Carl Icahn’s top 5 positions make up 87.54% of his current portfolio, indicating a highly concentrated investment approach. His largest holding, Icahn Enterprises LP (IEP), alone accounts for over half of the portfolio. Below is a detailed look at each of the top 5 positions, including shares held, value, portfolio weight, and commentary.
Icahn Enterprises LP (IEP)
Shares: 450,788,170
Value: $4.08B
Portfolio %: 54.55%
Change in Shares: 0
% Change in Shares: 0.00%
Analysis: As Icahn’s own publicly traded investment vehicle, IEP forms the core of his portfolio. The massive allocation reflects both structural ownership and alignment with his long-term activist investment strategy.
CVR Energy Inc (CVI)
Shares: 68,534,270
Value: $1.33B
Portfolio %: 17.76%
Change in Shares: +1,841,889
% Change in Shares: +2.76%
Analysis: CVR Energy is a long-standing Icahn holding, signaling conviction in the refining and petroleum space. The recent increase suggests continued optimism in fossil fuel economics despite the broader ESG trend.
Southwest Gas Holdings Inc (SWX)
Shares: 7,532,604
Value: $540.84M
Portfolio %: 7.22%
Change in Shares: -2,100,000
% Change in Shares: -21.80%
Analysis: A significant reduction signals Icahn may be cooling on this utility play. However, retaining a sizable stake indicates belief in regulated infrastructure’s cash flow stability.
CVR Partners LP (UAN)
Shares: 4,099,155
Value: $308.13M
Portfolio %: 4.12%
Change in Shares: +32,963
% Change in Shares: +0.81%
Analysis: This nitrogen fertilizer producer is another energy-linked bet. Icahn’s steady position here aligns with his broader commodity thesis focused on cyclical upside and supply-side constraints.
Intl Flavors & Fragrances (IFF)
Shares: 3,750,000
Value: $291.04M
Portfolio %: 3.89%
Change in Shares: 0
% Change in Shares: 0.00%
Analysis: IFF represents a rare consumer-exposed play in Icahn’s portfolio. Its inclusion suggests an opportunistic value-driven bet on a beaten-down stock in the specialty chemicals space.
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