Icon Advisers Inc.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Icon Advisers Inc. reported 156 stock positions worth $422.7 million. Its top holding was LPL Financial (LPLA) at 2.4% of the portfolio, followed by Dnow (DNOW, 2.1%) and National Fuel Gas (NFG, 2.0%). Compared with Q4 2024, it opened 16 new positions, sold out of 33, added to 21 and reduced 34. The biggest buy was Dnow (DNOW, shares +164%) and the biggest sale an exit from Radius Recycling Class A (RDUS).

Most Recent 13F
Q2 2026
Location
GREENWOOD VILLAGE, CO
CIK
0001058470
Portfolio Value
$422.7M (Q1 2025)
SEC Filing
0001058470-25-000002 ↗ filed May 15, 2025

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 Q3 2024 Q4 2024: $436.6M Q4 2024 Q1 2025: $422.7M $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 156 stocks · $422.7M
LPLA LPL Financial Holdings Inc. 2.44% 31,483 $10.3M No change
DNOW Dnow Inc. 2.08% 515,000 $8.8M Add +164.1%
NFG National Fuel Gas Co. 1.96% 104,568 $8.3M Reduce -13.9%
KALU Kaiser Aluminum Corp. 1.68% 117,391 $7.1M Add +50.7%
ZTO Zto Express Cayman Inc.-ADR 1.57% 335,000 $6.6M Reduce -2.9%
HMN Horace Mann Educators 1.55% 153,800 $6.6M No change
MA Mastercard Inc. Class A 1.51% 11,615 $6.4M Reduce -2.9%
BKR Baker Hughes Co. 1.49% 143,679 $6.3M Reduce -7.2%
TRN Trinity Industries Inc. 1.42% 214,228 $6.0M No change
LNC Lincoln National Corp. 1.42% 167,225 $6.0M No change
JPM JPMorgan Chase & Co. 1.41% 24,237 $5.9M No change
CC The Chemours Co. 1.40% 436,365 $5.9M No change
TMUS T-Mobile US Inc. 1.38% 21,800 $5.8M No change
TTI Tetra Technologies Inc. 1.35% 1,700,000 $5.7M Add +156.0%
AWI Armstrong World Industries 1.33% 39,875 $5.6M Reduce -33.4%
EPD Enterprise Products Partners 1.29% 160,000 $5.5M Add +21.2%
ALK Alaska Air Group Inc. 1.28% 110,000 $5.4M Add +15.8%
JFR Nuveen Floating Rate Income 1.22% 608,030 $5.2M New
REVG Rev Group Inc. 1.20% 160,000 $5.1M New
CX Cemex Sab-Spons ADR Part Cer 1.19% 900,000 $5.0M Add +38.5%
META Meta Platforms Inc. Class A 1.17% 8,600 $5.0M No change
XEVMX Eaton Vance Cal Muni Bond 1.17% 533,734 $4.9M Add +64.3%
HYI Western Asset High Yield Opp 1.17% 417,617 $4.9M New
EMN Eastman Chemical Co. 1.14% 54,675 $4.8M No change
GTLS Chart Industries Inc. 1.07% 31,248 $4.5M Reduce -11.3%
CMP Compass Minerals Internation 1.05% 480,000 $4.5M Add +1.1%
DDD 3D Systems Corp. filed as 3-D SYS CORP DEL 1.05% 2,100,000 $4.5M Add +31.3%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.00% 101,590 $4.2M No change
EBAY eBay Inc. 0.99% 61,711 $4.2M No change
VOD Vodafone Group PLC-SP ADR 0.98% 441,257 $4.1M Add +6.7%
CSCO Cisco Systems Inc. 0.95% 65,390 $4.0M No change
TSM Taiwan Semiconductor-SP ADR 0.94% 24,000 $4.0M No change
SON Sonoco Products Co. 0.91% 81,000 $3.8M New
KRNT Kornit Digital Ltd. 0.90% 200,000 $3.8M No change
DTE DTE Energy Company 0.89% 27,259 $3.8M Add +4.4%
GPN Global Payments Inc. 0.87% 37,742 $3.7M No change
SR Spire Inc. 0.86% 46,500 $3.6M Add +5.7%
EHC Encompass Health Corp. 0.86% 35,840 $3.6M No change
SNX TD Synnex Corp. 0.84% 34,000 $3.5M No change
ADSK Autodesk Inc. 0.84% 13,500 $3.5M No change
PANW Palo Alto Networks Inc. 0.82% 20,419 $3.5M No change
GOOG Alphabet Inc. Class C 0.82% 22,300 $3.5M No change
CRM Salesforce Inc. 0.82% 12,900 $3.5M No change
NLY Annaly Capital Management Inc. 0.80% 167,403 $3.4M Reduce -47.2%
ANET Arista Networks Inc. 0.80% 43,600 $3.4M New
EVRG Evergy Inc. 0.80% 48,800 $3.4M No change
RAMP Liveramp Holdings Inc. 0.79% 128,533 $3.4M Reduce -4.8%
SUN Sunoco LP 0.77% 56,000 $3.3M Add +55.6%
ALG Alamo Group Inc. 0.76% 18,060 $3.2M No change
OLED Universal Display Corp. 0.75% 22,784 $3.2M No change
ADBE Adobe Inc. 0.75% 8,285 $3.2M No change
KNX Knight-Swift Transportation 0.73% 71,000 $3.1M New
EEFT Euronet Worldwide Inc. 0.72% 28,511 $3.0M No change
GSBD Goldman Sachs BDC Inc. 0.70% 255,560 $3.0M Reduce -12.4%
SWX Southwest Gas Holdings Inc. 0.70% 41,000 $2.9M No change
TYL Tyler Technologies Inc. 0.70% 5,057 $2.9M New
TTEK Tetra Tech Inc. 0.69% 100,000 $2.9M Reduce -13.0%
XCMUX MFS High Yield Municipal TR 0.68% 821,456 $2.9M No change
D Dominion Energy Inc. 0.67% 50,875 $2.9M No change
LAZ Lazard Inc. 0.67% 65,600 $2.8M No change
NOW ServiceNow Inc. 0.66% 3,524 $2.8M No change
FTNT Fortinet Inc. 0.66% 28,995 $2.8M Reduce -47.3%
EME Emcor Group Inc. 0.66% 7,500 $2.8M Reduce -35.9%
HCA HCA Healthcare Inc. 0.65% 8,000 $2.8M No change
SCL Stepan Co. 0.65% 50,000 $2.8M New
CRS Carpenter Technology 0.64% 15,000 $2.7M Reduce -14.3%
WMS Advanced Drainage Systems Inc. 0.63% 24,652 $2.7M No change
MOH Molina Healthcare Inc. 0.63% 8,056 $2.7M Reduce -34.5%
SWK Stanley Black & Decker Inc. 0.63% 34,465 $2.6M No change
AMGN Amgen Inc. 0.59% 8,000 $2.5M No change
NKE Nike Inc. Class B 0.58% 38,720 $2.5M Reduce -23.1%
TNA Dir Dai SML Ca Bul 3X Et-Usd 0.58% 83,150 $2.4M Add +90.5%
POR Portland General Electric Co. 0.57% 54,042 $2.4M Add +31.2%
MMM 3M Co. 0.56% 16,000 $2.3M Reduce -51.5%
AGNC AGNC Investment Corp. 0.55% 244,018 $2.3M Reduce -35.3%
V Visa Inc. Class A 0.55% 6,650 $2.3M No change
OPLN Openlane Inc. 0.55% 120,000 $2.3M Reduce -14.3%
UNP Union Pacific Corp. 0.54% 9,730 $2.3M No change
ING ING Groep N.V.-Sponsored ADR 0.54% 115,498 $2.3M Reduce -14.6%
DOX Amdocs Ltd. 0.53% 24,436 $2.2M New
HUN Huntsman Corp. 0.51% 136,000 $2.1M No change
NXST Nexstar Media Group Inc. 0.50% 11,800 $2.1M No change
PRGO Perrigo Co. PLC 0.50% 75,000 $2.1M No change
KEY Keycorp 0.50% 131,000 $2.1M No change
EQH Equitable Holdings Inc. 0.48% 39,200 $2.0M No change
LMT Lockheed Martin Corp. 0.47% 4,400 $2.0M No change
PEGA Pegasystems Inc. 0.46% 28,000 $1.9M No change
CXH MFS Investment Grade Muni 0.46% 244,295 $1.9M No change
WU Western Union Co. 0.46% 182,500 $1.9M No change
HIG Hartford Insurance Group Inc. 0.45% 15,500 $1.9M No change
CDW CDW Corp. 0.45% 11,800 $1.9M No change
FWRD Forward Air Corp. 0.44% 93,000 $1.9M Reduce -27.3%
TEX Terex Corp. 0.44% 49,000 $1.9M No change
HSII Heidrick & Struggles Intl 0.44% 43,000 $1.8M Add +53.6%
GLOB Globant SA 0.43% 15,485 $1.8M No change
XPMAX Pioneer Municipal High Inc. 0.42% 214,373 $1.8M Add +127.7%
XRSFX Rivernorth Capital & Income 0.42% 115,852 $1.8M Reduce -15.2%
MGA Magna International Inc. 0.41% 51,457 $1.7M Reduce -2.1%
BMRN Biomarin Pharmaceutical Inc. 0.41% 24,706 $1.7M Add +90.0%
BMY Bristol-Myers Squibb Co. 0.41% 28,500 $1.7M No change
AIT Applied Industrial Tech Inc. 0.41% 7,600 $1.7M Add +55.1%
PFGC Performance Food Group Co. 0.40% 21,375 $1.7M No change
TFC Truist Financial Corp. 0.38% 39,100 $1.6M No change
OMF Onemain Holdings Inc. 0.38% 32,800 $1.6M No change
NGVT Ingevity Corp. 0.37% 40,000 $1.6M Add +90.5%
RNR Renaissancere Holdings Ltd. 0.37% 6,500 $1.6M No change
SNV Synovus Financial Corp. 0.36% 32,375 $1.5M No change
AXP American Express Co. 0.35% 5,500 $1.5M No change
ATO Atmos Energy Corp. 0.35% 9,500 $1.5M No change
ACGL Arch Capital Group Ltd. 0.35% 15,200 $1.5M No change
EXPE Expedia Group Inc. 0.34% 8,604 $1.4M Reduce -33.3%
INGR Ingredion Inc. 0.34% 10,600 $1.4M No change
GSK GSK PLC-Spon ADR 0.33% 35,800 $1.4M No change
GNTX Gentex Corp. 0.32% 58,500 $1.4M No change
AEP American Electric Power 0.32% 12,240 $1.3M No change
XEL Xcel Energy Inc. 0.31% 18,600 $1.3M No change
ERX Direxion Daily Enrgy BL2X-Ui 0.31% 20,000 $1.3M New
SKX Skechers USA Inc. Class A 0.30% 22,700 $1.3M No change
NEE Nextera Energy Inc. 0.29% 17,500 $1.2M No change
AEE Ameren Corporation 0.29% 12,319 $1.2M No change
ED Consolidated Edison Inc. 0.29% 11,100 $1.2M No change
NI Nisource Inc. 0.28% 30,000 $1.2M No change
ALE Allete Inc. 0.28% 18,000 $1.2M No change
DAL Delta Air Lines Inc. 0.28% 26,900 $1.2M No change
EG Everest Group Ltd. 0.28% 3,200 $1.2M No change
AIZ Assurant Inc. 0.27% 5,500 $1.2M No change
VMI Valmont Industries 0.27% 4,000 $1.1M Reduce -30.4%
ES Eversource Energy 0.26% 18,000 $1.1M No change
TSN Tyson Foods Inc. Class A 0.26% 17,100 $1.1M No change
CSX CSX Corp. 0.25% 36,500 $1.1M No change
XENWX Eaton Vance New York Municip 0.25% 112,325 $1.1M New
EXTR Extreme Networks Inc. 0.25% 80,000 $1.1M No change
OGS One Gas Inc. 0.24% 13,700 $1.0M Reduce -73.5%
NJR New Jersey Resources Corp. 0.24% 21,000 $1.0M Reduce -80.0%
CCAP Crescent Capital BDC Inc. 0.24% 58,220 $997K New
BBDC Barings BDC Inc. 0.23% 102,951 $982K Reduce -61.8%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.23% 9,700 $957K No change
ELV Elevance Health Inc. 0.22% 2,185 $950K Reduce -67.7%
BKH Black Hills Corp. 0.22% 15,200 $922K No change
CMS CMS Energy Corp. 0.22% 12,200 $916K No change
LEA Lear Corp. 0.22% 10,335 $912K No change
HBAN Huntington Bancshares Inc. 0.21% 59,689 $896K New
MRK Merck & Co. Inc. 0.21% 9,690 $870K Reduce -46.2%
SAM Boston Beer Company Inc. Class A 0.18% 3,200 $764K No change
LUV Southwest Airlines Co. 0.18% 22,400 $752K No change
SPH Suburban Propane Partners LP 0.17% 34,206 $719K New
BUD Anheuser-Busch Inbev-SPN ADR 0.17% 11,600 $714K Reduce -36.6%
DECK Deckers Outdoor Corp. 0.15% 5,788 $647K Add +37.0%
SABR Sabre Corp. 0.15% 227,578 $639K Reduce -42.1%
DAN Dana Inc. 0.14% 45,516 $607K Reduce -21.2%
VC Visteon Corp. 0.14% 7,800 $605K New
THRM Gentherm Inc. 0.09% 14,800 $396K No change
GDOT Green Dot Corp. Class A 0.09% 43,435 $367K Reduce -53.8%
FNF Fidelity National Financial 0.07% 4,730 $308K No change
SJNK SS SPDR BB St Hi Yield ETF 0.06% 10,000 $252K New
HFRO Highland Opport & Income 0.04% 29,564 $154K Reduce -94.4%
Other holdings (2): bonds, preferreds, convertibles and warrants · $5.0M (not counted above)
SecurityClassShares / PrincipalValueChange
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A 2,344$2.8MReduce -26.5%
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L 1,799$2.2MReduce -38.6%

Total filed on the 13F, all lines: $427.7M.

Portfolio Sells Q4 2024 → Q1 2025
RDUS Radius Recycling Inc. Class A Sold out 0.00% −0.99
NJR New Jersey Resources Corp. Reduce -80.0% 0.24% −0.88
YPF YPF S.A.-Sponsored ADR Sold out 0.00% −0.87
AWI Armstrong World Industries Reduce -33.4% 1.33% −0.61
HFRO Highland Opport & Income Reduce -94.4% 0.04% −0.59
OGS One Gas Inc. Reduce -73.5% 0.24% −0.57
MAS Masco Corp. Sold out 0.00% −0.57
EME Emcor Group Inc. Reduce -35.9% 0.66% −0.56
NEW AMERICA HIGH INCOME FUND Sold out 0.00% −0.54
FTNT Fortinet Inc. Reduce -47.3% 0.66% −0.53
NLY Annaly Capital Management Inc. Reduce -47.2% 0.80% −0.53
FWRD Forward Air Corp. Reduce -27.3% 0.44% −0.50
GTLS Chart Industries Inc. Reduce -11.3% 1.07% −0.47
LPX Louisiana-Pacific Corp. Sold out 0.00% −0.47
MMM 3M Co. Reduce -51.5% 0.56% −0.42
UNH Unitedhealth Group Inc. Sold out 0.00% −0.37
CLH Clean Harbors Inc. Sold out 0.00% −0.37
CSL Carlisle Cos Inc. Sold out 0.00% −0.36
GWW WW Grainger Inc. Sold out 0.00% −0.36
BBDC Barings BDC Inc. Reduce -61.8% 0.23% −0.36
TTEK Tetra Tech Inc. Reduce -13.0% 0.69% −0.36
ELV Elevance Health Inc. Reduce -67.7% 0.22% −0.35
GVA Granite Construction Inc. Sold out 0.00% −0.32
NKE Nike Inc. Class B Reduce -23.1% 0.58% −0.29
AGNC AGNC Investment Corp. Reduce -35.3% 0.55% −0.24
EXPE Expedia Group Inc. Reduce -33.3% 0.34% −0.21
MRK Merck & Co. Inc. Reduce -46.2% 0.21% −0.20
MOH Molina Healthcare Inc. Reduce -34.5% 0.63% −0.19
SABR Sabre Corp. Reduce -42.1% 0.15% −0.18
RAMP Liveramp Holdings Inc. Reduce -4.8% 0.79% −0.14
GDOT Green Dot Corp. Class A Reduce -53.8% 0.09% −0.14
VMI Valmont Industries Reduce -30.4% 0.27% −0.13
PCF High Income Securities Fund Sold out 0.00% −0.13
GSBD Goldman Sachs BDC Inc. Reduce -12.4% 0.70% −0.11
MGA Magna International Inc. Reduce -2.1% 0.41% −0.09
OPLN Openlane Inc. Reduce -14.3% 0.55% −0.09
XRSFX Rivernorth Capital & Income Reduce -15.2% 0.42% −0.07
VPV Invesco Pa Val Muni Inc. Sold out 0.00% −0.05
BUD Anheuser-Busch Inbev-SPN ADR Reduce -36.6% 0.17% −0.04
CRS Carpenter Technology Reduce -14.3% 0.64% −0.04
DAN Dana Inc. Reduce -21.2% 0.14% −0.01
TT Trane Technologies PLC Sold out 0.00% −0.01
UTHR United Therapeutics Corp. Sold out 0.00% −0.00
USB US Bancorp Sold out 0.00% −0.00
THG Hanover Insurance Group Inc./ Sold out 0.00% −0.00
ITT Itt Inc. Sold out 0.00% −0.00
CAT Caterpillar Inc. Sold out 0.00% −0.00
CMI Cummins Inc. Sold out 0.00% −0.00
SCHW Schwab (charles) Corp. Sold out 0.00% −0.00
C Citigroup Inc. Sold out 0.00% −0.00

Portfolio Buys Q4 2024 → Q1 2025
DNOW Dnow Inc. Add +164.1% 2.08% +1.50
JFR Nuveen Floating Rate Income New 1.22% +1.22
REVG Rev Group Inc. New 1.20% +1.20
HYI Western Asset High Yield Opp New 1.17% +1.17
SON Sonoco Products Co. New 0.91% +0.91
TTI Tetra Technologies Inc. Add +156.0% 1.35% +0.81
ANET Arista Networks Inc. New 0.80% +0.80
KNX Knight-Swift Transportation New 0.73% +0.73
TYL Tyler Technologies Inc. New 0.70% +0.70
SCL Stepan Co. New 0.65% +0.65
DOX Amdocs Ltd. New 0.53% +0.53
XEVMX Eaton Vance Cal Muni Bond Add +64.3% 1.17% +0.49
KALU Kaiser Aluminum Corp. Add +50.7% 1.68% +0.43
CX Cemex Sab-Spons ADR Part Cer Add +38.5% 1.19% +0.35
SUN Sunoco LP Add +55.6% 0.77% +0.34
EPD Enterprise Products Partners Add +21.2% 1.29% +0.34
ERX Direxion Daily Enrgy BL2X-Ui New 0.31% +0.31
XENWX Eaton Vance New York Municip New 0.25% +0.25
XPMAX Pioneer Municipal High Inc. Add +127.7% 0.42% +0.24
CCAP Crescent Capital BDC Inc. New 0.24% +0.24
BMRN Biomarin Pharmaceutical Inc. Add +90.0% 0.41% +0.22
HBAN Huntington Bancshares Inc. New 0.21% +0.21
NGVT Ingevity Corp. Add +90.5% 0.37% +0.18
SR Spire Inc. Add +5.7% 0.86% +0.18
VOD Vodafone Group PLC-SP ADR Add +6.7% 0.98% +0.17
SPH Suburban Propane Partners LP New 0.17% +0.17
DTE DTE Energy Company Add +4.4% 0.89% +0.17
POR Portland General Electric Co. Add +31.2% 0.57% +0.16
TNA Dir Dai SML Ca Bul 3X Et-Usd Add +90.5% 0.58% +0.16
HSII Heidrick & Struggles Intl Add +53.6% 0.44% +0.15
VC Visteon Corp. New 0.14% +0.14
AIT Applied Industrial Tech Inc. Add +55.1% 0.41% +0.14
SJNK SS SPDR BB St Hi Yield ETF New 0.06% +0.06
DECK Deckers Outdoor Corp. Add +37.0% 0.15% −0.04
ALK Alaska Air Group Inc. Add +15.8% 1.28% −0.13
DDD 3D Systems Corp. Add +31.3% 1.05% −0.15
CMP Compass Minerals Internation Add +1.1% 1.05% −0.17

Notes & Other Activity Q4 2024 → Q1 2025
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A Reduce -26.5% 2,344 $2.8M
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L Reduce -38.6% 1,799 $2.2M

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