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Carl Icahn Portfolio

This page shows the quarterly Form 13F report filed under Carl Icahn's name for certain United States listed long positions.

Icahn Carl C Holdings · Q2 2025

Disclosed value
$7.9B
Holdings
12
Top sector
Industrials
Filed
Aug 14, 2025
Performance
YTD
+11.4%
+2.4% vs S&P 500
1Y
+2.7%
−15.5% vs S&P 500
3Y
−50.4%
−114.8% vs S&P 500
Carl Icahn's latest portfolio (Q2 2025) holds 12 stocks worth $7.9B. Top holdings: Icahn Enterprises L.P. (IEP), CVR Energy, Inc. (CVI), Southwest Gas Holdings, Inc. (SWX).Biggest last-quarter moves:

Icahn Carl C Holdings · 12

Q2 2025 · Showing 12 positions from the selected holding view.
Stock % Avg. buy price Estimated gain Quarter-end price Last transaction
IConglomeratesIcahn Enterprises L.P. (IEP) 50.5%
Avg. buy price $42.18 Estimated gain−80.9%Quarter-end price $8.05 Last transaction Added· Q2 2025Increased shares by 9.8%
I 50.5% $42.18 −80.9% $8.05 Added· Q2 2025Increased shares by 9.8%
COil & Gas Refining & MarketingCVR Energy, Inc. (CVI) 24.0%
Avg. buy price $16.33 Estimated gain+64.4%Quarter-end price $26.85 Last transaction Added· Q2 2025Increased shares by 2.7%
C 24.0% $16.33 +64.4% $26.85 Added· Q2 2025Increased shares by 2.7%
SRegulated GasSouthwest Gas Holdings, Inc. (SWX) 7.1%
Avg. buy price $72.34 Estimated gain+2.8%Quarter-end price $74.39 Last transaction Reduced· Q1 2025Sold 21.8% of shares
S 7.1% $72.34 +2.8% $74.39 Reduced· Q1 2025Sold 21.8% of shares
Not classifiedCvr Partners, LP 4.7%
Not classifiedValue$370M
 Not classifiedCvr Partners, LP 4.7% – – – –
I 3.5% $89.33 −17.7% $73.55 Added· Q1 2024Increased shares by 481.8%
BDrug Manufacturers - Specialty & GenericBausch Health Companies Inc. (BHC) 2.9%
Avg. buy price $13.98 Estimated gain−52.4%Quarter-end price $6.66 Last transaction Added· Q4 2021Increased shares by 1.8%
B 2.9% $13.98 −52.4% $6.66 Added· Q4 2021Increased shares by 1.8%
CRegulated GasCenturi Holdings, Inc. (CTRI) 1.8%
Avg. buy price $20.96 Estimated gain+7.1%Quarter-end price $22.44 Last transaction Added· Q2 2025Increased shares by 157.5%
C 1.8% $20.96 +7.1% $22.44 Added· Q2 2025Increased shares by 157.5%
JAirlines, Airports & Air ServicesJetBlue Airways Corporation (JBLU) 1.8%
Avg. buy price $6.57 Estimated gain−35.6%Quarter-end price $4.23 Last transaction New· Q1 2024Opened a new position
J 1.8% $6.57 −35.6% $4.23 New· Q1 2024Opened a new position
A 1.6% $77.62 +33.7% $103.76 New· Q4 2023Opened a new position
CGambling, Resorts & CasinosCaesars Entertainment, Inc. (CZR) 0.9%
Avg. buy price $37.57 Estimated gain−24.4%Quarter-end price $28.39 Last transaction New· Q2 2024Opened a new position
C 0.9% $37.57 −24.4% $28.39 New· Q2 2024Opened a new position
SOil & Gas Exploration & ProductionSandRidge Energy, Inc. (SD) 0.7%
Avg. buy price $4.55 Estimated gain+137.7%Quarter-end price $10.82
S 0.7% $4.55 +137.7% $10.82 –
BMedical - Instruments & SuppliesBausch + Lomb Corporation (BLCO) 0.6%
Avg. buy price $16.20 Estimated gain−19.7%Quarter-end price $13.01 Last transaction New· Q2 2022Opened a new position
B 0.6% $16.20 −19.7% $13.01 New· Q2 2022Opened a new position
Data through Q2 2025 · filed Aug 14, 2025
12 of 12

Biggest position changes

In Q2 2025: 0 new, 4 added, 0 reduced, 2 exited.
Q1 2026Q4 2025Q3 2025Q2 2025
Largest disclosed changes in Q2 2025, ranked by estimated dollar change using the quarter's average market price.
Reduced or exitedBought or added
D Dana Incorporated (DAN) Exited−$213M I Icahn Enterprises L.P. (IEP) +$376M C Centuri Holdings, Inc. (CTRI) +$77M C CVR Energy, Inc. (CVI) +$41M
Other share changes without a dollar estimate, ranked by size.
Reduced or exitedBought or added
I Illumina, Inc. (ILMN) Exited−220K
Cvr Partners, LP +65K

Portfolio composition

Largest holdings in Q2 2025, sized by their share of the disclosed portfolio. This shows what is owned, not what changed.

Icahn Enterprises L.P. (IEP): 50.5%CVR Energy, Inc. (CVI): 24.0%Southwest Gas Holdings, Inc. (SWX): 7.1%Cvr Partners, LP: 4.7%International Flavors & Fragrances Inc. (IFF): 3.5%Other holdings: 10.3%
I Icahn Enterprises L.P. (IEP) 50.5%
C CVR Energy, Inc. (CVI) 24.0%
S Southwest Gas Holdings, Inc. (SWX) 7.1%
Cvr Partners, LP 4.7%
I International Flavors & Fragrances Inc. (IFF) 3.5%
Other holdings 10.3%
Show more

Portfolio over time

Each band is a top holding's share of the disclosed portfolio, quarter by quarter; the rest is grouped as other.
3Y5YAll
0%50%100%2023202420252026
Icahn Enterprises L.P. (IEP)CVR Energy, Inc. (CVI)Centuri Holdings, Inc. (CTRI)International Flavors & Fragrances Inc. (IFF)EchoStar Corporation (SATS)American Electric Power Company, Inc. (AEP)JetBlue Airways Corporation (JBLU)Other holdings

Investors with similar portfolios

Howard MarksOaktree Capital Management LPAlso holds JetBlue Airways Corporation (JBLU) and EchoStar Corporation (SATS)Ken GriffinCitadel Advisors LLCAlso holds CVR Energy, Inc. (CVI) and Cvr Partners, LPJim SimonsRenaissance Technologies LLCAlso holds CVR Energy, Inc. (CVI) and Centuri Holdings, Inc. (CTRI)InvescoInvesco Ltd.Also holds Icahn Enterprises L.P. (IEP) and CVR Energy, Inc. (CVI)Stanley DruckenmillerDuquesne Family Office LLCAlso holds EchoStar Corporation (SATS)Joel GreenblattGotham Asset Management, LLCAlso holds International Flavors & Fragrances Inc. (IFF) and EchoStar Corporation (SATS)

About Carl Icahn and Icahn Carl C

This page shows the quarterly Form 13F report filed under Carl Icahn's name for certain United States listed long positions. It is not a complete statement of his assets, affiliated companies, private investments, cash, short positions, or derivatives. Separate Schedule 13D and 13G reports may describe large stakes on different dates.

SEC filing history for Icahn Carl C

Carl Icahn FAQ

Profile refreshed July 20, 2026

What stocks does Carl Icahn own?

As of the Q2 2025 filing, Carl Icahn's largest disclosed holdings are Icahn Enterprises L.P. (IEP), CVR Energy, Inc. (CVI), Southwest Gas Holdings, Inc. (SWX). The table shows 12 of 12 positions by default, with an exact-count control for the remaining rows. Disclosed shares and values remain visible even when a separate market-price estimate is unavailable.

What did Carl Icahn buy last quarter?

The biggest disclosed buys in Q2 2025 were Icahn Enterprises L.P. (IEP), Centuri Holdings, Inc. (CTRI), CVR Energy, Inc. (CVI), based on the Icahn Carl C 13F filing. New positions are marked "new" in the table above.

What did Carl Icahn sell last quarter?

The biggest reductions in Q2 2025 were Dana Incorporated (DAN), Illumina, Inc. (ILMN). The filing comparison contains 2 full exits, summarized in the activity view above.

How big is Carl Icahn's portfolio?

The latest 13F discloses $7.9B across 12 positions in Q2 2025. 13F filings cover US-listed long positions only; cash and short positions are not disclosed.

How up to date is this?

Funds file 13Fs up to 45 days after each quarter ends, so this portfolio reflects Q2 2025, the latest disclosed quarter. The filing date is shown with every table.

Where does the Icahn Carl C portfolio data come from?

Non-rejected, non-superseded SEC Form 13F filings for Icahn Carl C provide the Q2 2025 holdings, disclosed values, and filing date shown here. WhoBought prefers filings whose value units validate and labels a sparse filing when validation is unavailable. Industry labels come from the local company classification record.

How is performance calculated?

Performance uses daily closing prices for holdings with available market-price history. It covers the priced share of disclosed value (98%); holdings without sufficient price history are excluded from the calculation.

Who is Carl Icahn?

Carl Icahn is an American businessman and investor who founded and controls Icahn Enterprises. He helped make shareholder activism a mainstream hedge-fund strategy.

How does Carl Icahn's activist strategy work?

He takes large stakes in companies and then presses management or the board for changes he believes will improve shareholder value.

How did Icahn begin his investing career?

After working as a stockbroker and options manager, he bought a New York Stock Exchange seat and formed Icahn & Co. in 1968. The firm focused on risk arbitrage and options.

Why was Carl Icahn called a corporate raider?

The label became attached to him after his hostile takeover and restructuring of Trans World Airlines during the 1980s.

Does Carl Icahn still manage money for outside clients?

No. He stopped managing outside client money in 2011.

Can investors still invest alongside Carl Icahn?

Investors can buy units in the publicly traded Icahn Enterprises. That is not the same as owning every security shown in the Form 13F or investing in a private Icahn fund.

What exactly does the Icahn portfolio page show?

The current-holdings and quarterly-changes sections use the 13F filed under Icahn's name. They show certain US-listed long positions, not all affiliated businesses, private assets, cash, shorts, or derivatives.

Does this filing show Carl Icahn's personal net worth?

No. A 13F is a securities disclosure, not a personal balance sheet. Schedule 13D or 13G filings may also describe major stakes on dates that differ from the quarterly portfolio.

Can a reader copy Icahn's activist strategy from these holdings?

The page can reveal reported stakes and quarter-to-quarter changes, but activism also depends on engagement with boards and management, legal filings, timing, and sometimes control rights that a 13F does not explain.