Spheria Asset Management, an investment management company, released its December 2025 “Spheria Global Opportunities Fund” investor letter. A copy of the letter can be downloaded here. The fund returned -3.0% in the fourth quarter, underperforming the 2.2% return of the MSCI World Small Cap Accumulation Index (Net Return) AUD. In December, the fund returned -1.5% underperforming the index by -0.7%. By sector, Healthcare continued its recovery, and the Materials sector was also strong, while Consumer Staples and Consumer Discretionary were weak. By region, the UK’s performance lagged by approximately 2%, while other regions’ results were aligned with one another. Small caps have failed to close the value gap that emerged before the interest rate cycle began in early 2022. In addition, please check the Fund’s top five holdings to know its best picks in 2025.
In its December 2025 investor letter, Spheria Global Opportunities Fund highlighted Paycom Software, Inc. (NYSE:PAYC). Paycom Software, Inc. (NYSE:PAYC) is a software company that provides a cloud-based human capital management (HCM) solution for small to mid-sized companies. On March 10, 2026, Paycom Software, Inc. (NYSE:PAYC) stock closed at $131.88 per share. One-month return of Paycom Software, Inc. (NYSE:PAYC) was 11.12%, and its shares lost 36.14% over the past 52 weeks. Paycom Software, Inc. (NYSE:PAYC) has a market capitalization of $7.16 billion.
Spheria Global Opportunities Fund stated the following regarding Paycom Software, Inc. (NYSE:PAYC) in its December 2025 investor letter:
“The largest detractors from performance included an overweight position in Hemnet (HEM SS, -26%), owning Paycom Software, Inc. (NYSE:PAYC) (PAYC US, -24%), and an overweight position in Rightmove (RMV LN, -27%).
