ICONIQ's Trades in Q2 2024

We break down the stocks ICONIQ bought, sold, and held in Q2 2024, including their holdings at the end of the quarter. All data sourced from ICONIQ's 13F filed on August 14, 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.

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Portfolio Changes in Q2 2024

New positions

ICONIQ established significant new positions in Q2 2024, led by a $77.9 million stake in ASML (ASML) and a $9.6 million position in Broadcom (AVGO). The firm also added several ETF positions including FTSE Developed Markets (VEA) ($5.1M), Dividend Appreciation (VIG) ($1.8M), and Russell 2000 (VTWO) ($1.2M), alongside individual stock positions in JPMorgan (JPM), Eli Lilly (LLY), Tesla (TSLA), Visa (V), Netflix (NFLX), and other blue-chip names.

Bought

ICONIQ dramatically increased several major technology positions, most notably expanding Nvidia (NVDA) by over 2,200% from 13,003 to 306,332 shares and Alphabet (GOOGL) by nearly 2,800% from 7,061 to 168,870 shares. The firm also doubled its Microsoft (MSFT) position and significantly increased holdings in Amazon (AMZN), Alphabet (GOOG), Braze (BRZE), and GitLab (GTLB), reflecting a strong conviction in technology growth stocks during the quarter.

Sold

ICONIQ completely liquidated positions in Affirm (VSGX), Oracle (ORCL), and Mizuho Financial Group (MFG) while significantly trimming several large holdings. The firm reduced its Blue Owl Capital (OWL) position by 9 million shares and Procore Technologies (PCOR) by 4.5 million shares, cut its Apple (AAPL) stake nearly in half, and substantially reduced positions in Snowflake (SNOW), Datadog (DDOG), and SPDR Gold (GLD), suggesting profit-taking and portfolio rebalancing activities.

New Investments in Q2 2024

ASML ASML

ICONIQ bought $77.91M of ASML in Q2 2024. ASML reported Q1 2025 net sales of €7.74 billion, a 16.4% YoY decline, with net income falling to €2.36 billion amid reduced system deliveries and softer demand. While quarterly performance weakened, the company maintained its full-year guidance of €30–35 billion in net sales and strategic focus on advanced lithography leadership. Recent €3.94 billion net bookings (down 44.4% YoY) reflect near-term caution, but management reaffirmed long-term targets of €44–60 billion revenue by 2030 through EUV technology dominance.

• Q1 2025 gross margin held steady at 54.0%, demonstrating pricing power despite 73 system deliveries (vs. 119 in Q1 2024).
• Net bookings plunged to €3.94 billion in Q1 (44.4% YoY decline), with EUV orders at €1.2 billion signaling selective investment in cutting-edge tech.
• Reaffirmed 2025 gross margin guidance of 51–53% and 6–24% YoY sales growth, with Q2 expectations set at €7.2–7.7 billion revenue.

Broadcom AVGO

ICONIQ bought $9.56M of Broadcom in Q2 2024. Broadcom reported strong Q1 FY2025 results with 25% year-over-year revenue growth to $14.9 billion, driven by a 77% surge in AI-related revenue to $4.1 billion. The company's stock surged 9% post-earnings as it guided for 19% YoY growth in Q2 revenue ($14.9 billion), with AI infrastructure investments from hyperscalers continuing to fuel expansion. This performance demonstrates accelerating momentum in AI chip demand and data center solutions, positioning Broadcom favorably against semiconductor peers.

• Q1 GAAP EPS of $1.14 and non-GAAP EPS of $1.60, beating estimates by 5.96%.
• Free cash flow increased to $6.01 billion (40% of revenue), supporting continued R&D investments.
• Stock gained 27% over last 12 months despite 2025 market volatility, outperforming semiconductor index.

FTSE Developed Markets VEA

ICONIQ bought $5.11M of FTSE Developed Markets in Q2 2024. The Vanguard FTSE Developed Markets ETF (VEA) has shown strong momentum in the current quarter, with a 4.01% return over the last month and 11.07% YTD gain as of April 30, 2025. This outperforms its 5-year annualized return of 5.62%, suggesting accelerating growth in developed market equities. The ETF maintains a 3.36% dividend yield from 2024, appealing to income-focused investors while demonstrating price appreciation.

• 7.61% return over the last 6 months, outpacing its 30-year annualized return of 5.35%.
• 12.59% 1-year return through April 2025, driven by developed market recovery.
• 16.47% standard deviation over 30 years, reflecting typical volatility for international equity exposure.

Dividend Appreciation VIG

ICONIQ bought $1.79M of Dividend Appreciation in Q2 2024. Vanguard Dividend Appreciation ETF (VIG) has faced headwinds in recent quarters, declining -1.51% in Q1 2025 and another -1.51% in Q2 2025 through May 23. This underperformance contrasts with its 7.62% gain in 2024, reflecting shifting market preferences away from dividend-focused strategies toward growth-oriented assets. The ETF's 10.5% volatility remains below the S&P 500's 12.8%, but its dividend yield of 1.76% trails broader market benchmarks.

• Q2 2025 YTD return of -0.46% underperforms S&P 500's +0.46% through same period.
• 30-year annualized return of 10.46% shows long-term strength despite recent slump.
• Current price of $191.94 represents -5.18% decline from 2022 peak.

Russell 2000 VTWO

ICONIQ bought $1.2M of Russell 2000 in Q2 2024. The Vanguard Russell 2000 ETF (VTWO) has underperformed broader markets, gaining 19% since early 2023 compared to the S&P 500’s 55% rally. Its recent performance reflects challenges in the small-cap sector, with a -2.02% 1-year return and volatility tied to its exposure to lower-quality, high-risk companies. Morningstar notes structural flaws in its underlying index contribute to elevated trading costs and performance drag.

• 0.07% expense ratio remains among the lowest in small-cap ETFs.
• 1.41% dividend yield with a 22.96% payout ratio as of March 2025.
• -4.3% decline in Q2 2025 (through May 23) as small caps lagged mega-cap tech rallies.

Nuveen Bloomberg Municipal TFI

ICONIQ bought $709.31K of Nuveen Bloomberg Municipal in Q2 2024. The SPDR Nuveen Bloomberg Municipal Bond ETF (TFI) showed mixed performance in Q1 2025, with 2% year-over-year revenue growth to €520 million despite a -0.22% return for the Bloomberg Municipal Bond Index. Demand remains robust, with $767 million in fund inflows reported in May 2025 and high yield municipal funds attracting $4.9 billion inflows during Q1. The fund’s 5-7 year maturity bucket holds the largest allocation at 8.40%, positioning it to benefit from sustained demand for intermediate duration in a higher-for-longer rate environment.

• 8.40% allocation to 5-7 year maturities as of May 2025, the largest segment of TFI’s portfolio.
• 2.99% total return for taxable municipal bonds in Q1 2025, outperforming tax-exempt peers by 323 basis points.
• $500 billion in expected 2025 municipal bond issuance, creating ample investment opportunities for active managers.

JPMorgan JPM

ICONIQ bought $476.73K of JPMorgan in Q2 2024. JPMorgan reported strong Q1 2025 results with $46.0B managed revenue (+7% YoY) and $5.07 EPS, beating estimates. While showing YoY growth, quarterly revenue dipped 2% QoQ amid rising credit costs. CEO Jamie Dimon highlighted economic turbulence from tariffs and inflation while maintaining 21% ROTCE and $1.5T liquidity position.

• EPS grew 14.2% YoY from $4.44 to $5.07, surpassing analysts' $4.64 estimate.
• Net interest income reached $23.4B (+6.8% YoY), driving profitability despite 42% YoY increase in credit costs to $3.3B.
• Shares gained 3% immediately post-earnings though remain 5% YTD negative amid tariff concerns highlighted in Dimon's shareholder letter.

US Small Cap SCHA

ICONIQ bought $470.51K of US Small Cap in Q2 2024. Schwab U.S. Small-Cap ETF (SCHA) has faced significant headwinds in 2025 Q1, declining -14.33% over the last three months and -11.51% year-to-date, underperforming its Morningstar Small Blend category (-10.69% YTD). The ETF's 19.46% standard deviation and -32.27% maximum drawdown highlight elevated volatility risks in small caps. Despite long-term 6.41% 10-year annualized returns, recent underperformance reflects broader market pressures on small-cap equities.

• Portfolio turnover rate of 9% remains 84% below category average, enhancing tax efficiency.
• Current quarter decline of -0.85% follows Q4 2024's +4.47% gain, showing increased volatility.
• Trailing 12-month returns of +0.65% lag category average by 1.2 percentage points.

Eli Lilly LLY

ICONIQ bought $446.35K of Eli Lilly in Q2 2024. Eli Lilly (LLY) reported 45% year-over-year revenue growth in Q1 2025 to $12.73 billion, driven by strong demand for Mounjaro and Zepbound, but shares declined due to a reduced full-year EPS outlook. Non-GAAP EPS rose 29% to $3.34, though this missed analyst expectations by $0.12, while GAAP EPS increased 23% to $3.06. The company reaffirmed its $58-61 billion 2025 revenue guidance and highlighted promising Phase 3 results for oral GLP-1 agonist orforglipron, positioning it for long-term growth in obesity/diabetes markets.

• Q1 2025 revenue surged 45% to $12.73B, with key therapies Mounjaro/Zepbound driving a 119% increase in core product sales to $7.5B.
• Non-GAAP EPS grew 29% to $3.34 (up from $2.58 YoY), but missed estimates by 3.5%, triggering an 8.56% stock decline post-announcement.
• Pipeline momentum with 7 Phase 3 trials underway for oral GLP-1 orforglipron and $4B+ quarterly R&D investment to expand manufacturing capacity.

S&P Dividend SDY

ICONIQ bought $384.59K of S&P Dividend in Q2 2024. SPDR S&P Dividend ETF (SDY) has maintained a 3.22% dividend yield but faced headwinds from slowing U.S. dividend growth trends. While its focus on high-quality dividend aristocrats provides stability, the ETF underperformed sector leaders in Financial Services (8.05% average yield for top quartile). Recent S&P data shows U.S. dividend increases grew 37% QoQ in Q1 2025 but remain 14.1% below 2024 levels, signaling persistent pressure on income-focused strategies.

• Dividend yield declined 4.72% YoY as payout growth slowed across holdings.
• Top 10 holdings concentrate 17.2% of assets in defensive sectors like Consumer Staples (5.08%) and Utilities (1.41%).
• Q1 2025 dividend payments increased $19.5B (+37% QoQ) but lag 2024's peak by 14.1%.

UnitedHealth UNH

ICONIQ bought $364.63K of UnitedHealth in Q2 2024. UnitedHealth Group (UNH) reported mixed Q1 2025 results with 10% YoY revenue growth to $109.6B but faced significant profit challenges, leading to a 23% stock plunge post-earnings. The company slashed its 2025 EPS guidance by ~12% due to Medicare Advantage care cost pressures and reimbursement issues. While maintaining growth in membership and services, near-term performance remains constrained by these sector-specific headwinds.

• Q1 EPS of $6.85 missed expectations, with full-year adjusted EPS guidance cut to $26-$26.50 from $29.50-$30.
• Medical costs surged 11.7% YoY to $73.4B in Q1, driven by unexpected Medicare Advantage care intensity.
• Stock declined 23% in April 2025 following earnings, underperforming S&P 500 Health Care sector by 25% YTD.

ExxonMobil XOM

ICONIQ bought $340.87K of ExxonMobil in Q2 2024. ExxonMobil (XOM) reported $7.7 billion in Q1 2025 earnings, a 7% decline YoY due to weaker refining margins and lower crude prices. Despite this, the company generated $13 billion in operating cash flow and maintained industry-leading shareholder distributions of $9.1 billion. Strategic production growth in Guyana/Permian and new projects position the company for $3 billion incremental earnings by 2026.

• EPS of $1.76 beat estimates by 1.7% despite 3.4% revenue miss ($83.13B vs $86.09B expected).
• Q1 free cash flow of $8.8 billion supported $4.8B share buybacks and $4.3B dividends.
• Three-year total shareholder return CAGR of 17% leads all large industrials.

Tesla TSLA

ICONIQ bought $334.62K of Tesla in Q2 2024. Tesla underperformed in Q1 2025 with earnings of $0.27 per share (34% below expectations) and revenue of $19.34B, down 9% YoY. While regulatory credit sales of $595M prevented losses, automotive revenue plunged 20% due to lower volumes and pricing pressures. Political uncertainty and trade policy impacts are creating near-term demand headwinds despite a 5% after-hours stock bounce.

• EPS missed estimates by 34% ($0.27 vs $0.41 expected).
• Automotive revenue fell 20% YoY to $14B amid price cuts and delivery declines.
• Shares rose 5% post-earnings despite misses, potentially on Musk's renewed CEO commitment.

Visa V

ICONIQ bought $310.76K of Visa in Q2 2024. Visa (V) reported strong Q1 2025 results with $9.5B net revenue (10% YoY growth), driven by 9% payments volume growth and 16% cross-border volume growth. The company shows accelerating performance with sequential improvements in processed transactions (+11%) and international revenue streams. Recent results demonstrate Visa's continued dominance in payment networks, with all key metrics outpacing pre-pandemic levels.

• Q1 2025 revenue reached $9.51B, surpassing estimates with 10% YoY growth (11% constant-dollar).
• Processed transactions grew 11% to 63.8B in Q1, maintaining payment network dominance.
• Cross-border volume excluding intra-Europe transactions increased 16%, fueling international revenue growth.

Netflix NFLX

ICONIQ bought $308.42K of Netflix in Q2 2024. Netflix (NFLX) delivered strong Q1 2025 results with revenue of $10.54 billion (up 12% YoY) and EPS of $6.61, beating estimates by $0.87, driving shares up 4% post-earnings. The company issued a Q2 revenue forecast of $11.04 billion that surpassed Wall Street expectations, while maintaining its full-year guidance of $43.5-44.5 billion. Recent institutional buying activity aligns with management's ambitious goal to double 2024 revenue by 2030 and reach a $1 trillion market cap.

• EPS grew 25.2% YoY from $5.28 to $6.61 in Q1 2025.
• 2025 revenue guidance of $43.5-44.5 billion implies 11.5-14.1% annual growth at midpoint.
• Analysts maintain Moderate Buy rating with $1,084.91 average price target (Morgan Stanley upgraded to $1,200).

Bank of America BAC

ICONIQ bought $280.22K of Bank of America in Q2 2024. Bank of America (BAC) reported strong Q1 2025 results with $7.4B net income (up 10% YoY) and $27.4B revenue, beating estimates. The bank demonstrated resilience through 3% YoY net interest income growth to $14.4B and $6.5B returned to shareholders. Shares surged 5% post-earnings despite a 17% YTD decline ahead of results, as CEO Brian Moynihan highlighted client strength amid tariff-related economic uncertainty.

• EPS of $0.90 surpassed estimates by $0.08 (9.8% beat).
• Revenue grew 6% YoY to $27.4B, driven by wealth management client balances reaching $4.16T.
• Maintained 11.8% CET1 capital ratio, significantly above the 10.7% regulatory minimum.

Procter & Gamble PG

ICONIQ bought $275.42K of Procter & Gamble in Q2 2024. Procter & Gamble (PG) faced mixed results in its last two quarters, with Q3 FY2025 showing a 2% net sales decline to $19.8B and 1% organic sales drop despite pricing increases. While Q1 FY2025 sales fell short of estimates (1% YoY decline to $21.74B), adjusted profit beat expectations after $800M in restructuring costs. The company maintains full-year guidance of 4-5% organic sales growth and 2-4% core EPS growth, with progress on net-zero goals enhancing ESG appeal.

• Q3 organic sales declined 1% despite 5% growth in Fabric & Home Care segment, offset by flat Beauty/Grooming demand.
• Adjusted EPS beat estimates by 3.4% ($4.76B vs $4.6B expected) in Q1 despite Argentina/Nigeria restructuring.
• Shares up 15% YTD as of Q1 report, reflecting confidence in long-term strategy and cost discipline.

Costco COST

ICONIQ bought $258.11K of Costco in Q2 2024. Costco Wholesale Corporation (COST) reported strong Q1 FY2025 results with 7.5% net sales growth to $60.99 billion, driven by comparable sales increases of 5.2% in the U.S., 5.8% in Canada, and 13% e-commerce growth. Net income rose to $1,798 million ($4.04/share), up from $1,589 million ($3.58/share) YoY, supported by membership fee growth and margin expansion. The company expanded its global footprint to 897 warehouses, opening 26 new locations since Q1 2024.

• EPS grew 12.8% YoY to $4.04 (adjusted for tax benefits), exceeding expectations.
• E-commerce sales surged 13%, outpacing overall comparable sales growth of 5.2%.
• Membership fees increased 8% to $1,166 million, reflecting customer loyalty and Executive Membership upgrades.

Home Depot HD

ICONIQ bought $254.39K of Home Depot in Q2 2024. Home Depot reported mixed Q1 fiscal 2025 results with $39.9 billion in sales, surpassing estimates, but saw a slight year-over-year decline in net earnings to $3.4 billion. While revenue grew 14.1% compared to Q1 2024, comparable store sales dipped slightly, reflecting ongoing consumer spending caution in home improvement. The company maintains a strong market position with a 24.76 P/E ratio and recent institutional confidence shown by Axa S.A.'s 40.7% increase in holdings.

• EPS of $3.45 in Q1 2025, slightly below estimates of $3.60.
• Revenue growth of 1.15% above expectations ($39.86B actual vs. $39.30B estimate).
• Debt-to-equity ratio of 8.65 highlights aggressive capital structure despite $362.24B market cap.

Mastercard MA

ICONIQ bought $253.67K of Mastercard in Q2 2024. Mastercard reported strong Q1 2025 results with 14% revenue growth and 15% cross-border volume growth, beating estimates through diversified payment solutions and strategic partnerships. The company shows accelerating performance with EPS up 13% YoY to $3.73, though faces margin pressure from increased operating expenses. Recent AI-driven payment innovations and corporate partnerships position Mastercard to maintain market leadership despite global economic uncertainties.

• Q1 2025 EPS of $3.73 surpassed estimates by 4.5%, marking 13% YoY growth.
• Cross-border transactions surged 15% (local currency), driving $7.3B in quarterly revenue (+14% YoY).
• 9% increase in switched transactions to 40.1B, though gross dollar volume missed estimates by 2.6%.

Holdings at the end of Q2 2024

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