ICE Intercontinental Exchange, Inc.
Executive Summary
A mixed institutional cluster in ICE's Q3 2024 13Fs shows $372.5M in buying (net +$194.9M from $177.6M prior) against $378.4M in selling, creating net selling pressure. Aggressive active buying by Citadel ($113.8M add), Point72 ($16.2M doubler), and Nisa ($21.7M add) is countered by major trims from Mawer ($117.8M cut), Balyasny ($111.6M cut), and Prudential ($29.6M cut). The divergence between quant-driven accumulators and value-oriented divestors suggests a thesis split on ICE's growth trajectory and valuation.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$183.5M
▲ Buyers (39)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Citadel | ADD | +69.5% | $229.0M | $113.8M |
| Nisa Investment Advisors | ADD | +57.5% | $47.3M | $21.7M |
| Nissay Asset Management Corp | ADD | +51.9% | $37.5M | $16.4M |
| Point72 | DOUBLED | +298% | $20.6M | $16.2M |
| King Luther Capital Management | DOUBLED | +135.2% | $19.7M | $12.6M |
| M&G | NEW | +0% | $10.7M | $10.7M |
| &Partners | DOUBLED | +119.3% | $3.2M | $1.9M |
| Neos Investment Management | ADD | +26.6% | $4.6M | $1.5M |
▼ Sellers (21)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Mawer | TRIM | -30.7% | $632.0M | -$117.8M |
| Balyasny Asset Management | TRIM | -61.1% | $205.2M | -$111.6M |
| Verition Fund Management | NEAR_EXIT | -96.2% | $45.5M | -$43.5M |
| First Trust Advisors | NEAR_EXIT | -95.5% | $46.8M | -$44.3M |
| Prudential Financial | TRIM | -37.4% | $111.4M | -$29.6M |
| Swedbank Ab | EXIT | -100% | $11.6M | -$11.6M |
| Glenmede Trust Co Na | TRIM | -40.8% | $46.2M | -$14.1M |
Actionable Insight
The mixed cluster with divergent active manager conviction — quants buy aggressively while value managers sell — suggests no consensus signal on ICE. With the cross-filing amplifier inst-earnings-context + inst-offering-context indicating these moves may have been around earnings/offering events, monitor whether the selling accelerates into Q4 13F data as a potential overhang. For traders, the lack of clear institutional direction warrants a neutral stance until conviction coalesces.
Key Facts
- 39 buyers accumulated $372.5M in positions (net change +$194.9M)
- 21 sellers reduced $378.4M in positions (net change of -$378.4M)
- Citadel added 584.4K shares, increasing its stake by $113.8M
- Mawer trimmed 1.42M shares, reducing its position by $117.8M
- 2 new positions (M&G) and 3 near-exits/single exit among sellers
- Net aggregate value change across all tracked funds: -$183.5M (selling $378.4M vs buying $194.9M)
- Active quant funds (Citadel, Point72) are net buyers; value-oriented funds (Mawer, Balyasny) are net sellers
Financial Impact
Active quant funds added $175M+ while top value funds cut $351M+, resulting in aggregate institutional net selling of ~$183.5M based on the tracked 60-fund sample.
Risk Factors
- 13F data carries a 45-day reporting lag; positions may have already been adjusted after quarter end
- Mawer's large trim alongside Balyasny's sell suggests fundamental concerns among value-driven allocators
- Active quant buying could be hedging-related rather than directional conviction
- Historical P&L on prior ICE calls shows consistent negative drift (average T+20 -3.5%) suggesting persistent headwinds
Market Snapshot
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-ICE-2024-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 12, 2026
4d ago
|
Institutional Cluster
| $140.53 $140.10 | ▼ −0.31% | ▼ −2.07% | — |
|
May 31, 2026
16d ago
|
ANALYST-UPGRADE
| $158.65 $158.14 | ▼ −0.32% | ▼ −0.20% | — |
|
May 28, 2026
19d ago
|
Insider Cluster
| $147.63 $144.87 | ▼ −1.87% | ▼ −2.13% | — |
|
May 20, 2026
27d ago
|
144
| $151.10 $153.09 | ▲ +1.32% | ▲ +0.87% | — |
|
May 1, 2026
6w ago
|
ANALYST-UPGRADE
| $158.65 $158.14 | ▼ −0.32% | ▼ −0.20% | — |
|
Apr 30, 2026
6w ago
|
8-K
| $157.58 $154.66 | ▼ −1.85% | ▼ −2.07% | — |
|
Feb 28, 2026
15w ago
|
Institutional Cluster
| $164.58 $164.65 | ▲ +0.04% | ▲ +0.96% | — |
|
Feb 20, 2026
16w ago
|
Insider Cluster
| $153.92 $154.02 | ▲ +0.07% | ▲ +1.07% | — |
US Market Status
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