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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
-7.42%
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
$8.45B
AUM Growth
-$696M
Cap. Flow
+$278M
Cap. Flow %
3.3%
Top 10 Hldgs %
97.78%
Holding
13
New
–
Increased
4
Reduced
2
Closed
–

Top Buys

Rank Stock Value
1
IEP icon
Icahn Enterprises
IEP
+$246M
2
CTRI icon
Centuri Holdings
CTRI
+$78M
3
MNRO icon
Monro
MNRO
+$66.5M
4
SD icon
SandRidge Energy
SD
+$547K

Top Sells

Rank Stock Value
1
ECHO
EchoStar
ECHO
+$81.4M
2
IFF icon
International Flavors & Fragrances
IFF
+$30.8M

Sector Composition

Rank Sector Weight
1 Energy 71.17%
2 Utilities 11.65%
3 Materials 8.47%
4 Communication Services 4.32%
5 Consumer Discretionary 1.88%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IEP icon
1
Icahn Enterprises
IEP
$4.83B
$4.15B 49.12%
549,400,539
+30,467,595
+6% +$246M
CVI icon
2
CVR Energy
CVI
$3.97B
$1.79B 21.21%
70,418,471
– –
SWX icon
3
Southwest Gas
SWX
$6.44B
$483M 5.72%
6,032,604
– –
UAN icon
4
CVR Partners
UAN
$1.33B
$427M 5.05%
4,164,274
– –
ECHO
5
EchoStar
ECHO
$25.2B
$365M 4.32%
3,354,542
-1,000,000
-23% -$81.4M
CTRI icon
6
Centuri Holdings
CTRI
$2.16B
$362M 4.29%
14,336,044
+3,488,372
+32% +$78M
IFF icon
7
International Flavors & Fragrances
IFF
$21.5B
$288M 3.41%
4,275,000
-475,000
-10% -$30.8M
JBLU icon
8
JetBlue
JBLU
$1.85B
$153M 1.81%
33,621,735
– –
AEP icon
9
American Electric Power
AEP
$65.8B
$139M 1.65%
1,205,300
– –
MNRO icon
10
Monro
MNRO
$392M
$102M 1.21%
5,078,573
+3,613,573
+247% +$66.5M
SD icon
11
SandRidge Energy
SD
$532M
$70.9M 0.84%
4,911,564
+41,331
+0.8% +$547K
BLCO icon
12
Bausch + Lomb
BLCO
$6.16B
$59.8M 0.71%
3,500,000
– –
CZR icon
13
Caesars Entertainment
CZR
$6.06B
$57.1M 0.68%
2,440,109
– –

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Carl Icahn's Q4 2025 Portfolio in Review

As of Q4 2025, Carl Icahn held 13 positions worth $8.45B, down 7.6% from $9.14B the previous quarter. Its ten largest holdings account for 98% of the portfolio.

Carl Icahn deployed $278M of net new capital in Q4 2025, adding to 4 existing holdings.

By sector, the portfolio is most concentrated in Energy at 71% of assets, down from 76% a quarter earlier, followed by Utilities and Materials.

On the sell side, the largest reduction was EchoStar, an estimated $81.4M trimmed.

  • Carl Icahn added most to Icahn Enterprises in Q4 2025, an estimated $246M increase.
  • Carl Icahn's biggest Q4 2025 reduction was EchoStar, cutting an estimated $81.4M.
  • Carl Icahn's ten largest holdings make up 98% of its $8.45B portfolio in Q4 2025.
  • Carl Icahn opened 0 new positions and closed 0 in Q4 2025.
  • Carl Icahn's portfolio value fell 7.6% quarter-over-quarter to $8.45B.

Based on Icahn Carl's 13F filing for Q4 2025, filed 17 Feb 2026.