Carl Icahn Icahn Carl
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Icahn Enterprises
IEP
|
+$211M |
| 2 |
ECHO
EchoStar
ECHO
|
+$197M |
| 3 |
Centuri Holdings
CTRI
|
+$94.3M |
| 4 |
International Flavors & Fragrances
IFF
|
+$68.7M |
| 5 |
Monro
MNRO
|
+$24M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bausch Health
BHC
|
+$231M |
| 2 |
Southwest Gas
SWX
|
+$117M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 76.5% |
| 2 | Utilities | 9.17% |
| 3 | Materials | 7.3% |
| 4 | Communication Services | 3.64% |
| 5 | Industrials | 1.81% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Icahn Enterprises
IEP
$4.83B
| $4.37B | 47.8% |
518,932,944
+24,149,325
| +5% | +$211M |
|
2
CVR Energy
CVI
$3.97B
| $2.57B | 28.1% |
70,418,471
| – | – |
|
|
3
Southwest Gas
SWX
$6.44B
| $473M | 5.17% |
6,032,604
-1,500,000
| -20% | -$117M |
|
4
CVR Partners
UAN
$1.33B
| $375M | 4.11% |
4,164,274
| – | – |
|
|
ECHO
5
EchoStar
ECHO
$25.2B
| $333M | 3.64% |
+4,354,542
| New | +$197M |
|
|
6
International Flavors & Fragrances
IFF
$21.5B
| $292M | 3.2% |
4,750,000
+1,000,000
| +27% | +$68.7M |
|
|
7
Centuri Holdings
CTRI
$2.16B
| $230M | 2.51% |
10,847,672
+4,443,795
| +69% | +$94.3M |
|
8
JetBlue
JBLU
$1.85B
| $165M | 1.81% |
33,621,735
| – | – |
|
9
American Electric Power
AEP
$65.8B
| $136M | 1.48% |
1,205,300
| – | – |
|
10
Caesars Entertainment
CZR
$6.06B
| $65.9M | 0.72% |
2,440,109
| – | – |
|
11
SandRidge Energy
SD
$532M
| $54.9M | 0.6% |
4,870,233
+51,401
| +1% | +$567K |
|
12
Bausch + Lomb
BLCO
$6.16B
| $52.7M | 0.58% |
3,500,000
| – | – |
|
|
13
Monro
MNRO
$392M
| $26.3M | 0.29% |
+1,465,000
| New | +$24M |
|
|
14
Bausch Health
BHC
$2.41B
| – | – |
-34,721,118
| Closed | -$231M |
|
Similar funds
Carl Icahn's Q3 2025 Portfolio in Review
As of Q3 2025, Carl Icahn held 14 positions worth $9.14B, up 16% from $7.89B the previous quarter. Its ten largest holdings account for 99% of the portfolio.
Carl Icahn's Q3 2025 filing shows 2 new, 4 increased, 1 reduced and 1 closed positions. Its largest new stake was EchoStar: 4,354,542 shares worth $333M. The largest sale was Bausch Health, an estimated $231M.
By sector, the portfolio is most concentrated in Energy at 76% of assets, up from 75% a quarter earlier, followed by Utilities and Materials.
- Carl Icahn's largest Q3 2025 buy was EchoStar: 4,354,542 shares worth $333M.
- Carl Icahn added most to Icahn Enterprises in Q3 2025, an estimated $211M increase.
- Carl Icahn's biggest Q3 2025 reduction was Southwest Gas, cutting an estimated $117M.
- Carl Icahn fully exited Bausch Health in Q3 2025, selling an estimated $231M.
- Carl Icahn's ten largest holdings make up 99% of its $9.14B portfolio in Q3 2025.
- Carl Icahn opened 2 new positions and closed 1 in Q3 2025.
- Carl Icahn's portfolio value rose 16% quarter-over-quarter to $9.14B.
Based on Icahn Carl's 13F filing for Q3 2025, filed 14 Nov 2025.