ICONIQ's Trades and Holdings in Q2 2025

Breaking down the stocks ICONIQ bought, sold, and held in Q2 2025, including their holdings at the end of the quarter. All data sourced from ICONIQ's 13F filed on August 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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Q2 '25 13F filed with SEC

Portfolio Changes in Q2 2025

New positions

ICONIQ established a major new position in Chime Financial (CHYM) worth $518.8 million, representing their largest new investment, alongside adding Taiwan Semiconductor (TSM) for $63.5 million and smaller positions across various sectors including Citigroup (C), STMicroelectronics (STM), Cadence (CDNS), and Huntington Bancshares (HBAN).

Bought

ICONIQ increased their cryptocurrency exposure by adding to Grayscale Bitcoin (GBTC) with strong 69.7% returns, while also adding shares in Grab (GRAB) which delivered 87% returns and AppLovin (APP) despite negative performance in the position.

Sold

ICONIQ completely exited their large $156.5 million position in Enfusion (ENFN) and significantly reduced technology holdings including Procore Technologies (PCOR) by 1.6 million shares, ServiceTitan (TTAN) by 1.6 million shares, Datadog (DDOG) by 864,000 shares, and nearly eliminated their GoDaddy (GDDY) position with a 98.4% reduction, while also trimming positions in Braze (BRZE), Shopify (SHOP), and GitLab (GTLB).

New Investments in Q2 2025

Chime Financial CHYM

ICONIQ bought $518.84M of Chime Financial in Q2 2025. Chime Financial delivered exceptional Q2 2025 results with 37% year-over-year revenue growth to $528.15 million, beating consensus by $24.27 million, driven by robust user acquisition and strong platform revenue performance. The digital bank demonstrated impressive operational leverage with adjusted EBITDA margin expanding to 3%, representing an 18 percentage point improvement over two years, while active members surged 23% to 8.7 million, positioning Chime as the top direct-deposit destination for US adults earning under certain income thresholds. The company's diversified revenue streams showed strength with platform revenue skyrocketing 113% year-over-year to $162 million, while maintaining strong unit economics with customer acquisition costs declining 10% year-over-year.

• Revenue grew 37% year-over-year to $528.15 million in Q2 2025.
• Active member base expanded 23% to 8.7 million users.
• Adjusted EBITDA margin improved to 3%, up 18 percentage points from two years ago.

Taiwan Semiconductor TSM

ICONIQ bought $63.49M of Taiwan Semiconductor in Q2 2025. Taiwan Semiconductor delivered exceptional Q2 2025 results, significantly outperforming expectations with revenue beats of 36-38% and EPS beats of 41-61% across key metrics. The company demonstrated strong sequential growth momentum with 17.8% quarter-over-quarter revenue increase to TWD 30.1 billion and operating margin expansion to 49.6%, driven primarily by surging AI and high-performance computing demand. The semiconductor leader continues to capitalize on the AI boom, with HPC revenue now representing 60% of total revenue and growing 14% sequentially, while maintaining technology leadership in advanced 3nm processes and ramping next-generation N2 technology.

• Revenue exceeded guidance with 17.8% sequential growth in Q2 2025, beating estimates by 36-38%.
• EPS surged with beats of 41-61% above estimates across reporting periods.
• Operating margin expanded 1.1 percentage points sequentially to 49.6% in Q2 2025.

Citigroup C

ICONIQ bought $1.52M of Citigroup in Q2 2025. Citigroup demonstrated strong momentum in Q2 2025 with $4.0 billion in net income representing a 25% surge from the prior year, driven by robust performance across all five business segments including 16% growth in Markets and 52% increases in M&A fees. The bank's turnaround under CEO Jane Fraser's "OneCity" strategy is gaining traction with 8.7% RoTCE and positive operating leverage, while benefiting from regulatory relief that enables enhanced capital returns including a $20 billion buyback program. Citigroup is positioning itself as a digital banking leader through strategic investments in AI automation and Citi Token Services for digital assets, targeting 10-11% ROTCE with significant upside potential as the transformation accelerates.

• Net income surged 25% to $4.02 billion in Q2 2025 compared to $3.2 billion in Q2 2024.
• Revenue growth of 8% to $21.7 billion with Return on Tangible Common Equity (RoTCE) of 8.7%.
• Wealth management revenues jumped 20% to $2.2 billion with client investment assets growing 17% to $635 billion.

STMicroelectronics STM

ICONIQ bought $722.78K of STMicroelectronics in Q2 2025. STMicroelectronics demonstrated sequential improvement in Q2 2025 with $2.77 billion in net revenues, representing 10.4% growth from Q1's $2.51 billion. Despite revenue growth, the company reported an operating loss of $133 million and net loss of $97 million due to $190 million in restructuring and impairment charges related to its manufacturing reshaping program. The company maintains a positive outlook with Q3 revenue guidance of $3.17 billion, indicating continued sequential growth momentum and a book-to-bill ratio above 1.0.

• Revenue grew 10.4% sequentially from Q1 to Q2 2025, from $2.51 billion to $2.77 billion.
• Q2 2025 diluted EPS of -$0.11 missed estimates of $0.09 by 128.9% due to restructuring costs.
• Q3 2025 revenue guidance of $3.17 billion represents 14.4% sequential growth over Q2 actuals.

Cadence CDNS

ICONIQ bought $523.55K of Cadence in Q2 2025. Cadence delivered exceptional Q2 2025 performance with 20% year-over-year revenue growth to $1.275 billion and non-GAAP EPS of $1.65 that beat analyst expectations by 5.1%. The company's AI-driven portfolio continues driving strong growth across core businesses, with non-GAAP operating margins expanding to 42.8% from 40.1% in the prior year. Management raised full-year 2025 revenue guidance to $5.21-5.27 billion, reflecting confidence in continued momentum despite a one-time $140.6 million legal settlement charge that impacted GAAP results.

• Revenue grew 20% year-over-year to $1.275 billion in Q2 2025.
• Non-GAAP EPS increased 28.9% from $1.28 to $1.65 year-over-year.
• Non-GAAP operating margin expanded 270 basis points to 42.8% compared to prior year.

Huntington Bancshares HBAN

ICONIQ bought $522.48K of Huntington Bancshares in Q2 2025. Huntington Bancshares delivered strong Q2 2025 results with 13% year-over-year earnings growth and $0.34 per share, driven by robust 10% annual loan growth and 12% increase in net interest income. The company announced a transformative $1.9 billion acquisition of Veritex Holdings to expand into the high-growth Texas market, adding $13 billion in assets and positioning for accelerated organic growth. With improving capital metrics including a 16.1% return on tangible common equity and disciplined credit management, Huntington is well-positioned for continued value creation.

• Net income grew 13% year-over-year to $536 million with EPS of $0.34.
• Average commercial loans increased 10% year-over-year with $6.7 billion in growth.
• Return on tangible common equity improved to 16.1%, or 17.6% excluding notable items.

Skyworks SWKS

ICONIQ bought $508.52K of Skyworks in Q2 2025. Skyworks Solutions has faced headwinds over the past two quarters, with Q2 fiscal 2025 revenue of $953 million representing a 9% year-over-year decline from $1.05 billion in the prior year period. While the semiconductor company missed analyst revenue expectations and saw earnings per share drop 22.6% year-over-year, management demonstrated strong capital discipline by generating $371 million in free cash flow and returning a record $600 million to shareholders through buybacks and dividends. The company's diversified product portfolio and strategic customer engagements provide some stability despite ongoing market volatility in the semiconductor sector.

• Revenue declined 9% year-over-year to $953 million in Q2 fiscal 2025.
• Non-GAAP diluted EPS of $1.24 fell 22.6% compared to the same quarter last year.
• Generated strong 39% free cash flow margin and returned a record $600 million to shareholders in the quarter.

Ares Management ARES

ICONIQ bought $501.59K of Ares Management in Q2 2025. Ares Management delivered exceptional Q2 2025 results with $572 billion in assets under management representing 19% organic growth and fee-related earnings surging 26% year-over-year to $409.1 million, demonstrating strong momentum in the alternative investment space. The strategic $3.91 billion acquisition of GCP International completed in March 2025 contributed $103 million in Q2 revenue and expanded the firm's industrial real estate capabilities, positioning it well for AI-driven infrastructure demand. With a robust 41.2% FRE margin and $150+ billion in dry powder, the company is well-positioned to capitalize on continued growth in private credit and alternative assets.

• Total revenues jumped 71% year-over-year from $788.7 million to $1.35 billion in Q2 2025.
• Fee-related earnings increased 26% year-over-year to $409.1 million with a strong 41.2% FRE margin.
• Assets under management grew 24% year-over-year with 19% organic growth rate reaching $572 billion.

Wabtec WAB

ICONIQ bought $489.46K of Wabtec in Q2 2025. Wabtec delivered exceptional Q2 2025 results with GAAP diluted earnings per share surging 19.5% to $1.96 and adjusted EPS climbing 15.8% to $2.27, demonstrating strong operational execution despite modest 2.3% sales growth to $2.71 billion. The company's robust performance was driven by margin expansion with adjusted operating margin improving 1.8 percentage points to 21.1% and a healthy 11.9% growth in 12-month backlog to $8.2 billion, indicating strong future revenue visibility. Management's confidence was reflected in raising full-year 2025 adjusted EPS guidance to $8.55-$9.15 and revenue guidance to $10.925-$11.225 billion, while returning $94 million to shareholders through dividends and share repurchases.

• GAAP diluted EPS increased 19.5% year-over-year to $1.96 in Q2 2025.
• Adjusted operating margin expanded 1.8 percentage points to 21.1%.
• 12-month backlog grew 11.9% to $8.2 billion, providing strong revenue visibility.

Digital Realty DLR

ICONIQ bought $482.37K of Digital Realty in Q2 2025. Digital Realty delivered exceptional Q2 2025 results that significantly exceeded expectations, driven by surging demand in AI and cloud computing sectors. The company reported earnings per share of $2.94, dramatically beating the expected $0.41, while revenue reached $1.49 billion representing an 11% year-over-year increase. Core funds from operations per share rose 13% to a record $1.87, demonstrating strong operational leverage and positioning the company well for continued growth in the data center market.

• EPS surged 1,370% year-over-year from $0.20 to $2.94 in Q2 2025.
• Core FFO per share increased 13% year-over-year to a record $1.87, ahead of guidance.
• Revenue grew 11% year-over-year to $1.49 billion with Adjusted EBITDA up 13% to $823 million.

Diamondback Energy FANG

ICONIQ bought $460.15K of Diamondback Energy in Q2 2025. Diamondback Energy delivered mixed Q2 2025 results, with revenue of $3.678 billion beating estimates by 6.8% while EPS of $2.67 missed projections by 7.0%, leading to a 1.7% after-hours decline despite the revenue outperformance. The company demonstrated strong operational fundamentals with $1.7 billion in operating cash flow and $2.4 billion in Adjusted EBITDA, while maintaining shareholder returns through a $1.00 per share quarterly dividend. Despite the earnings miss reaction, the stock had gained 3.7% in the month leading up to results, suggesting underlying momentum in the energy sector.

• Revenue exceeded estimates by $234 million or 6.8% at $3.678 billion in Q2 2025.
• EPS of $2.67 fell short of the $2.87 consensus by 7.0%, triggering a 1.7% after-hours stock decline.
• Strong operational cash generation of $1.7 billion and Adjusted EBITDA of $2.4 billion in Q2 2025.

First Solar FSLR

ICONIQ bought $427.26K of First Solar in Q2 2025. The company delivered a strong second quarter with revenue of $1.1 billion and earnings per share of $3.18, representing a significant sequential improvement and beating analyst expectations by 20%. The $0.3 billion quarter-over-quarter revenue increase was driven by higher module sales volumes, demonstrating solid execution despite ongoing trade policy uncertainties and tariff pressures. With a robust 64.0 GW sales backlog extending through 2030 and 2.1 GW booked in July alone, First Solar appears well-positioned for sustained growth despite facing headwinds from policy changes.

• EPS of $3.18 exceeded analyst estimates by 20% in Q2 2025.
• Revenue increased $0.3 billion quarter-over-quarter to $1.1 billion.
• Sales backlog of 64.0 GW provides visibility through 2030.

United Rentals URI

ICONIQ bought $397.8K of United Rentals in Q2 2025. United Rentals delivered solid Q2 2025 results that exceeded revenue expectations, reporting $3.943 billion in total revenue (beating forecasts by 1.3%) while maintaining strong profitability with a 15.8% net income margin. The company demonstrated robust momentum across both general and specialty rental segments, with management raising full-year 2025 guidance and increasing planned share repurchases by $400 million to $1.9 billion, signaling confidence in continued growth despite some margin pressure from rising costs. The equipment rental leader's strong cash generation and strategic capital allocation position it well for value creation, supported by healthy customer demand and project backlogs heading into the remainder of the construction season.

• Rental revenue grew 6.2% year-over-year with specialty rentals segment surging 14.0% while general rentals increased 2.7%.
• Adjusted EBITDA reached $1.810 billion with fleet productivity improving 3.3% despite slight EPS miss at $10.47 vs $10.51 expected.
• Company raised full-year 2025 revenue guidance by $100 million at midpoint to $15.8-16.1 billion and increased quarterly dividend to $1.79 per share.

UPS UPS

ICONIQ bought $394.98K of UPS in Q2 2025. The logistics giant has faced significant headwinds in Q2 2025, with revenue declining 2.7% year-over-year to $21.2 billion and earnings per share dropping 13.4% to $1.55, missing analyst expectations. The company has underperformed significantly compared to peers, with shares down 28% year-to-date versus the transportation industry's 16% decline, and trailing rival FedEx over both short and long-term periods. Despite operational challenges from weak consumer sentiment and tariff uncertainties, UPS is executing strategic cost-saving initiatives targeting $3.5 billion in savings and adapting its global network to capitalize on changing trade patterns, including nearly doubling capacity between India and Europe.

• Q2 2025 EPS of $1.55 declined 13.4% year-over-year and missed consensus estimates by $0.01.
• Stock has plunged 28% year-to-date, significantly underperforming the transportation industry's 16% decline.
• Net income dropped 8.9% in Q2 2025 while maintaining operating margins of 8.8% on a non-GAAP adjusted basis.

Roper Technologies ROP

ICONIQ bought $382.62K of Roper Technologies in Q2 2025. The company delivered another strong quarter with 13% revenue growth to $1.94 billion and 9% adjusted EPS growth to $4.87, marking the fourth consecutive quarter of beating consensus estimates. Roper's diversified technology portfolio continues to demonstrate resilience with 40% EBITDA margins and 10% free cash flow growth to $403 million, driven by its asset-light, software-centric business model across mission-critical verticals. Despite solid operational execution, shares have underperformed the broader market, gaining only 4.8% year-to-date versus the S&P 500's 7.1%, largely attributed to market reactions following the tariff pause announcement in April.

• Revenue increased 13% year-over-year to $1.94 billion with 7% organic growth.
• Adjusted EPS rose 9% to $4.87, beating consensus estimates by 1.04%.
• Free cash flow grew 10% to $403 million with EBITDA margins reaching nearly 40%.

First Citizens Bancshares FCNCA

ICONIQ bought $381.51K of First Citizens Bancshares in Q2 2025. First Citizens Bancshares delivered exceptional Q2 2025 performance with net income surging 19% sequentially to $575 million and earnings per share jumping 23% to $42.36, demonstrating strong operational momentum. The bank's robust capital position enabled announcement of a new $4 billion share repurchase program while maintaining a strong 12.12% Common Equity Tier 1 ratio and achieving the lowest net charge-off rate since Q2 2024 at 0.33%. With $613 million in share repurchases during Q2 and solid deposit growth of 1.5% annualized, the company is executing effectively on both growth and capital return strategies.

• Net income increased 19% from Q1 to Q2 2025, rising from $483 million to $575 million.
• Earnings per share jumped 23% sequentially from $34.47 to $42.36, with adjusted EPS of $44.78.
• Tangible book value per share grew 10.4% year-over-year and 2.7% sequentially, supported by an 11.00% ROE.

Axon Enterprise AXON

ICONIQ bought $378.37K of Axon Enterprise in Q2 2025. Axon Enterprise delivered exceptional Q2 2025 results with $669 million in revenue, representing 33% year-over-year growth and marking the company's 6th consecutive quarter of growth above 30%. The company is successfully evolving from a hardware-focused business into a high-margin vertical SaaS platform embedded in public safety, with its Taser and body camera hardware serving as the foundation for recurring software subscription services. Operating leverage is evident as adjusted EBITDA grew 37% to $172 million, outpacing revenue growth despite heavy R&D investment of 24% of revenue.

• Revenue grew 33% year-over-year to $669 million in Q2 2025.
• Adjusted EBITDA increased 37% to $172 million, demonstrating strong operating leverage.
• Full-year 2025 revenue guidance of $2.65-$2.73 billion represents approximately 29% annual growth at midpoint.

James Hardie JHX

ICONIQ bought $372.88K of James Hardie in Q2 2025. James Hardie has faced headwinds over the past two quarters, with revenue declining 3.3% year-over-year to $971.50 million in Q4 2025 and missing analyst expectations by $12.36 million. The company reported an EPS of $0.36 in Q4 2025, which fell short of consensus estimates by $0.01, though it maintained relatively strong profitability with an EBITDA margin of 27.4% in the previous quarter. With Q1 2026 earnings expected to be released on August 19, 2025, investors will be watching closely for signs of revenue stabilization and margin improvement.

• Revenue declined 3.3% year-over-year in Q4 2025 to $971.50 million, missing analyst expectations.
• EPS of $0.36 in Q4 2025 missed consensus estimates by $0.01, with trailing EPS of $0.98.
• Earnings are projected to grow 15.11% next year from $1.39 to $1.60 per share, suggesting potential recovery ahead.

Carnival CCL

ICONIQ bought $367.47K of Carnival in Q2 2025. Carnival delivered exceptional Q2 2025 results, marking its eighth consecutive quarter of record revenue and significantly outperforming guidance across all key metrics. The cruise giant achieved a remarkable turnaround with $565 million in net income, representing a nearly $475 million improvement over Q2 2024, while simultaneously reaching its 2026 strategic targets 18 months early. This stellar performance, driven by robust demand and pricing power, positions Carnival as a compelling recovery story with structurally improved earnings capacity and the highest return on invested capital in nearly two decades.

• EBITDA surged 26% year-over-year to $1.5 billion, with net income of $565 million beating March guidance by $185 million.
• Unit net yields expanded 6.4% versus prior year, building on last year's comparable 12% gain and driving record Q2 revenues of $6.3 billion.
• Return on invested capital (ROIC) exceeded 12.5%, the highest level in nearly two decades, with customer deposits reaching an all-time high of $8.5 billion.

Brookfield Asset Management BAM

ICONIQ bought $366.4K of Brookfield Asset Management in Q2 2025. Brookfield Asset Management delivered exceptionally strong Q2 2025 results, demonstrating robust operational momentum with fee-related earnings growing 16% year-over-year to $676 million and distributable earnings increasing 12% to $613 million. The company's fundraising capabilities remain impressive, raising $97 billion over the last twelve months and deploying significant capital with over $85 billion deployed year-to-date. With fee-bearing capital reaching $563 billion (up 10% year-over-year) and strong liquidity of $128 billion in uncalled commitments, the company is well-positioned for continued growth.

• Fee-related earnings increased 16% year-over-year to $676 million in Q2 2025.
• Distributable earnings grew 12% compared to the same period last year, reaching $613 million.
• Fee-bearing capital expanded 10% year-over-year to $563 billion as of Q2 2025.

Holdings at the end of Q2 2025

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.