"IT accounted for several of the greatest detractors from strategy performance during the fourth quarter. Among these were Paylocity Holding Corporation (NASDAQ:PCTY), CyberArk Software Ltd. (CYBR) and Q2 Holdings, Inc. (QTWO). Paylocity is a good example of a company that's seen its stock price come under pressure in spite of strong fundamentals in the underlying business. Paylocity provides cloud-based payroll and human resources software targeted at smaller firms. Although Paylocity's most recent earnings release contained an abundance of positive takeaways, the Fed's focus on the red-hot U.S. labor market as a source of inflationary pressures may have spooked some investors. Because a portion of Paylocity's pricing structure is tied to employee headcounts at customer firms, revenues are vulnerable to potential upticks in layoffs and attrition.