Letters by company
Intercontinental Exchange, Inc.
7 letters discussing ICE. Everything written about it on this site is on its ticker page.
- Horizon Kinetics 2nd Quarter Commentary Horizon Kinetics defended long-duration ownership of land, royalty and exchange businesses, arguing that index-driven market structure creates discounts in smaller and illiquid companies. It reduced precious-metals royalty exposure as valuations absorbed gold-price optionality, while maintaining conviction in LandBridge, securities exchanges and bitcoin's supply-and-network economics. 2nd Quarter 2026 TPL $24BAMZN $2.7TCBOE $29B
- GreensKeeper Asset Management Scorecard #54 – Value in Action GreensKeeper materially increased ICON after concluding that accounting restatements would not impair its cash generation or customer relationships. The fund retained its positions through concerns over Intercontinental Exchange’s competitive risks and Lockheed Martin’s execution issues, arguing both retain durable long-term earnings power. Q2 2026 CFRHF $122BELV $88BGOOGL $4.2T
- Latitude Investment Management Latitude Annual Report 2025 Latitude Investment Management argues that disciplined trading in Dollar Tree improved the portfolio while preserving exposure to its core discount-retail thesis. It replaced Heineken with Royalty Pharma, Interactive Brokers with Intercontinental Exchange and BP with Assa Abloy, seeking stronger growth with less cyclicality. The portfolio also emphasizes defensive healthcare, infrastructure and selected AI exposure through Alphabet. 2025 DLTR $22BAIQUY $120BASAZY $36B
- Horizon Kinetics 2026 New Year Letter from Our Founders Horizon Kinetics argues that private investments in exchanges, royalties and Permian infrastructure extend its long-horizon value discipline, citing TPL, MIAX, LandBridge and WaterBridge. It avoids AI-IT mega-caps while seeking beneficiaries controlling land, water and natural gas, and says continual chip replacement makes sector cash-flow forecasts internally inconsistent. 2025 ICE $86BLB $6.6BMIAX $3.1B
- Sequoia Fund Year-End 2025 Sequoia Fund Letter Sequoia Fund trimmed Rolls-Royce and Alphabet after their weightings and valuations rose, while retaining both as its largest holdings. It added to Elevance and built new positions in MSA Safety, Accenture, and Align Technology, arguing that each combines a durable franchise with a temporary source of market concern or a favorable valuation. 2025 GOOGL $4.2TRLLCF $87BACN $118B
- Janus Henderson Investors Global Sustainable Equity Fund Global Sustainable Equity Fund trimmed AI exposure after strength and added Verisk Analytics and selected insurers, seeking durable moats and businesses unfairly penalised by the market. The portfolio retains exposure to AI infrastructure bottlenecks, power and grid equipment, while pairing them with resilient companies positioned for energy-security and climate volatility. July 2026 KLAC $261BMCK $109BMSFT $3.9T
- Horizon Kinetics 4th Quarter Commentary Texas Pacific Land anchors the commentary’s case that Delaware Basin land, water and disposal infrastructure gain strategic value as AI data centers require dedicated power and cooling. The firm contrasts the capital burden and obsolescence risk facing chip buyers with royalty and exchange businesses that collect fees with limited capital at risk. 4th Quarter 2025 TPL $24BAMG $9.8BATUSF $2.7B
