Icon Plc (ICLR) in LVS Advisory Q1 2025

Icon Plc (ICLR) was highlighted in the LVS Advisory Q1 2025 letter as a stock sold from the Growth Portfolio. Initially attractive due to its robust growth and reasonable valuation, Icon’s aggressive M&A strategy raised concerns. The lack of synergy realization and high debt levels, coupled with rising interest rates, prompted a reassessment. The fund decided to exit the position in favor of Medpace, which better aligned with their investment thesis.

“The biggest issue we encountered was a lack of evidence supporting the synergies claimed from Icon’s M&A activity… We ultimately decided to sell our shares in Icon in July 2024 for ~$334.53 per share (taking a small profit) and used the proceeds to double down on our investment in Medpace.” — Luis V. Sanchez CFA, LVS Advisory, Q1 2025 Fund Letter

Read full letter at gurufocus LVS Advisory 2025 Q1 page.