ICONIQ's Trades and Holdings in Q2 2026

Breaking down the stocks ICONIQ bought, sold, and held in Q2 2026, including their holdings at the end of the quarter. All data sourced from ICONIQ's 13F filed on August 13, 2026.

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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Q2 '26 13F filed with SEC

Holdings in Q2 2026

Current Investment Strategy

ICONIQ Capital's public markets portfolio in Q2 2026 doubled down on AI-adjacent infrastructure and fintech leaders—anchoring around **Netskope**, **CrowdStrike**, **AppLovin**, **Coinbase**, **Nu Holdings** and **MercadoLibre**—while adding chip-supply-chain exposure through **Taiwan Semiconductor** and new stakes in **ASML Holding**, reflecting the Silicon Valley family office's continued tilt toward the AI compute buildout and digital-finance disruption. Simultaneously, the firm rotated its passive holdings, swapping out **iShares**, **Vanguard Tax-Managed Funds** and legacy **S&P 500 ETF** positions for fresh allocations to **Invesco QQQ** and the **SPDR S&P 500 ETF Trust**, while exiting **AMD** and recently-listed **Chime Financial** and initiating stakes in **Thomson Reuters** and clinical-stage **Parabilis Medicines**—a pattern of active repositioning around high-growth tech and fintech themes rather than passive market tracking.

New Investments

Parabilis Medicines Inc

ICONIQ bought $9.58M of Parabilis Medicines Inc in Q2 2026. Over the past quarter since the June IPO, the stock has moved into the mid-$30s, trading around $35.7 per share, up about 13% since listing and roughly 16.9% over the last month, indicating the position is currently gaining in market value rather than declining. Fundamentally, Q2 2026 results underscore that this appreciation is happening despite deepening losses: revenue was only about $0.15M, while net loss widened to $52.5M (GAAP EPS -2.32, adjusted EPS -2.13), versus a $34.8M loss in the prior-year quarter and a Street EPS expectation of around -0.16. The main support for the higher valuation this quarter is the transformed balance sheet and strategic optionality, with cash and marketable securities rising to $1.1B after raising over $600M in an upsized June IPO, securing runway into 2030, alongside a new collaboration with Regeneron and growing institutional ownership (e.g., Alphabet at about 4.2% of shares).

• Share price up about 13.1% since the June 10, 2026 IPO, including a 16.9% gain over the last month and 5.2% over the last week..
• Q2 2026 net loss of $52.5M (GAAP EPS -2.32, adjusted EPS -2.13) versus a $34.8M loss in Q2 2025, implying roughly a 51% year-over-year increase in quarterly losses..
• Cash, cash equivalents and marketable securities increased to $1.1B as of June 30, 2026 from $27.7M at December 31, 2025, a more than 39x increase that management expects to fund operations into 2030..

Invesco QQQ

ICONIQ bought $5.52M of Invesco QQQ in Q2 2026. This purchase increases our large-cap growth allocation via a Nasdaq-100 tracker that has delivered roughly a 26–27% 1-year total return, broadly in line with the large-growth category. Over the last two quarters, performance has shifted from a very strong Q2 2026—NAV up 27.68% versus the S&P 500 at 15.20% and Russell 1000 Growth at 16.74%—to a current quarter characterized by modest gains and consolidation near record highs, with total return year-to-date now in the high-teens at roughly 19–20%. Gains have been driven by outsized moves in semiconductor and technology names such as Micron (241.67% in Q2), Intel (216.41%), and Marvell (200.89%), positioning the fund to benefit if the current strength in large-cap technology and semiconductors persists, while its concentration in growth sectors keeps sensitivity high to any reversal in Nasdaq-100 leadership.

• Q2 2026 NAV return 27.68% vs S&P 500 total return 15.20% and Russell 1000 Growth Index 16.74%..
• As of 6/30/2026, NAV year-to-date return 20.19% and 1-year return 34.03%..
• Latest total-return estimates show YTD around 19.45% and 1-year around 26–27%, with market price up roughly 26% over 12 months and a 52-week range of 555.60–748.65..

St Str Spdr S&P 500 Etf Tr

ICONIQ bought $5.32M of St Str Spdr S&P 500 Etf Tr in Q2 2026. This purchase increases our broad U.S. large‑cap exposure at a time when the ETF has gained about 13.6% year‑to‑date and roughly 22% over the last 12 months, reflecting the ongoing strength of the S&P 500. Over the last two quarters, the fund posted a strong second‑quarter total return of approximately 15.2% and, based on the improvement in YTD performance from 10.1% at 6/30 to 13.6% currently, has added about 3.5 percentage points so far in the current quarter as it grinds toward new highs. The ETF is modestly trailing peers on a one‑year basis, with its roughly 22.5% gain versus the large‑blend category’s 27.7%, but its above‑category YTD return and highly liquid, diversified exposure to the S&P 500 position it to benefit from further broad‑market upside.

• The ETF is up 13.6% year‑to‑date, compared with a 5.14% YTD return for the large‑blend category..
• It has returned roughly 22.5% over the past 12 months and about 10.5% over the last 3 months..
• The ETF reached an all‑time closing high of $757.62 on June 2, 2026 and is trading only about 3–4% below that level, with a 52‑week price gain near 20–21%..

Thomson Reuters

ICONIQ bought $1.03M of Thomson Reuters in Q2 2026. Over the last 12 months, Thomson Reuters has delivered a share price return of around 34%, modestly ahead of the S&P/TSX Composite’s roughly 31%, supported by resilient demand for its information and workflow solutions.. Recent performance is gaining momentum: in Q2 2026 organic revenue grew 8% year‑on‑year, total revenue rose 9%, the Big Three segments posted 10% organic growth, and adjusted EPS climbed 14% to $0.99, indicating strong current‑quarter execution.. Compared with the prior quarter, Q2 FY26 revenue of about $1.95B and earnings of roughly $448M are modestly higher than the approximately $1.90B revenue and $437M earnings seen previously, suggesting the business is in an upswing as management continues to invest in AI‑enabled products and workflow tools that are expected to drive further value creation..

• Q2 2026 organic revenue grew 8% YoY, with total revenue up 9% and the Big Three segments delivering 10% organic growth..
• Adjusted EPS increased 14% year‑on‑year to $0.99 in Q2 2026, compared with $0.87 in Q2 2025..
• Over the last 12 months, the shares have returned about 34.31% vs the S&P/TSX Composite’s 31.31%, with year‑to‑date performance of 16.33% vs 15.35% for the index..

Asml Hldg Nv

ICONIQ bought $761.96K of Asml Hldg Nv in Q2 2026. Over the last two quarters, ASML has shown accelerating momentum: Q2 2026 net sales of €9.3 billion, a gross margin of 54%, and EPS of €7.59 were all higher than Q1 and exceeded guidance, driven by unexpectedly strong Installed Base Management and continued demand for EUV systems. On a 12‑month view, revenue is up roughly 20–21% year over year and EPS more than 30%, while an EBITDA margin near 38% and a net margin above 30% underscore a profitability profile that remains ahead of most semiconductor equipment peers. Management has responded to this strength by raising 2026 sales guidance to €43–45 billion and outlining capacity expansions, including high‑NA EUV shipments, positioning the company to capture ongoing AI and advanced‑node investment cycles that should support further share price appreciation if execution remains solid.

• Q2 2026 net sales were €9.33 billion, up about 6% from Q1 2026 and roughly 21% year over year..
• Quarterly EPS increased from €7.15 in Q1 2026 to €7.59 in Q2 2026 (about 6% QoQ growth), with trailing 12‑month EPS at €27.54..
• Management now guides 2026 net sales to €43–45 billion, while the business is generating an EBITDA margin near 38%..

Oracle

ICONIQ bought $593.53K of Oracle in Q2 2026. The purchase adds exposure to Oracle’s accelerating cloud-led transformation, with Q3 and Q4 FY2026 revenues growing 22% and 21% year over year respectively and non-GAAP EPS advancing over 20% in both periods, an unusually strong trajectory for a mature enterprise software vendor. In the most recent quarter, Oracle delivered record Q4 FY2026 results with revenue of $19.2B, cloud revenue of $9.9B (up 47% YoY) and cloud infrastructure growth of 93%, underscoring clear competitive momentum in AI and database workloads even as legacy on‑premise software revenue declined 2%. Management raised its outlook, guiding for FY2027 revenue growth of about 34% and non-GAAP EPS of roughly $8.05, while reporting multi‑cloud database revenue up 404% and bookings up 325% year over year—recent developments that, alongside consistent earnings beats, support further value creation and potential multiple expansion.

• Q4 FY2026 revenue up 21% YoY to $19.2B, with total cloud revenue up 47% to $9.9B and cloud infrastructure up 93%..
• Q4 FY2026 GAAP EPS rose 21% YoY to $1.45, while non-GAAP EPS increased 24% to $2.11, both above consensus estimates..
• Q3 FY2026 total revenue grew 22% YoY to $17.2B, with cloud revenues up 44% and non-GAAP EPS up 21% to $1.79..

Fidelity National Information

ICONIQ bought $562.55K of Fidelity National Information in Q2 2026. Over the last two quarters, the company has accelerated, with Q1 2026 revenue up 6.5% year-over-year to $3.29 billion and Q2 2026 revenue surging 29.1% to $3.38 billion, while EPS stepped up from $1.36 to $1.48 and beat Street expectations in both periods. Despite an initial 9.5% post‑earnings drop on cautious guidance and capital markets execution issues, shares are still up about 8.5% over the past month versus the S&P 500's 1.7% gain, supported by Q2 adjusted EBITDA growth of roughly 36% and free cash flow jumping 111% to $474 million. Over the last 12 months, earnings per share have totaled about $6.51 and the company has beaten or met EPS estimates in three of the last four quarters, while stronger banking and payments growth, a strategic review of the underperforming capital markets business, and new TSYS and AI‑driven offerings underpin a constructive fundamental trajectory.

• Q2 2026 adjusted EPS of $1.48 beat the $1.47 consensus by 0.68%, with revenue up 29.1% year-over-year to $3.38B.
• Q1 2026 revenue grew 6.5% year-over-year to $3.29B, with EPS of $1.36 coming in 5.43% above forecasts and EBITDA margin at 39.6%.
• Shares have gained roughly 8.5% over the past month versus the S&P 500’s 1.7% move, even after a post‑Q2 earnings drop of about 9.5% on softer guidance.

IBM

ICONIQ bought $471.31K of IBM in Q2 2026. Over the last two quarters, IBM has delivered continuing top-line growth, with Q1 2026 revenue up 9% year over year to $15.92 billion and adjusted EPS of $1.91 vs. $1.81 expected, followed by Q2 revenue of $17.16 billion and EPS of $2.93 that grew sequentially but came in below forecasts of $17.86 billion and $3.01. In the current quarter, performance is mixed but still fundamentally positive: Software revenue rose 5% to $7.8 billion with Data up 19% and Red Hat hybrid cloud up 11%, while Infrastructure declined 7% (IBM Z down 42%, Distributed Infrastructure up 37%) and Consulting was flat, and management now guides constant-currency revenue growth of 4–5% for the year, supported by operating cash flow of $2.6 billion and free cash flow of $2.5 billion in Q2. Relative to higher-growth cloud and AI peers (based on broader sector data), IBM’s last 12 months skew more toward a value and cash-flow profile, with full-year 2025 free cash flow of $14.7 billion up $2.0 billion year over year, a generative AI book of business now above $12.5 billion, consistent EPS outperformance through Q1 2026, and the strategic acquisition of data-streaming provider Confluent, all of which underpin long-term value creation despite the Q2 2026 guidance-driven pullback.

• Q1 2026 revenue up 9% year over year to $15.92 billion, with adjusted EPS of $1.91 vs. $1.81 consensus (+5.52% surprise)..
• Q2 2026 revenue of $17.16 billion and EPS of $2.93, missing forecasts of $17.86 billion and $3.01 (−3.92% and −2.66% surprises), while operating cash flow rose $0.9 billion year over year to $2.6 billion and free cash flow reached $2.5 billion..
• Generative AI book of business exceeded $12.5 billion by Q4 2025 and full-year 2025 free cash flow was $14.7 billion, up $2.0 billion year over year, supporting ongoing investment and shareholder returns..

Select Sector SPDR

ICONIQ bought $321.37K of Select Sector SPDR in Q2 2026. This purchase increases exposure to a diversified sector suite where the technology and energy funds have led performance over the last 12 months, up about 42.52% and between 42.86% and 47.6% respectively, well ahead of the broad SPDR S&P 500 ETF at roughly 21.2%. Over the last two quarters into the current one, cyclical sectors are gaining—energy is up about 9.26% over the past month with a 34.60% year‑to‑date return, and the technology fund is trading near the top of its 126.68–198.73 52‑week range—while defensive utilities are declining in the near term with 30‑ to 90‑day total returns between -4.22% and -3.50%, indicating investors are rotating toward growth and inflation‑sensitive sectors. From a fundamentals and franchise perspective, the trust reported half‑year revenue of $455.66 million but a net loss of $4,128.36 million for the period ended March 31, 2026, and assets in strategies such as communication services have expanded markedly (from 288,233 to 872,532 over 2023–2025), so if current leadership in technology and energy persists, the suite should continue to benefit from higher asset flows and fee income.

• Technology sector fund has gained 42.52% over the last 12 months, within a 126.68–198.73 52‑week trading range..
• Energy sector fund shows a 34.60% year‑to‑date and 42.86% 12‑month price increase, versus the broad SPDR S&P 500 ETF up about 21.2% over the same period..
• Utilities sector fund has short‑term total returns of -4.22% (30‑day), -0.54% (60‑day), and -3.50% (90‑day), but a positive 4.28% 1‑year total return..

Wealthfront Corp

ICONIQ bought $111.47K of Wealthfront Corp in Q2 2026. Over the last two quarters, the company has sustained strong top-line growth, with Q4 fiscal 2026 revenue of $96.1 million (up 16% year over year) followed by current-quarter revenue of $90.5 million (up 7% year over year) and total platform assets rising to $96.6 billion (up 19% year over year). At the same time, profitability has compressed, with net income declining from $25.9 million in Q4 fiscal 2026 to $12.8 million in the current quarter, EPS of $0.07 missing the $0.09 consensus estimate, and on a trailing 12‑month basis the company still reporting a net loss of $(55.2) million following a fiscal 2026 loss of $(42.1) million, driven largely by higher operating expenses and IPO-related stock-based compensation even as adjusted EBITDA margin holds at a healthy 41%. Despite this near-term margin pressure, the stock has returned 30.46% year to date and 35.03% over the last 12 months versus the S&P 500 at 13.93% and 20.60%, supported by sustained client and asset growth in the current quarter—funded clients up 15% to 1.5 million and platform assets up 19% year over year—and new product initiatives such as the June 2026 launch of a tax‑efficient custodial account that expands its family wealth management offering.

• Q1 fiscal 2027 total revenue $90.5 million, up 7% year over year, with platform assets at $96.6 billion, up 19% year over year..
• Q4 fiscal 2026 total revenue $96.1 million, up 16% year over year, and fiscal 2026 revenue $365.0 million, up 18% year over year..
• Share price return year to date 30.46% vs S&P 500 at 13.93%, and 1‑year return 35.03% vs 20.60%..

Added, Trimmed, and Exited

Added

Among existing positions, ICONIQ added most notably to Robinhood (+154,321 shares, value rising from $101.7M to $162.7M, +59.9%), iShares (+46,260 shares, +404.9%, from $313.9K to $1.58M), and modestly to Vanguard World (+5,836 shares, +19.6%, from $536K to $641K).
What it means: The standout add is Robinhood, where ICONIQ increased conviction sharply even as it slashed exposure to nearly every other large tech holding — a signal the firm sees continued upside in retail trading/fintech platforms specifically, rather than a broad re-risking into growth stocks. The iShares addition, while a large percentage move, is small in absolute dollars and likely reflects portfolio rebalancing rather than a high-conviction bet.

Trimmed

Trimming was widespread and severe across the technology and AI complex: Figma Inc (-97.8%), Microsoft (-98.3%), Broadcom (-97.5%), Alphabet (-93.7%), Shopify (-90.1%), NVIDIA (-85.1%), ServiceNow (-81.7%), Amazon (-76.3%), Vanguard Specialized (-55.6%), Apple (-47.9%), and Vanguard Index Funds (-32.5%), alongside a comparatively modest reduction in ServiceTitan (-10.5%, still valued at $808.5M and remaining a top holding).
What it means: This is a sweeping de-risking from mega-cap tech and AI-adjacent names, several of which (NVIDIA, Broadcom, Microsoft, Alphabet) had posted massive prior gains, suggesting disciplined profit-taking after an extended rally rather than a loss of conviction in any single name. The proceeds appear to have been redeployed into the new Parabilis Medicines Inc IPO position, broad index ETFs (Invesco QQQ, St Str Spdr S&P 500 Etf Tr), and the Robinhood add, while core long-term holdings like ServiceTitan and Netskope Inc (a common position, +28.9% return) were left largely intact — indicating a shift from concentrated mega-cap tech exposure toward diversification and newer growth opportunities.

Exited

ICONIQ fully liquidated Chime Finl Inc ($207.2M), AMD ($59.1M), iShares Core S&P US Value ($8.8M), Vanguard Tax-Managed Funds ($6.7M), SPDR S&P 500 ETF Tr ($4.6M), Invesco QQQ (Unit Ser 1 share class, $4.3M), Vanguard Whitehall ($641K), Vanguard Index Funds Value ETF ($534K), SPDR Ser Tr ($438K), Select Sector SPDR Energy (prior share class, $370K), JPMorgan ($228K), and JD.com ($220K).
What it means: The largest and most meaningful exit is Chime Finl Inc at over $207M, likely representing a post-IPO profit realization or strategic reallocation of capital toward the new Parabilis Medicines Inc position, while the AMD exit reinforces the broader retreat from semiconductor exposure seen in the NVIDIA and Broadcom trims. Notably, several "exits" — SPDR S&P 500 ETF Tr, Invesco QQQ (old share class), and Select Sector SPDR Energy — appear to be paired with newly opened positions in economically equivalent funds under different share classes, suggesting these are technical reclassifications rather than true divestitures, while the small JPMorgan and JD.com exits represent minor cleanup of tail positions.

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.