Upslope Capital Management added Intercontinental Exchange (NYSE:ICE) as a new position in its third-quarter 2026 investor letter, citing a valuation decline tied to noise around perpetual futures and market disdain for economically defensive businesses. ICE closed at $157.69 on October 21, 2026, with a market capitalization of $88.53 billion and a 52-week range of $121.79 to $176.05. According to the letter, about 55% of net revenue comes from Exchanges, 25% from Fixed Income & Data Services and 20% from Mortgage Tech, with roughly 35% of revenue generated outside the U.S., mostly in Europe. The Mortgage Tech segment, which touches about 90% of U.S. mortgages, is described as operating in trough-like conditions, though roughly 45% of its revenue comes from origination and closing products that could benefit from a housing recovery.
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