Ruane, Cunniff & Goldfarb, an investment adviser managing Sequoia Fund, released its Q4 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 8.81% compared to a 7.56% return for the S&P 500 Index. The fund returned -30.52% in 2022 compared to -18.11% for the index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Sequoia Fund highlighted stocks like Intercontinental Exchange, Inc. (NYSE:ICE) in its Q4 2022 investor letter. Headquartered in Atlanta, Georgia, Intercontinental Exchange, Inc. (NYSE:ICE) operates through Exchanges, Fixed Income and Data Services, and Mortgage Technology segments. On March 20, 2023, Intercontinental Exchange, Inc. (NYSE:ICE) stock closed at $98.04 per share. One-month return of Intercontinental Exchange, Inc. (NYSE:ICE) was -5.88%, and its shares lost 28.12% of their value over the last 52 weeks. Intercontinental Exchange, Inc. (NYSE:ICE) has a market capitalization of $56.134 billion.
Sequoia Fund made the following comment about Intercontinental Exchange, Inc. (NYSE:ICE) in its Q4 2022 investor letter:
“Though Intercontinental Exchange, Inc. (NYSE:ICE)’s shares were down significantly this year, the business itself did fine on the whole. We added modestly to our position during the year. For the full-year 2022, the company’s revenues and EPS are expected to be up approximately 2% and 4%, respectively. Versus 2019, the company’s revenues and EPS are expected to have compounded at annual rates of approximately 12% and 11% respectively.
Focusing specifically on full-year 2022, business performance was strong across most of Intercontinental Exchange’s portfolio. Taking together the two largest segments – Exchange, in which the company operates a variety of derivative and equity exchanges that enjoy extremely strong, and in some cases monopoly-like, competitive positions, and Fixed Income & Data Services, in which the company offers a variety of data, analytics and related services that are often unique and in any case very sticky-revenues are expected to be up approximately 85%, with operating income likely up more. These two segments drive over 80% of total company revenue and operating income…” (Click here to read the full text)
Photo by AlphaTradeZone
Intercontinental Exchange, Inc. (NYSE:ICE) is not on our list oNYSEf 30 Most Popular Stocks Among Hedge Funds. As per our database, 58 hedge fund portfolios held Intercontinental Exchange, Inc. (NYSE:ICE) at the end of the fourth quarter which was 59 in the previous quarter.
We discussed Intercontinental Exchange, Inc. (NYSE:ICE) in another article and shared Giverny Capital’s views on the company. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 11 Most Undervalued Gold Stocks to Buy
- 11 Most Undervalued EV Stocks to Buy
- 15 Most Promising Dividend Stocks According to Analysts
Disclosure: None. This article is originally published at Insider Monkey.
