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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
+11.88%
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
$8.55B
AUM Growth
+$108M
Cap. Flow
-$686M
Cap. Flow %
-8.02%
Top 10 Hldgs %
98.6%
Holding
13
New
–
Increased
2
Reduced
1
Closed
1

Top Buys

Rank Stock Value
1
CVI icon
CVR Energy
CVI
+$20.1M
2
SD icon
SandRidge Energy
SD
+$585K

Top Sells

Rank Stock Value
1
SWX icon
Southwest Gas
SWX
+$483M
2
ECHO
EchoStar
ECHO
+$224M

Sector Composition

Rank Sector Weight
1 Energy 77.45%
2 Materials 9.79%
3 Utilities 6.74%
4 Communication Services 1.92%
5 Industrials 1.74%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IEP icon
1
Icahn Enterprises
IEP
$4.83B
$4.15B 48.49%
549,400,539
– –
CVI icon
2
CVR Energy
CVI
$3.97B
$2.4B 28.01%
71,201,875
+783,404
+1% +$20.1M
UAN icon
3
CVR Partners
UAN
$1.33B
$527M 6.17%
4,164,274
– –
CTRI icon
4
Centuri Holdings
CTRI
$2.16B
$419M 4.9%
14,336,044
– –
IFF icon
5
International Flavors & Fragrances
IFF
$21.5B
$310M 3.63%
4,275,000
– –
ECHO
6
EchoStar
ECHO
$25.2B
$164M 1.92%
1,404,542
-1,950,000
-58% -$224M
AEP icon
7
American Electric Power
AEP
$65.8B
$158M 1.85%
1,205,300
– –
JBLU icon
8
JetBlue
JBLU
$1.85B
$149M 1.74%
33,621,735
– –
MNRO icon
9
Monro
MNRO
$392M
$81.5M 0.95%
5,078,573
– –
SD icon
10
SandRidge Energy
SD
$532M
$80.7M 0.94%
4,947,701
+36,137
+0.7% +$585K
CZR icon
11
Caesars Entertainment
CZR
$6.06B
$64.5M 0.75%
2,440,109
– –
BLCO icon
12
Bausch + Lomb
BLCO
$6.16B
$55.6M 0.65%
3,500,000
– –
SWX icon
13
Southwest Gas
SWX
$6.44B
– –
-6,032,604
Closed -$483M

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Carl Icahn's Q1 2026 Portfolio in Review

As of Q1 2026, Carl Icahn held 13 positions worth $8.55B, up 1.3% from $8.45B the previous quarter. Its ten largest holdings account for 99% of the portfolio.

Carl Icahn withdrew a net $686M in Q1 2026, closing 1 position and reducing 1 holding. Its most notable exit was Southwest Gas, an estimated $483M position sold in full.

By sector, the portfolio is most concentrated in Energy at 77% of assets, up from 71% a quarter earlier, followed by Materials and Utilities.

Against the trend, Carl Icahn added an estimated $20.1M to CVR Energy.

  • Carl Icahn added most to CVR Energy in Q1 2026, an estimated $20.1M increase.
  • Carl Icahn's biggest Q1 2026 reduction was EchoStar, cutting an estimated $224M.
  • Carl Icahn fully exited Southwest Gas in Q1 2026, selling an estimated $483M.
  • Carl Icahn's ten largest holdings make up 99% of its $8.55B portfolio in Q1 2026.
  • Carl Icahn opened 0 new positions and closed 1 in Q1 2026.
  • Carl Icahn's portfolio value rose 1.3% quarter-over-quarter to $8.55B.

Based on Icahn Carl's 13F filing for Q1 2026, filed 15 May 2026.