Nasdaq, INC.

• MC Manole Capital Management 3rd Quarter Investor Newsletter ↗ Manole Capital emphasizes active position sizing, trimming exchange-related holdings after rapid appreciation while adding to high-conviction businesses during temporary weakness. It favors exchange and financial-infrastructure operators for their data, network effects and recurring revenues, while assessing prediction markets, tokenized deposits and digital payments as extensions of existing financial rails. 3rd Quarter 2026 CBOE $39BCME $113BCOKE $14B +2
• FA Fenimore Asset Management Q2 2026 Quarterly Investment Commentary ↗ Fenimore added Ryan Specialty, Thermo Fisher Scientific, and Tyler Technologies while trimming or exiting selected holdings to fund higher-conviction opportunities. The firm argues that AI infrastructure demand favored semiconductor-linked businesses, while volatility in software, outsourcing, and defensive stocks created entry points for companies with durable competitive positions. Q2 2026 BOC $389MBR $22BEXLS $6.6B +4

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