Cme Group INC.

• UC Upslope Capital Management 2026-Q2 Update ↗ Upslope retained its cheap, defensive long book amid a momentum-driven preference for AI-linked and speculative stocks, while exiting Intel, Hershey and Jack Henry on valuation or risk-management grounds. The fund added Magnum Ice Cream, arguing its global brands, frozen supply chain, standalone margin opportunity and valuation create an attractive defensive investment. Q2 2026 -6.6% MICC $12BCCK $13BCME $99BDPLMF $13B
• Horizon Kinetics 2nd Quarter Commentary ↗ Horizon Kinetics defends long-horizon compounding through land, royalty and exchange businesses, while arguing that index construction creates mispricings in smaller and unconventional companies. It reduced precious-metals royalties on valuation grounds, backs exchanges against perpetual-futures disruption, and frames bitcoin’s supply schedule and network effects as the basis for its long-term thesis. 2nd Quarter 2026 — TPL $26BAMZN $2.8TCBOE $32BCME $99B

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