Carl Icahn portfolio
Latest holdings of Icahn Capital Management as of Q2 2026: 12 positions worth $8.3B, decoded into plain English.
Portfolio summary and charts
- Icahn Enterprises (IEP) is the largest position at 54.0% of a $8.3B portfolio.
- Biggest buy: added most to Icahn Enterprises, about $497M of new money.
- Biggest sale: trimmed American Electric Power, about $105M.
- Very high conviction: the top 10 holdings make up 99%, and the portfolio behaves like 3 equal-sized bets.
Every box is a position, sized by its weight
What this meansIcahn Enterprises alone is 54% of the portfolio, and the top three make up 83%. Colors show what changed since last quarter, so you can spot fresh conviction at a glance.
Where the money is
What this meansEnergy is the biggest slice at 84% of the portfolio.
How focused is the portfolio?
What this meansThe steeper the gold curve rises above the dashed line, the more the portfolio depends on a few big bets. It behaves like 3 equal-sized positions.
Biggest buys and sells
What this meansThe largest move was adding to Icahn Enterprises, worth about $497M. Values are estimated at quarter-end prices.
Two years of reported value
What this meansValue changes with both market prices and new money in or out. It moved from $10.8B to $8.3B over 9 quarters.
How today’s top positions grew over time
What this meansWide, steady bands are long-term core holdings; bands that appear suddenly are recent bets.
All 12 positions
| # | Stock | Sector | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|---|---|
| 1 | IEP Icahn Enterprises | Energy | 53.95% | Added +13% | 618,393,343 | $4.5B |
| 2 | CVI Cvr Energy | Energy | 23.73% | Hold | 71,201,875 | $2.0B |
| 3 | UAN Cvr Partners | Materials | 5.62% | Hold | 4,164,274 | $464M |
| 4 | CTRI Centuri | Energy | 5.25% | Hold | 14,336,044 | $434M |
| 5 | IFF International Flavors & Fragrances | Materials | 4.10% | Hold | 4,275,000 | $339M |
| 6 | ECHO EchoStar | Communication | 1.73% | Hold | 1,404,542 | $143M |
| 7 | JBLU Jetblue Airways | Industrials | 1.43% | Trimmed −39% | 20,658,179 | $118M |
| 8 | MNRO Monro | Consumer Discretionary | 1.05% | Hold | 5,078,573 | $87M |
| 9 | CZR Caesars Entertainment | Consumer Discretionary | 0.89% | Hold | 2,440,109 | $74M |
| 10 | SD Sandridge Energy | Energy | 0.84% | Added +2% | 5,054,907 | $69M |
| 11 | AEP American Electric Power | Utilities | 0.72% | Trimmed −64% | 434,710 | $59M |
| 12 | BLCO Bausch & Lomb | Health Care | 0.70% | Hold | 3,500,000 | $58M |
Values as reported at quarter end (30 Jun 2026). Activity compares share counts with the Q1 2026 filing. Source: SEC filing 0001539497-26-002243 · all filings on EDGAR.
Positions closed
No positions were fully sold this quarter.
Carl Icahn
Carl Icahn is one of the best-known activist investors in history, taking large stakes and pushing for board seats, buybacks or sales. Most of his capital is tied to Icahn Enterprises (IEP), which is also his largest reported holding.
Philosophy in brief
- Buy when a company is out of favour and management can be challenged.
- Shareholders, not managers, should decide a company’s direction.
- Be willing to stand alone against consensus.
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