We break down the stocks ICONIQ bought, sold, and held in Q1 2024, including their holdings at the end of the quarter. All data sourced from ICONIQ's 13F filed on May 15, 2024.
Who is ICONIQ?
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.
Portfolio Changes in Q1 2024
New positions
ICONIQ initiated two new positions during Q1 2024, with a significant stake in Shopify (SHOP) totaling 937,246 shares valued at $72.3 million, and a much smaller position in Oracle (ORCL) with 1,592 shares worth approximately $200,000.
Bought
ICONIQ made substantial additions to several existing technology holdings, most notably adding 3 million shares to Braze (BRZE) and 2.1 million shares to GitLab (GTLB). The firm also dramatically increased its position in Uber (UBER) by adding 56,946 shares (a 1,532% increase), significantly expanded its Apple (AAPL) holdings by adding 22,721 shares, and increased its stake in Nu Holdings (NU) by 133,167 shares.
Sold
ICONIQ completely liquidated its positions in Warby Parker (WRBY) and MSCI EAFE Hedged (HEFA), while making significant reductions to several major holdings including trimming 7.5 million shares from Blue Owl Capital (OWL), dramatically reducing Snowflake (SNOW) by 895,200 shares (a 72% reduction), substantially cutting Alibaba (BABA) by 13,274 shares, and reducing positions in Core S&P 500 (IVV) and Datadog (DDOG).
New Investments in Q1 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| SHOP | Shopify | 99.7% | NEW | $72.33M |
| ORCL | Oracle | 0.3% | NEW | $199.97K |
Shopify SHOP
ICONIQ bought $72.33M of Shopify in Q1 2024. Shopify Inc. delivered strong performance in Q1 2025 with 27% revenue growth and 15% free cash flow margin, marking its seventh consecutive quarter of double-digit FCF margins. The company grew Gross Merchandise Volume (GMV) by 23% YoY to $74.8 billion while expanding its US e-commerce market share to 12%. Recent results demonstrate accelerating momentum in merchant monetization and operational efficiency, positioning Shopify as a leader in the global commerce OS space.
- Revenue surged 27% YoY to $2.4 billion in Q1 2025, up from $1.9 billion in Q1 2024.
- Payments penetration reached 64% of GMV, driving improved take rates and merchant stickiness.
- Free cash flow margin expanded 500bps YoY to 15%, with $1.2 trillion in cumulative GMV processed since inception.
Oracle ORCL
ICONIQ bought $199.97K of Oracle in Q1 2024. Oracle has demonstrated accelerating cloud momentum with Q3 cloud services and license support revenues up 10% year-over-year to $11.0 billion, building on Q1's 21% cloud services growth. The company's remaining performance obligations surged 62% to $130 billion in Q3, reflecting strong demand for multi-cloud offerings. While on-premise license revenues declined 10% in Q3, Oracle's strategic focus on AI-driven cloud infrastructure and partnerships positions it for sustained growth.
- Remaining performance obligations grew 62% year-over-year to $130 billion in Q3, the strongest growth rate in a decade.
- Cloud revenue mix reached 78% of total revenues in Q3, up from 73% in Q1.
- Non-GAAP operating margin expanded to 44% in Q3, driven by cloud scale efficiencies.
Holdings at the end of Q1 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| PCOR | Procore Technologies | 47.6% | Trimmed (-4%) | $2.67B |
| OWL | Blue Owl Capital | 14.3% | Trimmed (-15%) | $801.82M |
| DDOG | Datadog | 10.2% | Trimmed (-11%) | $573.8M |
| GTLB | GitLab | 7.0% | Added (+46%) | $390.89M |
| BRZE | Braze | 6.1% | Added (+64%) | $339.77M |
| ACWI | MSCI ACWI | 3.3% | Added (+2%) | $183.56M |
| BL | BlackLine | 2.4% | $134.78M | |
| ENFN | Enfusion | 2.3% | $129.87M | |
| SHOP | Shopify | 1.3% | NEW | $72.33M |
| SNOW | Snowflake | 1.0% | Trimmed (-72%) | $54.27M |
| NMRA | Neumora Therapeutics | 0.8% | $46.73M | |
| VGK | FTSE Europe | 0.5% | Added (+0%) | $28.3M |
| VPL | FTSE Pacific | 0.5% | Added (+0%) | $26.27M |
| HOOD | Robinhood | 0.4% | Added (+2%) | $23.84M |
| COIN | Coinbase | 0.3% | Trimmed (-2%) | $18.13M |
| BRK-B | Berkshire Hathaway | 0.2% | Trimmed (-4%) | $13.12M |
| MELI | MercadoLibre | 0.2% | $13.06M | |
| GLD | SPDR Gold | 0.2% | Trimmed (-6%) | $12.52M |
| NVDA | Nvidia | 0.2% | $11.75M | |
| NU | Nu Holdings | 0.1% | Added (+27%) | $7.5M |
| IVV | Core S&P 500 | 0.1% | Trimmed (-22%) | $6.13M |
| KOD | Kodiak Sciences | 0.1% | $5.35M | |
| AAPL | Apple | 0.1% | Added (+270%) | $5.34M |
| URTH | MSCI World | 0.1% | $4.82M | |
| UBER | Uber | 0.1% | Added (+1532%) | $4.67M |
| CDXC | ChromaDx | 0.1% | $4.51M | |
| NXPI | NXP Semiconductors | 0.1% | $4.33M | |
| ACWX | MSCI ACWI Ex US | 0.1% | $3.36M | |
| QCOM | Qualcomm | 0.1% | $3.31M | |
| IEFA | Core MSCI EAFE | 0.1% | $2.85M | |
| IAU | Gold | 0.0% | $1.6M | |
| DASH | DoorDash | 0.0% | $1.58M | |
| Z | Zillow Group | 0.0% | $1.54M | |
| GOOGL | Alphabet | 0.0% | $1.07M | |
| RLAY | Relay Therapeutics | 0.0% | $785.99K | |
| QQQ | QQQ | 0.0% | $536.81K | |
| VNQ | Real Estate ETF | 0.0% | Trimmed (-34%) | $469.67K |
| IEMG | Core MSCI Emerging Markets | 0.0% | $418.06K | |
| JD | JD.com | 0.0% | $373.3K | |
| VSGX | Affirm | 0.0% | Trimmed (-24%) | $279.52K |
| ORCL | Oracle | 0.0% | NEW | $199.97K |
| BABA | Alibaba | 0.0% | Trimmed (-38%) | $155.59K |
| WRBY | Warby Parker | 0.0% | Exited | $0 |
| HEFA | MSCI EAFE Hedged | 0.0% | Exited | $0 |
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