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Carl Icahn Icahn Carl

AUM $8.26B
1-Year Est. Return 15.11%
 

Carl Icahn is one of the most famous activist investors in U.S. markets, with decades of campaigns to change corporate strategy, capital allocation, and leadership. Through Icahn-related entities he has taken large stakes in companies he views as undervalued or poorly run. His approach combines financial engineering, board engagement, and public pressure to unlock shareholder value.

This Fund
S&P 500
This Quarter Est. Return
+4.99%
1 Year Est. Return
+15.11%
3 Year Est. Return
-36.88%
5 Year Est. Return
-51.16%
10 Year Est. Return
-0.48%
AUM
$7.89B
AUM Growth
+$399M
Cap. Flow
+$292M
Cap. Flow %
3.7%
Top 10 Hldgs %
98.76%
Holding
14
New
–
Increased
4
Reduced
–
Closed
2

Top Buys

Rank Stock Value
1
IEP icon
Icahn Enterprises
IEP
+$376M
2
CTRI icon
Centuri Holdings
CTRI
+$76.6M
3
CVI icon
CVR Energy
CVI
+$41.5M
4
UAN icon
CVR Partners
UAN
+$5.24M

Top Sells

Rank Stock Value
1
DAN icon
Dana Inc
DAN
+$190M
2
ILMN icon
Illumina
ILMN
+$17.5M

Sector Composition

Rank Sector Weight
1 Energy 75.11%
2 Utilities 10.51%
3 Materials 8.19%
4 Healthcare 3.51%
5 Industrials 1.8%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IEP icon
1
Icahn Enterprises
IEP
$4.83B
$3.98B 50.47%
494,783,619
+43,995,449
+10% +$376M
CVI icon
2
CVR Energy
CVI
$3.97B
$1.89B 23.97%
70,418,471
+1,884,201
+3% +$41.5M
SWX icon
3
Southwest Gas
SWX
$6.44B
$560M 7.11%
7,532,604
– –
UAN icon
4
CVR Partners
UAN
$1.33B
$370M 4.69%
4,164,274
+65,119
+2% +$5.24M
IFF icon
5
International Flavors & Fragrances
IFF
$21.5B
$276M 3.5%
3,750,000
– –
BHC icon
6
Bausch Health
BHC
$2.41B
$231M 2.93%
34,721,118
– –
CTRI icon
7
Centuri Holdings
CTRI
$2.16B
$144M 1.82%
6,403,877
+3,917,382
+158% +$76.6M
JBLU icon
8
JetBlue
JBLU
$1.85B
$142M 1.8%
33,621,735
– –
AEP icon
9
American Electric Power
AEP
$65.8B
$125M 1.59%
1,205,300
– –
CZR icon
10
Caesars Entertainment
CZR
$6.06B
$69.3M 0.88%
2,440,109
– –
SD icon
11
SandRidge Energy
SD
$532M
$52.1M 0.66%
4,818,832
– –
BLCO icon
12
Bausch + Lomb
BLCO
$6.16B
$45.5M 0.58%
3,500,000
– –
DAN icon
13
Dana Inc
DAN
$3.41B
– –
-14,286,505
Closed -$190M
ILMN icon
14
Illumina
ILMN
$33.1B
– –
-220,000
Closed -$17.5M

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Carl Icahn's Q2 2025 Portfolio in Review

As of Q2 2025, Carl Icahn held 14 positions worth $7.89B, up 5.3% from $7.49B the previous quarter. Its ten largest holdings account for 99% of the portfolio.

Carl Icahn deployed $292M of net new capital in Q2 2025, adding to 4 existing holdings.

By sector, the portfolio is most concentrated in Energy at 75% of assets, up from 73% a quarter earlier, followed by Utilities and Materials.

On the sell side, the most notable exit was Dana Inc, an estimated $190M sold.

  • Carl Icahn added most to Icahn Enterprises in Q2 2025, an estimated $376M increase.
  • Carl Icahn fully exited Dana Inc in Q2 2025, selling an estimated $190M.
  • Carl Icahn's ten largest holdings make up 99% of its $7.89B portfolio in Q2 2025.
  • Carl Icahn opened 0 new positions and closed 2 in Q2 2025.
  • Carl Icahn's portfolio value rose 5.3% quarter-over-quarter to $7.89B.

Based on Icahn Carl's 13F filing for Q2 2025, filed 14 Aug 2025.