**Carl Icahn / Icahn Capital**

Carl Icahn serves as the primary principal of Icahn Capital, the investment arm through which he manages a concentrated portfolio of public equity positions. As of the Q1 2026 13F filing, dated May 15, 2026, the reported portfolio spans 12 disclosed positions with an aggregate market value of approximately $8.6 billion. The portfolio reflects a concentrated activist style, consistent with Icahn's long-documented approach of holding meaningful stakes in a limited number of companies.

The latest filing discloses that the top five holdings account for 91.2% of total reported portfolio value. Icahn Enterprises LP (ticker: 451100101) represents the single largest position at 48.5%, anchored by Icahn's ownership interest in his own holding company. CVR Energy, Inc. holds the second-largest allocation at 28.0%, followed by CVR Partners, LP at 6.2%, Centuri Holdings, Inc. at 4.9%, and International Flavors and Fragrances Inc. at 3.6%. Sector classification reported in the filing places 98.2% of the portfolio in the unclassified category, reflecting the diversified operating structure of the underlying holdings.

Quarter-over-quarter activity in the Q1 2026 filing includes one newly initiated position, two fully exited positions, two increased positions, and one reduced position across the 12-name book. The exits and additions reflect continued portfolio restructuring within an already narrow holding set. The reduction in one existing position further narrows exposure within what remains a tightly concentrated book.

All data sourced from SEC 13F filings.