What smart money is saying about Intercontinental Exchange
9 funds in our archive have pitched Intercontinental Exchange — most recently Manole Capital Management FINTECH Strategy in September 2026.
Intercontinental Exchange, Inc. (ICE) manages a global network of regulated financial venues, encompassing exchanges, clearing houses, and listing platforms. These operations serve diverse markets, including commodities, financial instruments, fixed income products, and equities, with a geographical footprint spanning key financial centers such as the United States, United Kingdom, European Union, Singapore, Israel, and Canada. The company's business is segmented into three core areas: Exchanges, Fixed Income and Data Services, and Mortgage Technology. Within its Exchanges segment, ICE oversees a robust network comprising 13 regulated exchanges and 6 clearing houses. These extensive marketplaces enable the listing, trading, and clearing of a wide spectrum of derivatives contracts and financial securities. This includes futures and options across diverse sectors such as energy, agriculture, metals, financials, and equities, in addition to providing critical listing, market data, and connectivity solutions. The Fixed Income and Data Services division provides comprehensive analytics and execution services for fixed income products, manages Credit Default Swap (CDS) clearing, and offers multi-asset class data and network solutions. Furthermore, its Mortgage Technology segment delivers an advanced, proprietary platform designed for residential mortgage origination. This division also provides closing solutions that streamline connections across the mortgage supply chain and facilitate secure information exchange, alongside data analytics and "Data as a Service" offerings for lenders to access vital origination insights. Intercontinental Exchange, Inc. was established in 2000 and maintains its headquarters in Atlanta, Georgia.
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Position history
Between Q2 2025 and Q3 2026, 11 fund letters reported a position in Intercontinental Exchange — 3 opened or added to the position, 1 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 2 | 0 | 0 | 1 |
| Q2 2026 | 9 | 3 | 1 | 5 |
| Q4 2025 | 0 | 0 | 0 | 1 |
| Q3 2025 | 0 | 0 | 0 | 1 |
| Q2 2025 | 0 | 0 | 0 | 1 |
Fund activity · 11 positions · 4 moves
- September 2026
“Today's exchange landscape extends far beyond the trading pits depicted in Trading Places. Organizations such as CME Group, Intercontinental Exchange, Nasdaq, and CBOE Global Markets facilitate enormous amounts of trading activity.”
Intercontinental Exchange - August 2026
“There were strong stock selection effects including financial services stocks Intercontinental Exchange (+23.9%) and Nasdaq (+19.5%), pharma holding Thermo Fisher (+14.6%), Tencent (+10.6%) and healthcare stock Medtronic (+9.2%).”
Intercontinental Exchange - AddedFindlay Park American FundJune 2026
“By contrast, Intercontinental Exchange also detracted, but we added to the position.”
Intercontinental Exchange - June 2026
“Intercontinental Exchange’s 21.4% share decline knocked 58 bps from the portfolio’s performance.”
Intercontinental Exchange - New positionPershing SquareJune 2026
“We recently established an investment in Intercontinental Exchange, a business we have followed for nearly a decade.”
Intercontinental Exchange - ExitedMD SASS Concentrated ValueJune 2026
“We believe ICE’s underperformance in Q2 resulted primarily from higher interest rates weighing on enthusiasm for its rate- sensitive Mortgage Technology business and heightened concerns about the rise of perpetual futures and their potential impact on ICE’s futures exchange business. We decided to exit the position because our thesis on the Mortgage Technology business has not played out as expected.”
Intercontinental Exchange - June 2026
“Our largest detractor during the quarter was Intercontinental Exchange (ICE), which declined 21.7%.”
Intercontinental Exchange - June 2026
“The companies are Intercontinental Exchange and Texas Pacific Land Corp.”
Intercontinental Exchange - New positionCambiar Investors Opportunity FundJune 2026
“Buy/sell activity in the quarter consisted of three new purchases and two liquidations, in addition to incremental adds/trims. One of the new buys was Intercontinental Exchange (ICE), which is a former holding and company we know well.”
Intercontinental Exchange - June 2026
“Intercontinental Exchange Intercontinental Exchange detracted from performance in the second quarter following the CFTC's approval of Bitcoin perpetual futures, which posed a competitive threat to traditional exchange operators and prompted a broad selloff across the group.”
Intercontinental Exchange - June 2026
“One of our long-term holdings, Intercontinental Exchange (ICE), has made a significant investment into Polymarket; it has branched out from its traditional derivatives, futures, options, and cash equities exchanges, to take a strategic position in the predictive space.”
Intercontinental Exchange
Also mentioned · 1
These funds discuss Intercontinental Exchange — as a competitor, benchmark or comparable — without disclosing a position in it.
- MentionedACATIS Investment ReportJuly 2026
“The potential pressure from the com- petition also weighed heavily on the stock of Intercontinental Ex- change and the Chicago Mercantile Exchange in June.”
Intercontinental Exchange
Fund coverage · 9 theses
- Manole Capital Management FINTECH StrategySeptember 2026
Intercontinental Exchange is framed as a scalable exchange and data platform with durable barriers to entry and fee-based economics.
Read the full thesis - GreensKeeper Value FundJune 2026
Intercontinental Exchange, Inc. has strong earnings growth, a defensible franchise in energy markets, and market-leading infrastructure that supports long-term compounding.
Read the full thesis - Emerald Focused Equity StrategyJune 2026
Intercontinental Exchange owns exchange, clearing, data and mortgage technology assets, with secular growth and AI likely to enhance rather than disrupt its moat.
Read the full thesis - Manole Capital ManagementJune 2026
Intercontinental Exchange is expanding beyond traditional exchanges into prediction markets, which the managers see as an emerging financial infrastructure opportunity.
Read the full thesis - Pershing SquareJune 2026
Intercontinental Exchange is a highly moated exchange and data franchise with durable growth, strong margins, and multiple expansion potential.
Read the full thesis - Findlay Park American FundJune 2026
Intercontinental Exchange owns durable exchange, data and workflow assets with incumbency advantages.
Read the full thesis - Sequoia FundDecember 2025
Intercontinental Exchange has durable exchange moats, a fast-growing global natural gas benchmark, stabilizing mortgage tech, and attractive risk-reward at a low-20s P/E.
Read the full thesis - Sands Capital Select GrowthSeptember 2025
Intercontinental Exchange (ICE) is poised for long-term growth with strong underlying results and accelerating profitability in its Mortgage Technology division, despite short-term volatility in the broader market.
Read the full thesis - Sands Capital Global GrowthJune 2025
Intercontinental Exchange (ICE) is a leading financial exchange operator that has diversified its offerings across various derivatives, data services, and mortgage technology, positioning itself for sustained above-average earnings growth.
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