Should You Add Tyler Technologies (TYL) to Your Portfolio?

Polen Capital, an investment management company, released its “Polen Global SMID Company Growth Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The portfolio returned 9.05% gross and 8.89% net of fees in the first quarter compared to a 4.28% return on the MSCI ACWI SMID Capitalization Index. Stock selection and sector allocation led the strategy to outperform in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Polen Global SMID Company Growth Strategy highlighted stocks like Tyler Technologies, Inc. (NYSE:TYL) in the first quarter 2023 investor letter. Headquartered in Plano, Texas, Tyler Technologies, Inc. (NYSE:TYL) provides software solutions and services to the public sector. On June 21, 2023, Tyler Technologies, Inc. (NYSE:TYL) stock closed at $392.19 per share. One-month return of Tyler Technologies, Inc. (NYSE:TYL) was 1.27%, and its shares gained 19.84% of their value over the last 52 weeks. Tyler Technologies, Inc. (NYSE:TYL) has a market capitalization of $16.443 billion.

Polen Global SMID Company Growth Strategy made the following comment about Tyler Technologies, Inc. (NYSE:TYL) in its first quarter 2023 investor letter:

“We also opportunistically adjusted existing positions over the quarter. We added to real estate software company Altus Group, reflecting our conviction in the fundamentals and attractiveness of the stock price, and Tyler Technologies, Inc. (NYSE:TYL), a software solutions business to the public sector, given our increased conviction in the company’s competitive position and the increasing success it has had transitioning to the cloud.”

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Tyler Technologies, Inc. (NYSE:TYL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held Tyler Technologies, Inc. (NYSE:TYL) at the end of first quarter 2023 which was 40 in the previous quarter.

We discussed Tyler Technologies, Inc. (NYSE:TYL) in another article and shared Andvari Associates’ views on the company. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.