ICONIQ Capital, LLC

2. Key Holdings

The portfolio is dominated by three massive positions, which collectively form a "barbell" of growth assets:

• Netskope Inc ($1.51B): This is the largest holding, constituting 24.35% of the portfolio. With 66.27 million shares, this represents a massive, concentrated bet on a private-market-style asset (or a recently public entity treated with high conviction).
• Procore Technologies Inc ($1.50B): Nearly equal in weight to Netskope at 24.31%, this position underscores ICONIQ's deep preference for vertical SaaS and cloud-based construction management software.
• ServiceTitan Inc ($1.16B): Accounting for 18.79% of the portfolio, this completes the trio of top holdings. All three top names suggest a thematic focus on specialized software platforms that dominate specific niches.

Outside the top three, the portfolio drops significantly in concentration. Blue Owl Capital Inc (OWL) is the fourth-largest holding at 9.17%, serving as the primary bridge into financial services. The remaining top ten positions, including Chime, Shopify, and Alphabet, are much smaller, ranging from 2% to 5%, highlighting the sharp divide between ICONIQ's core "mega-positions" and its satellite holdings.