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MD Sass Concentrated Value Strategy exited Intercontinental Exchange (ICE) in Q2, as the investment thesis for its mortgage technology business did not meet expectations.
MD Sass stated in its Q2 2026 investor letter that the reason for liquidating Intercontinental Exchange (ICE) was that the anticipated market share growth and margin expansion from combining Black Knight with ICE's mortgage technology platform did not materialize as expected. The fund believes there are currently more attractive investment opportunities, particularly in the AI stock sector.
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Disclaimer: This content reflects the author's personal views only and does not constitute investment advice.
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