Sands Capital Management, LLC - Select Growth on Intercontinental Exchange

Intercontinental Exchange operates major exchanges, clearinghouses, and mortgage infrastructure, and Sands believes its fundamentals remain solid despite share-price weakness. The market is viewed as overestimating the risk that AI will displace ICE Mortgage because the business connects lenders, data vendors, and other participants while serving as a system of record. Sands also believes concerns about perpetual futures competition are overstated because those products may have limitations for institutional hedging and risk management. The recent multiple compression is therefore viewed as more severe than the deterioration in the underlying business.