Spheria Asset Management, an investment management company, published the 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 MSCI Global Small Cap Accumulation Index (net return) AUD 2.2% return. 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 around 2%, while results from other regions matched each other. Small caps have failed to close the value gap that has developed before the interest rate cycle begins in early 2022. Additionally, please check the fund’s top five holdings to know its top picks in 2025.
In a December 2025 investor letter, Spirea Global Opportunities Fund said Paycom Software, Inc. (NYSE:PAYC) highlighted. Paycom Software, Inc. (NYSE:PAYC) is a software company that provides cloud-based human capital management (HCM) solutions for small to mid-sized companies. On March 10, 2026, Paycom Software, Inc. (NYSE:PAYC) stock closed at $131.88 per share. Paycom Software Inc. (NYSE:PAYC)’s one-month return 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.
Spirea Global Opportunities Fund said the following about Paycom Software, Inc. (NYSE:PAYC) in its December 2025 investor letter:
“The biggest detractors from performance included an overweight position in Hemnet (HEM SS, -26%), owner Paycom Software, Inc. (NYSE:PAYC) (PAYC US, -24%) , and an overweight position in Rightmove (RMV LN, -27%) .
