Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the fund’s Investor Class fund ARTMX returned -5.73%, Advisor Class fund APDMX posted a return of -5.67%, and Institutional Class fund APHMX returned -5.64%, compared to a -3.21% return for the Russell Midcap Growth Index. The portfolio generated negative absolute returns and underperformed the index in the second quarter. Modest negative security selection across multiple sectors, including information technology, industrials, communication services, and health care led to the underperformance and was partially offset by outperformance within consumer discretionary. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Mid Cap Fund highlighted stocks like Tyler Technologies, Inc. (NYSE:TYL), in the second quarter 2024 investor letter. Tyler Technologies, Inc. (NYSE:TYL) offers integrated information management solutions and services for the public sector. The one-month return of Tyler Technologies, Inc. (NYSE:TYL) was 10.15%, and its shares gained 23.40% of their value over the last 52 weeks. On July 2, 2024, Tyler Technologies, Inc. (NYSE:TYL) stock closed at $520.91 per share with a market capitalization of $22.115 billion.
Artisan Mid Cap Fund stated the following regarding Tyler Technologies, Inc. (NYSE:TYL) in its Q2 2024 investor letter:
“Among our top Q1 contributors were Tyler Technologies, Inc. (NYSE:TYL), Spotify and Argenx. Tyler Technologies provides end-to-end information management solutions and services for local government offices. We believe the company will generate durable growth given its defensive end markets, the potential of its cloud subscription transition and the transformative acquisition of NIC (a leading digital government solutions and payments company) that allows for increased cross-sell opportunities. Earnings results were thesis affirming, including 9% growth in overall revenues, 22% in software as a service (SaaS) revenues and 9% in annual recurring revenue. We added to the position.”
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Tyler Technologies, Inc. (NYSE:TYL) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Tyler Technologies, Inc. (NYSE:TYL) at the end of the first quarter which was 29 in the previous quarter. Total revenues of Tyler Technologies, Inc. (NYSE:TYL) for the first quarter were $512.4 million, representing an 8.6% increase compared to the previous year quarter. While we acknowledge the potential of Tyler Technologies, Inc. (NYSE:TYL) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Tyler Technologies, Inc. (NYSE:TYL) and shared Artisan Global Discovery Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 2024 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.
