Oakmark Funds, advised by Harris Associates, released its “Oakmark Global Select Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund generated a 9.1% return in the first quarter compared to a 7.7% return for the MSCI World Index. The fund returned an average of 7.1% since its inception in October 2006 outperforming a 6.4% annualized gain for MSCI World Index (net). In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Oakmark Global Select Fund highlighted stocks like Intercontinental Exchange, Inc. (NYSE:ICE) in the first quarter 2023 investor letter. Headquartered in Atlanta, Georgia, Intercontinental Exchange, Inc. (NYSE:ICE) operates through Exchanges, Fixed Income and Data Services, and Mortgage Technology segments. On April 12, 2023, Intercontinental Exchange, Inc. (NYSE:ICE) stock closed at $107.09 per share. One-month return of Intercontinental Exchange, Inc. (NYSE:ICE) was 7.92%, and its shares lost 14.00% of their value over the last 52 weeks. Intercontinental Exchange, Inc. (NYSE:ICE) has a market capitalization of $59.939 billion.
Oakmark Global Select Fund made the following comment about Intercontinental Exchange, Inc. (NYSE:ICE) in its Q1 2023 investor letter:
“Additionally, we initiated a position in Intercontinental Exchange, Inc. (NYSE:ICE) (U.S.) during the quarter. Intercontinental Exchange is one of the largest and most successful financial exchange operators. The company was created through a series of shrewd acquisitions under founder and CEO Jeff Sprecher. We believe Sprecher is an excellent CEO with a history of astute capital allocation and an ability to adapt to opportunities and competitive threats. Today, Intercontinental Exchange competes in three primary segments: exchanges, fixed income/data services and mortgage technology. We believe each of these businesses exhibits attractive economic characteristics and will grow earnings faster than GDP over time. Investors today are concerned about Intercontinental Exchange’s mortgage segment as rising interest rates have depressed origination volumes. We agree that this segment will be pressured in the near term. However, only 7% of trailing 12-month revenues are sensitive to mortgage volumes, and we believe they will eventually revert to historical norms. Today, however, Intercontinental Exchange sells for what we believe is an underserved discount to its exchange peers and private market valuations.”
Image by Gerd Altmann from Pixabay
Intercontinental Exchange, Inc. (NYSE:ICE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 58 hedge fund portfolios held Intercontinental Exchange, Inc. (NYSE:ICE) at the end of the fourth quarter which was 59 in the previous quarter.
We discussed Intercontinental Exchange, Inc. (NYSE:ICE) in another article and shared Ruane, Cunniff & Goldfarb Sequoia Fund’s views on the company. In addition, please check out our hedge fund investor letters Q1 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.