Polen Capital, an investment management firm, published its “Polen U.S. SMID Company Growth Composite” first quarter 2021 investor letter – a copy of which can be downloaded here. A return of 2.35% was delivered by the fund for the first quarter of 2021, trailing its Russell 2500 Growth benchmark that delivered a 2.49% gain for the same period. You can view the fund’s top 5 holdings to have a peek at their top bets for 2021.
Polen Capital, in its Q1 2021 investor letter, mentioned Tyler Technologies, Inc. (NYSE: TYL), and shared their insights on the company. Tyler Technologies, Inc. is a Plano, Texas-based software company that currently has a $16.5 billion market capitalization. Since the beginning of the year, TYL delivered a -7.20% return, while its 12-month gains are up by 10.98%. As of May 26, 2021, the stock closed at $405.07 per share.
Here is what Polen Capital has to say about Tyler Technologies, Inc. in its Q1 2021 investor letter:
“We added to Tyler Technologies, given our excitement about their announced acquisition of NIC Inc. NIC is a provider of digital solutions to public entities. The company offers a large payment processing business and compliments Tyler’s existing business via servicing state and local governments. NIC is a company our team has tracked for many years. We believe that the combination of the two companies will be transformational for Tyler. Additionally, we think the acquisition will unlock many opportunities under Tyler’s leadership that would have been harder to access when NIC was independent.”
Our calculations show that Tyler Technologies, Inc. (NYSE: TYL) does not belong in our list of the 30 Most Popular Stocks Among Hedge Funds. As of the end of the first quarter of 2021, Tyler Technologies, Inc. was in 28 hedge fund portfolios, compared to 32 funds in the fourth quarter of 2020. TYL delivered a -14.40% return in the past 3 months.
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