Icon Advisers Inc.

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 13, 2024), Icon Advisers Inc. reported 155 stock positions worth $456.3 million. Its top holding was BlackRock Municipal Income (XMUIX) at 2.9% of the portfolio, followed by Armstrong World Industries (AWI, 2.2%) and Trinity Industries (TRN, 1.8%). Compared with Q2 2024, it opened 14 new positions, sold out of 38, added to 35 and reduced 41. The biggest buy was BlackRock Municipal Income (XMUIX, shares +131%) and the biggest sale an exit from BlackRock ESG Cap All TRM TR (ECAT).

Most Recent 13F
Q2 2026
Location
GREENWOOD VILLAGE, CO
CIK
0001058470
Portfolio Value
$456.3M (Q3 2024)
SEC Filing
0001803088-24-000007 ↗ filed Nov 13, 2024

Holdings Value

0$200.0M$400.0M$600.0M Q1 2024: $448.1M Q1 2024 Q2 2024: $432.9M Q2 2024 Q3 2024: $456.3M $456.3M Q3 2024 Q4 2024: $436.6M Q4 2024 Q1 2025: $422.7M Q1 2025 Q2 2025: $434.5M Q2 2025 Q3 2025: $452.0M Q3 2025 Q4 2025: $454.1M Q4 2025 Q1 2026: $424.4M Q1 2026 Q2 2026: $525.4M Q2 2026

Holdings 155 stocks · $456.3M
XMUIX BlackRock Municipal Income 2.93% 1,064,483 $13.4M Add +131.3%
AWI Armstrong World Industries 2.25% 78,025 $10.3M Add +4.2%
TRN Trinity Industries Inc. 1.78% 233,428 $8.1M Reduce -2.1%
CC The Chemours Co. 1.75% 394,065 $8.0M Add +261.5%
LPLA LPL Financial Holdings Inc. 1.66% 32,583 $7.6M Reduce -28.0%
NFG National Fuel Gas Co. 1.61% 121,190 $7.3M Add +375.3%
MA Mastercard Inc. Class A 1.44% 13,315 $6.6M Reduce -33.1%
PCF High Income Securities Fund 1.35% 899,044 $6.1M Add +790.2%
BKR Baker Hughes Co. 1.25% 157,673 $5.7M No change
ZTO Zto Express Cayman Inc.-ADR 1.22% 225,000 $5.6M Add +32.4%
NJR New Jersey Resources Corp. 1.21% 116,634 $5.5M Add +57.8%
D Dominion Energy Inc. 1.19% 93,875 $5.4M Add +95.2%
ALG Alamo Group Inc. 1.19% 30,095 $5.4M Reduce -34.7%
HMN Horace Mann Educators 1.18% 153,800 $5.4M Add +49.2%
JPM JPMorgan Chase & Co. 1.17% 25,387 $5.4M No change
CX Cemex Sab-Spons ADR Part Cer 1.16% 870,000 $5.3M Add +59.6%
LNC Lincoln National Corp. 1.15% 167,225 $5.3M Add +54.4%
META Meta Platforms Inc. Class A 1.15% 9,200 $5.3M No change
UNP Union Pacific Corp. 1.15% 21,230 $5.2M No change
AIR Aar Corp. 1.07% 75,000 $4.9M Reduce -6.3%
GTLS Chart Industries Inc. 1.07% 39,248 $4.9M Add +27.4%
EPD Enterprise Products Partners 1.07% 167,000 $4.9M No change
CRS Carpenter Technology 1.05% 30,000 $4.8M Reduce -14.3%
UNH Unitedhealth Group Inc. 1.04% 8,119 $4.7M Reduce -12.9%
NKE Nike Inc. Class B 1.04% 53,520 $4.7M Reduce -13.4%
TMUS T-Mobile US Inc. 0.99% 21,800 $4.5M Add +8.5%
BLBD Blue Bird Corp. 0.98% 93,000 $4.5M Reduce -22.5%
EBAY eBay Inc. 0.98% 67,711 $4.5M Reduce -4.0%
EMN Eastman Chemical Co. 0.98% 39,775 $4.5M Add +47.3%
SNX TD Synnex Corp. 0.97% 37,000 $4.4M Reduce -21.9%
WMS Advanced Drainage Systems Inc. 0.96% 27,997 $4.4M Reduce -2.0%
MAS Masco Corp. 0.96% 52,000 $4.4M Add +4.0%
ADBE Adobe Inc. 0.94% 8,285 $4.3M No change
FTNT Fortinet Inc. 0.93% 55,000 $4.3M No change
YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 0.93% 200,000 $4.2M Add +17.6%
MOH Molina Healthcare Inc. 0.93% 12,300 $4.2M Reduce -6.8%
GPN Global Payments Inc. 0.93% 41,367 $4.2M Reduce -0.0%
OGS One Gas Inc. 0.92% 56,700 $4.2M Add +6.7%
ANET Arista Networks Inc. 0.92% 10,900 $4.2M Reduce -37.7%
TSM Taiwan Semiconductor-SP ADR 0.91% 24,000 $4.2M Reduce -30.4%
ELV Elevance Health Inc. 0.89% 7,800 $4.1M Reduce -19.6%
GVA Granite Construction Inc. 0.89% 51,000 $4.0M Reduce -21.5%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.88% 101,590 $4.0M No change
ADSK Autodesk Inc. 0.88% 14,500 $4.0M No change
WWD Woodward Inc. 0.85% 23,000 $3.9M No change
MMM 3M Co. 0.84% 28,000 $3.8M New
SWK Stanley Black & Decker Inc. 0.82% 34,175 $3.8M Add +2528.8%
GOOG Alphabet Inc. Class C 0.82% 22,300 $3.7M No change
EQT Eqt Corp. 0.80% 100,000 $3.7M New
SEM Select Medical Holdings Corp. 0.80% 105,000 $3.7M Add +33.3%
VOD Vodafone Group PLC-SP ADR 0.80% 364,300 $3.7M Add +7.8%
CI The Cigna Group 0.77% 10,100 $3.5M No change
CRM Salesforce Inc. 0.77% 12,900 $3.5M No change
DTE DTE Energy Company 0.77% 27,200 $3.5M Add +10.6%
OLED Universal Display Corp. 0.76% 16,600 $3.5M No change
HCA HCA Healthcare Inc. 0.71% 8,000 $3.3M No change
TTEK Tetra Tech Inc. 0.69% 67,000 $3.2M Add +235.0%
OSK Oshkosh Corp. 0.67% 30,500 $3.1M No change
CHX Championx Corp. 0.66% 100,000 $3.0M No change
XCMUX MFS High Yield Municipal TR 0.66% 821,456 $3.0M Reduce -1.3%
KALU Kaiser Aluminum Corp. 0.64% 40,540 $2.9M Add +1839.7%
CSCO Cisco Systems Inc. 0.63% 53,900 $2.9M No change
RAMP Liveramp Holdings Inc. 0.62% 115,000 $2.8M Add +0.6%
EEFT Euronet Worldwide Inc. 0.62% 28,511 $2.8M No change
ODFL Old Dominion Freight Line 0.62% 14,200 $2.8M No change
EHC Encompass Health Corp. 0.62% 29,100 $2.8M No change
EVRG Evergy Inc. 0.62% 45,300 $2.8M No change
HUM Humana Inc. 0.60% 8,700 $2.8M No change
CDW CDW Corp. 0.59% 11,800 $2.7M No change
GSBD Goldman Sachs BDC Inc. 0.58% 193,725 $2.7M Add +217.9%
INGR Ingredion Inc. 0.58% 19,100 $2.6M No change
ING ING Groep N.V.-Sponsored ADR 0.57% 144,100 $2.6M No change
TEX Terex Corp. 0.57% 49,000 $2.6M Reduce -6.8%
AMGN Amgen Inc. 0.56% 8,000 $2.6M No change
LMT Lockheed Martin Corp. 0.56% 4,400 $2.6M No change
PEGA Pegasystems Inc. 0.56% 35,000 $2.6M No change
NOV Nov Inc. 0.56% 160,000 $2.6M No change
MGA Magna International Inc. 0.56% 62,157 $2.6M No change
GBX Greenbrier Companies Inc. 0.56% 50,000 $2.5M No change
XRSFX Rivernorth Capital & Income 0.56% 164,548 $2.5M Reduce -4.1%
RDUS Radius Recycling Inc. Class A 0.54% 132,000 $2.4M New
CSX CSX Corp. 0.53% 69,500 $2.4M No change
SU Suncor Energy Inc. 0.53% 65,000 $2.4M No change
GLOB Globant SA 0.52% 11,900 $2.4M No change
CNI Canadian Natl Railway Co. 0.51% 20,000 $2.3M No change
AZN Astrazeneca PLC-Spons ADR 0.51% 30,000 $2.3M No change
PRGO Perrigo Co. PLC 0.50% 87,000 $2.3M New
GDO Western Ast GLB Corp. Opprnty 0.50% 175,856 $2.3M New
HEES H&E Equipment Services Inc. 0.49% 46,000 $2.2M No change
KEY Keycorp 0.48% 131,000 $2.2M No change
NXST Nexstar Media Group Inc. 0.43% 11,800 $2.0M No change
CXH MFS Investment Grade Muni 0.43% 236,518 $1.9M Reduce -1.4%
CSL Carlisle Cos Inc. 0.42% 4,300 $1.9M New
LAZ Lazard Inc. 0.42% 38,200 $1.9M Add +544.7%
EXPE Expedia Group Inc. 0.42% 12,900 $1.9M No change
ACGL Arch Capital Group Ltd. 0.40% 16,400 $1.8M Reduce -20.0%
LEG Leggett & Platt Inc. 0.40% 134,600 $1.8M Add +216.0%
NGVT Ingevity Corp. 0.40% 47,000 $1.8M No change
V Visa Inc. Class A 0.40% 6,650 $1.8M Reduce -15.3%
MRK Merck & Co. Inc. 0.40% 16,100 $1.8M No change
HIG Hartford Insurance Group Inc. 0.40% 15,500 $1.8M Add +20.2%
AIZ Assurant Inc. 0.40% 9,100 $1.8M Reduce -11.7%
WU Western Union Co. 0.39% 150,900 $1.8M Add +35.7%
RNR Renaissancere Holdings Ltd. 0.39% 6,500 $1.8M No change
HUN Huntsman Corp. 0.39% 73,000 $1.8M Add +1251.8%
CP Canadian Pacific Kansas City 0.38% 20,500 $1.8M Add +46.4%
GNTX Gentex Corp. 0.38% 58,500 $1.7M No change
CLH Clean Harbors Inc. 0.37% 7,000 $1.7M Add +75.0%
PFGC Performance Food Group Co. 0.37% 21,375 $1.7M Reduce -45.9%
TFC Truist Financial Corp. 0.37% 39,100 $1.7M No change
HAYN Haynes International Inc. 0.37% 28,000 $1.7M No change
ATO Atmos Energy Corp. 0.36% 12,000 $1.7M No change
EQH Equitable Holdings Inc. 0.36% 39,200 $1.6M No change
NI Nisource Inc. 0.36% 47,151 $1.6M No change
TSN Tyson Foods Inc. Class A 0.36% 27,400 $1.6M New
EXTR Extreme Networks Inc. 0.35% 106,979 $1.6M Reduce -23.6%
SKX Skechers USA Inc. Class A 0.33% 22,700 $1.5M Reduce -52.5%
AXP American Express Co. 0.33% 5,500 $1.5M No change
NEE Nextera Energy Inc. 0.32% 17,500 $1.5M Reduce -9.8%
BMY Bristol-Myers Squibb Co. 0.32% 28,500 $1.5M No change
GSK GSK PLC-Spon ADR 0.32% 35,800 $1.5M Reduce -32.5%
AEP American Electric Power 0.31% 13,818 $1.4M Reduce -5.5%
IGI Western Asst Inv GR Oppor TR 0.30% 77,232 $1.4M New
DAL Delta Air Lines Inc. 0.30% 26,900 $1.4M No change
AEE Ameren Corporation 0.29% 15,100 $1.3M No change
EG Everest Group Ltd. 0.27% 3,200 $1.3M No change
BUD Anheuser-Busch Inbev-SPN ADR 0.27% 18,800 $1.2M New
ES Eversource Energy 0.27% 18,000 $1.2M No change
XEL Xcel Energy Inc. 0.27% 18,600 $1.2M Add +29.2%
CMP Compass Minerals Internation 0.26% 100,000 $1.2M New
ED Consolidated Edison Inc. 0.25% 11,100 $1.2M No change
ALE Allete Inc. 0.25% 18,000 $1.2M Reduce -13.0%
AGR Avangrid Inc. 0.25% 32,100 $1.1M No change
LEA Lear Corp. 0.25% 10,335 $1.1M No change
EQC Equity Commonwealth 0.24% 55,000 $1.1M Reduce -63.8%
SR Spire Inc. 0.24% 16,000 $1.1M No change
SNV Synovus Financial Corp. 0.23% 24,025 $1.1M New
DECK Deckers Outdoor Corp. 0.22% 6,225 $993K Reduce -53.6%
SABR Sabre Corp. 0.21% 260,000 $954K New
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.20% 9,700 $933K No change
BKH Black Hills Corp. 0.20% 15,200 $929K No change
SAM Boston Beer Company Inc. Class A 0.20% 3,200 $925K No change
VC Visteon Corp. 0.20% 9,600 $914K No change
DAN Dana Inc. 0.20% 85,000 $898K Reduce -22.7%
MRSH Marsh & McLennan Cos 0.20% 4,000 $892K Reduce -65.2%
CMS CMS Energy Corp. 0.19% 12,200 $862K Add +17.3%
IQV Iqvia Holdings Inc. 0.18% 3,438 $815K Reduce -39.0%
NEW AMERICA HIGH INCOME FUND 0.17% 94,902 $791K Reduce -74.5%
GDOT Green Dot Corp. Class A 0.16% 64,000 $749K New
THRM Gentherm Inc. 0.15% 14,800 $689K No change
SJNK SS SPDR BB St Hi Yield ETF 0.15% 26,000 $670K Reduce -82.2%
LUV Southwest Airlines Co. 0.15% 22,400 $664K Reduce -82.1%
BKLN Invesco Senior Loan ETF 0.13% 28,100 $590K Reduce -34.8%
FNF Fidelity National Financial 0.06% 4,730 $294K Add +19.8%
TNA Dir Dai SML Ca Bul 3X Et-Usd 0.05% 5,150 $228K New
Other holdings (2): bonds, preferreds, convertibles and warrants · $21.1M (not counted above)
SecurityClassShares / PrincipalValueChange
EQUITY COMMONWEALTH (EQC 6.5 PERP D) 6.5% CNV PFD D 748,020$18.9MAdd +93.6%
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L 1,751$2.2MAdd +105.8%

Total filed on the 13F, all lines: $477.4M.

Portfolio Sells Q2 2024 → Q3 2024
ECAT BlackRock ESG Cap All TRM TR Sold out 0.00% −1.60
LPLA LPL Financial Holdings Inc. Reduce -28.0% 1.66% −1.29
GLNG Golar LNG Ltd. Sold out 0.00% −1.13
ETRN Equitrans Midstream Corp. Sold out 0.00% −1.04
PTEN Patterson-Uti Energy Inc. Sold out 0.00% −0.93
AROC Archrock Inc. Sold out 0.00% −0.70
SJNK SS SPDR BB St Hi Yield ETF Reduce -82.2% 0.15% −0.69
LUV Southwest Airlines Co. Reduce -82.1% 0.15% −0.67
HOS Hornbeck Offshore Services I Sold out 0.00% −0.66
SWN Southwestern Energy Co. Sold out 0.00% −0.63
VGR Vector Group Ltd. Sold out 0.00% −0.61
ALG Alamo Group Inc. Reduce -34.7% 1.19% −0.60
MA Mastercard Inc. Class A Reduce -33.1% 1.44% −0.57
NLY Annaly Capital Management Inc. Sold out 0.00% −0.56
ANET Arista Networks Inc. Reduce -37.7% 0.92% −0.53
TSM Taiwan Semiconductor-SP ADR Reduce -30.4% 0.91% −0.46
NEW AMERICA HIGH INCOME FUND Reduce -74.5% 0.17% −0.46
BLBD Blue Bird Corp. Reduce -22.5% 0.98% −0.43
EQC Equity Commonwealth Reduce -63.8% 0.24% −0.43
SKX Skechers USA Inc. Class A Reduce -52.5% 0.33% −0.41
XJPIX Nuveen Preferred Securities Sold out 0.00% −0.39
MRSH Marsh & McLennan Cos Reduce -65.2% 0.20% −0.36
LW Lamb Weston Holdings Inc. Sold out 0.00% −0.33
ARMK Aramark Sold out 0.00% −0.32
ZTR Virtus Total Return Fund Inc. Sold out 0.00% −0.31
TTI Tetra Technologies Inc. Sold out 0.00% −0.31
ELV Elevance Health Inc. Reduce -19.6% 0.89% −0.31
SNX TD Synnex Corp. Reduce -21.9% 0.97% −0.27
DECK Deckers Outdoor Corp. Reduce -53.6% 0.22% −0.27
DAR Darling Ingredients Inc. Sold out 0.00% −0.23
AIR Aar Corp. Reduce -6.3% 1.07% −0.23
PFGC Performance Food Group Co. Reduce -45.9% 0.37% −0.23
JAZZ Jazz Pharmaceuticals PLC Sold out 0.00% −0.18
AGNC AGNC Investment Corp. Sold out 0.00% −0.16
GSK GSK PLC-Spon ADR Reduce -32.5% 0.32% −0.15
DAN Dana Inc. Reduce -22.7% 0.20% −0.10
TEX Terex Corp. Reduce -6.8% 0.57% −0.10
IQV Iqvia Holdings Inc. Reduce -39.0% 0.18% −0.09
BKLN Invesco Senior Loan ETF Reduce -34.8% 0.13% −0.08
V Visa Inc. Class A Reduce -15.3% 0.40% −0.08
ACGL Arch Capital Group Ltd. Reduce -20.0% 0.40% −0.07
EXTR Extreme Networks Inc. Reduce -23.6% 0.35% −0.07
WMS Advanced Drainage Systems Inc. Reduce -2.0% 0.96% −0.07
NKE Nike Inc. Class B Reduce -13.4% 1.04% −0.06
XRSFX Rivernorth Capital & Income Reduce -4.1% 0.56% −0.05
GUSH Direxion Daily S&P Oil & Gas Sold out 0.00% −0.05
ALE Allete Inc. Reduce -13.0% 0.25% −0.04
UNH Unitedhealth Group Inc. Reduce -12.9% 1.04% −0.02
GVA Granite Construction Inc. Reduce -21.5% 0.89% −0.02
CXH MFS Investment Grade Muni Reduce -1.4% 0.43% −0.01

Portfolio Buys Q2 2024 → Q3 2024
XMUIX BlackRock Municipal Income Add +131.3% 2.93% +1.63
NFG National Fuel Gas Co. Add +375.3% 1.61% +1.29
CC The Chemours Co. Add +261.5% 1.75% +1.19
PCF High Income Securities Fund Add +790.2% 1.35% +1.19
MMM 3M Co. New 0.84% +0.84
EQT Eqt Corp. New 0.80% +0.80
SWK Stanley Black & Decker Inc. Add +2528.8% 0.82% +0.80
D Dominion Energy Inc. Add +95.2% 1.19% +0.66
KALU Kaiser Aluminum Corp. Add +1839.7% 0.64% +0.60
RDUS Radius Recycling Inc. Class A New 0.54% +0.54
TTEK Tetra Tech Inc. Add +235.0% 0.69% +0.51
PRGO Perrigo Co. PLC New 0.50% +0.50
GDO Western Ast GLB Corp. Opprnty New 0.50% +0.50
NJR New Jersey Resources Corp. Add +57.8% 1.21% +0.48
CSL Carlisle Cos Inc. New 0.42% +0.42
ZTO Zto Express Cayman Inc.-ADR Add +32.4% 1.22% +0.41
HMN Horace Mann Educators Add +49.2% 1.18% +0.41
EMN Eastman Chemical Co. Add +47.3% 0.98% +0.38
CX Cemex Sab-Spons ADR Part Cer Add +59.6% 1.16% +0.37
LNC Lincoln National Corp. Add +54.4% 1.15% +0.37
GSBD Goldman Sachs BDC Inc. Add +217.9% 0.58% +0.37
LAZ Lazard Inc. Add +544.7% 0.42% +0.37
HUN Huntsman Corp. Add +1251.8% 0.39% +0.36
TSN Tyson Foods Inc. Class A New 0.36% +0.36
AWI Armstrong World Industries Add +4.2% 2.25% +0.32
IGI Western Asst Inv GR Oppor TR New 0.30% +0.30
LEG Leggett & Platt Inc. Add +216.0% 0.40% +0.29
BUD Anheuser-Busch Inbev-SPN ADR New 0.27% +0.27
CMP Compass Minerals Internation New 0.26% +0.26
SNV Synovus Financial Corp. New 0.23% +0.23
MAS Masco Corp. Add +4.0% 0.96% +0.21
SABR Sabre Corp. New 0.21% +0.21
YPF YPF S.A.-Sponsored ADR Add +17.6% 0.93% +0.17
CLH Clean Harbors Inc. Add +75.0% 0.37% +0.17
GDOT Green Dot Corp. Class A New 0.16% +0.16
SEM Select Medical Holdings Corp. Add +33.3% 0.80% +0.15
TMUS T-Mobile US Inc. Add +8.5% 0.99% +0.15
OGS One Gas Inc. Add +6.7% 0.92% +0.15
DTE DTE Energy Company Add +10.6% 0.77% +0.15
CP Canadian Pacific Kansas City Add +46.4% 0.38% +0.13
VOD Vodafone Group PLC-SP ADR Add +7.8% 0.80% +0.11
HIG Hartford Insurance Group Inc. Add +20.2% 0.40% +0.10
XEL Xcel Energy Inc. Add +29.2% 0.27% +0.09
WU Western Union Co. Add +35.7% 0.39% +0.08
GTLS Chart Industries Inc. Add +27.4% 1.07% +0.07
TNA Dir Dai SML Ca Bul 3X Et-Usd New 0.05% +0.05
CMS CMS Energy Corp. Add +17.3% 0.19% +0.05
FNF Fidelity National Financial Add +19.8% 0.06% +0.02
RAMP Liveramp Holdings Inc. Add +0.6% 0.62% −0.22

Notes & Other Activity Q2 2024 → Q3 2024
EQUITY COMMONWEALTH (EQC 6.5 PERP D) 6.5% CNV PFD D Add +93.6% 748,020 $18.9M
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L Add +105.8% 1,751 $2.2M
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A Sold out 500 $591Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 194$525.4MSTX, PLOW, AVT, MSM, CC
Q1 2026 143$424.4MJFR, STX, CENX, PSX, DINO
Q4 2025 182$454.1MJFR, STX, LPLA, CENX, DINO
Q3 2025Amended 175$452.0MSTX, CC, LPLA, NFG, TTI
Q2 2025 186$434.5MLPLA, KALU, NFG, HYI, JPM
Q1 2025 156$422.7MLPLA, DNOW, NFG, KALU, ZTO
Q4 2024 173$436.6MLPLA, AWI, TRN, CC, NFG
Q3 2024 155$456.3MXMUIX, AWI, TRN, CC, LPLA
Q2 2024 179$432.9MLPLA, MA, AWI, ALG, TRN
Q1 2024 156$448.1MLPLA, ALG, MA, AWI, ECAT