based solutions for human capital management and payroll. On October 26, 2022, Paylocity Holding Corporation (NASDAQ:PCTY) stock closed at $226.55 per share. One-month return of Paylocity Holding Corporation (NASDAQ:PCTY) was -8.05% and its shares lost 24.88% of their value over the last 52 weeks. Paylocity Holding Corporation (NASDAQ:PCTY) has a market capitalization of $12.612 billion.
Polen Capital made the following comment about Paylocity Holding Corporation (NASDAQ:PCTY) in its Q3 2022 investor letter:
“The top absolute contributors to the Portfolio’s performance over the quarter included Wingstop, Paylocity Holding Corporation (NASDAQ:PCTY), and Progyny. Paylocity, a leading provider of cloud-based payroll and Human Capital Management (HCM) software, continued to benefit from a robust demand environment and delivered better-than-expected results. We eliminated our position during the period. We eliminated our position in Paylocity on the back of solid performance as it is a success story and has graduated out of our market cap range.”
Paylocity Holding Corporation (NASDAQ:PCTY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Paylocity Holding Corporation (NASDAQ:PCTY) at the end of the second quarter which was 30 in the previous quarter.
We discussed Paylocity Holding Corporation (NASDAQ:PCTY) in another article and shared the best stocks to according to Jeffrey Diehl’s Adams Street Partners. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard.
Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences.
At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000.
Do the math. According to Musk, this technology could be worth $250 trillion by 2040.
Put another way, that’s roughly equal to:
175 Teslas
107 Amazons
140 Metas
84 Googles
65 Microsofts
And 55 Nvidias
And here’s the wild part — this $250 trillion wave isn’t tied to one company, but to an entire ecosystem of AI innovators set to reshape the global economy.
It’s a leap so massive, it could reshape how businesses, governments, and consumers operate worldwide.
Even if that $250 trillion figure sounds ambitious, major firms like PwC and McKinsey still see AI unlocking multi-trillion-dollar potential.
How could anything be worth that much?
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In fact, Verge argues this company’s supercheap AI technology should concern rivals.
Before I reveal the details, let’s talk about how some of the richest people on the planet are positioning themselves.
Bill Gates sees artificial intelligence as the “biggest technological advance in my lifetime,” more transformative than the internet or personal computer, capable of improving healthcare, education, and addressing climate change.
Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
Warren Buffett — not known for tech hype — says this breakthrough could have a ‘hugely beneficial social impact.
When billionaires from Silicon Valley to Wall Street line up behind the same idea — you know it’s worth paying attention to.
Even as we admire what Tesla, Nvidia, Alphabet, and Microsoft have built, we believe an even greater opportunity lies elsewhere…
But the real story isn’t Nvidia — it’s a much smaller company quietly improving the critical technology that makes this entire revolution possible.
And judging by what I’m hearing from both Silicon Valley insiders and Wall Street veterans…
This prediction might not be bold at all:
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