Carl Icahn’s $8.55 Billion Portfolio: Top 10 Holdings

Carl Icahn reported an equity portfolio valued at approximately $8.55 billion in the latest reported quarter, maintaining the highly concentrated investment approach that has defined his strategy for decades. Rather than spreading capital across a large number of companies, Icahn continues to focus heavily on a relatively small group of businesses where he holds significant ownership stakes and sees opportunities to unlock long-term value.

The latest filing highlights just how concentrated that strategy remains. The top ten holdings account for 98.60% of reported assets, with more than three-quarters of the portfolio invested in just two companies. Activity during the quarter was relatively limited, with most major positions unchanged and only a handful of notable adjustments.

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Portfolio Snapshot

Total Portfolio Value: ~$8.55B
Top 10 Weight: 98.60%
Turnover: Low

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Top Holdings & Weights

Icahn Enterprises (IEP) — 48.49%
CVR Energy (CVI) — 28.01%
CVR Partners (UAN) — 6.17%
Centuri Holdings (CTRI) — 4.90%
International Flavors & Fragrances (IFF) — 3.63%
EchoStar (SATS) — 1.92%
American Electric Power (AEP) — 1.85%
JetBlue Airways (JBLU) — 1.74%
Monro (MNRO) — 0.95%
SandRidge Energy (SD) — 0.94%

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Key Takeaways

The dominant feature of Icahn’s portfolio remains Icahn Enterprises (IEP), which represents nearly half of reported equity assets. As Icahn’s publicly traded holding company, IEP has long served as the centerpiece of his investment activities and provides exposure to a range of operating businesses and investments.

Energy is another major area of concentration. CVR Energy (CVI) represents 28.01% of the portfolio, while CVR Partners (UAN) accounts for another 6.17%. Combined with SandRidge Energy, these holdings give the portfolio substantial exposure to refining, fertilizers, and energy-related businesses.

Outside these core positions, Icahn maintains meaningful investments across infrastructure, chemicals, utilities, telecommunications, airlines, and automotive services. Centuri Holdings and International Flavors & Fragrances are among the larger positions, while American Electric Power, JetBlue Airways, Monro, and EchoStar provide additional diversification.

Overall, the latest filing remains consistent with Icahn’s long-standing philosophy of concentrating capital in a relatively small number of high-conviction investments. With more than 76% of the portfolio invested in Icahn Enterprises and CVR Energy alone, the portfolio remains heavily dependent on the performance of its largest positions.

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Biggest Changes Last Quarter

Southwest Gas Holdings (SWX)

Shares decreased by 6,032,604 (-100.00%)

→ Icahn completely exited his position in Southwest Gas Holdings during the quarter. The position had previously represented approximately 5.72% of the portfolio, making this the most significant portfolio change.

EchoStar (SATS)

Shares decreased by 1,950,000 (-58.13%)

→ Icahn significantly reduced his EchoStar position, selling more than half of his previously held shares.

CVR Energy (CVI)

Shares increased by 783,404 (+1.11%)

→ Icahn modestly added to his already substantial CVR Energy position, which now represents 28.01% of the portfolio and remains his second-largest reported holding.

SandRidge Energy (SD)

Shares increased by 36,137 (+0.74%)

→ Icahn made a small addition to his SandRidge Energy position during the quarter.