Intercontinental Exchange (ICE) Declined Due to Slower Trading Volume

Macquarie Asset Management, an investment management company, released its “Macquarie Large Cap Growth Fund” investor letter for the third quarter of 2025. A copy of the letter can be downloaded here. Equity indexes again posted record gains in the third quarter of 2025, with AI-themed stocks leading the market. AI Stocks led around 75% of the market returns in the quarter. In this environment, the fund delivered positive returns in the quarter but lagged behind the Russell 1000 Growth Index benchmark. The fund’s underperformance was driven by an unfavorable market environment and several missteps. For more information on the fund’s best picks in 2025, please check its top five holdings.

In its third-quarter 2025 investor letter, Macquarie Large Cap Growth Fund highlighted stocks such as Intercontinental Exchange, Inc. (NYSE:ICE). Intercontinental Exchange, Inc. (NYSE:ICE) is a financial services company that offers market infrastructure, data services, and technology solutions for financial institutions, corporations, and government entities. The one-month return of Intercontinental Exchange, Inc. (NYSE:ICE) was -8.12%, and its shares lost 4.15% of their value over the last 52 weeks. On October 14, 2025, Intercontinental Exchange, Inc. (NYSE:ICE) stock closed at $158.27 per share, with a market capitalization of $90.597 billion.

Macquarie Large Cap Growth Fund stated the following regarding Intercontinental Exchange, Inc. (NYSE:ICE) in its third quarter 2025 investor letter:

"At the stock level, the largest relative detractors were not owning Tesla and the Fund’s positions in Intercontinental Exchange, Inc. (NYSE:ICE) and Intuit Inc. ICE, which operates wide moat commodity exchanges, mainly futures and options for energy, as well as a mortgage technology business, fell out of favor during the quarter. Trading volumes slowed in several areas, particularly energy, which offset strength in equities. However, we focus on the long-term structural aspects of the energy market that favor sustained commodity volatility, supporting long-term volume growth. We believe ICE maintains a defendable, industry-leading position across multiple business lines with the potential for favorable long-term trends."

Intercontinental Exchange, Inc. (NYSE:ICE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. According to our database, 84 hedge fund portfolios held Intercontinental Exchange, Inc. (NYSE:ICE) at the end of the second quarter, compared to 94 in the previous quarter. While we acknowledge the potential of Intercontinental Exchange, Inc. (NYSE:ICE) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

In another article, we covered Intercontinental Exchange, Inc. (NYSE:ICE) and shared Billionaire Dan Loeb’s stocks with huge upside potential. In addition, please check out our hedge fund investor letters Q3 2025 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.