Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Mid Cap Growth Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. Having carried over some of the strength from the previous year into the first quarter, mid-cap stocks reversed course and ended the second quarter at a loss. The Russell Midcap Growth Index (down 3.21%) slightly outperformed the Russell Midcap Value Index (down 3.40%) in the quarter. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Carillon Eagle Mid Cap Growth 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 10.11%, and its shares gained 54.31% of their value over the last 52 weeks. On August 19, 2024, Tyler Technologies, Inc. (NYSE:TYL) stock closed at $579.58 per share with a market capitalization of $24.732 billion.
Carillon Eagle Mid Cap Growth Fund stated the following regarding Tyler Technologies, Inc. (NYSE:TYL) in its Q2 2024 investor letter:
“Tyler Technologies, Inc. (NYSE:TYL) provides software for state and local governments with a focus on enterprise resource planning (ERP), courts and justice, public safety, and payments. The company delivered solid results for the quarter, with strong sales of recurring subscription revenue and with profitability poised to increase as temporary, elevated data center costs are reduced in the quarters ahead. We remain optimistic that the company will benefit from healthy state and local budgets, driven in part by infrastructure spending.”
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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, 27 hedge fund portfolios held Tyler Technologies, Inc. (NYSE:TYL) at the end of the second quarter which was 25 in the previous quarter. In the second quarter Tyler Technologies, Inc. (NYSE:TYL) generated $541 million in revenues, up 7.3% and organically grew 6.5%. 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 Conestoga Capital Advisors’ views on the company. In Q2 2024, Tyler Technologies, Inc. (NYSE:TYL) was a top contributor to the performance of Polen U.S. SMID Company Growth Strategy. 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.
