Icahn Capital
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Carl Icahn's Icahn Capital reported 14 stock positions worth $7.5 billion. Its top holding was Icahn Enterprises (IEP) at 54.5% of the portfolio, followed by CVR Energy (CVI, 17.8%) and Southwest Gas (SWX, 7.2%). Compared with Q4 2024, it added to 4 and reduced 1. The biggest buy was CVR Energy (CVI, shares +3%) and the biggest sale Southwest Gas (SWX, shares −22%).
- Most Recent 13F
- Q2 2026
- Notable People
- Carl Icahn
- Location
- SUNNY ISLES BEACH, FL
- CIK
- 0000921669
- Portfolio Value
- $7.5B (Q1 2025)
- SEC Filing
- 0001539497-25-001390 ↗ filed May 15, 2025
Holdings Value
Holdings 14 stocks · $7.5B
| IEP Icahn Enterprises LP | 54.55% | 450,788,170 | $4.1B | No change |
| CVI CVR Energy Inc. | 17.76% | 68,534,270 | $1.3B | Add +2.8% |
| SWX Southwest Gas Holdings Inc. | 7.22% | 7,532,604 | $540.8M | Reduce -21.8% |
| UAN CVR Partners LP | 4.12% | 4,099,155 | $308.1M | Add +0.8% |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 3.89% | 3,750,000 | $291.0M | No change |
| BHC Bausch Health Cos Inc. | 3.00% | 34,721,118 | $224.6M | No change |
| DAN Dana Inc. | 2.54% | 14,286,505 | $190.4M | No change |
| JBLU Jetblue Airways Corp. | 2.16% | 33,621,735 | $162.1M | Add +89.7% |
| AEP American Electric Power | 1.76% | 1,205,300 | $131.7M | No change |
| CZR Caesars Entertainment Inc. | 0.81% | 2,440,109 | $61.0M | No change |
| SD Sandridge Energy Inc. | 0.73% | 4,818,832 | $55.0M | No change |
| BLCO Bausch + Lomb Corp. | 0.68% | 3,500,000 | $50.8M | No change |
| CTRI Centuri Holdings Inc. | 0.54% | 2,486,495 | $40.8M | No change |
| ILMN Illumina Inc. | 0.23% | 220,000 | $17.5M | Add +450.0% |
Portfolio Sells Q4 2024 → Q1 2025
| SWX Southwest Gas Holdings Inc. | Reduce -21.8% | 7.22% | −1.96 |
Portfolio Buys Q4 2024 → Q1 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 12 | $8.3B | IEP, CVI, UAN, CTRI, IFF |
| Q1 2026 | 12 | $8.6B | IEP, CVI, UAN, CTRI, IFF |
| Q4 2025 | 13 | $8.4B | IEP, CVI, SWX, UAN, ECHO |
| Q3 2025 | 13 | $9.1B | IEP, CVI, SWX, UAN, ECHO |
| Q2 2025 | 12 | $7.9B | IEP, CVI, SWX, UAN, IFF |
| Q1 2025 | 14 | $7.5B | IEP, CVI, SWX, UAN, IFF |
| Q4 2024 | 14 | $7.4B | IEP, CVI, SWX, IFF, UAN |
| Q3 2024 | 14 | $9.9B | IEP, CVI, SWX, IFF, BHC |
| Q2 2024 | 14 | $10.8B | IEP, CVI, SWX, IFF, UAN |
| Q1 2024 | 13 | $11.2B | IEP, CVI, SWX, BHC, IFF |