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ICLR • NASDAQ

Icon is a medical - diagnostics & research company in the healthcare sector on NASDAQ, led by Steve Cutler, with a market cap of $14.5B. As of Q3 2025, 94% of shares are held by 499 institutional investors, with Artisan Partners Limited Partnership as the largest holder at 9.09%.

Chief Executive OfficerSteve Cutler

Market Cap$14.5B

Medical - Diagnostics & Research

Healthcare

Employees41.2K

Websiteiconplc.com

Overview

Overview of institutional ownership in ICLR as of Q3 2025 with a market cap of $13.6B

All Institutions

Institutions: 499
Value Held: $12.8B
Shares Held: 73.1M
Avg Position: $25.6M
Median Position: $841.4K

Hedge Funds

Hedge Funds: 48
Value Held: $808.3M
Shares Held: 4.6M
Avg Position: $16.8M
Median Position: $6.0M

Ownership Breakdown

Institutional (non-HF)

88.05%

$12.0B

Hedge Funds

5.94%

$808.3M

Retail & Other

6.01%

$818.1M

Based on market cap of $13.6B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in ICLR as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
Artisan Partners Limited Partnership Long Only Manager	Eric Richard Colson CEO	$1.2B 1.78% of portfolio	9.09% 7.1M shares	Q4 2024 Held for 11 months	$69.5B
WELLINGTON MANAGEMENT CO LLP Long Only Manager	Jean Marie Hynes CEO	$811.5M 0.14% of portfolio	5.96% 4.6M shares	≤ Q2 2013 Held for 12y 5m+	$571.21B
O Orbis Allan Gray Ltd RIA/Wealth	Don Lynn Ray Managing Partner	$724.3M 3.11% of portfolio	5.32% 4.1M shares	Q2 2024 Held for 1y 5m	$23.3B
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Long Only Manager	Edward Murray Maloney CEO	$613.1M 0.19% of portfolio	4.50% 3.5M shares	Q3 2017 Held for 8y 2m	$322.72B
Invesco Ltd. ETF Provider	Brian Christopher Hartigan CEO	$599.8M 0.09% of portfolio	4.41% 3.4M shares	≤ Q2 2013 Held for 12y 5m+	$633.08B
PRINCIPAL FINANCIAL GROUP INC Institution	Deanna Strable CEO	$573.5M 0.29% of portfolio	4.21% 3.3M shares	Q1 2015 Held for 10y 8m	$197.71B
I Investec Asset Management LTD Long Only Manager	Hendrik Jacobus Du Toit CEO	$526.1M 1.14% of portfolio	3.87% 3.0M shares	Q4 2019 Held for 5y 11m	$46.3B
FRANKLIN RESOURCES INC Institution	Gregory E. Johnson CEO	$481.7M 0.12% of portfolio	3.54% 2.8M shares	Q3 2020 Held for 5y 2m	$395.36B
HARRIS ASSOCIATES L P Long Only Manager	David Gregory Herro Chairman	$409.9M 0.66% of portfolio	3.01% 2.3M shares	Q2 2025 Held for 5 months	$62.4B
FMR LLC Institution	-	$338.3M 0.02% of portfolio	2.49% 1.9M shares	Q2 2016 Held for 9y 5m	$1.92T

Net Capital Flow

Institutional buying and selling activity for ICLR in Q3 2025

Traded: −$131.1M
Buyers: 253
Sellers: 240
Total Bought: +$2.5B
Total Sold: −$2.6B
Avg Position: $22.9M

Biggest Buyers

Institution	Net Bought	Current Position
O Orbis Allan Gray Ltd RIA/Wealth	+$665.5M +3.8M shares	$724.3M 4.1M shares
PRINCIPAL FINANCIAL GROUP INC Institution	+$505.2M +2.9M shares	$573.5M 3.3M shares
WELLINGTON MANAGEMENT CO LLP Long Only Manager	+$170.7M +975.3K shares	$811.5M 4.6M shares
FRANKLIN RESOURCES INC Institution	+$125.8M +719.3K shares	$481.7M 2.8M shares
HARRIS ASSOCIATES L P Long Only Manager	+$123.3M +704.5K shares	$409.9M 2.3M shares
Robeco Investment Management, Inc. Long Only Manager	+$119.5M +682.6K shares	$129.4M 739.1K shares
B BRANDES INVESTMENT PARTNERS, LP Long Only Manager	+$95.9M +548.1K shares	$132.2M 755.7K shares
G GLENVIEW CAPITAL MANAGEMENT, LLC Hedge Fund•Long/Short	+$65.0M +371.4K shares	$65.0M 371.4K shares
Invesco Ltd. ETF Provider	+$59.8M +341.6K shares	$599.8M 3.4M shares
ALTRINSIC GLOBAL ADVISORS LLC Long Only Manager	+$53.1M +303.4K shares	$53.1M 303.4K shares

Biggest Sellers

Institution	Net Sold	Current Position
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$293.3M −1.7M shares	$47.2M 270.0K shares
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	−$187.3M −1.1M shares	$20.5M 117.3K shares
D D. E. Shaw & Co., Inc. Institution	−$167.5M −956.9K shares	$258.5M 1.5M shares
C COMGEST GLOBAL INVESTORS S.A.S. Institution	−$154.9M −1.1M shares	Sold Off 0 shares
M MANUFACTURERES LIFE INSURANCE CO Institution	−$112.0M −639.9K shares	$37.0M 211.6K shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC Hedge Fund•Multi-Strategy	−$108.1M −617.6K shares	$18.1M 103.6K shares
JPMORGAN CHASE & CO Institution	−$107.5M −614.2K shares	$24.3M 138.9K shares
HENDERSON GROUP PLC Institution	−$97.6M −557.6K shares	$38.5M 220.3K shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$94.8M −651.9K shares	Sold Off 0 shares
UBS Group AG Institution	−$92.5M −528.6K shares	$78.8M 450.6K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited ICLR in Q3 2025

New Positions: 41
New Value: $227.9M
Exited Positions: 58
Exited Value: $638.9M

New Positions

Institution	Position Value
G GLENVIEW CAPITAL MANAGEMENT, LLC Hedge Fund•Long/Short	$65.0M 371.4K shares
ALTRINSIC GLOBAL ADVISORS LLC Long Only Manager	$53.1M 303.4K shares
PERRY CREEK CAPITAL LP Hedge Fund•Event Driven	$16.6M 95.0K shares
E Evergreen Quality Fund GP, Ltd. Institution	$14.8M 84.7K shares
P Philosophy Capital Management LLC Hedge Fund•Multi-Strategy	$13.9M 79.6K shares
MUHLENKAMP & CO INC RIA/Wealth	$12.9M 73.5K shares
Arvin Capital Management LP Hedge Fund•Long/Short	$12.5M 71.7K shares
KELLY LAWRENCE W & ASSOCIATES INC/CA RIA/Wealth	$10.5M 60.3K shares
KEYSTONE INVESTORS PTE LTD RIA/Wealth	$5.9M 33.5K shares
S SECTOR GAMMA AS Institution	$4.4M 25.0K shares

Exited Positions

Institution	Previous Position
C COMGEST GLOBAL INVESTORS S.A.S. Institution	$154.9M 1.1M shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$94.8M 651.9K shares
CANTILLON CAPITAL MANAGEMENT LLC Hedge Fund•Value	$67.7M 465.2K shares
BAUPOST GROUP LLC/MA Hedge Fund•Value	$58.9M 405.0K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	$47.2M 324.8K shares
Mawer Investment Management Ltd. Long Only Manager	$38.7M 266.0K shares
Iron Triangle Partners LP Hedge Fund•Long/Short	$36.4M 250.0K shares
MAK CAPITAL ONE LLC Hedge Fund•Multi-Strategy	$26.8M 184.1K shares
C Cubist Systematic Strategies, LLC Institution	$19.8M 136.3K shares
H HRT FINANCIAL LLC Institution	$15.1M 104.1K shares

Options Activity

Institutions with the largest Call and Put options positions in ICLR as of Q3 2025

Call Positions: 9
Call Value: $20.4M
Put Positions: 8
Put Value: $18.1M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$12.7M 723.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$2.3M 133.0 contracts
Walleye Trading LLC RIA/Wealth	$2.0M 113.0 contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$1.2M 66.0 contracts
W WOLVERINE TRADING, LLC Institution	$768.2K 47.0 contracts
J JANE STREET GROUP, LLC Institution	$577.5K 33.0 contracts
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$402.5K 23.0 contracts
C Cubist Systematic Strategies, LLC Institution	$332.5K 19.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$192.5K 11.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$8.7M 495.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$4.6M 262.0 contracts
J JANE STREET GROUP, LLC Institution	$1.2M 68.0 contracts
W WOLVERINE TRADING, LLC Institution	$1.2M 71.0 contracts
Walleye Trading LLC RIA/Wealth	$1.1M 61.0 contracts
C Cubist Systematic Strategies, LLC Institution	$840.0K 48.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$280.0K 16.0 contracts
D D. E. Shaw & Co., Inc. Institution	$280.0K 16.0 contracts

Most Committed Institutions

Institutions with ICLR as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Trinity Street Asset Management LLP Hedge Fund•Long/Short	James Patrick Dunphy CFO	10.39% $152.4M	1.12% 871.0K shares	Q2 2021 Held for 4y 5m	$1.5B
PERRY CREEK CAPITAL LP Hedge Fund•Event Driven	Adeel Ali Qalbani CEO	9.70% $16.6M	0.12% 95.0K shares	Q3 2025 Held for 2 months	$171.4M
E Eagle Health Investments LP Hedge Fund•Long/Short	Gary Johnathan Stern Founder	8.39% $32.0M	0.23% 182.6K shares	Q4 2022 Held for 2y 11m	$380.9M
A ARMOR ADVISORS, L.L.C. Hedge Fund•Multi-Strategy	Eden Nanazia CFO	6.46% $6.8M	0.05% 38.9K shares	Q4 2024 Held for 11 months	$105.5M
C Circumference Group LLC Hedge Fund•Multi-Strategy	Jeffrey Howard Fox CEO	5.75% $4.9M	0.04% 28.0K shares	Q2 2025 Held for 5 months	$85.2M
HGK ASSET MANAGEMENT INC Long Only Manager	David Charles Hauck Partner	5.69% $35.1M	0.26% 200.7K shares	Q4 2023 Held for 1y 11m	$617.8M
BOONE CAPITAL MANAGEMENT LLC Hedge Fund•Long/Short	Daniel Walter Boone President	5.50% $16.8M	0.12% 95.8K shares	Q2 2025 Held for 5 months	$305.0M
Prosight Management, LP Hedge Fund•Long/Short	William Lawrence Hawkins Managing Partner	5.09% $19.2M	0.14% 109.5K shares	Q4 2024 Held for 11 months	$376.7M
Ruane, Cunniff & Goldfarb L.P. Long Only Manager	John Brooks Harris Managing Partner	4.93% $297.7M	2.19% 1.7M shares	Q4 2024 Held for 11 months	$6.0B
H Hyperion Capital Advisors LP Hedge Fund•Long/Short	John Brooks Harris President	4.61% $8.6M	0.06% 49.3K shares	Q4 2024 Held for 11 months	$187.0M

Hedge Fund Spotlight

Discover hedge funds investing in ICLR

Bayesian Capital Management, LP

Hedge Fund • Quant

Portfolio ManagerVelin Krassimirov Tzanov

Portfolio Value: $489.3M
Positions: 501
Last Reported: Q3 2025

Sector Allocation

Position in Icon

Market Value: $280.0K
Shares Held: 1.6K
Portfolio Weight: 0.06%
Owned Since: 2025-Q1

Top Holding	Sector	Market Value	Weight
1 Microsoft MSFT	Software - Infrastructure Technology	$6.3M	1.29%
2 Meta Platforms, Inc. META	Internet Content & Information Communication Services	$6.0M	1.23%
3 Boston Scientific BSX	Medical - Devices Healthcare	$5.4M	1.10%