Icahn Capital
Carl Icahn · Sunny Isles Beach, FL · Founded 1968
These are the equity positions of Carl Icahn, the veteran activist investor, filed under his own name. Since the 1980s Icahn has run concentrated, confrontational campaigns to force change at companies, from RJR Nabisco and TWA to more recent targets, using board fights and public pressure to unlock value.
Most of Icahn's capital is held through the publicly-traded Icahn Enterprises (IEP), so his 13F is dominated by IEP itself and a handful of controlled or activist positions such as CVR Energy — a very different, idiosyncratic book from the diversified managers here.
History
Carl Icahn starts his brokerage, the base for a career in activist investing.
A hostile takeover of TWA cements Icahn's reputation as a corporate raider turned activist.
Icahn builds his publicly-traded holding company, now the main vehicle for his investments.
2026 Q2 holdings
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | Icahn Enterprises Lp | DEPOSITARY UNIT | $4.46B | 618.4M | 54.0% | ADD |
| 2 | Cvr Energy Inc | COM | $1.96B | 71.2M | 23.7% | HOLD |
| 3 | Cvr Partners, Lp | COM | $464.2M | 4.2M | 5.6% | HOLD |
| 4 | Centuri Holdings, INC. | COM SHS | $433.5M | 14.3M | 5.2% | HOLD |
| 5 | International Flavors And Fragrances INC. | COM | $338.7M | 4.3M | 4.1% | HOLD |
| 6 | Echostar Corporation | CL A | $142.6M | 1.4M | 1.7% | HOLD |
| 7 | Jetblue Airways CORP. | COM | $118.4M | 20.7M | 1.4% | TRIM |
| 8 | Monro, INC. | COM | $86.9M | 5.1M | 1.1% | HOLD |
| 9 | Caesars Entertainment, INC. | COM | $73.6M | 2.4M | 0.9% | HOLD |
| 10 | Sandridge Energy, INC. | COM NEW | $69.3M | 5.1M | 0.8% | ADD |
| 11 | American Electric Power Company | COM | $59.5M | 435K | 0.7% | TRIM |
| 12 | Bausch Plus Lomb CORP. | COMMON SHARES | $58.0M | 3.5M | 0.7% | HOLD |