Giverny Capital, an investment management company, recently published its fourth-quarter investor letter in 2022. A copy of the same can be downloaded here. The model portfolio of the firm appreciated 8.49%, net of fees in the fourth quarter compared to a 7.56% return for the Standard & Poor’s 500 Index. For 2022, the fund delivered a -22.65% return compared to a -18.11% return for the Index. Oil and energy was the strongest sector in the year increased by 65%. In addition, you can check the top 5 holdings of the fund to see its best picks for 2022.
Giverny Capital 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 January 27, 2023, Intercontinental Exchange, Inc. (NYSE:ICE) stock closed at $107.94 per share. One-month return of Intercontinental Exchange, Inc. (NYSE:ICE) was 5.21%, and its shares lost 14.78% of their value over the last 52 weeks. Intercontinental Exchange, Inc. (NYSE:ICE) has a market capitalization of $60.29 billion.
Giverny Capital made the following comment about Intercontinental Exchange, Inc. (NYSE:ICE) in its Q4 2022 investor letter:
“During the year, we exited Amazon, B&M European Value Retail, Liberty Broadband and Intercontinental Exchange, Inc. (NYSE:ICE) . The first three stocks declined materially after our sales.
The sale of ICE happened in the fourth quarter. It doesn’t look great so far as the stock has risen from our sale price in the low $90s. But ICE took on a significant level of debt to buy the mortgage servicing business Black Knight in 2022, and the mortgage business is unlikely to be robust in 2023 given higher interest rates. ICE was our most heavily indebted company, and my bias right now is to minimize long term balance sheet risk.”
Intercontinental Exchange, Inc. (NYSE:ICE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 59 hedge fund portfolios held Intercontinental Exchange, Inc. (NYSE:ICE) at the end of the third quarter which was 51 in the previous quarter.
We discussed Intercontinental Exchange, Inc. (NYSE:ICE) in another article and shared Oakmark Funds’ 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.
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Disclosure: None. This article is originally published at Insider Monkey.
