Harris Oakmark recently released its second-quarter 2026 investor letter for the “Oakmark Select Fund”. A copy of the letter can be downloaded here. Oakmark Select Fund is a non-diversified fund that aims to deliver capital appreciation by investing in mid- and large-cap US companies. In the quarter, the Fund (investor class) trailed the S&P 500 Index, returning 9.39% vs. 15.20 % for the index. At the sector level, health care and consumer staples contributed to performance, while information technology and energy detracted. Investors continued to favor companies perceived to be direct beneficiaries of AI spending in a narrow leadership environment. In this landscape, the firm remains focused on owning undervalued companies rather than chasing the market’s most popular themes. In addition, you can check the Fund’s top five holdings to determine its best picks for 2026.
According to Oakmark Select Fund’s Q2 2026 investor letter, Intercontinental Exchange, Inc. (NYSE:ICE), a US-based financial services company that provides technology, data, and market infrastructure to financial institutions, corporations, and government entities, detracted from the performance due to investors’ concerns and competitive pressure. On July 13, 2026, Intercontinental Exchange, Inc. (NYSE:ICE) closed at $137.67 per share, reflecting a market capitalization of $77.85 billion. Intercontinental Exchange, Inc. (NYSE:ICE) posted a one-month return of -2.56%, and its shares lost 23.43% over the past 52 weeks.
Oakmark Select Fund stated the following regarding Intercontinental Exchange, Inc. (NYSE:ICE) in its Q2 2026 investor update:
“Intercontinental Exchange, Inc. (NYSE:ICE) was the top detractor during the quarter. The financial exchange and data company’s stock price declined due to market concerns about AI disruption and potential competition from new exchanges launching perpetual futures. We do not view either of these developments as credible threats to ICE’s business, which benefits from strong network effects. The company continues to grow its earnings per share at a double-digit clip and return the majority of free cash flow to shareholders. We believe ICE is a durable business with a long runway for growth.”
Intercontinental Exchange, Inc. (NYSE:ICE) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 86 hedge fund portfolios held Intercontinental Exchange, Inc. (NYSE:ICE) at the end of the first quarter, up from 83 in the previous quarter. In Q1 2026, Intercontinental Exchange, Inc.’s (NYSE:ICE) net revenues reached a record $3 billion, up 18% year-over-year. 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 the list of strong buy stocks with high upside according to analysts. In addition, please check out our hedge fund investor letters Q2 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.
