Parnassus Investments, an investment management company, released the “Parnassus Core Equity Fund” second quarter of 2026 investor letter. A copy of the letter can be downloaded here. The fund returned 16.83% in the second quarter of 2026, outperforming the S&P 500’s 15.20% gain. Performance was supported by holdings in Information Technology and Communication Services, as well as the fund’s lack of Energy exposure, while Financials and Health Care detracted. The fund is positioning for long-term growth through AI infrastructure, semiconductors, electrification and industrial automation, while maintaining defensive positions in quality compounders. Looking ahead, the manager remains constructively bullish on U.S. equities but cautious about narrow market leadership, trade tensions, inflation, and geopolitical risks. The fund continues to favor high-quality, competitively advantaged businesses at attractive valuations, with a balanced approach to capturing AI-driven opportunities while limiting downside risk. In addition, please check the Fund’s top five holdings to know its best picks in 2026.
In its second-quarter 2026 investor letter, Parnassus Core Equity Fund highlighted stocks like Intercontinental Exchange, Inc. (NYSE:ICE). Intercontinental Exchange, Inc. (NYSE:ICE) operates global exchanges, clearing houses, and financial data platforms serving investors and institutions worldwide. The one-month return of Intercontinental Exchange, Inc. (NYSE:ICE) was 11.16% while its shares traded between $121.79 and $182.86 over the last 52 weeks. On August 13, 2026, Intercontinental Exchange, Inc. (NYSE:ICE) stock closed at approximately $151.33 per share, with a market capitalization of about $87.15 billion.
Parnassus Core Equity Fund stated the following regarding Intercontinental Exchange, Inc. (NYSE:ICE) in its Q2 2026 investor letter:
Intercontinental Exchange (NYSE:ICE) 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.
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Intercontinental Exchange, Inc. (NYSE:ICE) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. As per our database, 86 hedge fund portfolios held Intercontinental Exchange, Inc. (NYSE:ICE) at the end of the first quarter, which was 83 in the previous quarter. While we acknowledge the risk and potential of Intercontinental Exchange, Inc. (NYSE:ICE) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Intercontinental Exchange, Inc. (NYSE:ICE) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Intercontinental Exchange, Inc. (NYSE:ICE) and shared Emerald Wealth Partners Focused Equity Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q1 2026 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.
