ICAHN CARL C
Long book
$8.55B
Q1 2026
Positions
12
Top-10 weight
99%
concentration
Last quarter
-2.8%
SPY +14.8%
Turnover
8%
of book per quarter
Strategy in plain words
auto-generated from filingsICAHN CARL C is an activist investor that takes positions to influence management, specialised in energy (77% of the long book), running a $8.55B US long book across 12 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: ICAHN ENTERPRISES LP, CVR ENERGY INC, CVR PARTNERS LP, CENTURI HOLDINGS INC, INTL FLAVORS & FRAGRANCES.
Over the last 9 quarters its long book ran on average 5.7pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-5.5%
Q2 2024
-8.8%
Q3 2024
-23.1%
Q4 2024
+4.4%
Q1 2025
+5.1%
Q2 2025
+14.4%
Q3 2025
-7.5%
Q4 2025
+13.2%
Q1 2026
-2.8%
Sector allocation
Energy 77%
Other 10%
Utilities 7%
Communications 2%
Industrials 2%
Services media 2%
Healthcare 1%
Long book by quarter
What does ICAHN CARL own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| IEP ICAHN ENTERPRISES LP | Energy | 549.4M | $4.15B | 48.5% | Held |
| CVI CVR ENERGY INC | Energy | 71.2M | $2.40B | 28.0% | +1.1% |
| UAN CVR PARTNERS LP | Other | 4.2M | $527.5M | 6.2% | Held |
| CTRI CENTURI HOLDINGS INC | Utilities | 14.3M | $418.8M | 4.9% | Held |
| IFF INTL FLAVORS & FRAGRANCES | Other | 4.3M | $310.2M | 3.6% | Held |
| ECHO ECHOSTAR CORP-A | Communications | 1.4M | $164.4M | 1.9% | -58.1% |
| AEP AMERICAN ELECTRIC POWER | Utilities | 1.2M | $158.0M | 1.8% | Held |
| JBLU JETBLUE AIRWAYS CORP | Industrials | 33.6M | $148.6M | 1.7% | Held |
| MNRO MONRO INC | Services media | 5.1M | $81.5M | 1.0% | Held |
| SD SANDRIDGE ENERGY INC | Energy | 4.9M | $80.7M | 0.9% | +0.7% |
| CZR CAESARS ENTERTAINMENT INC | Services media | 2.4M | $64.5M | 0.8% | Held |
| BLCO BAUSCH + LOMB CORP | Healthcare | 3.5M | $55.6M | 0.7% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 18 | $8.55B | confidential canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 19 | $8.45B | confidential canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 20 | $9.14B | confidential canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 19 | $7.89B | confidential canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 21 | $7.49B | confidential canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 20 | $7.42B | confidential canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 19 | $9.88B | confidential canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 19 | $10.84B | confidential canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 20 | $11.92B | confidential canonical | SEC ↗ |
Similar funds
FOLKETRYGDFONDETSourcerock Group LLCGoehring & Rozencwajg Associates, LLCUNC Management Company, Inc.Liberty Mutual Group Asset Management Inc.EnCap Investments L.P.OAK HILL ADVISORS LPADAMS NATURAL RESOURCES FUND, INC.Webs Creek Capital Management LPPalo Duro Investment Partners, LPDEVON ENERGY CORP/DEPost Oak Energy Holdings, LLC