Icon Advisers Inc.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 17, 2025), Icon Advisers Inc. reported 175 stock positions worth $452.0 million. Its top holding was Seagate Technology (STX) at 2.5% of the portfolio, followed by Chemours (CC, 2.3%) and LPL Financial (LPLA, 2.3%). Compared with Q2 2025, it opened 12 new positions, sold out of 23, added to 22 and reduced 43. The biggest buy was Chemours (CC, shares +51%) and the biggest sale an exit from Western Asset High Yield Opp (HYI).

Most Recent 13F
Q2 2026
Location
GREENWOOD VILLAGE, CO
CIK
0001058470
Portfolio Value
$452.0M (Q3 2025)
SEC Filing
0001058470-25-000010 ↗ filed Nov 17, 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 Q1 2025 Q2 2025: $434.5M Q2 2025 Q3 2025: $452.0M $452.0M Q3 2025 Q4 2025: $454.1M Q4 2025 Q1 2026: $424.4M Q1 2026 Q2 2026: $525.4M Q2 2026

Holdings 175 stocks · $452.0M
STX Seagate Technology Holdings 2.48% 47,494 $11.2M No change
CC The Chemours Co. 2.31% 659,365 $10.4M Add +51.1%
LPLA LPL Financial Holdings Inc. 2.30% 31,288 $10.4M No change
NFG National Fuel Gas Co. 2.06% 100,868 $9.3M Add +5.5%
TTI Tetra Technologies Inc. 1.91% 1,500,000 $8.6M Reduce -11.8%
KALU Kaiser Aluminum Corp. 1.90% 111,391 $8.6M Reduce -5.1%
DINO HF Sinclair Corp. 1.89% 163,600 $8.6M Add +56.4%
JPM JPMorgan Chase & Co. 1.69% 24,237 $7.6M No change
DDD 3D Systems Corp. filed as 3-D SYS CORP DEL 1.67% 2,600,000 $7.5M Add +23.8%
AWI Armstrong World Industries 1.62% 37,375 $7.3M Reduce -6.3%
CENX Century Aluminum Company 1.57% 242,000 $7.1M Reduce -25.6%
HMN Horace Mann Educators 1.54% 153,800 $6.9M No change
XEVMX Eaton Vance Cal Muni Bond 1.54% 731,215 $6.9M Add +37.0%
VOD Vodafone Group PLC-SP ADR 1.31% 510,731 $5.9M Reduce -1.7%
TSM Taiwan Semiconductor-SP ADR 1.28% 20,700 $5.8M Reduce -13.8%
D Dominion Energy Inc. 1.26% 92,875 $5.7M Add +2.2%
CX Cemex Sab-Spons ADR Part Cer 1.25% 629,240 $5.7M Reduce -17.7%
TER Teradyne Inc. 1.25% 41,091 $5.7M Reduce -42.2%
ANET Arista Networks Inc. 1.24% 38,400 $5.6M Reduce -6.6%
MA Mastercard Inc. Class A 1.23% 9,758 $5.6M Reduce -11.0%
BKR Baker Hughes Co. 1.17% 108,873 $5.3M Reduce -16.2%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.16% 101,590 $5.2M No change
TMUS T-Mobile US Inc. 1.15% 21,800 $5.2M No change
GOOG Alphabet Inc. Class C 1.10% 20,500 $5.0M No change
LNC Lincoln National Corp. 1.08% 120,525 $4.9M Reduce -27.9%
IP International Paper Co. 1.07% 104,600 $4.9M New
JFR Nuveen Floating Rate Income 1.03% 568,183 $4.6M Add +47.5%
EHC Encompass Health Corp. 1.01% 35,840 $4.6M No change
REVG Rev Group Inc. 1.00% 80,000 $4.5M Reduce -33.3%
CSCO Cisco Systems Inc. 0.99% 65,390 $4.5M No change
META Meta Platforms Inc. Class A 0.97% 6,000 $4.4M No change
BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU 0.97% 180,000 $4.4M Reduce -14.3%
EBAY eBay Inc. 0.93% 46,291 $4.2M Reduce -17.3%
TNA Dir Dai SML Ca Bul 3X Et-Usd 0.92% 91,550 $4.1M Add +1112.6%
CVI CVR Energy Inc. 0.89% 110,000 $4.0M Add +39.2%
ZTO Zto Express Cayman Inc.-ADR 0.85% 200,000 $3.8M Reduce -24.5%
SR Spire Inc. 0.85% 47,100 $3.8M Reduce -15.9%
TTEK Tetra Tech Inc. 0.84% 114,000 $3.8M No change
DTE DTE Energy Company 0.83% 26,559 $3.8M Reduce -2.6%
ALK Alaska Air Group Inc. 0.83% 75,000 $3.7M Reduce -14.8%
EVRG Evergy Inc. 0.82% 48,800 $3.7M No change
OLED Universal Display Corp. 0.81% 25,384 $3.6M Add +11.4%
HCA HCA Healthcare Inc. 0.79% 8,352 $3.6M Add +4.4%
OI O-I Glass Inc. 0.77% 270,000 $3.5M Add +35.0%
ARCC Ares Capital Corp. 0.77% 169,856 $3.5M New
SNX TD Synnex Corp. 0.77% 21,170 $3.5M Reduce -3.3%
ALG Alamo Group Inc. 0.76% 18,060 $3.4M No change
CRS Carpenter Technology 0.76% 14,000 $3.4M Reduce -24.3%
LAZ Lazard Inc. 0.72% 61,843 $3.3M Reduce -5.7%
NOW ServiceNow Inc. 0.72% 3,524 $3.2M No change
B Barrick Mining Corp. 0.71% 98,000 $3.2M Add +8.9%
ADSK Autodesk Inc. 0.70% 10,000 $3.2M No change
OPLN Openlane Inc. 0.70% 110,000 $3.2M Add +50.7%
GPN Global Payments Inc. 0.69% 37,742 $3.1M No change
PSX Phillips 66 0.69% 23,000 $3.1M New
BHP BHP Group Ltd.-Spon ADR 0.69% 56,000 $3.1M Add +24.4%
ARW Arrow Electronics Inc. 0.69% 25,590 $3.1M New
PANW Palo Alto Networks Inc. 0.68% 15,000 $3.1M No change
TRS Trimas Corp. 0.67% 78,000 $3.0M Reduce -44.3%
DAL Delta Air Lines Inc. 0.66% 52,600 $3.0M No change
XCMUX MFS High Yield Municipal TR 0.63% 821,456 $2.9M No change
CRM Salesforce Inc. 0.62% 11,862 $2.8M No change
XENWX Eaton Vance New York Municip 0.62% 284,677 $2.8M Add +155.0%
KRNT Kornit Digital Ltd. 0.60% 200,000 $2.7M No change
POR Portland General Electric Co. 0.59% 60,266 $2.7M Add +11.5%
TYL Tyler Technologies Inc. 0.59% 5,057 $2.6M No change
HUN Huntsman Corp. 0.58% 292,500 $2.6M Reduce -4.4%
ING ING Groep N.V.-Sponsored ADR 0.57% 99,403 $2.6M Reduce -5.7%
SWK Stanley Black & Decker Inc. 0.57% 34,465 $2.6M No change
HBAN Huntington Bancshares Inc. 0.57% 147,970 $2.6M No change
TEX Terex Corp. 0.56% 49,000 $2.5M No change
WMS Advanced Drainage Systems Inc. 0.56% 18,100 $2.5M No change
KNX Knight-Swift Transportation 0.55% 63,000 $2.5M Reduce -11.3%
KEY Keycorp 0.54% 131,000 $2.4M No change
MGA Magna International Inc. 0.54% 51,457 $2.4M No change
MTRN Materion Corp. 0.53% 19,800 $2.4M Add +48.9%
PEGA Pegasystems Inc. 0.53% 41,493 $2.4M Reduce -9.5%
SCL Stepan Co. 0.53% 50,000 $2.4M No change
EEFT Euronet Worldwide Inc. 0.52% 26,844 $2.4M No change
SWX Southwest Gas Holdings Inc. 0.52% 30,000 $2.4M Reduce -9.1%
TSEOQ Trinseo PLC 0.52% 1,000,000 $2.4M Add +33.3%
UNP Union Pacific Corp. 0.51% 9,730 $2.3M No change
V Visa Inc. Class A 0.50% 6,650 $2.3M No change
ADBE Adobe Inc. 0.47% 5,985 $2.1M Reduce -27.8%
DOX Amdocs Ltd. 0.44% 24,436 $2.0M No change
EQH Equitable Holdings Inc. 0.44% 39,200 $2.0M No change
PFGC Performance Food Group Co. 0.44% 18,975 $2.0M Reduce -11.2%
LMT Lockheed Martin Corp. 0.43% 3,900 $1.9M Reduce -11.4%
CXH MFS Investment Grade Muni 0.42% 244,295 $1.9M No change
CCAP Crescent Capital BDC Inc. 0.42% 133,816 $1.9M Add +91.2%
CDW CDW Corp. 0.42% 11,800 $1.9M No change
AXP American Express Co. 0.40% 5,500 $1.8M No change
MKSI MKS Inc. 0.40% 14,500 $1.8M No change
SON Sonoco Products Co. 0.40% 41,500 $1.8M Reduce -45.4%
TFC Truist Financial Corp. 0.40% 39,100 $1.8M No change
EMN Eastman Chemical Co. 0.39% 27,675 $1.7M Reduce -49.4%
CCEP Coca-Cola Europacific Partne 0.38% 18,852 $1.7M No change
NXST Nexstar Media Group Inc. 0.37% 8,550 $1.7M Reduce -27.5%
EXTR Extreme Networks Inc. 0.37% 80,000 $1.7M No change
RNR Renaissancere Holdings Ltd. 0.37% 6,500 $1.7M No change

Show all 175 holdings

Other holdings (2): bonds, preferreds, convertibles and warrants · $5.3M (not counted above)
SecurityClassShares / PrincipalValueChange
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L 2,734$3.5MAdd +36.8%
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A 1,459$1.8MAdd +31.2%

Total filed on the 13F, all lines: $457.3M.

Portfolio Sells Q2 2025 → Q3 2025
HYI Western Asset High Yield Opp Sold out 0.00% −1.83
GTLS Chart Industries Inc. Sold out 0.00% −1.18
DNOW Dnow Inc. Sold out 0.00% −0.68
XPMAX Pioneer Municipal High Inc. Sold out 0.00% −0.68
EMN Eastman Chemical Co. Reduce -49.4% 0.39% −0.55
MOH Molina Healthcare Inc. Sold out 0.00% −0.55
AGNC AGNC Investment Corp. Reduce -82.7% 0.12% −0.53
CRS Carpenter Technology Reduce -24.3% 0.76% −0.42
LUV Southwest Airlines Co. Reduce -70.9% 0.16% −0.42
NLY Annaly Capital Management Inc. Sold out 0.00% −0.38
SON Sonoco Products Co. Reduce -45.4% 0.40% −0.37
SXT Sensient Technologies Corp. Sold out 0.00% −0.35
MMM 3M Co. Sold out 0.00% −0.32
REVG Rev Group Inc. Reduce -33.3% 1.00% −0.31
ADBE Adobe Inc. Reduce -27.8% 0.47% −0.27
NGVT Ingevity Corp. Sold out 0.00% −0.26
KALU Kaiser Aluminum Corp. Reduce -5.1% 1.90% −0.26
LNC Lincoln National Corp. Reduce -27.9% 1.08% −0.26
TRS Trimas Corp. Reduce -44.3% 0.67% −0.26
XRSFX Rivernorth Capital & Income Sold out 0.00% −0.24
ZTO Zto Express Cayman Inc.-ADR Reduce -24.5% 0.85% −0.23
BMRN Biomarin Pharmaceutical Inc. Sold out 0.00% −0.22
TER Teradyne Inc. Reduce -42.2% 1.25% −0.22
DIS The Walt Disney Co. Sold out 0.00% −0.22
ELV Elevance Health Inc. Sold out 0.00% −0.20
MA Mastercard Inc. Class A Reduce -11.0% 1.23% −0.19
EXPE Expedia Group Inc. Sold out 0.00% −0.18
FTNT Fortinet Inc. Sold out 0.00% −0.18
GDOT Green Dot Corp. Class A Sold out 0.00% −0.18
ALK Alaska Air Group Inc. Reduce -14.8% 0.83% −0.18
SJNK SS SPDR BB St Hi Yield ETF Sold out 0.00% −0.18
KNX Knight-Swift Transportation Reduce -11.3% 0.55% −0.17
HUN Huntsman Corp. Reduce -4.4% 0.58% −0.15
BMY Bristol-Myers Squibb Co. Reduce -32.4% 0.19% −0.11
SABR Sabre Corp. Sold out 0.00% −0.10
NXST Nexstar Media Group Inc. Reduce -27.5% 0.37% −0.10
SR Spire Inc. Reduce -15.9% 0.85% −0.09
MRK Merck & Co. Inc. Sold out 0.00% −0.09
OMF Onemain Holdings Inc. Reduce -14.6% 0.35% −0.08
XJQCX Nuveen Credit Strategies Inc. Sold out 0.00% −0.08
TPICQ Tpi Composites Inc. Sold out 0.00% −0.08
SWX Southwest Gas Holdings Inc. Reduce -9.1% 0.52% −0.04
PEGA Pegasystems Inc. Reduce -9.5% 0.53% −0.04
LMT Lockheed Martin Corp. Reduce -11.4% 0.43% −0.04
LEA Lear Corp. Reduce -15.5% 0.19% −0.03
ALE Allete Inc. Reduce -14.8% 0.17% −0.03
CCIF Carlyle Credit Income Fund Sold out 0.00% −0.03
EBAY eBay Inc. Reduce -17.3% 0.93% −0.03
NI Nisource Inc. Reduce -8.3% 0.23% −0.01
NJR New Jersey Resources Corp. Reduce -6.2% 0.21% −0.01

Portfolio Buys Q2 2025 → Q3 2025
CC The Chemours Co. Add +51.1% 2.31% +1.16
IP International Paper Co. New 1.07% +1.07
DDD 3D Systems Corp. Add +23.8% 1.67% +0.92
DINO HF Sinclair Corp. Add +56.4% 1.89% +0.91
TNA Dir Dai SML Ca Bul 3X Et-Usd Add +1112.6% 0.92% +0.86
ARCC Ares Capital Corp. New 0.77% +0.77
PSX Phillips 66 New 0.69% +0.69
ARW Arrow Electronics Inc. New 0.69% +0.69
XEVMX Eaton Vance Cal Muni Bond Add +37.0% 1.54% +0.44
CVI CVR Energy Inc. Add +39.2% 0.89% +0.40
XENWX Eaton Vance New York Municip Add +155.0% 0.62% +0.38
OPLN Openlane Inc. Add +50.7% 0.70% +0.29
MTRN Materion Corp. Add +48.9% 0.53% +0.29
INTC Intel Corp. New 0.28% +0.28
B Barrick Mining Corp. Add +8.9% 0.71% +0.28
XPHDX Pioneer Floating Rate Fund New 0.28% +0.28
JFR Nuveen Floating Rate Income Add +47.5% 1.03% +0.28
BBDC Barings BDC Inc. New 0.21% +0.21
VOYA Voya Financial Inc. New 0.21% +0.21
SHOO Steven Madden Ltd. New 0.20% +0.20
IRDM Iridium Communications Inc. New 0.20% +0.20
NFG National Fuel Gas Co. Add +5.5% 2.06% +0.20
CCAP Crescent Capital BDC Inc. Add +91.2% 0.42% +0.20
BHP BHP Group Ltd.-Spon ADR Add +24.4% 0.69% +0.19
OCSL Oaktree Specialty Lending Co. New 0.17% +0.17
GSBD Goldman Sachs BDC Inc. Add +197.8% 0.26% +0.16
AES AES Corp. Add +38.7% 0.31% +0.12
OI O-I Glass Inc. Add +35.0% 0.77% +0.10
HCA HCA Healthcare Inc. Add +4.4% 0.79% +0.08
POR Portland General Electric Co. Add +11.5% 0.59% +0.08
D Dominion Energy Inc. Add +2.2% 1.26% +0.07
CFG Citizens Financial Group New 0.00% +0.00
OLED Universal Display Corp. Add +11.4% 0.81% −0.00
TSEOQ Trinseo PLC Add +33.3% 0.52% −0.02

Notes & Other Activity Q2 2025 → Q3 2025
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L Add +36.8% 2,734 $3.5M
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A Add +31.2% 1,459 $1.8M
RIVERNORTH CAPITAL AND INCOM RIGHT 07/07/2025 Sold out 70,827 $4Kbefore 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