What smart money is saying about Intercontinental Exchange, Inc.
13 funds in our archive have pitched Intercontinental Exchange, Inc., most recently Brandes IP Global Equity Fund 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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Fund signal · last 12 months
24 lettersMore funds are buying than selling
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q1 2025 and Q3 2026, 28 fund letters reported a position in Intercontinental Exchange, Inc., with 5 buys (opened or added) and 2 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 9 | 2 | 0 | 4 |
| Q2 2026 | 13 | 3 | 1 | 6 |
| Q4 2025 | 2 | 0 | 0 | 1 |
| Q3 2025 | 1 | 0 | 0 | 1 |
| Q2 2025 | 0 | 0 | 0 | 1 |
| Q1 2025 | 3 | 0 | 1 | 0 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 28 positions · 7 moves
- HoldsManole Capital Management FINTECH StrategySeptember 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, Inc. - September 2026
“In financials Intercontinental Exchange (ICE), which owns exchanges and data platforms for financial and commodity markets, rose on solid second-quarter results, strong trading activity and record open interest.”
Intercontinental Exchange, Inc. - New positionBrandes IP Global Equity FundSeptember 2026
“During the quarter, we initiated positions in India-based HDFC Bank, France-based luxury goods company LVMH, and U.S.-based companies Omnicom Group and Intercontinental Exchange.”
Intercontinental Exchange, Inc. - September 2026
“We were able to offset modest pullbacks in US Bancorp and PNC Financial Services with solid gains in Mastercard, CME Group, and Intercontinental Exchange (ICE). ICE was added to the portfolio in 2Q, as we took advantage of the price dislocation from AI disruption fears.”
Intercontinental Exchange, Inc. - September 2026
“MarketAxess (MKTX), a leading operator of electronic xed income marketplaces with particular strength in corporate credit and international bond markets, was the third-largest contributor. MKTX agreed to be acquired by Intercontinental Exchange (ICE) at a substantial premium.”
Intercontinental Exchange, Inc. - September 2026
“Intercontinental Exchange was a contributor during the quarter.”
Intercontinental Exchange, Inc. - September 2026
“Intercontinental Exchange (ICE) advanced 23.5% in Q3, validating our view in Scorecard 54 that the regulatory panic surrounding perpetual futures was overdone.”
Intercontinental Exchange, Inc. - September 2026
“Intercontinental Exchange (ICE) ICE’s share price rose 2% from our average cost in the third quarter as record volumes on ICE’s futures and options exchanges and accelerating growth in its data businesses have been somewhat offset by concerns around the sustainability of recent Exchanges volumes, the perceived threat of perpetual futures, and the impact of higher rates on Mortgage Technology.”
Intercontinental Exchange, Inc. - 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, Inc. - AddedFindlay Park American FundJune 2026
“By contrast, Intercontinental Exchange also detracted, but we added to the position.”
Intercontinental Exchange, Inc. - June 2026
“Intercontinental Exchange’s 21.4% share decline knocked 58 bps from the portfolio’s performance.”
Intercontinental Exchange, Inc. - New positionPershing SquareJune 2026
“We recently established an investment in Intercontinental Exchange, a business we have followed for nearly a decade.”
Intercontinental Exchange, Inc. - 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, Inc. - June 2026
“Our largest detractor during the quarter was Intercontinental Exchange (ICE), which declined 21.7%.”
Intercontinental Exchange, Inc. - June 2026
“The companies are Intercontinental Exchange and Texas Pacific Land Corp.”
Intercontinental Exchange, Inc. - June 2026
“Top stock detractors • Accenture Cl A • Intercontinental Exchange • Salesforce New stock purchases”
Intercontinental Exchange, Inc. - 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, Inc. - 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, Inc. - June 2026
“Intercontinental Exchange shares came under pressure after U.S. regulators eased restrictions on perpetual futures— derivative contracts that let investors speculate on an asset's price movements without owning the asset, with no expiration date—which could present competitive challenges to established exchanges.”
Intercontinental Exchange, Inc. - June 2026
“Bottom Contributors Intercontinental Exchange shares came under pressure after U.S. regulators eased restrictions on perpetual futures— derivative contracts that let investors speculate on an asset's price movements without owning the asset, with no expiration date—which could present competitive challenges to established exchanges.”
Intercontinental Exchange, Inc. - HoldsManole Capital ManagementJune 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, Inc. - HoldsRIT Capital PartnersJune 2026
Listed in RIT Capital Partners’s reported holdings.
Intercontinental Exchange, Inc. - HoldsPlatinium Asset ManagementDecember 2025
“Intercontinental Exchange (ICE), another Information Services business, is a top-ten position in the Platinum International Fund.”
Intercontinental Exchange, Inc. - December 2025
“Positioning for uncertainty and leaning into technology adopters While equities finished out 2025 with gains, the quarter and full year were marked by considerable periods of volatility. With continued risk of turbulence in the market, we have been tilting the portfolio toward a more defensive positioning while taking offensive positions in areas where our convictions are highest. Within our offensive positioning, we have taken advantage of market volatility to lean into secular trends through investing in AI beneficiaries including hyperscalers, semiconductors and attractive areas of software, which we view as an “anti-bubble” strategy. The portfolio’s largest absolute sector weight continues to be Information Technology, although we reduced our overweight to the Tech sector given the stocks’ outperformance. We added one new position during the quarter, the home- goods retailer Home Depot in Consumer Discretionary. While the company has long been the dominant player in its space, the stock experienced a bout of underperformance in recent periods in a weak housing market. However, we viewed the entry price as fairly attractive in relation to what we consider durable secular trends around aging in place and an eventual housing recovery in the next year and a half. We exited Financials holding Fiserv after the company underwent a change in management and reset its earnings algorithm. We continue to view AI as a generational demand driver, creating a durable need for faster, more powerful and energy-efficient computing. We are also leaning into “adopters” of technology that are poised for U.S. exceptionalism, such as Eli Lilly and Boston Scientific, that continue to innovate to improve patient outcomes. We favor life science tools companies such as Danaher and Thermo Fisher, which provide valuable equipment and services for clinical research. We have high conviction in Deere & Co., which is using precision agriculture to drive better outcomes for farmers. We also favor nonbank financials, such as information exchanges like S&P Global and Intercontinental Exchange, which are using AI to increase the value of their proprietary data.”
Intercontinental Exchange, Inc. - September 2025
“ICE shares fell mid-quarter alongside other exchange peers, as investors adapted a more “risk- on” mentality, which is typically unfavorable for exchanges.”
Intercontinental Exchange, Inc. - March 2025
“To help fund these additions, we exited our position in Alcon, a medical device company focused on eye care products and solutions for surgical procedures and consumer use, and Intercontinental Exchange (ICE), an operator of securities exchanges and provider of fixed income, data services and mortgage technology solutions.”
Intercontinental Exchange, Inc. - HoldsTouchstone Sands Capital Select Growth FundMarch 2025
“Among the top individual absolute contributors to Select Growth’s results were Spotify Technology S.A., Sea Ltd. (both Communication Services sector), Intercontinental Exchange Inc. (Financials sector), Uber Technologies Inc. (Industrials sector), and Cloudflare Inc. (Information Technology sector).”
Intercontinental Exchange, Inc. - March 2025
“our positions in Intercontinental Exchange Inc. (ICE) and Visa Inc.”
Intercontinental Exchange, Inc.
Also mentioned · 4
These funds discuss Intercontinental Exchange, Inc. as a competitor, benchmark or comparable, without disclosing a position in it.
- September 2026
“Tradeweb operates one of the largest global electronic marketplaces for fixed income and other financial products. While we continue to believe the electronification of fixed income markets provides a compelling long-term growth opportunity, we exited the position following Intercontinental Exchange’s announced acquisition of MarketAxess, which may increase competitive intensity across the industry.”
Intercontinental Exchange, Inc. - September 2026
“In late July, competitor Intercontinental Exchange, Inc. announced its intent to buy MKTX for $167 per share in cash representing a 47% premium relative where shares traded at the end of Q2.”
Intercontinental Exchange, Inc. - 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, Inc. - MentionedEast 72 Dynasty TrustMarch 2026
“Both have attracted significant third-party capital in 2025 with Kalshi valued at $5billion – up from $1billion a few months earlier – through an investment by Sequoia (Series D) in October 2025, increasing to an implied $11billion through a Series E round in December 2025, and a further $1billion raise in March 2026 at a $22billion valuation. In October 2025, the owners of NYSE – Intercontinental Exchange (NYSE: ICE) acquired 20% of Polymarket at a valuation of $9billion.”
Intercontinental Exchange, Inc.
Fund coverage · 13 theses
- Brandes IP Global Equity FundSeptember 2026
Intercontinental Exchange, Inc. combines exchange, data and mortgage-tech businesses with network effects, recurring revenue and strong free cash flow.
Read the full thesis - Pershing Square Holdings, Ltd.September 2026
Intercontinental Exchange is held for its futures and options growth from global hedging and energy supply chain shifts, the opportunistic MarketAxess acquisition, and mid-teens long-term earnings compounding at 17 times earnings.
Read the full thesis - GreensKeeper Value FundSeptember 2026
Intercontinental Exchange is seen as a resilient market infrastructure company with recurring-revenue moats and expansion into fixed-income trading through MarketAxess.
Read the full thesis - Upslope Capital Long/Short StrategySeptember 2026
Intercontinental Exchange is a leading exchange and mortgage-tech operator whose defensive core, trough mortgage tech, and attractive valuation create an asymmetric risk/reward.
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 - Oakmark Global Select FundJune 2026
Intercontinental Exchange is a financial exchange and data business with strong network effects, double-digit EPS growth, and a long runway for growth.
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 - 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 - 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 - 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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