ICONIQ's Trades and Holdings in Q4 2024

We break down the stocks ICONIQ bought, sold, and held in Q4 2024, including their holdings at the end of the quarter. All data sourced from ICONIQ's 13F filed on February 14, 2025.

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 Q4 2024

New positions

ICONIQ made a massive new investment in ServiceTitan (TTAN) worth $1.6 billion, representing their largest new position by far. Other notable new holdings include Hims & Hers (HIMS) at $69.5 million, CrowdStrike Holdings (CRWD) at $28.6 million, and GoDaddy (GDDY) at $24.0 million, along with smaller positions in various ETFs and individual stocks.

Bought

ICONIQ significantly increased exposure to several international and technology positions, with Nu Holdings (NU) seeing a 319% increase, Apple (AAPL) up 254%, and Woodside Energy (WDS) up 252%. The firm also substantially added to Japanese financial stocks including Mizuho Financial Group (MFG) and Sumitomo Mitsui (SMFG), telecommunications with AT&T (T) and Nokia (NOK), and major tech holdings like Amazon (AMZN) and Nvidia (NVDA).

Sold

ICONIQ completely exited positions in NXP Semiconductors (NXPI), Zillow Group (Z), and several other holdings, while making significant reductions to software positions including nearly eliminating ASML (ASML) (down 98%), cutting GitLab (GTLB) by 37%, and trimming Salesforce (CRM), Braze (BRZE), Datadog (DDOG), and Procore Technologies (PCOR) by substantial amounts.

New Investments in Q4 2024

ServiceTitan TTAN

ICONIQ bought $1.6B of ServiceTitan in Q4 2024. ServiceTitan (TTAN) reported strong revenue growth but widening losses in its fiscal Q4 2025, with total revenue increasing 29% YoY to $209.3 million. The company's GAAP operating loss expanded to ($99.9) million from ($48.1) million in the prior year quarter, driven by strategic investments. Recent expansion into roofing and commercial verticals shows promise, but investors await clarity on path to profitability in the June 5 Q1 2026 earnings release.

• Q4 platform revenue grew 30% YoY to $200.1 million.
• Full FY2025 revenue increased 26% YoY to $771.9 million.
• Operating losses expanded 108% YoY in Q4 FY2025.

Hims & Hers HIMS

ICONIQ bought $69.51M of Hims & Hers in Q4 2024. Hims & Hers Health delivered exceptional Q1 2025 results with $586 million revenue (+111% YoY) and $49.5 million net income, demonstrating accelerating growth in telehealth services. The company raised full-year Adjusted EBITDA guidance to $295-$335 million while announcing ambitious 2030 targets of $6.5 billion revenue and $1.3 billion EBITDA. Recent expansion into specialty healthcare verticals and pharmaceutical partnerships positions it as a disruptor in personalized medicine.

• Q1 EPS of $0.20 beat estimates by 66.7%, up 300% YoY.
• Subscriber base grew 38% YoY to 2.4 million members, driving recurring revenue.
• Gross margin improved to 83.8%, supporting 91.1% YoY EBITDA growth to $91.1 million.

CrowdStrike Holdings CRWD

ICONIQ bought $28.61M of CrowdStrike Holdings in Q4 2024. CrowdStrike Holdings demonstrated robust growth in Q1 FY2025 with 33% YoY revenue growth to $921M, driven by its leadership in cloud-native cybersecurity solutions. The company outperformed analyst estimates with EPS of $0.93 vs. $0.89 expected and 1.8% revenue beat, while expanding Annual Recurring Revenue to $3.65B (+33% YoY). Its net new ARR of $212M reflects strong enterprise demand despite competitive pressures in the endpoint security market.

• Q1 subscription revenue grew 34% YoY to $872.2M, accounting for 95% of total revenue.
• Operating cash flow reached record levels at $447M (+42% YoY) in Q1, demonstrating improved unit economics.
• 6 consecutive quarters of net new ARR exceeding.

GoDaddy GDDY

ICONIQ bought $24.03M of GoDaddy in Q4 2024. GoDaddy reported strong Q1 2025 results with 8% year-over-year revenue growth to $1.2B and EPS of $1.51, beating estimates by $0.13. Despite this, shares fell 6.1% post-earnings amid concerns about valuation, even as free cash flow surged 26% to $411M. The company’s focus on AI-driven product innovation and stable 20.5 million customer base supports its growth outlook, though shares trade above intrinsic value per InvestingPro analysis.

• Applications & Commerce revenue grew 17% in Q1, outpacing overall growth rates.
• Normalized EBITDA margins expanded 200+ basis points year-over-year, reflecting operational efficiency.
• Reaffirmed full-year 2025 revenue guidance of $4.86B-$4.94B, signaling confidence in sustained momentum.

S&P 500 Buy-Write BXMX

ICONIQ bought $1.54M of S&P 500 Buy-Write in Q4 2024. The S&P 500 Buy-Write strategy underperformed in Q1 2025 with a -3.09% return amid strong equity market gains, as its covered call approach capped upside during the S&P 500's 4% rally to new all-time highs. While designed for lower volatility than the S&P 500, the strategy struggled with subdued implied volatility levels near 16 (VIX) that reduced option premium income. It significantly trailed both the S&P 500 Index (+32,482% 10-year return) and core bonds (+2.78% YTD) in the quarter.

• -3.09% YTD return through March 2025, underperforming S&P 500's 4% gain.
• Maintains 27.41 P/E ratio and 10.68 P/B ratio, reflecting large-cap growth exposure.
• Long-term underperformance gap: 5.84% 10-year annualized return vs S&P 500's 12.9%.

High Dividend HDV

ICONIQ bought $1.3M of High Dividend in Q4 2024. iShares Core High Dividend ETF (HDV) delivered a 7.44% return over the past year, with 2.91% YTD growth as of May 23, 2025. Its recent upgrade to a Morningstar Silver Medalist rating reflects improved portfolio management processes and a top-decile cost advantage. The ETF maintains a 3.49% dividend yield, though this trails sector leaders, while its heavy concentration in defensive sectors like Energy (12.44% portfolio weight) and Healthcare (9.86%) provides stability.

• 2.87% NAV total return YTD through May 22, 2025, outperforming 65% of large-value peers.
• Dividend yield of 3.49% ranks in the top 35% of US dividend ETFs despite being below financial sector leaders.
• 47.9% portfolio concentration in top 10 holdings drove recent performance, with Exxon Mobil (+7.74% weight) and Chevron (+4.7%) benefiting from energy sector tailwinds.

Motorola Solutions MSI

ICONIQ bought $867.14K of Motorola Solutions in Q4 2024. Motorola Solutions reported record Q1 2025 revenue of $2.5 billion, up 6% YoY, driven by strong North American demand and a 9% increase in software/services sales. Despite beating earnings estimates with a 13% rise in non-GAAP EPS to $3.18, the stock fell nearly 5% post-announcement amid concerns over its elevated valuation, trading above intrinsic estimates. Recent acquisitions of RapidDeploy and Theatro, coupled with launches of AI-driven Assist platform and SVX devices, position the company to capitalize on growing public safety technology investments.

• 6% year-over-year revenue growth to $2.5 billion in Q1 2025.
• Non-GAAP EPS increased 13% to $3.18, surpassing estimates by 5.6%.
• Operating cash flow surged 33% to $510 million, marking a record quarterly performance.

Chipotle CMG

ICONIQ bought $644.97K of Chipotle in Q4 2024. Chipotle reported mixed Q1 2025 results with 6.4% revenue growth to $2.9 billion driven by new restaurant openings, while comparable sales declined 0.4% due to weather impacts and softer consumer spending. Despite margin pressures from labor inflation, operating margin improved to 16.7% (up 40 bps YoY) through cost controls. Management expects transaction trends to rebound in H2 2025 with increased marketing and digital initiatives.

• Opened 57 new restaurants (48 with Chipotlanes) accelerating unit growth strategy.
• Digital sales maintained 35.4% mix despite comp sales decline.
• Adjusted EPS grew 7.4% to $0.29 despite 2.3% transaction decline.

Cloud Computing SKYY

ICONIQ bought $623.59K of Cloud Computing in Q4 2024. First Trust Cloud Computing ETF (SKYY) has faced significant headwinds in recent quarters, with a -18.8% return over the last 3 months and -12.53% YTD performance as of May 2025, underperforming 96% of peers in the short term. However, it maintains +14.99% 1-year returns, buoyed by long-term cloud computing growth trends. The fund's 29.45 P/E ratio suggests premium pricing relative to broader tech indices despite recent sector weakness.

• -18.8% 3-month return through Q1 2025, ranking in bottom 4% of category peers.
• 29.45 P/E ratio remains elevated despite 2025 tech sector revaluation pressures.
• Declared $0.0113 quarterly distribution in March 2025 amid ongoing operational challenges in cloud infrastructure markets.

Marvell Technology MRVL

ICONIQ bought $613.44K of Marvell Technology in Q4 2024. Marvell Technology (MRVL) faced mixed performance in recent quarters, with Q4 FY2025 revenue surging 27% year-over-year to $1.817 billion, but Q1 FY2025 showing a 12% YoY decline to $1.161 billion. The company's AI-driven data center segment remains a key growth driver, helping offset broader semiconductor market weakness. Despite recent revenue volatility, shares have gained 26% YTD through May 2024, reflecting investor optimism about its AI positioning.

• Q1 FY2025 gross margin improved to 62.4% non-GAAP (vs 58.3% year-ago) despite revenue decline.
• Narrowed sequential net losses to $196.6 million in Q1 from $215 million in Q4.
• Data center revenue grew 87% YoY in Q4 FY2025, driven by AI infrastructure demand.

Bristol-Myers Squibb BMY

ICONIQ bought $575.61K of Bristol-Myers Squibb in Q4 2024. Bristol-Myers Squibb reported mixed Q1 2025 results with $11.2 billion in revenues (-6% YoY) but raised full-year guidance to $45.8 billion, driven by strong execution and pipeline progress. While legacy products declined, the Growth Portfolio showed momentum with 18% sales growth, particularly in new launches like schizophrenia drug COBENFY. The company beat EPS estimates by 18.4% ($1.80 vs $1.52 expected) and maintains a 5.11% dividend yield with 55 consecutive years of payments.

• Q1 2025 EPS of $1.80 surpassed estimates by 18.4% (vs $1.52 expected).
• Revenue beat expectations by $520 million ($11.2B actual vs $10.68B forecast).
• Raised 2025 revenue guidance by ~2% to $45.8B despite patent cliff pressures.

Gilead Sciences GILD

ICONIQ bought $566.69K of Gilead Sciences in Q4 2024. Gilead Sciences GILD reported mixed Q1 2025 results with total product sales declining 1% YoY to $6.6B, offset by HIV franchise growth of 6% YoY to $4.6B. Non-GAAP EPS of $1.81 reflects cost discipline amid Veclury sales normalization, while oncology revenue grew 18% driven by Trodelvy. The company maintained full-year product sales guidance of $28.2B-$28.6B and raised its quarterly dividend by 2.6%, signaling confidence in core business stability.

• HIV blockbuster Biktarvy grew 7% YoY to $3.1B, capturing 58% of U.S. HIV treatment market share.
• Q1 operating margin strengthened to 43% despite revenue headwinds, up 210bps YoY.
• FDA decision pending by June 19 for twice-yearly HIV prevention drug Lenacapavir, a potential $1B+ opportunity.

DJ Internet FDN

ICONIQ bought $566.34K of DJ Internet in Q4 2024. First Trust Dow Jones Internet ETF has shown mixed performance recently, with a 30.4% return in 2024 but only 4.1% YTD gain in 2025 through May 23. The fund declined 1.48% on May 23, 2025 alone, reflecting recent volatility in internet sector holdings. Its -0.30% net income ratio and lack of dividend yield continue to pressure total returns compared to broader market indices.

• 281% portfolio turnover rate in 2025 signals aggressive repositioning amid sector volatility.
• 0.00% dividend yield persists as fund focuses entirely on capital appreciation strategies.
• 4.1% YTD return underperforms NASDAQ Composite's 6.8% gain through same period.

Takeda Pharmaceutical TAK

ICONIQ bought $550.96K of Takeda Pharmaceutical in Q4 2024. Takeda Pharmaceutical reported mixed results in Q4 2025, missing EPS estimates by $0.08 (33% below expectations) and revenue by $680 million (8.5% shortfall). While near-term performance shows challenges, the company maintains growth potential through its late-stage pipeline with six new molecular entities in Phase 3 development, including successful oncology drug rusfertide. The stock has shown resilience with an 11.9% price increase over the last six months despite recent earnings volatility.

• Q4 2025 EPS of $0.16 missed estimates by 33%, while revenue of $7.34B fell 8.5% short of expectations.
• Core operating profit grew 4.9% at constant currency in FY2024, driven by 7.4% revenue growth in Growth & Launch Products.
• Phase 3 pipeline progress includes three upcoming data readouts and recent positive results for oncology drug rusfertide, with dividend increased to JPY 200 per share.

Tyler Technologies TYL

ICONIQ bought $548.38K of Tyler Technologies in Q4 2024. Tyler Technologies (TYL) delivered strong Q1 2025 results with 10% revenue growth and 49.6% net income growth, driven by accelerated SaaS adoption. The company surpassed analyst estimates with 8.59% EPS beat and 1.65% revenue surprise, continuing its momentum from Q4 2024's 19.7% subscription growth. Recent performance reflects successful execution of cloud transition strategies and cost discipline.

• Subscription revenues grew 19.7% to $375M in Q1 2025, now representing 66% of total revenue.
• Net income surged 49.6% YoY to $81.1M with operating margin expanding 330 basis points to 15.8%.
• Annualized recurring revenue reached $1.95B, up 13% YoY, signaling durable growth prospects.

Entegris ENTG

ICONIQ bought $541.16K of Entegris in Q4 2024. Entegris reported mixed Q1 2025 results with $770.3M revenue (+5% YoY ex-divestitures) missing estimates by 3.4%, driving a 13.14% stock decline. While Advanced Packaging revenue doubled and gross margins held firm at 46.1%, sequential sales dropped 9% amid semiconductor market softness. Near-term headwinds from China tariffs could impact Q2 revenue by up to $50M, though long-term drivers in materials purity remain intact.

• EPS of $0.67 missed estimates by $0.01 despite 39% YoY net income growth to $62.9M.
• Advanced Packaging business projected to grow 25%+ in 2025 despite broader semiconductor weakness.
• Stock trades at 34.6x P/E (InvestingPro) after 13% post-earnings drop, still above industry average.

Illinois Tool Works ITW

ICONIQ bought $533.24K of Illinois Tool Works in Q4 2024. Illinois Tool Works reported mixed Q1 2025 results with revenue declining 3.4% YoY to $3.8B, but achieved $2.38 EPS (+$0.05 vs estimates) through margin discipline. The company maintained full-year guidance as pricing actions offset tariff impacts, though shares fell 3.45% post-earnings amid broader market concerns. Strong 24.8% operating margins and 53 consecutive years of dividend growth demonstrate resilient fundamentals despite cyclical pressures.

• Q1 GAAP EPS of $2.38 exceeded expectations by $0.05 despite 3.4% revenue decline.
• Maintained 24.8% operating margin with Enterprise Initiatives contributing 120 bps improvement.
• Stock declined 3.45% post-earnings despite beat, while maintaining 53-year dividend growth streak.

Palantir PLTR

ICONIQ bought $531.38K of Palantir in Q4 2024. Palantir reported Q1 2025 revenue of $883.9M (+39% Y/Y), beating estimates by $21M, while raising FY 2025 revenue guidance to 36% Y/Y growth. U.S. commercial revenue surged 71% Y/Y with record $810M deal value, though shares fell 8% post-earnings as investors priced in elevated expectations. The company achieved its seventh consecutive quarter of expanding Rule 40 score (83%), demonstrating strong balance between growth and profitability.

• U.S. commercial contract value grew 183% Y/Y to $810M in Q1, with remaining deal value at $2.32B (+127% Y/Y).
• Customer count increased 39% Y/Y with 139 deals worth $1M+ closed in Q1.
• Adjusted EPS of $0.13 met expectations (+62.5% Y/Y) while GAAP operating margin reached 20%.

Guidewire Software GWRE

ICONIQ bought $522.77K of Guidewire Software in Q4 2024. Guidewire Software (GWRE) demonstrated strong momentum in Q1 2025 with 27% YoY revenue growth to $263 million, driven by a 33% surge in subscription revenue - its fastest growth rate in two years. The company secured a landmark global framework agreement with Zurich Insurance Group and achieved 70% subscription gross margins, reflecting platform maturity and operational efficiency. While showing cloud transition progress, cash flow challenges persist with -$62 million operating cash flow due to compensation expenses.

• EPS beat estimates by 43.33% ($0.43 actual vs $0.30 estimate) in Q1 2025.
• 4.31% stock gain over five days post-earnings, reaching 2025 highs.
• $874M annual recurring revenue achieved through Tier-1 cloud deals like Zurich Insurance.

BP BP

ICONIQ bought $465.78K of BP in Q4 2024. BP reported mixed Q1 2025 results with $1.4 billion underlying replacement cost profit, representing a 49% decline from Q1 2024. While refining margins improved sequentially ($15.2/bbl vs $13.1/bbl), strategic divestments and lower liquid pricing drove a 4.1% revenue decline to $47.9 billion. The company continues advancing its energy transition strategy through new renewable projects and portfolio optimization.

• Q1 2025 profits halved year-over-year to $1.38 billion from $2.72 billion in Q1 2024.
• Refining margin marker (RMM) improved 16% quarter-over-quarter to $15.2/bbl.
• Revenue declined 4.1% year-over-year to $47.9B, missing consensus estimates by 16%.

Holdings at the end of Q4 2024

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