L1 Capital, an investment management firm, released its “L1 Capital International Fund” fourth quarter 2023 investor letter, a copy of the same can be downloaded here. In the fourth quarter, the fund returned 6.7% (net of fees), outperforming the Benchmark return of 5.4% by 1.3% (all in Australian dollars). The fund returned 36.9% (net of fees) in 2023, outperforming the Benchmark return of 23.0% by 13.9% (all in Australian dollars). Please check the fund’s top five holdings to know its best picks in 2023.
L1 Capital International 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 18, 2024, Intercontinental Exchange, Inc. (NYSE:ICE) stock closed at $134.40 per share. One-month return of Intercontinental Exchange, Inc. (NYSE:ICE) was -0.92%, and its shares gained 35.56% of their value over the last 52 weeks. Intercontinental Exchange, Inc. (NYSE:ICE) has a market capitalization of $77.209 billion.
L1 Capital International Fund stated the following regarding Intercontinental Exchange, Inc. (NYSE:ICE) in its fourth quarter 2023 investor letter:
“Other changes were relatively small, but targeted. For example, we reduced our investment in CME Group and increased our investment in Intercontinental Exchange, Inc. (NYSE:ICE), two over-lapping but meaningfully differentiated derivatives exchanges. CME has benefitted from U.S. interest rate volatility and overall is a more defensive business compared to Intercontinental Exchange. We expect Intercontinental Exchange’s mortgage technology business to benefit from lower residential mortgage rates over time.”
An executive in a suit on the floor of a trading exchange, with screens of stock prices in the background.
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 ClearBridge Investments’ 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.
