This problem has been driving me nuts for a while now (V4). Turns out this is caused by Microsoft trying to keep windows snappy and not allowing enough cache for icons. If anyone on w10 runs into this problem (normally caused by having fences display to many icons on dsktp) then use this method to fix.
Open Regedit and nav to
Computer\HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Windows\CurrentVersion\Explorer
On the right hand panel Create a String Value and call it "MaxCachedIcons" (without Quotes).
Double click the String and you can either enter 2048 or 4096 (2MB or 4MB). The higher this value the sluggish your disktop will become over time so beware. Personally i would not go above 8192. (8MB) Now restart system.
When back to desktop go into fences and temp disable fences.
Open notepad and paste the following:
@echo off
set iconcache=%localappdata%\IconCache.db
set iconcache_x=%localappdata%\Microsoft\Windows\Explorer\iconcache*
echo.
echo The explorer process must be temporarily killed before deleting the IconCache.db file.
echo.
echo Please SAVE ALL OPEN WORK before continuing.
echo.
pause
echo.
If exist "%iconcache%" goto delete
echo.
echo The %localappdata%\IconCache.db file has already been deleted.
echo.
If exist "%iconcache_x%" goto delete
echo.
echo The %localappdata%\Microsoft\Windows\Explorer\IconCache_*.db files have already been deleted.
echo.
exit /B
:delete
echo.
echo Attempting to delete IconCache.db files...
echo.
ie4uinit.exe -show
taskkill /IM explorer.exe /F
If exist del /A /F /Q "%iconcache%"
If exist del /A /F /Q "%iconcache_x%"
start explorer.exe
echo.
echo IconCache database files have been successfully deleted.
goto restart
:restart
echo.
echo.
echo You will need to restart the PC to finish rebuilding your icon cache.
echo.
CHOICE /C:YN /M "Do you want to restart the PC now?"
IF ERRORLEVEL 2 goto no
IF ERRORLEVEL 1 goto yes
:yes
shutdown /r /f /t 00
:no
exit /B
Save this as cleariconcache.bat, Close all desktop apps and right click the bat file run as admin and follow the instructions onscreen the system will restart and bam your blank icons will resolved. oh and dont forget to re-enable fences.
Like i mentioned this imo isn't a fences problem as such but more M$ trying to make windows as snappy as ever at the cost to convenience. If you do NOT use many icons in your desktop fences then your will probably never run into this problem.
Hope this helps.
Not sure why this is happening but the smiley face above :delete should be : delete (without space)