Reported portfolio
Carl Icahn
Icahn Capital LP
Last update 2026-08-14
- Reported portfolio value
- $8,264,091,000
- Current positions
- 12
- Top five concentration
- 92.6%
- Largest position
- 54.0%
- New positions
- 0
- Closed positions
- 0
Reported holdings
12 positions
| Company | Portfolio | Recent activity | Shares | Reported price | Reported value | Updated / source |
|---|---|---|---|---|---|---|
IEP Icahn Enterprises LP | 53.95% | Added 12.6% | 618,393,343+68,992,804 | $7 | $4,458,616,000+$310,642,000 | 13F2026-06-30 ↗ |
CVI CVR Energy Inc | 23.73% | Unchanged | 71,201,875 | $28 | $1,960,900,000−$435,043,000 | 13F2026-06-30 ↗ |
UAN CVR Partners, LP | 5.62% | Unchanged | 4,164,274 | $111 | $464,233,000−$63,255,000 | 13F2026-06-30 ↗ |
CTRI Centuri Holdings, Inc. | 5.25% | Unchanged | 14,336,044 | $30 | $433,522,000+$14,766,000 | 13F2026-06-30 ↗ |
IFF International Flavors and Fragrances Inc. | 4.10% | Unchanged | 4,275,000 | $79 | $338,666,000+$28,514,000 | 13F2026-06-30 ↗ |
ECHO EchoStar Corporation | 1.73% | Unchanged | 1,404,542 | $102 | $142,561,000−$21,869,000 | 13F2026-06-30 ↗ |
JBLU JetBlue Airways Corp. | 1.43% | Reduced 38.6% | 20,658,179−12,963,556 | $6 | $118,371,000−$30,237,000 | 13F2026-06-30 ↗ |
MNRO Monro, Inc. | 1.05% | Unchanged | 5,078,573 | $17 | $86,894,000+$5,434,000 | 13F2026-06-30 ↗ |
CZR Caesars Entertainment, Inc. | 0.89% | Unchanged | 2,440,109 | $30 | $73,642,000+$9,150,000 | 13F2026-06-30 ↗ |
SD SandRidge Energy, Inc. | 0.84% | Added 2.2% | 5,054,907+107,206 | $14 | $69,252,000−$11,445,000 | 13F2026-06-30 ↗ |
AEP American Electric Power Company | 0.72% | Reduced 63.9% | 434,710−770,590 | $137 | $59,473,000−$98,518,000 | 13F2026-06-30 ↗ |
BLCO Bausch Plus Lomb Corp. | 0.70% | Unchanged | 3,500,000 | $17 | $57,960,000+$2,310,000 | 13F2026-06-30 ↗ |
Reported price is calculated from the reported value and share count. It is not the investor's actual purchase price.
Filing history
Historical holdings
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| IEP | Icahn Enterprises LP | 53.95% | 618,393,343 | $4,458,616,000 |
| CVI | CVR Energy Inc | 23.73% | 71,201,875 | $1,960,900,000 |
| UAN | CVR Partners, LP | 5.62% | 4,164,274 | $464,233,000 |
| CTRI | Centuri Holdings, Inc. | 5.25% | 14,336,044 | $433,522,000 |
| IFF | International Flavors and Fragrances Inc. | 4.10% | 4,275,000 | $338,666,000 |
| ECHO | EchoStar Corporation | 1.73% | 1,404,542 | $142,561,000 |
| JBLU | JetBlue Airways Corp. | 1.43% | 20,658,179 | $118,371,000 |
| MNRO | Monro, Inc. | 1.05% | 5,078,573 | $86,894,000 |
| CZR | Caesars Entertainment, Inc. | 0.89% | 2,440,109 | $73,642,000 |
| SD | SandRidge Energy, Inc. | 0.84% | 5,054,907 | $69,252,000 |
| AEP | American Electric Power Company | 0.72% | 434,710 | $59,473,000 |
| BLCO | Bausch Plus Lomb Corp. | 0.70% | 3,500,000 | $57,960,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| IEP | Icahn Enterprises LP | 48.49% | 549,400,539 | $4,147,974,000 |
| CVI | CVR Energy Inc | 28.01% | 71,201,875 | $2,395,943,000 |
| UAN | CVR Partners, LP | 6.17% | 4,164,274 | $527,489,000 |
| CTRI | Centuri Holdings, Inc. | 4.90% | 14,336,044 | $418,756,000 |
| IFF | International Flavors and Fragrances Inc. | 3.63% | 4,275,000 | $310,151,000 |
| ECHO | EchoStar Corporation | 1.92% | 1,404,542 | $164,430,000 |
| AEP | American Electric Power Company | 1.85% | 1,205,300 | $157,991,000 |
| JBLU | JetBlue Airways Corp. | 1.74% | 33,621,735 | $148,608,000 |
| MNRO | Monro, Inc. | 0.95% | 5,078,573 | $81,460,000 |
| SD | SandRidge Energy, Inc. | 0.94% | 4,947,701 | $80,697,000 |
| CZR | Caesars Entertainment, Inc. | 0.75% | 2,440,109 | $64,492,000 |
| BLCO | Bausch Plus Lomb Corp. | 0.65% | 3,500,000 | $55,650,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| IEP | Icahn Enterprises LP | 49.12% | 549,400,539 | $4,147,974,000 |
| CVI | CVR Energy Inc | 21.21% | 70,418,471 | $1,791,446,000 |
| SWX | Southwest Gas Holdings Inc. | 5.72% | 6,032,604 | $482,729,000 |
| UAN | CVR Partners, LP | 5.05% | 4,164,274 | $426,838,000 |
| ECHO | EchoStar Corporation | 4.32% | 3,354,542 | $364,639,000 |
| CTRI | Centuri Holdings, Inc. | 4.29% | 14,336,044 | $361,985,000 |
| IFF | International Flavors and Fragrances Inc. | 3.41% | 4,275,000 | $288,092,000 |
| JBLU | JetBlue Airways Corp. | 1.81% | 33,621,735 | $152,979,000 |
| AEP | American Electric Power Company | 1.65% | 1,205,300 | $138,983,000 |
| MNRO | Monro, Inc. | 1.21% | 5,078,573 | $101,775,000 |
| SD | SandRidge Energy, Inc. | 0.84% | 4,911,564 | $70,874,000 |
| BLCO | Bausch Plus Lomb Corp. | 0.71% | 3,500,000 | $59,780,000 |
| CZR | Caesars Entertainment, Inc. | 0.68% | 2,440,109 | $57,074,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| IEP | Icahn Enterprises LP | 47.80% | 518,932,944 | $4,369,415,000 |
| CVI | CVR Energy Inc | 28.10% | 70,418,471 | $2,568,866,000 |
| SWX | Southwest Gas Holdings Inc. | 5.17% | 6,032,604 | $472,594,000 |
| UAN | CVR Partners, LP | 4.11% | 4,164,274 | $375,284,000 |
| ECHO | EchoStar Corporation | 3.64% | 4,354,542 | $332,513,000 |
| IFF | International Flavors and Fragrances Inc. | 3.20% | 4,750,000 | $292,315,000 |
| CTRI | Centuri Holdings, Inc. | 2.51% | 10,847,672 | $229,645,000 |
| JBLU | JetBlue Airways Corp. | 1.81% | 33,621,735 | $165,419,000 |
| AEP | American Electric Power Company | 1.48% | 1,205,300 | $135,596,000 |
| CZR | Caesars Entertainment, Inc. | 0.72% | 2,440,109 | $65,944,000 |
| SD | SandRidge Energy, Inc. | 0.60% | 4,870,233 | $54,936,000 |
| BLCO | Bausch Plus Lomb Corp. | 0.58% | 3,500,000 | $52,745,000 |
| MNRO | Monro, Inc. | 0.29% | 1,465,000 | $26,326,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| IEP | Icahn Enterprises LP | 50.47% | 494,783,619 | $3,980,534,000 |
| CVI | CVR Energy Inc | 23.97% | 70,418,471 | $1,890,736,000 |
| SWX | Southwest Gas Holdings Inc. | 7.11% | 7,532,604 | $560,350,000 |
| UAN | CVR Partners, LP | 4.69% | 4,164,274 | $369,954,000 |
| IFF | International Flavors and Fragrances Inc. | 3.50% | 3,750,000 | $275,813,000 |
| BHC | Bausch Health Companies Inc. | 2.93% | 34,721,118 | $231,243,000 |
| CTRI | Centuri Holdings, Inc. | 1.82% | 6,403,877 | $143,703,000 |
| JBLU | JetBlue Airways Corp. | 1.80% | 33,621,735 | $142,220,000 |
| AEP | American Electric Power Company | 1.59% | 1,205,300 | $125,062,000 |
| CZR | Caesars Entertainment, Inc. | 0.88% | 2,440,109 | $69,275,000 |
| SD | SandRidge Energy, Inc. | 0.66% | 4,818,832 | $52,140,000 |
| BLCO | Bausch Plus Lomb Corp. | 0.58% | 3,500,000 | $45,535,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| IEP | Icahn Enterprises LP | 54.55% | 450,788,170 | $4,084,141,000 |
| CVI | CVR Energy Inc | 17.76% | 68,534,270 | $1,329,565,000 |
| SWX | Southwest Gas Holdings Inc. | 7.22% | 7,532,604 | $540,841,000 |
| UAN | CVR Partners, LP | 4.12% | 4,099,155 | $308,133,000 |
| IFF | International Flavors and Fragrances Inc. | 3.89% | 3,750,000 | $291,038,000 |
| BHC | Bausch Health Companies Inc. | 3.00% | 34,721,118 | $224,646,000 |
| DAN | Dana Inc. | 2.54% | 14,286,505 | $190,439,000 |
| JBLU | JetBlue Airways Corp. | 2.16% | 33,621,735 | $162,057,000 |
| AEP | American Electric Power Company | 1.76% | 1,205,300 | $131,703,000 |
| CZR | Caesars Entertainment, Inc. | 0.81% | 2,440,109 | $61,003,000 |
| SD | SandRidge Energy, Inc. | 0.73% | 4,818,832 | $55,031,000 |
| BLCO | Bausch Plus Lomb Corp. | 0.68% | 3,500,000 | $50,750,000 |
| CTRI | Centuri Holdings, Inc. | 0.54% | 2,486,495 | $40,754,000 |
| ILMN | Illumina Inc. | 0.23% | 220,000 | $17,455,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| IEP | Icahn Enterprises LP | 52.71% | 450,788,170 | $3,908,333,000 |
| CVI | CVR Energy Inc | 16.85% | 66,692,381 | $1,249,815,000 |
| SWX | Southwest Gas Holdings Inc. | 9.19% | 9,632,604 | $681,121,000 |
| IFF | International Flavors and Fragrances Inc. | 4.28% | 3,750,000 | $317,063,000 |
| UAN | CVR Partners, LP | 4.17% | 4,066,192 | $308,868,000 |
| BHC | Bausch Health Companies Inc. | 3.77% | 34,721,118 | $279,852,000 |
| DAN | Dana Inc. | 2.23% | 14,286,505 | $165,152,000 |
| JBLU | JetBlue Airways Corp. | 1.88% | 17,727,029 | $139,334,000 |
| AEP | American Electric Power Company | 1.50% | 1,205,300 | $111,165,000 |
| CZR | Caesars Entertainment, Inc. | 1.10% | 2,440,109 | $81,548,000 |
| BLCO | Bausch Plus Lomb Corp. | 0.85% | 3,500,000 | $63,210,000 |
| SD | SandRidge Energy, Inc. | 0.76% | 4,818,832 | $56,429,000 |
| CTRI | Centuri Holdings, Inc. | 0.65% | 2,486,495 | $48,014,000 |
| ILMN | Illumina Inc. | 0.07% | 40,000 | $5,345,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| IEP | Icahn Enterprises LP | 59.30% | 433,206,933 | $5,856,958,000 |
| CVI | CVR Energy Inc | 15.55% | 66,692,381 | $1,535,926,000 |
| SWX | Southwest Gas Holdings Inc. | 8.23% | 11,022,604 | $813,027,000 |
| IFF | International Flavors and Fragrances Inc. | 3.98% | 3,750,000 | $393,488,000 |
| BHC | Bausch Health Companies Inc. | 2.87% | 34,721,118 | $283,324,000 |
| UAN | CVR Partners, LP | 2.65% | 3,892,000 | $261,270,000 |
| DAN | Dana Inc. | 1.53% | 14,286,505 | $150,865,000 |
| AEP | American Electric Power Company | 1.25% | 1,205,300 | $123,664,000 |
| JBLU | JetBlue Airways Corp. | 1.18% | 17,727,029 | $116,289,000 |
| CZR | Caesars Entertainment, Inc. | 1.03% | 2,440,109 | $101,850,000 |
| BLCO | Bausch Plus Lomb Corp. | 0.68% | 3,500,000 | $67,515,000 |
| SD | SandRidge Energy, Inc. | 0.60% | 4,818,832 | $58,934,000 |
| CTRI | Centuri Holdings, Inc. | 0.59% | 3,591,929 | $58,010,000 |
| ILMN | Illumina Inc. | 0.57% | 430,000 | $56,076,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| IEP | Icahn Enterprises LP | 61.75% | 406,313,986 | $6,696,054,000 |
| CVI | CVR Energy Inc | 16.47% | 66,692,381 | $1,785,355,000 |
| SWX | Southwest Gas Holdings Inc. | 7.15% | 11,022,604 | $775,771,000 |
| IFF | International Flavors and Fragrances Inc. | 3.29% | 3,750,000 | $357,038,000 |
| UAN | CVR Partners, LP | 2.72% | 3,892,000 | $294,469,000 |
| BHC | Bausch Health Companies Inc. | 2.23% | 34,721,118 | $242,006,000 |
| DAN | Dana Inc. | 1.60% | 14,286,505 | $173,152,000 |
| JBLU | JetBlue Airways Corp. | 1.00% | 17,727,029 | $107,958,000 |
| AEP | American Electric Power Company | 0.98% | 1,205,300 | $105,753,000 |
| CZR | Caesars Entertainment, Inc. | 0.89% | 2,440,109 | $96,970,000 |
| SD | SandRidge Energy, Inc. | 0.57% | 4,818,832 | $62,307,000 |
| BLCO | Bausch Plus Lomb Corp. | 0.47% | 3,500,000 | $50,820,000 |
| CTRI | Centuri Holdings, Inc. | 0.47% | 2,591,929 | $50,491,000 |
| ILMN | Illumina Inc. | 0.41% | 430,000 | $44,883,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| IEP | Icahn Enterprises LP | 52.51% | 367,879,902 | $6,257,637,000 |
| CVI | CVR Energy Inc | 19.96% | 66,692,381 | $2,378,250,000 |
| SWX | Southwest Gas Holdings Inc. | 7.04% | 11,022,604 | $839,151,000 |
| OXY/WS | Occidental Petroleum Corp Wts | 5.96% | 16,485,432 | $710,522,000 |
| BHC | Bausch Health Companies Inc. | 3.09% | 34,721,118 | $368,391,000 |
| IFF | International Flavors and Fragrances Inc. | 2.71% | 3,750,000 | $322,463,000 |
| UAN | CVR Partners, LP | 2.57% | 3,892,000 | $305,872,000 |
| DAN | Dana Inc. | 1.52% | 14,286,505 | $181,439,000 |
| JBLU | JetBlue Airways Corp. | 1.10% | 17,727,029 | $131,535,000 |
| CNDT | Conduent Inc | 1.08% | 38,149,336 | $128,945,000 |
| AEP | American Electric Power Company | 0.87% | 1,205,300 | $103,776,000 |
| SD | SandRidge Energy, Inc. | 0.59% | 4,818,832 | $70,210,000 |
| BLCO | Bausch Plus Lomb Corp. | 0.51% | 3,500,000 | $60,550,000 |
| ILMN | Illumina Inc. | 0.50% | 430,000 | $59,048,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| IEP | Icahn Enterprises LP | 57.94% | 367,879,902 | $6,324,000 |
| CVI | CVR Energy Inc | 18.52% | 66,692,381 | $2,021,000 |
| SWX | Southwest Gas Holdings Inc. | 6.40% | 11,022,604 | $698,000 |
| OXY/WS | Occidental Petroleum Corp Wts | 5.88% | 16,485,432 | $642,000 |
| BHC | Bausch Health Companies Inc. | 2.55% | 34,721,118 | $278,000 |
| FE | FirstEnergy Corp | 1.98% | 5,887,171 | $216,000 |
| DAN | Dana Inc. | 1.91% | 14,286,505 | $209,000 |
| CNDT | Conduent Inc | 1.28% | 38,149,336 | $139,000 |
| AEP | American Electric Power Company | 0.90% | 1,205,300 | $98,000 |
| SD | SandRidge Energy, Inc. | 0.60% | 4,818,832 | $66,000 |
| ILMN | Illumina Inc. | 0.55% | 430,000 | $60,000 |
| BLCO | Bausch Plus Lomb Corp. | 0.55% | 3,500,000 | $60,000 |
| IFF | International Flavors and Fragrances Inc. | 0.48% | 644,510 | $52,000 |
| NWL | Newell Brands, Inc | 0.47% | 5,940,744 | $52,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| IEP | Icahn Enterprises LP | 57.44% | 350,819,104 | $6,939,000 |
| CVI | CVR Energy Inc | 18.79% | 66,692,381 | $2,270,000 |
| OXY/WS | Occidental Petroleum Corp Wts | 5.90% | 16,485,432 | $713,000 |
| SWX | Southwest Gas Holdings Inc. | 5.51% | 11,022,604 | $666,000 |
| FE | FirstEnergy Corp | 3.99% | 14,090,778 | $482,000 |
| BHC | Bausch Health Companies Inc. | 2.36% | 34,721,118 | $285,000 |
| DAN | Dana Inc. | 1.73% | 14,286,505 | $210,000 |
| CNDT | Conduent Inc | 1.10% | 38,149,336 | $133,000 |
| CCK | Crown Holdings Inc. | 0.76% | 1,040,100 | $92,000 |
| SD | SandRidge Energy, Inc. | 0.62% | 4,818,832 | $75,000 |
| BLCO | Bausch Plus Lomb Corp. | 0.49% | 3,500,000 | $59,000 |
| ILMN | Illumina Inc. | 0.49% | 430,000 | $59,000 |
| NWL | Newell Brands, Inc | 0.44% | 5,940,744 | $54,000 |
| IFF | International Flavors and Fragrances Inc. | 0.36% | 644,510 | $44,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| IEP | Icahn Enterprises LP | 62.71% | 334,494,577 | $9,710,000 |
| CVI | CVR Energy Inc | 13.78% | 71,198,718 | $2,133,000 |
| SWX | Southwest Gas Holdings Inc. | 4.46% | 10,844,681 | $690,000 |
| OXY/WS | Occidental Petroleum Corp Wts | 3.97% | 16,485,432 | $615,000 |
| FE | FirstEnergy Corp | 3.54% | 14,090,778 | $548,000 |
| XRX | Xerox Holdings Corp | 3.29% | 34,245,314 | $510,000 |
| BHC | Bausch Health Companies Inc. | 1.79% | 34,721,118 | $278,000 |
| NWL | Newell Brands, Inc | 1.68% | 29,985,763 | $261,000 |
| DAN | Dana Inc. | 1.57% | 14,286,505 | $243,000 |
| CNDT | Conduent Inc | 0.84% | 38,149,336 | $130,000 |
| CCK | Crown Holdings Inc. | 0.58% | 1,040,100 | $90,000 |
| ILMN | Illumina Inc. | 0.52% | 430,000 | $81,000 |
| SD | SandRidge Energy, Inc. | 0.47% | 4,818,832 | $73,000 |
| BLCO | Bausch Plus Lomb Corp. | 0.45% | 3,500,000 | $70,000 |
| IFF | International Flavors and Fragrances Inc. | 0.33% | 644,510 | $51,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| IEP | Icahn Enterprises LP | 70.43% | 299,997,624 | $15,513,000 |
| CVI | CVR Energy Inc | 10.60% | 71,198,718 | $2,334,000 |
| FE | FirstEnergy Corp | 3.45% | 18,967,757 | $760,000 |
| OXY/WS | Occidental Petroleum Corp Wts | 3.07% | 16,485,432 | $676,000 |
| SWX | Southwest Gas Holdings Inc. | 2.98% | 10,520,600 | $657,000 |
| XRX | Xerox Holdings Corp | 2.39% | 34,245,314 | $527,000 |
| NWL | Newell Brands, Inc | 1.69% | 29,985,763 | $373,000 |
| BHC | Bausch Health Companies Inc. | 1.28% | 34,721,118 | $281,000 |
| DAN | Dana Inc. | 0.98% | 14,286,505 | $215,000 |
| LNG | Cheniere Energy Inc | 0.72% | 1,000,000 | $158,000 |
| CNDT | Conduent Inc | 0.59% | 38,149,336 | $131,000 |
| ILMN | Illumina Inc. | 0.45% | 430,000 | $100,000 |
| CCK | Crown Holdings Inc. | 0.39% | 1,040,100 | $86,000 |
| SD | SandRidge Energy, Inc. | 0.32% | 4,818,832 | $69,000 |
| BLCO | Bausch Plus Lomb Corp. | 0.28% | 3,500,000 | $61,000 |
| IFF | International Flavors and Fragrances Inc. | 0.27% | 644,510 | $59,000 |
| HRI | Herc Holdings Inc | 0.12% | 230,160 | $26,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| IEP | Icahn Enterprises LP | 69.85% | 299,997,624 | $15,195,000 |
| CVI | CVR Energy Inc | 10.26% | 71,198,718 | $2,231,000 |
| FE | FirstEnergy Corp | 3.66% | 18,967,757 | $796,000 |
| OXY/WS | Occidental Petroleum Corp Wts | 3.11% | 16,414,532 | $677,000 |
| XRX | Xerox Holdings Corp | 2.30% | 34,245,314 | $500,000 |
| HRI | Herc Holdings Inc | 2.24% | 3,696,445 | $486,000 |
| NWL | Newell Brands, Inc | 1.99% | 33,070,432 | $433,000 |
| SWX | Southwest Gas Holdings Inc. | 1.88% | 6,611,630 | $409,000 |
| BHC | Bausch Health Companies Inc. | 1.00% | 34,721,118 | $218,000 |
| DAN | Dana Inc. | 0.99% | 14,286,505 | $216,000 |
| CNDT | Conduent Inc | 0.71% | 38,149,336 | $155,000 |
| LNG | Cheniere Energy Inc | 0.69% | 1,000,000 | $150,000 |
| CCK | Crown Holdings Inc. | 0.39% | 1,040,100 | $86,000 |
| SD | SandRidge Energy, Inc. | 0.38% | 4,818,832 | $82,000 |
| IFF | International Flavors and Fragrances Inc. | 0.31% | 644,510 | $68,000 |
| BLCO | Bausch Plus Lomb Corp. | 0.25% | 3,500,000 | $54,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| IEP | Icahn Enterprises LP | 67.52% | 288,556,226 | $14,332,588,000 |
| CVI | CVR Energy Inc | 9.72% | 71,198,718 | $2,063,339,000 |
| FE | FirstEnergy Corp | 3.31% | 18,967,757 | $701,807,000 |
| OXY/WS | Occidental Petroleum Corp Wts | 3.01% | 16,116,069 | $638,519,000 |
| — | Twitter Inc | 2.59% | 12,531,573 | $549,384,000 |
| SWX | Southwest Gas Holdings Inc. | 2.17% | 6,611,630 | $461,161,000 |
| NWL | Newell Brands, Inc | 2.16% | 33,070,432 | $459,348,000 |
| XRX | Xerox Holdings Corp | 2.11% | 34,245,314 | $447,929,000 |
| HRI | Herc Holdings Inc | 1.97% | 4,022,841 | $417,893,000 |
| LNG | Cheniere Energy Inc | 1.65% | 2,111,613 | $350,338,000 |
| BHC | Bausch Health Companies Inc. | 1.13% | 34,721,118 | $239,229,000 |
| DAN | Dana Inc. | 0.77% | 14,286,505 | $163,295,000 |
| CNDT | Conduent Inc | 0.60% | 38,149,336 | $127,419,000 |
| CCK | Crown Holdings Inc. | 0.40% | 1,040,000 | $84,271,000 |
| SD | SandRidge Energy, Inc. | 0.37% | 4,818,832 | $78,595,000 |
| IFF | International Flavors and Fragrances Inc. | 0.28% | 644,510 | $58,541,000 |
| BLCO | Bausch Plus Lomb Corp. | 0.25% | 3,500,000 | $53,690,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| IEP | Icahn Enterprises LP | 64.06% | 277,653,658 | $13,360,695,000 |
| CVI | CVR Energy Inc | 11.44% | 71,198,718 | $2,385,157,000 |
| LNG | Cheniere Energy Inc | 3.58% | 5,611,613 | $746,513,000 |
| FE | FirstEnergy Corp | 3.49% | 18,967,757 | $728,172,000 |
| NWL | Newell Brands, Inc | 3.02% | 33,070,432 | $629,661,000 |
| OXY/WS | Occidental Petroleum Corp Wts | 2.71% | 15,272,431 | $564,622,000 |
| XRX | Xerox Holdings Corp | 2.44% | 34,245,314 | $508,543,000 |
| SWX | Southwest Gas Holdings Inc. | 2.13% | 5,103,121 | $444,380,000 |
| HRI | Herc Holdings Inc | 1.74% | 4,022,841 | $362,659,000 |
| BHC | Bausch Health Companies Inc. | 1.39% | 34,721,118 | $290,269,000 |
| — | Welbilt Inc | 1.27% | 11,150,368 | $265,490,000 |
| DAN | Dana Inc. | 0.96% | 14,286,505 | $201,011,000 |
| CNDT | Conduent Inc | 0.79% | 38,149,336 | $164,805,000 |
| IFF | International Flavors and Fragrances Inc. | 0.37% | 644,510 | $76,774,000 |
| SD | SandRidge Energy, Inc. | 0.36% | 4,818,832 | $75,511,000 |
| BLCO | Bausch Plus Lomb Corp. | 0.26% | 3,500,000 | $53,340,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| IEP | Icahn Enterprises LP | 61.04% | 257,047,260 | $13,348,465,000 |
| CVI | CVR Energy Inc | 8.32% | 71,198,718 | $1,818,415,000 |
| LNG | Cheniere Energy Inc | 6.16% | 9,722,592 | $1,348,037,000 |
| FE | FirstEnergy Corp | 3.98% | 18,967,757 | $869,861,000 |
| BHC | Bausch Health Companies Inc. | 3.63% | 34,721,118 | $793,378,000 |
| NWL | Newell Brands, Inc | 3.24% | 33,070,432 | $708,038,000 |
| HRI | Herc Holdings Inc | 3.07% | 4,022,841 | $672,177,000 |
| XRX | Xerox Holdings Corp | 2.96% | 32,114,891 | $647,757,000 |
| OXY/WS | Occidental Petroleum Corp Wts | 2.43% | 15,062,416 | $530,649,000 |
| — | Welbilt Inc | 1.21% | 11,150,368 | $264,821,000 |
| DAN | Dana Inc. | 1.15% | 14,286,505 | $251,014,000 |
| SWX | Southwest Gas Holdings Inc. | 1.04% | 2,898,676 | $226,937,000 |
| CNDT | Conduent Inc | 0.90% | 38,149,336 | $196,851,000 |
| IFF | International Flavors and Fragrances Inc. | 0.39% | 644,510 | $84,643,000 |
| SD | SandRidge Energy, Inc. | 0.35% | 4,818,832 | $77,198,000 |
| DK | Delek US Holdings, Inc. | 0.13% | 1,339,093 | $28,416,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| IEP | Icahn Enterprises LP | 57.19% | 257,047,260 | $12,746,974,000 |
| LNG | Cheniere Energy Inc | 7.36% | 16,168,606 | $1,639,820,000 |
| OXY | Occidental Petroleum Corp | 5.85% | 45,000,346 | $1,304,560,000 |
| CVI | CVR Energy Inc | 5.37% | 71,198,718 | $1,196,850,000 |
| BHC | Bausch Health Companies Inc. | 4.30% | 34,721,118 | $958,650,000 |
| NWL | Newell Brands, Inc | 4.28% | 43,704,616 | $954,509,000 |
| FE | FirstEnergy Corp | 3.54% | 18,967,757 | $788,869,000 |
| — | Xerox Holdings Corporation | 3.26% | 32,114,891 | $727,081,000 |
| HRI | Herc Holdings Inc | 2.83% | 4,022,841 | $629,776,000 |
| DAN | Dana Inc. | 1.46% | 14,286,505 | $326,018,000 |
| — | Welbilt Inc | 1.19% | 11,150,368 | $265,044,000 |
| CNDT | Conduent Inc | 0.91% | 38,149,336 | $203,717,000 |
| SWX | Southwest Gas Holdings Inc. | 0.91% | 2,898,676 | $203,052,000 |
| OXY/WS | Occidental Petroleum Corp Wts | 0.85% | 15,004,326 | $189,205,000 |
| DK | Delek US Holdings, Inc. | 0.47% | 6,981,800 | $104,657,000 |
| SD | SandRidge Energy, Inc. | 0.23% | 4,818,832 | $50,405,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| IEP | Icahn Enterprises LP | 54.81% | 247,122,106 | $12,343,750,000 |
| LNG | Cheniere Energy Inc | 7.01% | 16,168,606 | $1,579,188,000 |
| OXY | Occidental Petroleum Corp | 5.91% | 45,000,346 | $1,331,110,000 |
| CVI | CVR Energy Inc | 5.27% | 71,198,718 | $1,186,171,000 |
| NWL | Newell Brands, Inc | 4.30% | 43,704,616 | $967,620,000 |
| BHC | Bausch Health Companies Inc. | 4.22% | 34,109,152 | $949,940,000 |
| — | Cloudera Inc | 3.71% | 52,327,391 | $835,668,000 |
| HRI | Herc Holdings Inc | 3.26% | 4,494,789 | $734,718,000 |
| FE | FirstEnergy Corp | 3.00% | 18,967,757 | $675,632,000 |
| — | Xerox Holdings Corporation | 2.79% | 31,142,681 | $628,148,000 |
| DAN | Dana Inc. | 1.41% | 14,286,505 | $317,732,000 |
| — | Welbilt Inc | 1.15% | 11,150,368 | $259,135,000 |
| CNDT | Conduent Inc | 1.12% | 38,149,336 | $251,404,000 |
| OXY/WS | Occidental Petroleum Corp Wts | 0.80% | 15,170,929 | $179,776,000 |
| DK | Delek US Holdings, Inc. | 0.60% | 7,461,625 | $134,085,000 |
| SWX | Southwest Gas Holdings Inc. | 0.38% | 1,269,350 | $84,894,000 |
| SD | SandRidge Energy, Inc. | 0.28% | 4,818,832 | $62,693,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| IEP | Icahn Enterprises LP | 53.80% | 237,645,770 | $13,068,140,000 |
| OXY | Occidental Petroleum Corp | 6.32% | 49,125,346 | $1,536,150,000 |
| LNG | Cheniere Energy Inc | 5.77% | 16,168,606 | $1,402,465,000 |
| CVI | CVR Energy Inc | 5.26% | 71,198,718 | $1,278,729,000 |
| NWL | Newell Brands, Inc | 4.94% | 43,704,616 | $1,200,566,000 |
| BHC | Bausch Health Companies Inc. | 4.12% | 34,109,152 | $1,000,080,000 |
| — | Cloudera Inc | 3.42% | 52,327,391 | $829,912,000 |
| — | Navistar International Corporation | 3.06% | 16,729,960 | $744,483,000 |
| XRX | Xerox Holdings Corporation | 3.01% | 31,142,681 | $731,542,000 |
| FE | FirstEnergy Corp | 2.91% | 18,967,757 | $705,790,000 |
| HRI | Herc Holdings Inc | 2.07% | 4,494,789 | $503,731,000 |
| CNDT | Conduent Inc | 1.18% | 38,149,336 | $286,120,000 |
| DAN | Dana Inc. | 1.18% | 12,036,505 | $285,987,000 |
| OXY/WS | Occidental Petroleum Corp Warrants | 1.11% | 19,304,913 | $268,531,000 |
| — | Welbilt Inc | 1.06% | 11,150,368 | $258,131,000 |
| DK | Delek US Holdings, Inc. | 0.66% | 7,461,625 | $161,320,000 |
| SD | SandRidge Energy, Inc. | 0.12% | 4,818,832 | $30,262,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| IEP | Icahn Enterprises LP | 49.95% | 221,749,462 | $11,912,380,000 |
| OXY | Occidental Petroleum Corp | 9.60% | 86,027,271 | $2,290,046,000 |
| CVI | CVR Energy Inc | 5.73% | 71,198,718 | $1,365,591,000 |
| NWL | Newell Brands, Inc | 4.91% | 43,704,616 | $1,170,410,000 |
| LNG | Cheniere Energy Inc | 4.88% | 16,168,606 | $1,164,301,000 |
| BHC | Bausch Health Companies Inc. | 4.54% | 34,109,152 | $1,082,624,000 |
| — | Navistar International Corporation | 3.09% | 16,729,960 | $736,620,000 |
| XRX | Xerox Holdings Corporation | 2.93% | 28,769,235 | $698,229,000 |
| FE | FirstEnergy Corp | 2.76% | 18,967,757 | $657,991,000 |
| — | Cloudera Inc | 2.67% | 52,327,391 | $636,824,000 |
| HRI | Herc Holdings Inc | 1.91% | 4,494,789 | $455,457,000 |
| HLF | Herbalife Ltd | 1.49% | 8,018,886 | $355,718,000 |
| DAN | Dana Inc. | 1.23% | 12,036,505 | $292,848,000 |
| CNDT | Conduent Inc | 1.07% | 38,149,336 | $254,075,000 |
| OXY/WS | Occidental Petroleum Corp Warrants | 0.96% | 19,304,913 | $229,922,000 |
| DK | Delek US Holdings, Inc. | 0.96% | 10,539,880 | $229,559,000 |
| — | Welbilt Inc | 0.81% | 11,942,238 | $194,061,000 |
| — | Tenneco Inc (Class A) | 0.43% | 9,589,751 | $102,802,000 |
| SD | SandRidge Energy, Inc. | 0.08% | 4,818,832 | $18,842,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| IEP | Icahn Enterprises LP | 56.01% | 221,749,462 | $11,235,946,000 |
| OXY | Occidental Petroleum Corp | 7.65% | 88,627,271 | $1,534,138,000 |
| CVI | CVR Energy Inc | 5.29% | 71,198,718 | $1,060,861,000 |
| HLF | Herbalife Ltd | 4.91% | 20,505,879 | $985,307,000 |
| LNG | Cheniere Energy Inc | 4.84% | 16,168,606 | $970,601,000 |
| NWL | Newell Brands, Inc | 4.63% | 43,704,616 | $927,849,000 |
| — | Navistar International Corporation | 3.67% | 16,729,960 | $735,449,000 |
| — | Cloudera Inc | 3.63% | 52,327,391 | $727,874,000 |
| XRX | Xerox Holdings Corporation | 3.33% | 27,769,235 | $667,159,000 |
| HRI | Herc Holdings Inc | 1.49% | 4,494,789 | $298,499,000 |
| CNDT | Conduent Inc | 0.91% | 38,149,336 | $183,117,000 |
| DK | Delek US Holdings, Inc. | 0.84% | 10,539,880 | $169,376,000 |
| — | Welbilt Inc | 0.79% | 11,942,238 | $157,638,000 |
| OXY/WS | Occidental Petroleum Corp Warrants | 0.66% | 19,304,913 | $131,466,000 |
| BHC | Bausch Health Companies Inc | 0.52% | 5,033,147 | $104,689,000 |
| DAN | Dana Inc. | 0.39% | 3,985,820 | $77,803,000 |
| — | Tenneco Inc (Class A) | 0.38% | 7,285,683 | $77,228,000 |
| SD | SandRidge Energy, Inc. | 0.07% | 4,818,832 | $14,938,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| IEP | Icahn Enterprises LP | 60.63% | 213,591,832 | $10,534,349,000 |
| HLF | Herbalife Ltd | 5.51% | 20,505,879 | $956,599,000 |
| LNG | Cheniere Energy Inc | 5.36% | 20,127,955 | $931,320,000 |
| OXY | Occidental Petroleum Corp | 5.11% | 88,627,271 | $887,159,000 |
| CVI | CVR Energy Inc | 5.07% | 71,198,718 | $881,440,000 |
| NWL | Newell Brands, Inc | 4.32% | 43,704,616 | $749,971,000 |
| — | Navistar International Corporation | 4.19% | 16,729,960 | $728,422,000 |
| — | Cloudera Inc | 3.28% | 52,327,391 | $569,845,000 |
| XRX | Xerox Holdings Corporation | 2.97% | 27,466,027 | $515,537,000 |
| HRI | Herc Holdings Inc | 1.02% | 4,494,789 | $178,039,000 |
| CNDT | Conduent Inc | 0.70% | 38,149,336 | $121,315,000 |
| DK | Delek US Holdings, Inc. | 0.68% | 10,539,880 | $117,309,000 |
| — | Welbilt Inc | 0.42% | 11,942,238 | $73,564,000 |
| — | Tenneco Inc (Class A) | 0.36% | 9,136,392 | $63,407,000 |
| OXY/WS | Occidental Petroleum Corp Warrants | 0.33% | 19,304,913 | $57,915,000 |
| SD | SandRidge Energy, Inc. | 0.05% | 4,818,832 | $7,951,000 |
Investor background
Carl Icahn
“Good corporate governance is good business.”Carl Icahn
Carl Icahn is the Chairman of Icahn Enterprises and the leader of the investment strategy at Icahn Capital and its affiliated funds. After studying philosophy at Princeton and briefly attending medical school, he entered Wall Street in 1961. He formed Icahn & Co. in 1968 to trade options and arbitrage securities, and by the late 1970s was taking substantial and sometimes controlling positions in public companies.
The Icahn strategy begins with businesses trading below estimates of replacement cost, break-up value, cash-flow power or liquidation value. Unlike a passive deep-value investor, Icahn seeks a path that can close the discount. Depending on the situation, that may involve private negotiation, public letters, tender offers, proxy contests, board representation, asset sales, changes in capital allocation or acquisition of outright control.
Icahn’s advantage has been the combination of security analysis, capital-structure and legal work, large personal economic exposure and a willingness to sustain confrontation. Investments involving Texaco, RJR Nabisco, Apple, eBay, Forest Laboratories, Netflix and CVR Energy illustrate different forms of the method: settlement leverage, governance change, repurchases, separation of businesses or conversion of a security position into control of an operating company.
The record is consequential but uneven. Activist involvement can unlock value for all shareholders, yet it can also fail when the underlying business deteriorates, leverage overwhelms optionality or other shareholders reject the proposed change. Hertz’s bankruptcy, unsuccessful campaigns and losses within the investment funds demonstrate that influence does not eliminate operating, financing or valuation risk.
Icahn Enterprises is also a complex and imperfect performance proxy. It combines an investment segment with controlled operating businesses, uses a partnership structure and has historically paid large distributions. In 2024, the SEC settled disclosure charges against Icahn and IEP concerning pledges of IEP securities as collateral for personal loans. Those facts make it particularly important to distinguish the performance of IEP units, individual activist campaigns and the private investment funds.
Icahn remains worth following because he helped make shareholder activism a durable investment discipline and because the 2025 IEP annual report continued to identify him as the person setting and leading the investment funds’ strategy. His method is best understood as value investing combined with control rights and a catalyst, not simply as buying whatever appears in a delayed 13F filing.