Carl Icahn - Icahn Capital
Carl Icahn is among the most famous activist investors of all time, known since the 1980s for aggressive campaigns to shake up boards and unlock shareholder value. He invests through Icahn Enterprises and files his 13F personally.
Carl Icahn - Icahn Capital manages a $8B U.S. equity portfolio of 12 positions, based on the latest SEC Form 13F-HR filing (Q1 2026). Below you'll find every holding, the biggest quarter-over-quarter buys and sells, position weights, and an estimated average buy price.
Portfolio Value
$8B
Positions
12
Top 10 Weight
98.60%
Largest Position
48.49%
As of
Q1 2026
Filed
May 15, 2026
Portfolio Composition
Strategy Snapshot
- › Portfolio value rose 1.3% quarter-over-quarter to $8B.
- › Highly concentrated portfolio — the top 10 holdings make up 98.6% of assets.
- › This quarter: 0 new buys, 2 adds, 1 trims, 1 full exits — net buyer
- › Biggest exit: SOUTHWEST GAS HLDGS INC (SWX) ($482M position closed)
Changes since Q4 2025
New Buys
None
Added To / Trimmed
- Echostar Corp (SATS)−58.1%
- CVR ENERGY INC (CVI)++1.1%
- SANDRIDGE ENERGY INC (SD)++0.7%
Exited
Current Holdings
| # | Security | Value | % of Portfolio | Avg Buy Price | Price | Gain | vs 52W High | This Qtr | Last Activity | First Buy |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Icahn Enterprises LP IEP | $4B | 48.49% | ~$14.56 | $7.29 | −49.9% | −25.2% | UNCH | Bought Q4 2025 | Q2 2024 |
| 2 | CVR ENERGY INC CVI | $2B | 28.01% | ~$26.66 | $27.68 | +3.8% | −33.6% | +1.1% | Bought Q1 2026 | Q2 2024 |
| 3 | CVR Partners, LP UAN | $527M | 6.17% | ~$75.87 | $111.28 | +46.7% | −20.2% | UNCH | Bought Q2 2025 | Q2 2024 |
| 4 | CENTURI HOLDINGS INC CTRI | $418M | 4.90% | ~$22.06 | $29.97 | +35.9% | −30.3% | UNCH | Bought Q4 2025 | Q2 2024 |
| 5 | INTERNATIONAL FLAVORS&FRAGRA IFF | $310M | 3.63% | ~$88.12 | $76.05 | −13.7% | −9.9% | UNCH | Sold Q4 2025 | Q2 2024 |
| 6 | Echostar Corp SATS | $164M | 1.92% | ~$76.36 | $111.70 | +46.3% | −24.1% | −58.1% | Sold Q1 2026 | Q3 2025 |
| 7 | AMERICAN ELEC PWR CO INC AEP | $157M | 1.85% | ~$87.74 | $128.27 | +46.2% | −8.0% | UNCH | Bought Q2 2024 | Q2 2024 |
| 8 | JETBLUE AIRWAYS CORP JBLU | $148M | 1.74% | ~$5.49 | $5.13 | −6.6% | −21.1% | UNCH | Bought Q1 2025 | Q2 2024 |
| 9 | MONRO INC MNRO | $81M | 0.95% | ~$19.44 | $15.19 | −21.9% | −36.5% | UNCH | Bought Q4 2025 | Q3 2025 |
| 10 | SANDRIDGE ENERGY INC SD | $80M | 0.94% | ~$12.95 | $14.14 | +9.2% | −23.4% | +0.7% | Bought Q1 2026 | Q2 2024 |
| 11 | CAESARS ENTERTAINMENT INC NE CZR | $64M | 0.75% | ~$39.74 | $29.21 | −26.5% | −7.5% | UNCH | Bought Q2 2024 | Q2 2024 |
| 12 | BAUSCH PLUS LOMB CORP BLCO | $55M | 0.65% | ~$14.52 | $14.86 | +2.3% | −21.4% | UNCH | Bought Q2 2024 | Q2 2024 |
Filing History
| Period | Portfolio Value | QoQ Change | Positions | Filed |
|---|---|---|---|---|
| Q1 2026 | $8B | +1.3% | 12 | May 15, 2026 |
| Q4 2025 | $8B | −7.6% | 13 | Feb 17, 2026 |
| Q3 2025 | $9B | +15.9% | 13 | Nov 14, 2025 |
| Q2 2025 | $7B | +5.3% | 12 | Aug 14, 2025 |
| Q1 2025 | $7B | +1.0% | 14 | May 15, 2025 |
| Q4 2024 | $7B | −24.9% | 14 | Feb 14, 2025 |
| Q3 2024 | $9B | −8.9% | 14 | Nov 14, 2024 |
| Q2 2024 | $10B | — | 14 | Aug 14, 2024 |
Frequently Asked Questions
What stocks does Carl Icahn - Icahn Capital own?
As of Q1 2026, Carl Icahn - Icahn Capital held 12 U.S.-listed positions worth $8B. The largest is Icahn Enterprises LP (IEP) (48.49% of the portfolio). The full holdings list is in the table above.
What is Carl Icahn - Icahn Capital's largest holding?
Icahn Enterprises LP (IEP) — about 48.49% of the equity portfolio as of Q1 2026.
Do these holdings reflect Carl Icahn - Icahn Capital's current portfolio?
They reflect the latest 13F filing (Q1 2026), which can lag actual trades by up to 45 days and excludes short positions, cash, and non-U.S. holdings.