The concentrated buying by active managers, especially Robeco's doubling to $67.1M, suggests a shared thesis around Paycom's fundamentals or a near-term catalyst. However, 13F data is 45+ days stale — monitor for subsequent insider buying (Form 4) or earnings guidance to confirm the thesis remains active.
Executive Summary
Six institutional asset managers accumulated $55.1M in new Paycom Software positions during Q3 2026, led by Robeco Institutional Asset Management doubling its stake to $67.1M. The cluster is entirely active managers with no passive/index funds, and only one trivial seller (a Swedish pension fund trimming a $14K position). This signals a shared conviction that Paycom's HCM platform is undervalued or poised for a catalyst, though the 45-day reporting lag means positions may have shifted since quarter-end.
Key Financial Metrics
Institutional Positions
Net institutional flow: $55.1M
▲ Buyers (6)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Farther Finance Advisors | ADD | +68.7% | $526.0K | $346.0K |
| Wealth Enhancement Advisory Services | ADD | +62.9% | $5.3M | $3.3M |
| Robeco Institutional Asset Management B.v. | DOUBLED | +108.1% | $67.1M | $48.5M |
| Nisa Investment Advisors | DOUBLED | +1483.8% | $2.3M | $2.2M |
| Assetmark | ADD | +64.8% | $58.0K | $38.0K |
| Hb Wealth Management | ADD | +86.3% | $946.0K | $653.0K |
▼ Sellers (1)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Fjarde Ap-Fonden /Fourth Swedish National | TRIM | -54.1% | $14.0K | -$3.0K |
Key Facts
- 6 institutional buyers added $55.1M in net new positions, with aggregate current holdings of $76.3M
- Robeco Institutional Asset Management doubled its stake (+108.1%) to $67.1M, accounting for 88% of total buying value
- Nisa Investment Advisors increased its position by 1,483.8% (665 → 10,527 shares), the largest percentage increase
- Only 1 seller: Fjarde Ap-Fonden trimmed 54.1% of its tiny $14K position, net change of -$3K
- All 7 funds are active asset managers — no passive/index funds in the cluster, strengthening the signal
Financial Impact
6 institutions accumulated $55.1M in net new positions (current holdings $76.3M), while 1 seller reduced by $3K
Risk Factors
- 13F data reflects Q3 2026 quarter-end positions; the cluster may have been partially or fully unwound since then
- No insider buying or other cross-filing context to corroborate the institutional signal
- Paycom's HCM market faces competitive pressure from ADP, Workday, and UKG
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-PAYC-2026-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | Institutional Cluster | $274.59 $268.25 | ▼ −2.31% | ▼ −3.02% | — |
Aug 3, 2026 12w ago | 8-K | $175.30 $174.80 | ▼ −0.29% | ▼ −0.09% | — |
Jun 12, 2026 19w ago | Institutional Cluster | $134.52 $134.69 | ▲ +0.13% | ▼ −1.64% | — |
Apr 23, 2026 26w ago | 8-K | $123.52 $123.91 | ▲ +0.31% | ▲ +0.15% | — |
Mar 5, 2026 33w ago | 8-K | $137.77 $138.13 | ▲ +0.26% | ▼ −0.58% | — |
US Market Status
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