Amiral Gestion Nearly Triples Paycom Software Shares in Q3

Amiral Gestion nearly tripled its position in Paycom (PAYC) during the quarter ended September 30, 2025, acquiring approximately 54,000 shares in an estimated $11 million trade. This substantial increase elevates Paycom to 6.2% of Amiral Gestion's reportable U.S. equity assets, signaling strong conviction in the cloud-based human capital management provider. The move occurs despite Paycom shares experiencing a decline of over 12% since the start of Q3, contrasting with its 28.2% annual gain that outperformed the S&P 500.

Analysis

Amiral Gestion significantly increased its conviction in Paycom (PAYC), nearly tripling its stake by acquiring approximately 54,000 shares for an estimated $11 million during Q3 2025. This substantial investment elevates PAYC to 6.2% of the fund's reportable U.S. equity assets, positioning it as a key holding just outside their top five. The move signals a strong belief in the cloud-based human capital management (HCM) provider's future prospects.

Paycom's shares have demonstrated robust annual performance, rising 28.2% year-over-year to $205.08 as of October 8, 2025, outperforming the S&P 500 by 7.6 percentage points. However, the stock experienced a notable decline of over 12% since the start of Q3, presenting a potential entry point for investors like Amiral Gestion. This recent dip contrasts with the company's TTM revenue growth of 4% to $1.96 billion and TTM net income of $415.78 million.

Paycom operates a scalable software-as-a-service (SaaS) model, offering a unified HCM platform to small and mid-sized businesses. Amiral Gestion's purchase suggests a strategic view that the recent share price decline offers a well-timed opportunity, especially as a strengthening U.S. economy could drive increased adoption of Paycom's HR and payroll solutions. The fund likely sees value in Paycom's established position as a leading provider in the HCM space.

Key Decisions for Investors

• Investors should closely monitor institutional conviction in PAYC, as Amiral Gestion's near-tripling of its stake suggests a strong belief in the company's long-term value despite recent share price volatility.
• Evaluate the recent >12% share price decline since Q3 as a potential entry or accumulation point, considering the company's robust annual performance and its position in the growing cloud-based HCM market.
• Assess the impact of broader economic trends, particularly U.S. economic acceleration, on Paycom's SaaS business model, as increased business activity could drive demand for its HR and payroll solutions.