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Institutional Investment Pitches
Explore thousands of hedge fund pitches, high-conviction equity research memos, and portfolio manager commentary extracted from quarterly letters.
Explore thousands of hedge fund pitches, high-conviction equity research memos, and portfolio manager commentary extracted from quarterly letters.
Pershing Square Holdings delivered a -12.6% NAV return in the first half of 2026 versus +10.2% for the S&P 500, as market gains were concentrated in semiconductors and tech hardware while 90% of S&P companies contributed less than 2% of index returns. The manager used...
— William A. Ackman
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Other investors who've written on Intercontinental Exchange
Intercontinental Exchange benefits from a highly diversified business model and secular tailwinds in energy markets driven by the global energy transition. Recent market volatility...
Intercontinental Exchange detracted from quarterly returns as financials faced generalized headwinds. The manager maintains...
Intercontinental Exchange detracted from performance in the second quarter following the Commodity Futures Trading Commission's (CFTC) approval of Bitcoin perp...