ICONIQ's Trades and Holdings in Q3 2024

We break down the stocks ICONIQ bought, sold, and held in Q3 2024, including their holdings at the end of the quarter. All data sourced from ICONIQ's 13F filed on November 13, 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 Q3 2024

New positions

ICONIQ established several new positions in Q3 2024, with the largest being a $10.1 million stake in Sovereigns Capital (SOVF) and a $3.9 million position in Grayscale Bitcoin (GBTC). The firm also initiated smaller positions in blue-chip dividend stocks including AbbVie (ABBV), Coca-Cola (KO), and Oracle (ORCL), each worth approximately $700,000.

Bought

ICONIQ significantly increased several existing positions, most notably adding to Salesforce (CRM) with a massive 9,791% increase and Broadcom (AVGO) with a 993% surge. The firm also substantially expanded holdings in Shopify (SHOP) by 141%, Microsoft (MSFT) by 126%, and energy/financial positions including ExxonMobil (XOM) (+243%) and Bank of America (BAC) (+154%).

Sold

ICONIQ made significant reductions and complete exits during the quarter, liquidating positions in Russell 2000 (VTWO), Roblox (RBLX), Affirm (AFRM), and Allbirds (BIRD). Among existing holdings, the firm dramatically reduced its stakes in Snowflake (SNOW) by 94%, Meta (META) by 93%, and Braze (BRZE) by 66%, while also trimming Berkshire Hathaway (BRK-B) by nearly half.

New Investments in Q3 2024

Sovereigns Capital SOVF

ICONIQ bought $10.09M of Sovereigns Capital in Q3 2024. Sovereign's Capital Flourish Fund (SOVF) demonstrated 8.54% sales growth and 5.02% cash-flow growth in Q2 2025, outpacing its mid-cap blend category averages. The fund maintains a competitive 0.75% expense ratio while growing net assets to $100 million, supported by recent institutional accumulation including a 55.25% stake by EverSource Wealth Advisors.

• 8.54% sales growth in Q2 2025 vs 6.42% category average.
• 55.25% institutional ownership concentration with 8.8% quarterly increase from major holders.
• 0.75% expense ratio remains competitive among faith-driven impact funds.

Grayscale Bitcoin GBTC

ICONIQ bought $3.94M of Grayscale Bitcoin in Q3 2024. Grayscale Bitcoin Trust (GBTC) has demonstrated strong performance in Q1 2025, with a 33.56% return over the past month and 13.96% YTD gain, fueled by favorable regulatory developments and renewed market optimism. The Trust maintains a $20.4B AUM with near-par trading (0.02% premium) as of April 2025, reflecting stable investor confidence. Recent uplisting to NYSE and spot Bitcoin ETP status continue to enhance accessibility for traditional investors.

• Achieved 67.17% annualized returns over the fund's lifetime through April 2025.
• Gained 33.56% in the last month alone (as of April 30, 2025).
• Trading at 0.02% premium to NAV as of April 2025, compared to historical discounts exceeding 30% in bear markets.

AbbVie ABBV

ICONIQ bought $745.49K of AbbVie in Q3 2024. AbbVie reported strong Q1 2025 results with 8.4% revenue growth to $13.34B and 6.5% adjusted EPS growth to $2.46, beating estimates. Growth was driven by immunology drugs Skyrizi (+70.5%) and Rinvoq (+57.2%), offsetting legacy drug declines. The company raised its full-year adjusted EPS guidance to $12.09-$12.29, reflecting confidence in newer therapies and recent FDA approvals.

• Q1 revenue beat estimates by 3.3% ($13.34B actual vs $12.91B consensus).
• Skyrizi sales surged 70.5% to $3.425B, now representing 25.7% of total revenue.
• Raised 2025 EPS guidance by 0.8% at midpoint following strong performance.

Coca-Cola KO

ICONIQ bought $738.22K of Coca-Cola in Q3 2024. The Coca-Cola Company delivered mixed Q1 2025 results with 6% organic revenue growth despite currency headwinds, while operating margins expanded to 33.8% (non-GAAP). While developed markets showed softness, developing markets grew unit case volume by 2%, demonstrating the strength of its global diversification strategy. CEO James Quincey highlighted the company's 'all-weather strategy' as key to navigating macroeconomic complexities.

• 10% comparable currency-neutral operating income growth in Q1 2025 versus prior year period.
• 5% EPS growth to $0.77 despite significant foreign exchange pressures reducing net revenues by 2%.
• Unit case volume grew 2% in developing markets offsetting declines in North America and Europe.

Oracle ORCL

ICONIQ bought $694.89K of Oracle in Q3 2024. Oracle has demonstrated strong cloud revenue growth and expanding margins over the last two quarters, though on-premise license declines warrant monitoring. In Q1 FY2025, cloud services revenues surged 21% YoY to $5.6B, driving total revenue growth of 7% . The company's remaining performance obligations skyrocketed 62% to $130B in Q3 FY2025, signaling robust future demand for cloud infrastructure and AI solutions .

• Q3 cloud services/license support revenues grew 10% YoY to $11.0B while on-premise licenses declined 8% in constant currency .
• Non-GAAP operating margin expanded to 44% in Q3 FY2025, up from 43% in Q1 .
• EPS grew 17% YoY in Q1 FY2025 ($1.39) and 4% in Q3 FY2025 ($1.47) despite macroeconomic headwinds .

Texas Instruments TXN

ICONIQ bought $579.63K of Texas Instruments in Q3 2024. Texas Instruments (TXN) reported strong Q1 2025 results with 11% YoY revenue growth to $4.07B, driven by robust demand in industrial and automotive markets. While Analog segment revenue surged 13% YoY to $3.21B, Embedded Processing declined 1% YoY due to fab underutilization. The company returned $6.4B to shareholders over the last year through dividends and buybacks, supported by $6.2B trailing 12-month operating cash flow.

• Q1 EPS of $1.28 beat estimates by 20.75%, aided by a 5-cent benefit from tax adjustments.
• Revenue grew 2% sequentially in Q1 despite seasonal weakness in personal electronics.
• $4.7B capital expenditure over past year reflects continued 300mm production investments.

Linde LIN

ICONIQ bought $572.23K of Linde in Q3 2024. Linde plc (LIN) demonstrated resilient operational performance in Q1 2025 with 5% adjusted EPS growth to $3.95, driven by 120 basis points of margin expansion to 30.1% despite flat revenues. The company maintained pricing power in the Americas segment while navigating volume declines in EMEA's metals & mining sectors. Linde returned $1.8 billion to shareholders (+5% YoY), reinforcing its defensive positioning through disciplined capital allocation.

• Q1 EPS grew 5.3% YoY ($3.75 to $3.95), beating estimates by $0.02.
• 8 consecutive quarters of operating margin expansion achieved through cost discipline.
• 11% YoY operating cash flow growth to $2.16 billion supports continued buybacks.

BHP Group BHP

ICONIQ bought $551.35K of BHP Group in Q3 2024. BHP Group reported mixed results in its most recent quarters, with a 23% decline in underlying earnings for H1 FY25 due to lower iron ore and coal prices, offset by 10% growth in copper production and 5% higher steelmaking coal volumes. Despite an 8% revenue drop, attributable profit surged 376% YoY to $4.4B driven by cost discipline and one-time gains. The company maintains operational resilience with record copper output and improved workforce diversity (40% female representation), though global economic uncertainties pose risks.

• Underlying attributable profit fell 23% YoY to $5.1B in H1 FY25.
• Attributable profit surged 376% YoY to $4.4B, aided by $2.9B exceptional item.
• Copper production rose 10% and steelmaking coal volumes increased 5% in the nine months ended March 2025.

SAP SAP

ICONIQ bought $531.05K of SAP in Q3 2024. SAP demonstrated robust growth in Q1 2025, fueled by a 27% surge in cloud revenue and a 29% jump in cloud backlog at constant currencies. The company posted a 79% YoY spike in non-IFRS EPS to €1.44, with shares rising 9% pre-market following results. While maintaining cost discipline, SAP now derives over 40% of total revenue from cloud services, though analysts caution about execution challenges in its full cloud transition.

• Cloud ERP Suite revenue grew 34% YoY, accelerating from previous quarters.
• Operating profit expanded 60% to €2.5B non-IFRS, driven by margin improvements.
• Shares have gained 46.7% over the past year, outperforming software peers by 53 percentage points.

Accenture ACN

ICONIQ bought $521.74K of Accenture in Q3 2024. Accenture (ACN) posted 9% YoY revenue growth ($17.7B) in Q1 FY25, with 16.7% GAAP operating margin (+90bps YoY). The firm gained market share across all industries through $1.2B generative AI bookings and $18.7B total new contracts. Strong consulting/managed services performance and 15% dividend increase signal confidence in sustained growth.

• 9% revenue growth ($17.7B) and 16% EPS increase ($3.59 vs $3.10 YoY).
• Generative AI bookings reached $1.2B, demonstrating leadership in high-value transformation services.
• 8% local currency growth maintained despite FX headwinds, with 30 mega-deals (>$100M) signed.

Thermo Fisher TMO

ICONIQ bought $502.28K of Thermo Fisher in Q3 2024. Thermo Fisher Scientific (TMO) demonstrated resilient performance in Q1 2025 with $10.36 billion revenue, maintaining flat YoY growth despite macroeconomic challenges. The company beat earnings estimates with adjusted EPS of $5.15 (0.78% above forecasts), driving a 4.25% stock price surge post-announcement. Management highlighted operational execution through its PPI Business System and stable growth in Europe/Asia Pacific, offsetting a mid-single-digit decline in China.

• GAAP EPS grew 15% YoY to $3.98, while adjusted EPS of $5.15 surpassed estimates by 0.78%.
• Q1 revenue of $10.36B exceeded expectations by 1.11%, with 1% organic growth excluding China impact.
• Stock gained 4.25% immediately post-earnings, trading near fair value with 21.9% adjusted operating margin.

Amphenol APH

ICONIQ bought $484.66K of Amphenol in Q3 2024. Amphenol delivered record Q1 2025 performance with $4.8 billion sales (+48% YoY) and $0.63 adjusted EPS (+58% YoY), fueled by strategic acquisitions and AI-driven datacom demand. The company achieved a 23.5% adjusted operating margin and $765M operating cash flow (104% of net income), demonstrating operational excellence. Recent Andrew and LifeSync acquisitions position APH for continued growth in communications networks and medical markets.

• 48% YoY sales growth to $4.8B in Q1 2025, with 58% EPS growth to $0.63.
• 23.5% adjusted operating margin in Q1, up 230bps YoY, driven by acquisition synergies.
• Q2 guidance projects $4.9B-$5B sales (+46-49% YoY) and $0.64-$0.66 EPS (+45-49% YoY).

Caterpillar CAT

ICONIQ bought $481.47K of Caterpillar in Q3 2024. Caterpillar (CAT) reported a 10% year-over-year revenue decline to $14.2B in Q1 2025, driven by $1.1B lower sales volume from dealer inventory adjustments and $250M unfavorable pricing. Operating margins contracted to 18.1% vs 22.3% YoY, while the company returned $4.3B to shareholders through buybacks and dividends. Recent performance shows continued pressure from equipment demand cyclicality and pricing headwinds.

• Q1 2025 EPS fell to $4.20 (-27% YoY) with adjusted EPS of $4.25 (-24% YoY).
• Enterprise operating cash flow declined to $1.3B in Q1 2025.
• Returned $4.3B to shareholders through share repurchases and dividends in Q1 2025.

Philip Morris PM

ICONIQ bought $473.95K of Philip Morris in Q3 2024. Philip Morris International (PM) delivered strong Q1 2025 results with 16% organic operating income growth and 12.7% adjusted EPS growth, driven by its smoke-free product portfolio. The company surpassed EPS estimates by 5.6% ($1.69 vs. $1.60 forecast) and revenue by $240 million ($9.3B vs. $9.06B forecast). Its stock rose 3.99% post-earnings, nearing its 52-week high, as smoke-free products now account for 42% of total revenue.

• 15% revenue growth in smoke-free products (27.7% gross profit increase) driven by ZYN and IQOS.
• 75.59% stock return over past year, significantly outperforming market expectations.
• 23.13% ROI in Q1 2025, below historical average but still demonstrating strong capital efficiency.

Novartis NVS

ICONIQ bought $466.29K of Novartis in Q3 2024. Novartis (NVS) demonstrated robust performance in Q1 2025 with 15% constant currency sales growth and 27% core operating income growth, driven by strong demand for priority brands like Kisqali, Kesimpta, and Leqvio. The company raised its annual guidance after beating Q1 earnings estimates ($2.28 EPS vs $2.12 consensus) and revenue expectations ($13.23B vs $12.9B consensus). Recent FDA approvals for Pluvicto, Vanrafia, and Fabhalta position Novartis for sustained growth through 2030.

• Q1 2025 EPS grew 27% YoY to $2.28, beating estimates by $0.16.
• Year-to-date stock performance outpaced industry by 16.8 percentage points (18.4% vs 1.6%).
• $2.6B in share repurchases executed during Q1 at average price of ~$157 per share.

Applied Materials AMAT

ICONIQ bought $463.5K of Applied Materials in Q3 2024. Applied Materials delivered record Q1 2025 revenue of $7.17B, up 7% YoY, with gross margin expansion to 48.8%, but shares fell 8.2% post-earnings due to soft Q2 guidance and China-related headwinds. While demonstrating technological leadership in AI chip manufacturing, the stock has underperformed peers by 60.5% over the past year amid geopolitical risks.

• Q1 non-GAAP EPS grew 12% YoY to $2.38 while GAAP EPS fell 40% due to one-time charges.
• 15.2% stock decline over past year vs. 45.3% industry gain, with $400M FY25 revenue impact from China restrictions.
• $1.64B returned to shareholders in Q1 through $1.32B buybacks and $326M dividends.

AstraZeneca AZN

ICONIQ bought $462.86K of AstraZeneca in Q3 2024. AstraZeneca demonstrated strong growth in Q1 2025 with 10% revenue growth to $13.588B, driven by oncology and biopharmaceuticals. Core EPS surged 21% to $2.49 amid five Phase III trial successes and 13 drug approvals. The company reiterated its full-year guidance of high single-digit revenue growth and low double-digit EPS growth, signaling confidence in its pipeline momentum.

• Q1 2025 revenue grew 10% YoY to $13.588B, with oncology sales up 18%.
• Core operating profit increased 12% despite temporary tax rate fluctuations (16% vs guided 18-22% full-year rate).
• Five Phase III readouts and 13 regulatory approvals since prior results, including landmark data for Enhertu and Imfinzi featured in ASCO 2025 plenary sessions.

McDonald's MCD

ICONIQ bought $462.25K of McDonald's in Q3 2024. McDonald's faced challenges in Q1 2025 with 3% YoY revenue decline to $5.96 billion and a 2% drop in diluted EPS to $2.60, driven by macroeconomic pressures and geopolitical tensions. While U.S. comparable sales fell 3.6%, International Developmental Licensed Markets grew 3.5%, led by China and Israel. The stock dipped 1.35% post-earnings due to misses on EPS and revenue forecasts, though operational efficiency and new product launches provide stability.

• Diluted EPS declined 2% YoY to $2.60 in Q1 2025, with adjusted EPS down 1% to $2.67.
• Global comparable sales fell 1.0% (flat excluding Leap Day impact), with U.S. sales down 3.6% and International Operated Markets down 1.0%.
• Stock underperformed post-Q1 results, declining 1.35% despite maintaining strong restaurant margins of over $3.3 billion.

PepsiCo PEP

ICONIQ bought $461.52K of PepsiCo in Q3 2024. PepsiCo reported mixed Q1 2025 results with 1.2% organic revenue growth but a 1.8% YoY net revenue decline, while cutting full-year core EPS guidance by 3% due to tariff uncertainty. The company's international segment delivered 5% organic growth, while North American operations improved post-recall. Recent dividend increases and cost mitigation efforts partially offset macroeconomic headwinds.

• Q1 core EPS of $1.48 missed estimates by $0.01, down 4% in constant currency.
• International organic revenue growth accelerated to 5% (vs 2.4% prior quarter) despite FX headwinds.
• Announced 5% dividend increase for June 2025 payment, marking 53rd consecutive annual raise.

Holdings at the end of Q3 2024

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