ICONIQ's Trades and Holdings in Q4 2024

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.

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Portfolio Changes in Q4 2024

New positions: In Q4 2024, ICONIQ established a major new position in ServiceTitan, Inc. (TTAN) with 15.5 million shares valued at $1.6 billion, alongside sizeable investments in Hims & Hers Health, Inc. (HIMS) worth $69.5 million, CrowdStrike Holdings, Inc. (CRWD) worth $28.6 million, and GoDaddy Inc. (GDDY) worth $24 million.

Bought: ICONIQ significantly increased its stake in Nu Holdings Ltd. (NU) by 2.4 million shares (+319% in value), Apple Inc. (AAPL) by 46,053 shares (+254% in value), Woodside Energy Group Ltd (WDS) by 32,555 shares (+252% in value), and NVIDIA Corporation (NVDA) by 33,332 shares.

Sold: Notable reductions included trimming Procore Technologies, Inc. (PCOR) by 5.3 million shares, GitLab Inc. (GTLB) by 3.2 million shares (-37% in value), Braze, Inc. (BRZE) by 1.7 million shares (-33% in value), and nearly eliminating their position in ASML Holding N.V. (ASML) by selling 74,751 shares (-98% in value), while completely liquidating positions in NXP Semiconductors N.V. (NXPI) and Zillow Group, Inc. (Z).

New Investments in Q4 2024

ServiceTitan, Inc. TTAN

ICONIQ bought 15,510,988 shares of ServiceTitan, Inc. in Q4 2024. ServiceTitan has demonstrated strong revenue growth over the past year, with 25.6% YoY growth to $771.88 million in 2024 and 29% YoY growth in Q4 2025. However, losses widened to $359.7 million in 2024 and $239.1 million in FY2025 despite improved non-GAAP profitability. The stock trades at a 246.47 forward P/E ratio versus the sector's 11.5x average, reflecting premium valuation concerns despite analyst optimism.

• Q4 2025 revenue reached $209.3 million with gross transaction value growing 26% to $17 billion.
• Shares surged 40% on IPO debut but now trade 5.9% above analysts' 12-month target price of $118.23.
• Non-GAAP net income turned positive at $16.5 million in FY2025 despite significant GAAP losses.

Hims & Hers Health, Inc. HIMS

ICONIQ bought 2,874,769 shares of Hims & Hers Health, Inc. in Q4 2024. Hims & Hers Health has demonstrated exceptional growth over the past 12 months, with 2024 revenue surging 69% YoY to $1.5 billion and subscribers increasing 45% to 2.2 million. The company achieved profitability in 2024 with $126 million net income and continues to outperform expectations, projecting 59%+ revenue growth in 2025 through expansions in weight loss treatments and telehealth services. Its stock remains attractive due to accelerating subscriber acquisition and margin improvements despite temporary gross margin pressures from strategic GLP-1 medication pricing.

• Q1 2025 revenue grew 111% YoY to $586 million, exceeding previous guidance.
• Subscribers reached 2.4 million in Q1 2025, up 38% YoY with 53% higher monthly revenue per user ($84).
• Raised 2025 EBITDA guidance to $295-335 million (up from $270-320 million) while maintaining $2.3-2.4 billion revenue target.

CrowdStrike Holdings, Inc. CRWD

ICONIQ bought 83,620 shares of CrowdStrike Holdings, Inc. in Q4 2024. CrowdStrike Holdings has demonstrated strong performance over the last 12 months, with its stock price rising 36.58% and reaching an all-time high of $455.59 in February 2025. The company reported a 23% year-over-year growth in ending annual recurring revenue (ARR) to $4.24 billion in FY2025, reflecting sustained demand for its cybersecurity solutions. Analysts project further upside, with price targets as high as $500.00, supported by its leadership in cloud-native security and expanding market share.

• Stock price increased 13.03% in the last month, outperforming the NASDAQ Composite Index.
• Trading at 18.36% below the 2025 price forecast of $533.57, suggesting potential undervaluation.
• Maintains $106.96 billion market cap with a 70.15 RSI indicating bullish momentum.

GoDaddy Inc. GDDY

ICONIQ bought 121,776 shares of GoDaddy Inc. in Q4 2024. GoDaddy Inc. has demonstrated strong financial performance over the past year, with 8% year-over-year revenue growth in 2024 and a 40.6% surge in Q1 2025 operating income. Strategic initiatives like GoDaddy Airo and platform enhancements position the company for continued growth, with 2025 revenue guidance targeting $4.86-$4.94 billion. The company's focus on maximizing free cash flow, projected to reach $1.5 billion in 2025, underscores its financial discipline and value creation potential.

• Operating income jumped 40.6% YoY to $247.3 million in Q1 2025, driven by margin expansion.
• 2024 full-year revenue grew 8% to $4.6 billion, with bookings increasing 9% to $5.0 billion.
• Free cash flow target raised to $1.5 billion for 2025, up from $1.4 billion in prior guidance.

Nuveen S&P 500 Buy-Write Income Fund BXMX

ICONIQ bought 109,800 shares of Nuveen S&P 500 Buy-Write Income Fund in Q4 2024. Nuveen S&P 500 Buy-Write Income Fund has delivered a 6.9% total return over the past year, underperforming the S&P 500's -3.3% decline year-to-date. The fund's buy-write strategy, which involves selling call options on its equity portfolio, has provided lower volatility compared to the index while generating income through premiums. Distributions remain a key focus, with 100% of recent payouts classified as return of capital, reflecting the fund's income-generation approach.

• 1-year total return of 6.9% contrasts with the S&P 500's -3.3% YTD performance, highlighting reduced volatility in turbulent markets.
• Exhibits strong risk-adjusted performance with a 1-year Z-statistic of 1.82, signaling above-average returns relative to volatility expectations.
• Distributes 100% return of capital from option premiums, maintaining a $1.37 billion market cap despite recent sector headwinds.

iShares Core High Dividend ETF HDV

ICONIQ bought 11,565 shares of iShares Core High Dividend ETF in Q4 2024. The iShares Core High Dividend ETF (HDV) delivered a 13.92% NAV return over the past 12 months, slightly lagging its benchmark's 13.99% return. The fund has gained 3.49% year-to-date through May 12, 2025, maintaining its focus on high-quality dividend payers screened for financial health. While short-term performance shows stability, its 3-year annualized return of 8.23% underscores consistent income-oriented results in varying market conditions.

• 13.88% market price return over 1 year, closely tracking NAV performance.
• 3.49% YTD return through May 2025 despite recent sector volatility.
• 8.23% 3-year annualized return demonstrates mid-term dividend growth sustainability.

Motorola Solutions, Inc. MSI

ICONIQ bought 1,876 shares of Motorola Solutions, Inc. in Q4 2024. Motorola Solutions (MSI) has demonstrated robust financial performance over the past 12 months, driven by strong demand for its safety and security solutions. The stock has risen 15.44% over the last year, though it has pulled back ~19% from its all-time high of $507.82 in November 2024. Recent strategic acquisitions and product launches position the company for continued growth in mission-critical communications and AI-driven public safety solutions.

• Non-GAAP EPS grew 13% year-over-year in Q1 2025, reaching $3.18.
• Q1 2025 operating cash flow hit a record $510 million, up $128 million from the prior year.
• 15.44% stock price appreciation over the last year, outperforming many industrial technology peers.

Chipotle Mexican Grill, Inc. CMG

ICONIQ bought 10,696 shares of Chipotle Mexican Grill, Inc. in Q4 2024. Chipotle Mexican Grill has demonstrated strong performance over the past 12 months, with 7.4% full-year comparable sales growth in 2024 driven by transaction increases. The stock reached an all-time high closing price of $68.55 in June 2024, though it currently trades below its 52-week high of $69.26. Recent aggressive stock repurchases, including $553.7 million in Q1 2025, reflect management's confidence in long-term value.

• Full-year 2024 comparable sales grew 7.4% with Q4 transaction growth of 4.0% .
• Repurchased $553.7 million of stock in Q1 2025 at average price of $54.15/share .
• 52-week stock price range: $44.46 (10.6% below current) to $69.26 (39.3% above current) .

BlackRock, Inc. BLK

ICONIQ bought 617 shares of BlackRock, Inc. in Q4 2024. BlackRock, Inc. delivered strong financial performance over the last 12 months, with 14% revenue growth and 23% adjusted operating income growth driven by record net inflows and strategic acquisitions. The firm achieved $641 billion in 2024 net inflows, including two consecutive record quarters, while maintaining an industry-leading 44.5% adjusted operating margin. Recent acquisitions of GIP and planned purchases of HPS Investment Partners and Preqin position BlackRock to dominate private markets and alternative data services.

• Full-year 2024 diluted EPS grew 15% to $43.61 as adjusted.
• $84 billion Q1 2025 net inflows marked 3% annualized organic asset growth.
• Returned $4.7 billion to shareholders in 2024 through dividends and buybacks.

First Trust Cloud Computing ETF SKYY

ICONIQ bought 5,235 shares of First Trust Cloud Computing ETF in Q4 2024. First Trust Cloud Computing ETF (SKYY) provides targeted exposure to the cloud computing sector, which has seen structural growth driven by enterprise digital transformation. While specific 12-month return data is unavailable in sources, the ETF's 61 holdings and 4.55% weighting in Microsoft reflect concentrated bets on infrastructure leaders. Recent risks like cybersecurity threats and regulatory pressures noted in fund disclosures could impact sector valuations.

• Top holding Microsoft comprises 4.55% of portfolio weight with $154.6M position as of May 2025.
• Pure Storage (4.22% weight) and Arista Networks (4.31% weight) show significant infrastructure focus.
• Sector-specific risks include 18.1 tons CO2e/$M sales carbon intensity and 13.02% exposure to SRI exclusion criteria.

Marvell Technology, Inc. MRVL

ICONIQ bought 5,554 shares of Marvell Technology, Inc. in Q4 2024. Marvell Technology, Inc. has demonstrated strong growth over the past 12 months, with 27% year-over-year revenue growth in Q4 FY2025 and a recent 14% stock gain over four consecutive trading days. The stock has shown volatility, trading between a 52-week low of $47.09 and high of $127.48, while maintaining a 41.69 normalized P/E ratio that reflects investor confidence in its semiconductor leadership. Analysts maintain a Moderate Buy rating with a $96 price target, citing its positioning in AI infrastructure and data center markets.

• 27% YoY revenue growth in Q4 FY2025 to $1.817 billion.
• 14% cumulative gain over four trading days in May 2025 amid AI chip demand surge.
• 41.69 normalized P/E ratio with $51.53B market cap, trading at 28.5% above 52-week low.

Bristol-Myers Squibb Company BMY

ICONIQ bought 10,177 shares of Bristol-Myers Squibb Company in Q4 2024. Bristol-Myers Squibb Company (BMY) has delivered a 8.93% total return over the past 12 months, though it faces challenges with a 5.60% revenue decline and 16.07% YTD stock price drop. The company maintains strong fundamentals with a 31.99% return on equity and a 5.32% dividend yield, supported by its oncology and cardiovascular drug portfolio. Analysts see 22.74% upside potential to its $57.19 average price target, driven by innovation in treatments like Opdivo and Eliquis.

• 5.32% dividend yield with a 91.04% payout ratio, offering high income but limited growth flexibility.
• 16.07% YTD decline contrasts with 10.98% 5-year total return, reflecting recent sector headwinds.
• Analyst price target implies 22.74% upside from May 2025’s $46.59 closing price, driven by pipeline innovations.

Gilead Sciences, Inc. GILD

ICONIQ bought 6,135 shares of Gilead Sciences, Inc. in Q4 2024. Gilead Sciences has delivered 55.70% total return over the past 12 months, driven by strong HIV treatment sales and cost discipline. While its P/E ratio of 24.3 remains higher than peers GSK (9.51) and Merck (11.68), the company generated $1.8 billion operating cash flow in Q1 2025 and maintained base business growth of 4% year-over-year. Recent catalysts include positive Phase 3 results for Trodelvy in breast cancer and an FDA decision expected June 2025 for lenacapavir's HIV prevention application.

• Biktarvy sales grew 7% year-over-year to $3.1 billion in Q1 2025, accounting for nearly half of base business revenue.
• $1.0 billion in dividends paid during Q1 2025, supported by $26.8 billion annual product sales (ex-Veklury) in 2024.
• Oncology sales increased 12% year-over-year in 2024, signaling diversification beyond core antiviral therapies.

First Trust Dow Jones Internet Index Fund FDN

ICONIQ bought 2,329 shares of First Trust Dow Jones Internet Index Fund in Q4 2024. First Trust Dow Jones Internet Index Fund (FDN) has delivered strong performance over the last 12 months, with its underlying Dow Jones Internet Composite Index returning 31.12%, significantly outpacing the S&P 500's 2.41% gain. The ETF's growth reflects continued investor confidence in internet sector leaders driving digital transformation and e-commerce expansion. While the fund carries a 0.49% expense ratio, its focus on high-growth internet companies has attracted $6.35B in assets under management.

• Underlying index returned 31.12% over the last year, outperforming S&P 500 by 28.71 percentage points.
• Maintains cost-efficient profile with 0.49% net expense ratio despite active sector positioning.
• Portfolio concentration in top holdings demonstrates 97.3% correlation to internet commerce growth trends.

Takeda Pharmaceutical Company Limited TAK

ICONIQ bought 41,613 shares of Takeda Pharmaceutical Company Limited in Q4 2024. Takeda Pharmaceutical delivered mixed performance over the last 12 months, with 7.4% core revenue growth at actual exchange rates offset by a 25% decline in net income due to higher expenses. The company raised its dividend to JPY 200 per share while investing heavily in late-stage pipeline development, with up to six new molecular entities in Phase 3 trials. Despite recent stock price volatility (-4.2% last week), management forecasts broadly flat FY2025 revenue and profit as launch product momentum balances pipeline investments.

• Revenue grew 7.5% YoY to JP¥4.58 trillion in FY2024 while profit margin contracted to 2.4% from 3.4%.
• EPS declined 25.8% to JP¥68.36, missing analyst estimates by 19%.
• Announced JPY 100 billion share buyback and dividend increase to JPY 200 (+2%) for FY2025.

Tyler Technologies, Inc. TYL

ICONIQ bought 951 shares of Tyler Technologies, Inc. in Q4 2024. Tyler Technologies (TYL) has demonstrated strong financial performance over the last 12 months, with 10% revenue growth and a 49.6% surge in net income in Q1 2025. Subscription revenues grew 19.7% year-over-year, driven by SaaS adoption now representing 94% of subscriptions. Despite these gains, the stock fell 7.84% over two days post-earnings, reflecting investor concerns about valuation and analyst price target reductions.

• Adjusted EPS guidance raised to $11.05-$11.35 for 2025, up from $10.90-$11.15 previously.
• Free cash flow grew 75.5% in 2024 due to improved working capital management.
• Shares declined 12.2% year-to-date despite 21.5% YoY EBITDA growth in Q1 2025.

Entegris, Inc. ENTG

ICONIQ bought 5,463 shares of Entegris, Inc. in Q4 2024. Entegris, Inc. has faced a challenging 12-month period with its stock declining -17.05% in 2024, though it has shown recent resilience with a 7.9% intraday gain on May 12, 2025. The company's Q1 2025 revenue of $773.2 million fell short of estimates, but strategic initiatives like global supply chain optimization and POR wins position it for long-term growth in semiconductor materials. Despite macroeconomic headwinds from tariffs, Entegris maintains premium valuations with a P/E ratio of 40.8, reflecting investor confidence in its materials science leadership.

• Q1 2025 revenue missed estimates by 5.1% ($773.2M actual vs. $815.1M expected) with EPS of $0.67 vs. $0.69 estimate.
• Maintains elevated valuation multiples: P/E ratio of 40.8 and price-to-sales ratio of 3.69 despite recent underperformance.
• Stock surged 7.9% on May 12, 2025 following CEO commentary about tariff mitigation strategies and record POR wins in advanced node semiconductors.

Illinois Tool Works Inc. ITW

ICONIQ bought 2,103 shares of Illinois Tool Works Inc. in Q4 2024. Illinois Tool Works Inc. delivered mixed performance over the last 12 months, with 7% EPS growth in Q4 2024 despite 1.3% revenue decline, driven by 140 basis points operating margin expansion. The company maintained its 2025 EPS guidance of $10.15-$10.55 while navigating tariff impacts and market volatility. Analysts remain positive with an average 12-month price target of $253.67, reflecting confidence in its diversified portfolio and operational resilience.

• Q4 2024 organic revenue declined 0.5% but showed 0.4% growth when adjusted for product line simplification.
• Free cash flow reached record levels in 2024, supporting strategic investments in Customer-Back Innovation.
• Q1 2025 revenue declined 3.4% due to currency impacts, but maintained full-year EPS guidance through pricing actions.

Palantir Technologies Inc. PLTR

ICONIQ bought 7,026 shares of Palantir Technologies Inc. in Q4 2024. Palantir Technologies has seen explosive growth over the past year, with its stock soaring over 500% year-over-year driven by accelerating revenue growth. Q1 2025 revenue jumped 39% YoY, exceeding previous quarters, while U.S. commercial revenue surged 71%, pushing the company to raise its full-year revenue guidance to 36% YoY growth. Recent optimism around the U.S.-China tariff pause and Palantir’s positioning as a “market definer” in AI software has propelled shares to all-time highs, despite a high forward P/E ratio of 232.56.

• EPS grew 62.5% YoY from 8 cents in Q1 2024 to 13 cents in Q1 2025.
• U.S. commercial revenue reached a $1 billion annual run rate, up 71% YoY.
• Raised FY2025 U.S. commercial revenue guidance to 68% YoY growth, far exceeding consensus estimates.

Guidewire Software, Inc. GWRE

ICONIQ bought 3,101 shares of Guidewire Software, Inc. in Q4 2024. Guidewire Software, Inc. has demonstrated strong performance over the last 12 months, with its stock price surging 82.86% year-over-year. The company recently reached an all-time high of $219.59 in February 2025 and has maintained bullish momentum, rising 24.51% over the past month. Upcoming earnings reports on June 3, 2025, and positive technical indicators suggest continued growth potential.

• Stock price increased 82.86% over the last year, outperforming broader market indices.
• Month-over-month price growth of 24.51% as of May 2025, driven by bullish technical sentiment.
• Trading at 5.53% volatility with 57% green days in the last 30 days, reflecting stable upward momentum.

Holdings at the end of Q4 2024