InvestorLens

About Carl Icahn

# Carl Icahn - Q2 2026 Portfolio Profile

Carl Icahn operates through Icahn Capital, managing an $8.3 billion portfolio as of the Q2 2026 filing dated August 14, 2026. The portfolio comprises 12 positions, reflecting a concentrated investment approach characteristic of activist-oriented capital deployment. Icahn Capital's structure centers on significant stakes in operating companies and investment vehicles where the firm maintains direct or influential engagement.

The Q2 2026 filing reveals a portfolio heavily anchored in Icahn Enterprises LP, which represents 54.0% of total value at $4.5 billion. CVR Energy Inc (23.7%) and CVR Partners LP (5.6%) represent substantial exposure to energy infrastructure and midstream operations. Centuri Holdings Inc (5.3%) and International Flavors and Fragrances Inc (4.1%) complete the top five holdings. The portfolio's 92.7% concentration in these five positions reflects the investment thesis of substantial ownership stakes rather than diversified equity allocation. The unclassified sector designation (95.4% of portfolio) reflects holdings in private or newly public companies and partnership structures outside traditional sector classification frameworks.

Quarter-over-quarter activity in Q2 2026 included one new position addition and one complete exit. Two existing positions received increased capital allocation, while two positions were reduced in size. This activity pattern aligns with active portfolio management and rebalancing, though the overall concentration metrics remained stable. The portfolio's composition continues to reflect direct ownership and control-oriented positioning across energy, infrastructure, and specialty industrial sectors.

All data sourced from SEC 13F filings.

Frequently asked questions

What stocks does Carl Icahn own?
As of the Q2 2026 13F filing, Carl Icahn disclosed 12 positions. The largest holdings include 451100101 (54.0%), CVI (23.7%), UAN (5.6%).
What is Carl Icahn's largest holding?
451100101 (ICAHN ENTERPRISES LP), representing 54.0% of the disclosed portfolio.
What sectors is Carl Icahn exposed to?
The portfolio's largest sector exposures are Unclassified (95.4%), Communication Services (1.7%), Industrials (1.4%). 5 sectors are represented in total.
How concentrated is Carl Icahn's portfolio?
The top 5 holdings represent 92.7% of total portfolio value.
When did Carl Icahn last file a 13F?
Carl Icahn filed the most recent Form 13F-HR for the period ending 2026-06-30, dated Aug 14, 2026.
What changed in Carl Icahn's portfolio last quarter?
Quarter-over-quarter changes: 1 new positions, 1 exits, 2 increased, 2 reduced.
CI

Carl Icahn

Icahn Capital · Activist

Sign in to save13F data may be delayed up to 45 days
Latest filingQ2 2026· filed Aug 14, 2026· report period Jun 30, 2026
View on SEC EDGAR ↗
For educational research only.InvestorLens analyzes public regulatory filings (SEC EDGAR, STOCK Act PTRs) that may be delayed by 45 days or more. Information shown is historical and is not financial, legal, or tax advice, nor a recommendation or solicitation to buy or sell any security. Always do your own research.
Portfolio Value
$8.3B
Holdings
12
Turnover (LTM)
20%
Persistence (QoQ)
99%
First 13F
Q3 2023
View Full Profile

Investor Fingerprint

i

Carl Icahn

v1 · 4-axis
93Concentration36Sizing20Turnover99Persistence
LowHigh

Descriptive snapshot computed from this investor's most recent public 13F filing dated 2026-06-30. Educational research, not investment advice.

  • Concentration: 93 (Very High)
  • Sizing: 36 (Above Avg.)
  • Turnover: 20 (Moderate)
  • Persistence: 99 (Very High)

Portfolio DNA

Categorical breakdown from this investor's 13F. Hover any row for the formula.

  • Highly Concentrated
    Very High
  • Heavy Top Bets
    High
  • Single-Sector Bet
    Very High
  • Steady Adjuster
    Above Avg.
  • Persistent Thesis
    Very High
  • Minimal Tech
    Moderate

Six descriptive labels derived from public 13F data. Additional axes (Value, Quality, Growth, Dividends) require fundamentals data and ship in v2.

93%
Concentration
Top 5 Holdings · 93%
Highly Concentrated
Investor Style
Concentrated Activist

Small, deeply-held book with conviction-sized positions.

Fingerprint SummaryAI-generated · educational research only

The portfolio is highly concentrated, with the top five holdings representing 92.6% of total value across just 12 positions, and exhibits pronounced sector tilting at 91.1 while maintaining minimal technology and AI exposure at 1.7. Position persistence of 99.3% reflects substantial quarter-over-quarter stability, though the moderate Herfindahl-Hirschman Index score of 35.6 indicates some distribution within the concentrated core. Low turnover of 20% over the last twelve months demonstrates a static holding structure characteristic of a long-term activist approach.

AI-generated analysis. This summary is produced by an automated language model from public regulatory filings. It may contain errors, omissions, or outdated information, and is provided for educational research only — not as financial, legal, or tax advice, a recommendation, or a solicitation to buy or sell any security.

Compare Carl Icahn's fingerprint with peers →

Investor Macro Outlook™

i

Portfolio-positioning signal · 2026-Q2 · based on public filings

ConfidenceLow (29%)
Inflationi
Bearish
Dollari
Strong
GDPi
Slowing
Employmenti
Weak
Ratesi
Neutral
Energyi
Bearish
Technologyi
Underweight
Fixed Incomei
Minimal
Growth vs Valuei
Balanced
← Pure ValuePure Growth →

Carl Icahn's portfolio shows limited technology sector allocation. with minimal allocation to inflation-sensitive sectors.

Macro Trend — last 4 quarters

2025-Q32025-Q42026-Q12026-Q2
Inflation
Bearish
Bearish→
Bearish→
Bearish→
GDP
Slowing
Slowing→
Slowing→
Slowing→
Rates
Neutral
Neutral→
Neutral→
Neutral→
Energy
Bearish
Bearish→
Bearish→
Bearish→
Technology
Low
Low→
Low→
Low→
Growth / Value
Balanced
Balanced→
Balanced→
Balanced→

This analysis is inferred from public filing data and portfolio positioning. It is for informational purposes only and is not financial advice. Scores represent implied macro views based on sector weights and quarter-over-quarter changes in public 13F disclosures — not predictions, buy/sell signals, or guaranteed forecasts.

Investor Inflation & Dollar Outlook™

Portfolio-positioning signal · based on public 13F filings · not investment advice

ConfidenceLow (37%)

Inflation

36/100

Falling Inflation Bias
← FallingNeutralRising →

U.S. Dollar

32/100

Strong Dollar Bias
← StrongNeutralWeak →

Portfolio allocation is concentrated in defensive and long-duration assets, sectors that have historically performed well in lower-inflation environments. Dollar-sensitive positioning — including exposure to short-duration domestic assets and limited international/commodity allocation — reflects a relative dollar-strength signal from observable holdings. This analysis is based on public 13F filing data and observable portfolio positioning only. It is for informational purposes only and should not be considered investment advice.

This analysis is based on public filings and portfolio positioning. It is for informational purposes only and should not be considered investment advice. Scores represent implied views inferred from observable 13F sector weights and quarter-over-quarter changes only — not predictions or guaranteed forecasts.

Portfolio Analytics™

Based on latest 13F
99
/100
Concentration Score™
Highly Concentrated
Top 5 → 93%
Top 10 → 99%
Largest Position
451100101
ICAHN ENTERPRISES LP
54.0%of portfolio
$4.5B market value
Conviction Holdings
Positions > 5% of portfolio
4
  • 45110010154.0%
  • CVI23.7%
  • UAN5.6%
  • CTRI5.3%

Top 10 Holdings

#Stock% PortfolioCumulative
1
451100101
ICAHN ENTERPRISES LP
54.0%54.0%
2
CVI
CVR ENERGY INC
23.7%77.7%
3
UAN
CVR PARTNERS, LP
5.6%83.3%
4
CTRI
CENTURI HOLDINGS, INC.
5.3%88.6%
5
IFF
INTERNATIONAL FLAVORS AND FRAGRANCES INC.
4.1%92.7%
6
SATS
ECHOSTAR CORPORATION
1.7%94.4%
7
JBLU
JETBLUE AIRWAYS CORP.
1.4%95.8%
8
MNRO
MONRO, INC.
1.1%96.9%
9
CZR
CAESARS ENTERTAINMENT, INC.
0.9%97.8%
10
SD
SANDRIDGE ENERGY, INC.
0.8%98.6%

Sector Allocation

Sectors5
  • Unclassified95.4%
  • Communication Services1.7%
  • Industrials1.4%
  • Utilities0.7%
  • Health Care0.7%
Unclassified95.4%
Communication Services1.7%
Industrials1.4%
Utilities0.7%
Health Care0.7%

Portfolio Risk Profile™

Elevated
Structure of disclosed 13F positions — not a prediction of returns
73/100

Weighted across dimensions with sufficient data

Concentration

High
98/100
  • ·Top position 451100101 is 54% of the portfolio
  • ·Top 10 holdings account for 98.6% of value
  • ·12 total positions (HHI 0.356)

Sector exposure

No data yet
N/A
  • ·Only 4.5% of portfolio value has a sector classification
  • ·Not enough classified holdings to score sector clustering — needs sector backfill

Turnover

Low
17/100
  • ·6.8% of portfolio value rotated quarter-over-quarter
  • ·1 new position, 1 full exit

Largest sector weights

Unclassified 95.4%Communication Services 1.7%Industrials 1.4%Utilities 0.7%Health Care 0.7%
AI risk read

The portfolio exhibits elevated structural concentration, with 12 disclosed positions where the largest holding comprises 54% of portfolio value and the top 10 positions account for 98.6% of total disclosed equity. Turnover remains minimal at 6.8% quarter-over-quarter value churn with only one new entry and one exit, indicating a largely static portfolio composition over the period.

Derived solely from Carl Icahn's public 13F filings, which disclose long US equity positions only — shorts, options hedges, cash, and non-US holdings are not included. Educational research only, not financial advice.

About

Founder of Icahn Enterprises. Pioneer of shareholder activism in the U.S.

AI filing intelligenceEducational research only — not financial advice

During Q2 2026, Icahn Capital increased its position in Icahn Enterprises LP by approximately $310.6 million to $4.46 billion, representing the largest dollar movement in the portfolio. The firm trimmed exposure to American Electric Power by 63.9% and reduced its JetBlue Airways holding by 38.6%, while maintaining a modest increase in SandRidge Energy. A notable restructuring occurred in Bausch + Lomb holdings, where the investor exited a prior position and simultaneously initiated a new stake of 3.5 million shares valued at approximately $58 million, suggesting a potential conversion or reorganization of the underlying investment. Because 13F filings are delayed by up to 45 days, this should not be treated as real-time investment advice. Always do your own research.

AI-generated analysis. This summary is produced by an automated language model from public regulatory filings. It may contain errors, omissions, or outdated information, and is provided for educational research only — not as financial, legal, or tax advice, a recommendation, or a solicitation to buy or sell any security.

Top 10 holdings

  • Ticker unavailableCUSIP 451100101ICAHN ENTERPRISES LP
    $4.5B54.0%
  • CVICVR ENERGY INC
    $2B23.7%
  • UANCVR PARTNERS, LP
    $464.2M5.6%
  • CTRICENTURI HOLDINGS, INC.
    $433.5M5.3%
  • IFFINTERNATIONAL FLAVORS AND FRAGRANCES INC.
    $338.7M4.1%
  • SATSECHOSTAR CORPORATION
    $142.6M1.7%
  • JBLUJETBLUE AIRWAYS CORP.
    $118.4M1.4%
  • MNROMONRO, INC.
    $86.9M1.1%
  • CZRCAESARS ENTERTAINMENT, INC.
    $73.6M0.9%
  • SDSANDRIDGE ENERGY, INC.
    $69.3M0.8%

Sector exposure

Sectors5
  • Unclassified95.4%
  • Communication Services1.7%
  • Industrials1.4%
  • Utilities0.7%
  • Health Care0.7%

New positions

1
  • BLCOBAUSCH PLUS LOMB CORP.
    New
Why this matters
Why a new position matters

Opening a new position can suggest the manager sees value or a thesis worth committing capital to. It does not necessarily mean they are bullish on the broader market — concentrated managers add positions infrequently while quants may rotate constantly.

Educational research only. Not financial advice.

Increased

2
  • Ticker unavailableCUSIP 451100101ICAHN ENTERPRISES LP
    Increased
  • SDSANDRIDGE ENERGY, INC.
    Increased
Why this matters
Why an increase matters

Adding to an existing position may indicate higher conviction, scaling into a thesis, or rebalancing toward a target weight. It does not necessarily mean the position is undervalued at the current price.

Educational research only. Not financial advice.

Reduced

2
  • AEPAMERICAN ELECTRIC POWER COMPANY
    Reduced
  • JBLUJETBLUE AIRWAYS CORP.
    Reduced
Why this matters
Why a reduction matters

Trimming a position may suggest portfolio rebalancing, profit-taking, or risk management. It does not necessarily mean the manager has turned bearish on the underlying company.

Educational research only. Not financial advice.

Sold out

1
Why this matters
Why a full exit matters

Fully exiting a position can suggest that the manager's thesis has played out, was wrong, or that capital is being redeployed elsewhere. It does not mean the company is broken — exits are often as much about portfolio fit as about the security itself.

Educational research only. Not financial advice.

Current holdings

Reported portfolio value: $8.3B

Reported values come from public SEC filings and may be delayed up to 45 days. Not investment advice.

Sourced from SEC EDGAR public filings

  • Ticker unavailableCUSIP 451100101Increased
    ICAHN ENTERPRISES LP
    Position value
    $4.5B
    Portfolio %
    53.95%
    Delta Shares
    12.56%
  • CVIUnchanged
    CVR ENERGY INC
    Position value
    $2B
    Portfolio %
    23.73%
    Delta Shares
    0.00%
  • UANUnchanged
    CVR PARTNERS, LP
    Position value
    $464.2M
    Portfolio %
    5.62%
    Delta Shares
    0.00%
  • CTRIUnchanged
    CENTURI HOLDINGS, INC.
    Position value
    $433.5M
    Portfolio %
    5.25%
    Delta Shares
    0.00%
  • IFFUnchanged
    INTERNATIONAL FLAVORS AND FRAGRANCES INC.
    Position value
    $338.7M
    Portfolio %
    4.10%
    Delta Shares
    0.00%
  • SATSUnchanged
    ECHOSTAR CORPORATION
    Position value
    $142.6M
    Portfolio %
    1.73%
    Delta Shares
    0.00%
  • JBLUReduced
    JETBLUE AIRWAYS CORP.
    Position value
    $118.4M
    Portfolio %
    1.43%
    Delta Shares
    -38.56%
  • MNROUnchanged
    MONRO, INC.
    Position value
    $86.9M
    Portfolio %
    1.05%
    Delta Shares
    0.00%
  • CZRUnchanged
    CAESARS ENTERTAINMENT, INC.
    Position value
    $73.6M
    Portfolio %
    0.89%
    Delta Shares
    0.00%
  • SDIncreased
    SANDRIDGE ENERGY, INC.
    Position value
    $69.3M
    Portfolio %
    0.84%
    Delta Shares
    2.17%
  • AEPReduced
    AMERICAN ELECTRIC POWER COMPANY
    Position value
    $59.5M
    Portfolio %
    0.72%
    Delta Shares
    -63.93%
  • BLCONew
    BAUSCH PLUS LOMB CORP.
    Position value
    $58M
    Portfolio %
    0.70%
    Delta Shares
    —
  • 71705107Sold
    BAUSCH PLUS LOMB CORP.
    Position value
    $0
    Portfolio %
    0.00%
    Delta Shares
    -100.00%

Sector breakdown

  • Unclassified95.4%
  • Communication Services1.7%
  • Industrials1.4%
  • Utilities0.7%
  • Health Care0.7%

Filing history