Andvari Associates, an investment management firm, released its third quarter 2023 investor letter, a copy of which can be downloaded here. In the initial nine months of 2023, Andvari saw a 6.9% increase net of fees, contrasting with the SPDR S&P 500 ETF’s 13% growth. Although Andvari performed well in the first half of the year, its performance weakened towards the end of the third quarter for two main reasons. The first was the resurgence of concerns about prolonged higher interest rates, which affected several assets that are highly sensitive to rate changes. Take a moment to review the fund’s top 5 holdings to gain insights into their primary investment choices for 2023.
In its Q3 2023 investor letter, Andvari Associates mentioned Tyler Technologies, Inc. (NYSE:TYL) and explained its insights for the company. Tyler Technologies, Inc. (NYSE:TYL) is a Plano, Texas-based software company with a $17.4 billion market capitalization. Tyler Technologies, Inc. (NYSE:TYL) delivered a 28.18% return since the beginning of the year, while its 12-month returns are up by 33.44%. The stock closed at $413.28 per share on November 9, 2023.
Here is what Andvari Associates has to say about Tyler Technologies, Inc. (NYSE:TYL) in its Q3 2023 investor letter:
“After good results for the first half of the year, Andvari’s performance suffered at the end of the third quarter for two reasons. First, renewed fears of interest rates remaining higher for longer impacted multiple holdings that are most sensitive to rates. Companies with high growth prospects, like Tyler Technologies (NYSE:TYL), also declined. A third group also declined: our investments in fixed income and preferred securities for retirement accounts naturally declined in value as the prices of these securities go down when interest rates go up.”
A CEO and a software engineer discussing a new project on a laptop at a modern office space.
Our calculations show that Tyler Technologies, Inc. (NYSE:TYL) does not belong on our list of the 30 Most Popular Stocks Among Hedge Funds. Tyler Technologies, Inc. (NYSE:TYL) was in 30 hedge fund portfolios at the end of the second quarter of 2023, compared to 35 funds in the previous quarter. Tyler Technologies, Inc. (NYSE:TYL) delivered a 6.39% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q3 2023 page.
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Disclosure: None. This article is originally published at Insider Monkey.
