ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Growth Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. For both the quarter and the whole year, the Strategy exceeded the benchmark, the Russell 1000 Growth Index, supported by robust Magnificent Seven stock selection, opportunistic management of earnings reset names, and diverse non-tech contributions. The Strategy posted gains across 10 out of the eleven sectors in which it was invested, on an absolute basis. Overall stock selection contributed to performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
In its Q4 2023 investor letter, ClearBridge Large Cap Growth Strategy featured stocks such as Intercontinental Exchange, Inc. (NYSE:ICE). Headquartered in Atlanta, Georgia, Intercontinental Exchange, Inc. (NYSE:ICE) provides market infrastructure, data services and technology solutions that operates through Exchanges, Fixed Income and Data Services, and Mortgage Technology segments. On January 4, 2024, Intercontinental Exchange, Inc. (NYSE:ICE) stock closed at $125.62 per share. One-month return of Intercontinental Exchange, Inc. (NYSE:ICE) was 10.83%, and its shares gained 19.75% of their value over the last 52 weeks. Intercontinental Exchange, Inc. (NYSE:ICE) has a market capitalization of $71.9 billion.
In its fourth quarter 2023 investor letter, ClearBridge Large Cap Growth Strategy stated the following regarding Intercontinental Exchange, Inc. (NYSE:ICE):
“We added some ballast to the stable bucket with the purchase of Intercontinental Exchange, Inc. (NYSE:ICE) in the financials sector. ICE operates securities exchanges, fixed income and data services as well as mortgage technology solutions. The timing of its recent acquisitions (Ellie Mae and Black Knight) has increased exposure to a mortgage market in a cyclical downturn, compressing the stock’s multiple and offering an attractive entry point to build a position. Exchanges offer high operating margins, strong free cash flow generation and limited interest rate and credit risk while benefiting from the increasing complexity and globalization of capital markets and demand for data and analytics. ICE’s business offers diversification across asset classes, high barriers to entry and wide competitive moats, supported by a mix of recurring revenues from data/service subscriptions and transaction-driven fees.”
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Intercontinental Exchange, Inc. (NYSE:ICE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 54 hedge fund portfolios held Intercontinental Exchange, Inc. (NYSE:ICE) at the end of third quarter which was 62 in the previous quarter.
We discussed Intercontinental Exchange, Inc. (NYSE:ICE) in another article and shared the top stocks in billionaire Dan Loeb’s portfolio. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
