Ruane, Cunniff & Goldfarb, an investment adviser managing Sequoia Fund, released its Q4 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 13.31% compared to an 11.69% return for the S&P 500 Index. The fund generated a 27.83% return in 2023 compared to a 26.29% return for the index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Sequoia Fund featured stocks like Intercontinental Exchange, Inc. (NYSE:ICE). Headquartered in Atlanta, Georgia, Intercontinental Exchange, Inc. (NYSE:ICE) provides market infrastructure, data services, and technology solutions that operate through Exchanges, Fixed Income and Data Services, and Mortgage Technology segments. On March 19, 2024, Intercontinental Exchange, Inc. (NYSE:ICE) stock closed at $135.50 per share. One-month return of Intercontinental Exchange, Inc. (NYSE:ICE) was -1.69%, and its shares gained 37.97% of their value over the last 52 weeks. Intercontinental Exchange, Inc. (NYSE:ICE) has a market capitalization of $77.034 billion.
Sequoia Fund stated the following regarding Intercontinental Exchange, Inc. (NYSE:ICE) in its fourth quarter 2023 investor letter:
“Shares in Intercontinental Exchange, Inc. (NYSE:ICE) returned 27% last year, a touch ahead of the Index. We expect both revenues and earnings per share to be up mid-single digits on an organic basis in 2023.
As a reminder, Intercontinental has evolved over twenty-three years from a small electronic energy exchange into the world’s largest market infrastructure company measured by market capitalization. Intercontinental’s portfolio now spans derivative and equity exchanges, various fixed income and data assets, and multiple mortgage software platforms. This portfolio of very high-quality businesses was carefully assembled by the company’s founder and CEO Jeffrey Sprecher…” (Click here to read the full text)
A business executive discussing investment opportunities in a stock exchange office.
Intercontinental Exchange, Inc. (NYSE:ICE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Intercontinental Exchange, Inc. (NYSE:ICE) was held by 63 hedge fund portfolios, compared to 54 in the previous quarter, according to our database.
We discussed Intercontinental Exchange, Inc. (NYSE:ICE) in another article and shared L1 Capital International Fund’s views on the company. 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.
