Emerald Wealth Partners, an independent ******* et and wealth management firm based in Zurich, released its Q2 2026 investor letter for the "Focused Equity Strategy." A copy of the letter can be downloaded here. The Strategy reported a 0.8% gross return for the second quarter of 2026. Equity markets rallied after the first quarter's Iran shock faded and oil prices reversed their spike, but the advance remained narrow and concentrated in cyclical semiconductor and memory stocks benefiting from supply constraints. The letter warned that investors were treating peak-cycle earnings as durable, while FOMO, IPO demand, and a US cyclically adjusted P/E ratio near 40 pointed to late-cycle market behavior. Long-term fundamentals are currently undervalued by the market, leading to underperformance in the strategy, notably due to the portfolio's avoidance of low-quality momentum-driven semiconductor stocks, which boosted the benchmark this quarter. It remains focused on enterprise infrastructure, digital platforms, custom silicon, and networking businesses that hold customer relationships, workflow data, distribution, and efficiency advantages, which could allow them to monetize AI rather than be displaced by it. Please review the Strategy's top five holdings for its key selections.
According to Emerald Wealth Partners Focused Equity Strategy's Q2 2026 investor letter, Intercontinental Exchange, Inc. (NYSE:ICE), a US-based financial services company that provides technology, data, and market infrastructure to financial institutions, corporations, and government entities, detracted from the performance. On August 04, 2026, Intercontinental Exchange, Inc. (NYSE:ICE) closed at $149.20 per share, reflecting a market capitalization of $83.76 billion. Intercontinental Exchange, Inc. (NYSE:ICE) posted a one-month return of 8.77%, and its shares lost 20.66% over the past 52 weeks.
Emerald Wealth Partners Focused Equity Strategy stated the following regarding Intercontinental Exchange, Inc. (NYSE:ICE) in its Q2 2026 investor letter:
"Intercontinental Exchange, Inc.'s (NYSE:ICE) 21.4% share decline knocked 58 bps from the portfolio's performance. ICE is emblematic of a broader group of high-quality businesses caught in a negative AI narrative largely disconnected from their underlying fundamentals. The company owns a unique collection of complementary franchises — including the New York Stock Exchange, clearing houses, fixed income data businesses and a mortgage technology platform — ******* embled over decades through disciplined and accretive acquisitions. These businesses continue to benefit from secular growth in trading volumes and recurring data revenues, while the electronification of mortgage origination remains in its early stages. In our view, artificial intelligence is far more likely to enhance the value of ICE's proprietary data and infrastructure than replicate the ******* ets that underpin its competitive advantages."

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