ICONIQ's Trades and Holdings in Q1 2025

We break down the stocks ICONIQ bought, sold, and held in Q1 2025, including their holdings at the end of the quarter. All data sourced from ICONIQ's 13F filed on May 15, 2025.

Who is ICONIQ Capital?

ICONIQ Capital is an elite Silicon Valley-based multi-family office founded in 2011 that manages wealth for prominent technology entrepreneurs and executives, including Mark Zuckerberg and Jack Dorsey. The firm has expanded from its roots as a wealth manager into a comprehensive investment platform spanning private equity, venture capital, real estate, and public markets. ICONIQ's strategy leverages its unique network to access high-quality investment opportunities across asset classes.

Iconiqcapital.com
Wikipedia

Portfolio Changes in Q1 2025

New Positions

In Q1 2025, ICONIQ initiated 20 new positions, with the largest being CCC Intelligent Solutions Holdings Inc. (CCCS) at $10.5M, followed by General Electric Company (GE) at $1.2M and Amgen Inc. (AMGN) at $1.0M, along with smaller positions in companies such as Elevance Health Inc. (ELV), Prologis, Inc. (PLD), and NXP Semiconductors N.V. (NXPI).

Bought

The firm significantly increased several existing positions, most notably Toast, Inc. (TOST) by 622,043 shares (7,539% increase), Oracle Corporation (ORCL) by 295,503 shares (4,613% increase), AppLovin Corporation (APP) by 39,976 shares (4,893% increase), and added 1.67M shares to Nu Holdings Ltd. (NU) while also boosting its Amazon.com, Inc. (AMZN) position by 246,325 shares.

Sold

ICONIQ completely liquidated 20 positions including Hims & Hers Health, Inc. (HIMS) ($69.5M), Vanguard Consumer Staples Fund (VDC) ($29.8M), and SPDR Portfolio Emerging Markets ETF (SPEM) ($25.4M), while significantly reducing its stakes in Broadcom Inc. (AVGO) by 506K shares (82% decrease), Datadog, Inc. (DDOG) by 663K shares (24% decrease), NVIDIA Corporation (NVDA) by 160K shares (44% decrease), and Alphabet Inc. (GOOGL) by 155K shares (81% decrease).

New Investments in Q1 2025

CCC Intelligent Solutions Holdings Inc. CCCS

ICONIQ bought 1,160,847 shares of CCC Intelligent Solutions Holdings Inc. in Q1 2025. CCC Intelligent Solutions Holdings Inc. (CCCS) demonstrated 11% year-over-year revenue growth in Q1 2025, reaching $251.6 million, while full-year 2024 revenue grew 9% to $944.8 million. The company achieved 12% adjusted EBITDA growth in 2024 ($397.4M) and maintained strong margins of 76-78%, though it reported a GAAP net loss of $17.4 million in Q1 2025. Recent performance shows accelerating SaaS platform adoption in the insurance economy despite some profitability challenges.

• Q1 2025 revenue grew 11% to $251.6M with adjusted EBITDA margin of 39%.
• Full-year 2024 adjusted EBITDA increased 12% to $397.4M on 9% revenue growth.
• GAAP net loss widened to $17.4M in Q1 2025 from $0.6M loss in prior-year quarter.

General Electric Company GE

ICONIQ bought 5,795 shares of General Electric Company in Q1 2025. General Electric Company (GE) has demonstrated strong performance over the last 12 months, driven by its strategic spin-off of GE Vernova in April 2024 and focus on aviation and aerospace. The stock surged approximately 50% post-spin-off, reaching a 52-week high of $223.53, and remains up 19.2% year-to-date in 2025 despite recent market volatility. Robust demand for jet engines, improved operational efficiency, and a streamlined business model have positioned GE Aerospace as a market leader.

• Adjusted EPS grew to $1.49 in Q1 2025, beating estimates by 17%, with revenue up 11% year-over-year to $9.94 billion.
• Stock price increased 32.2% from its 52-week low of $150.20, outperforming major indices by 15+ percentage points in 2025.
• Full-year 2025 guidance projects adjusted EPS of $5.10–$5.45, reflecting confidence in sustained growth across commercial aviation and defense sectors.

Amgen Inc. AMGN

ICONIQ bought 3,341 shares of Amgen Inc. in Q1 2025. Amgen Inc. has experienced mixed performance over the last 12 months, with revenue growing 18.57% to $33.42 billion in 2024, but earnings declining -39.11% to $4.09 billion. Despite a recent stock price dip to $265.86 (May 2025) from its September 2024 peak of $332.02, analysts maintain a Buy rating with a 12-month price target of $324.37, suggesting 22.42% upside. Strong Q1 2025 results, including 9% YoY revenue growth and 24% EPS increase, highlight operational resilience amid competitive pressures.

• YTD total return of 1.44% outperforms industry median of -7.47%.
• Dividend yield of 3.40% with 155.17% payout ratio and 15-year payment history.
• Q1 2025 operating profit margin expanded, driving 24% EPS growth despite risk-off market sentiment.

Elevance Health Inc. ELV

ICONIQ bought 1,270 shares of Elevance Health Inc. in Q1 2025. Elevance Health (ELV) has demonstrated mixed performance over the past 12 months, with strong revenue growth but significant stock price volatility. The company reported 15.4% year-over-year operating revenue growth in Q1 2025 to $48.8 billion , while full-year 2024 revenue reached $176.81 billion . However, the stock has declined 28.98% over the past 12 months despite a modest 1.89% YTD gain , underperforming broader market indices.

• Adjusted diluted EPS grew 4.1% to $11.97 in Q1 2025 while reaffirming full-year guidance of $34.15-$34.85 .
• 5-year total return remains positive at 45.80%, but 12-month performance ranks in bottom quartile versus peers .
• Returned $1.3 billion to shareholders through buybacks/dividends in Q1 2025, maintaining strong capital allocation .

Prologis, Inc. PLD

ICONIQ bought 4,787 shares of Prologis, Inc. in Q1 2025. Prologis (PLD) has seen mixed performance over the past year, with its stock trading at $107.60 as of May 14, 2025 — 20.7% above its 52-week low but 23.2% below its high. The company reported 2.7% revenue growth ($8.56B in 2024) and 22% earnings growth ($3.73B), though it trades at a premium P/E of 38.51 compared to peers like PSA (28.17). Recent dividend declarations and a $123.41 average analyst price target suggest cautious optimism for this industrial REIT leader.

• EPS grew 22% year-over-year in 2024 despite modest revenue growth.
• Trades at 14% discount to Morningstar's fair value estimate of $125.
• 8.85% stock price increase over the last 30 days (May 9-14, 2025).

NXP Semiconductors N.V. NXPI

ICONIQ bought 2,675 shares of NXP Semiconductors N.V. in Q1 2025. NXP Semiconductors N.V. has faced revenue declines over the past year, with 2024 revenue dropping 5% to $12.61B and Q1 2025 revenue falling 9% YoY to $2.84B. Despite near-term challenges, analysts forecast 11.6% annual earnings growth and 13.6% EPS growth, driven by automotive/IoT demand and a management transition aimed at strategic realignment. The stock has shown bullish momentum with algorithmic forecasts predicting a 32.4% price increase to $277.76 within a year.

• Revenue declined 4.99% YoY in 2024 ($12.61B vs $13.28B) with earnings falling 16.33% to $2.51B.
• Forecasted 33.1% return on equity within 3 years, significantly outperforming semiconductor industry averages.
• Stock price up 14.36% in 1-year with algorithmic forecasts predicting a 32.4% price increase to $277.76 within a year.

GSK PLC GSK

ICONIQ bought 11,888 shares of GSK plc in Q1 2025. GSK plc has demonstrated strong financial performance over the past 12 months, with 4% year-on-year earnings growth and a core operating profit margin of 33.7%. The stock gained 2.66% over the last 30 days (as of May 14, 2025), supported by accelerating specialty medicines sales and pipeline advancements. The company raised its 2031 sales outlook to >£40 billion, reflecting confidence in its late-stage R&D portfolio.

• Core EPS growth of 6-8% projected for 2025, including benefits from a £2 billion share buyback programme.
• Specialty medicines portfolio drove 2024 sales growth of 12% at constant exchange rates.
• Stock price increased 3.45% on February 25, 2025 following positive clinical trial updates for respiratory therapies.

Vanguard Mega Cap Growth Index Fund MGK

ICONIQ bought 1,443 shares of Vanguard Mega Cap Growth Index Fund in Q1 2025. Vanguard Mega Cap Growth ETF (MGK) has faced headwinds over the past 12 months, with a -1.69% year-to-date return as of May 13, 2025, reflecting challenges in the large-cap growth sector. The fund tracks the CRSP US Mega Cap Growth Index, which focuses on dominant growth-oriented companies, and maintains a competitive edge with its ultra-low 0.07% expense ratio. With $23.14B in assets under management, it remains a core holding for investors seeking cost-effective mega-cap growth exposure despite recent market volatility.

• -1.69% YTD return as of May 13, 2025 .
• 0.07% net expense ratio, 90% lower than the category average for large-cap growth ETFs .
• 680,259 shares average daily trading volume, ensuring high liquidity .

Anheuser-Busch InBev SA/NV BUD

ICONIQ bought 6,304 shares of Anheuser-Busch InBev SA/NV in Q1 2025. Anheuser-Busch InBev demonstrated resilient performance over the last 12 months, achieving 4.3% revenue per hectoliter growth in FY24 and 15.4% underlying EPS growth driven by premiumization and cost efficiencies. Despite currency headwinds causing a 6.3% reported revenue decline in Q1 2025, organic metrics improved with 3.7% revenue/hl growth and 7.1% underlying WPA growth. The company reduced its net debt/EBITDA ratio to 2.89x in 2024 - its first time below 3x since 2015 - strengthening its capital position.

• EBITDA grew 8.2% in FY24 with 179bps margin expansion, accelerating to mid-teens growth in Q1 2025.
• Reported profit attributable to equity holders doubled YoY to $2.148B in Q1 2025.
• Achieved 85bps market share gain in total alcohol through premium brand momentum (Corona + Stella Artois).

CVS Health Corporation CVS

ICONIQ bought 5,586 shares of CVS Health Corporation in Q1 2025. CVS Health Corporation (CVS) experienced a volatile 12-month period, declining over 40% in 2024 before surging 50% in Q1 2025 to become the S&P 500's top performer. While Q1 2025 revenues grew 7% YoY to $94.6B with adjusted EPS of $1.41, full-year 2024 results showed ongoing challenges from pharmacy margin pressures and Aetna-related medical costs. Recent leadership under CEO David Joyner and strategic evaluations of business separations have driven renewed investor optimism.

• 50% stock gain in Q1 2025 following better-than-expected Q4 2024 results (GAAP EPS guidance: $4.58-$4.83).
• 12-month trailing P/E ratio 58% below industry average despite recent rally, with analyst consensus price target of $73 (8% upside potential).
• Q1 2027 medical benefit ratio improved to 84.5% from 2024's elevated levels, signaling better cost management.

Carrier Global Corporation CARR

ICONIQ bought 5,944 shares of Carrier Global Corporation in Q1 2025. Carrier Global Corporation has demonstrated strong financial performance over the past year, with 2024 revenue growing 18.65% to $22.49 billion and earnings surging 315% to $5.6 billion. The stock price rose from $60.49 in late April 2025 to $73.36 by mid-May 2025, supported by consistent margin expansion and shareholder returns. Recent Q1 2025 results showed 27% growth in adjusted EPS and increased full-year guidance, positioning the company for continued momentum.

• Adjusted EPS grew 16% in 2024 followed by 27% YoY growth in Q1 2025.
• Returned $2.6 billion to shareholders in 2024 through buybacks and dividends, with $1.5 billion returned in Q1 2025 alone.
• Trades at 11.53 P/E ratio with analysts forecasting 10.23% upside to $81 price target.

Rio Tinto Group RIO

ICONIQ bought 5,891 shares of Rio Tinto Group in Q1 2025. Rio Tinto Group (RIO) demonstrated robust financial performance in 2024, driven by operational efficiency and strategic investments. The company reported $23.3 billion in underlying EBITDA and a 15% year-over-year earnings growth, supported by a 18% return on capital employed. Its focus on decarbonization and the pending Arcadium Lithium acquisition positions it for sustained growth in critical minerals.

• Underlying earnings grew 15% to $11.6 billion in 2024, with operating cash flow reaching $15.6 billion .
• Maintained strong shareholder returns with $6.5 billion in ordinary dividends paid, reflecting stable cash generation .
• Announced strategic expansion via the Arcadium Lithium acquisition, expected to enhance its clean energy portfolio in 2025 .

Microchip Technology Incorporated MCHP

ICONIQ bought 6,961 shares of Microchip Technology Incorporated in Q1 2025. Microchip Technology Incorporated has faced significant challenges over the past 12 months, with FY2025 net sales declining 26.8% year-over-year to $4.402 billion and non-GAAP EPS plummeting 73% from $4.92 to $1.31. Despite these headwinds, management's strategic actions including $1.3 billion debt reduction and inventory optimization suggest positioning for recovery. The stock's 46.62 normalized P/E ratio remains elevated compared to historical averages, reflecting mixed market expectations about its turnaround potential.

• Q4 revenue fell 26.8% YoY to $970.5 million, marking the sixth consecutive quarter of declines.
• Inventory reduced by $62.8 million in Q4 with days outstanding falling 15 days sequentially.
• Non-GAAP gross margins held at 57% despite revenue contraction, demonstrating cost discipline.

Sea Limited SE

ICONIQ bought 2,528 shares of Sea Limited in Q1 2025. Sea Limited has delivered a transformative performance over the past 12 months, transitioning from net losses to profitability with Q1 2025 basic EPS of $0.68 and adjusted EBITDA surging 366% to $591 million. The stock has soared 270% since January 2024, dwarfing the broader market's gains, driven by Shopee's 28% GMV growth and margin expansion. JPMorgan's upgrade to 'Overweight' and a revised price target of $190 reflect confidence in its sustained growth across e-commerce, digital finance, and gaming segments.

• EPS turned positive at $0.68 in Q1 2025, reversing a net loss from the year-ago quarter.
• Stock surged 270% since January 2024, outperforming the S&P 500’s 18% rally.
• Q1 2025 revenue grew 37% year-over-year to $5.0 billion, with gross merchandise volume reaching $28.6 billion.

Monolithic Power Systems, Inc. MPWR

ICONIQ bought 550 shares of Monolithic Power Systems, Inc. in Q1 2025. Monolithic Power Systems (MPWR) has demonstrated strong revenue growth of 21.2% to $2.21B in 2024 and a 39.2% YoY increase in Q1 2025 revenue to $637.55M, but its stock declined 5.55% in 2024 amid market volatility. Analysts maintain a 'Moderate Buy' rating despite trimming their price target to $820, reflecting optimism about its 80.95% net margin and 20.36% ROE. Recent insider selling and semiconductor sector headwinds have tempered short-term momentum.

• EPS grew 44.6% YoY to $4.04 in Q1 2025, beating estimates by $0.04.
• Stock price fluctuated between $438.86 and $959.64 over the past year, currently down 33.3% from its 52-week high.
• EVPs sold 12,000 shares at $701/share in May 2025, representing $8.4M in transactions.

Howmet Aerospace Inc. HWM

ICONIQ bought 2,405 shares of Howmet Aerospace Inc. in Q1 2025. Howmet Aerospace Inc. delivered strong financial performance over the past year, with revenue rising 12% to $7.4B in 2024 and Adjusted EBITDA growing 27% to $1.9B. The company's stock price surged 102% in 2024, significantly outpacing the S&P 500's 23% gain, driven by robust demand in commercial aerospace including 13% growth in engine spares. Howmet returned $500M to shareholders through buybacks and raised its dividend by 25%, while Q1 2025 results show continued momentum with revenue up 6% and commercial aerospace up 9%.

• Full-year 2024 Adjusted EBITDA margin expanded 310 basis points to 25.8%, reflecting operational efficiency gains.
• Free cash flow reached $977M in 2024, enabling $365M debt reduction and $500M stock repurchases.
• Q1 2025 revenue grew 6% year-over-year to $1.94B, with commercial aerospace up 9%.

HCA Healthcare, Inc. HCA

ICONIQ bought 902 shares of HCA Healthcare, Inc. in Q1 2025. HCA Healthcare has demonstrated consistent financial growth over the past year, driven by increased patient demand and operational efficiency. Revenue rose to $18.3 billion in Q1 2025, up 5.7% year-over-year, while net income grew marginally to $1.61 billion. The company repurchased 7.8 million shares for $2.5 billion in Q1 2025, signaling confidence in its value. Analysts project a 4.9% upside to its average price target of $381.13, reflecting optimism despite macroeconomic uncertainties.

• Revenue grew 5.7% YoY in Q1 2025 to $18.3 billion, with same-facility admissions up 2.6%.
• EPS increased 8.8% to $6.45 in Q1 2025, despite Q1 2024 results including a $0.57/share gain from facility sales.
• Analysts forecast a $381.13 average price target (4.9% above current levels), with a high target of $440.00.

Freeport-McMoRan Inc. FCX

ICONIQ bought 8,001 shares of Freeport-McMoRan Inc. in Q1 2025. Freeport-McMoRan Inc. (FCX) has faced challenges over the past 12 months, with its stock price declining 29% from its 52-week high of $55.24 to $39.06 as of May 14, 2025. This underperformance stems from operational setbacks, including maintenance activities at its Grasberg copper-gold mine impacting Q1 2025 earnings. However, analysts forecast a 9% price recovery to $42.67 by year-end 2025 as operations normalize.

• Stock price declined 29% from 52-week high ($55.24 → $39.06).
• Maintains $25B revenue and $1.9B net income over trailing twelve months despite operational challenges.
• Trades at forward P/E ratio of 24.7 (based on $47B market cap vs $1.9B net income).

Norfolk Southern Corporation NSC

ICONIQ bought 1,276 shares of Norfolk Southern Corporation in Q1 2025. Norfolk Southern Corporation (NSC) has shown strong operational performance over the past year, with adjusted EPS growing 8% year-over-year in Q1 2025 despite macroeconomic challenges. The company maintained revenue stability, improved its operating ratio to 61.7%, and gained market share through enhanced service reliability. While full-year guidance remains conservative, insurance recoveries from the Eastern Ohio incident and volume growth of 5% in 2024 support continued resilience.

• 8% adjusted EPS growth in Q1 2025, outperforming adjusted Q1 2024 results.
• 61.7% operating ratio in Q1 2025, reflecting operational efficiency gains.
• 5% volume growth in 2024, driven by improved service reliability and customer retention.

Schlumberger Limited SLB

ICONIQ bought 7,142 shares of Schlumberger Limited in Q1 2025. Schlumberger Limited (SLB) reported 9.52% revenue growth in 2024 ($36.29B) but faced a 3% YoY revenue decline in Q1 2025 ($8.49B), reflecting mixed energy sector dynamics. The stock trades at a 12.08 P/E ratio (31% below industry average) with analysts projecting 52.35% upside to $54.42 price target. Recent strategic investments in energy transition technologies position SLB for long-term growth despite short-term volatility.

• EPS declined 22% YoY in Q1 2025 to $0.58, missing estimates by 1.95%.
• 24.13% EPS growth projected through 2027 at current valuation of 9.6x forward earnings.
• 3.15% dividend yield with $1.13 annual payout maintained through market fluctuations.

Holdings at the end of Q1 2025

Disclaimer: All posts on Scout are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.