Icahn Capital

Q1 2025 13F · by Carl Icahn, founder

As of: Mar 31, 2025
Filed: May 15, 2025
US stock: $7.5B · prev $7.4B
Positions: 14 · prev 14
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves5 since the prior filing

+1.3 pp in · −2.0 pp out

New 0 0.00 pp
Added 4 +1.30 pp
Trimmed 1 −1.97 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 3 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.9% a year, about 14.5 years per position

Low
Moderate
High

Top 5 positions88% of US stock

IEP Icahn Enterprises L.P held held54.5%
CVI Cvr Energy, Inc. added+0.91 pp added+0.9117.8%
SWX Southwest Gas Holdings, Inc. trimmed−1.97 pp trimmed−1.977.2%
UAN CVR Partners, LP added−0.05 pp added−0.054.1%
IFF International Flavors & Fragrances Inc. held held3.9%

Positions14 in this filing · 0 exited


IEPIcahn Enterprises L.P	54.55%	450,788,170	$4.1B	held	—	48 q
CVICvr Energy, Inc.	17.76%	68,534,270	$1.3B	added+3%	+0.91 pp	48 q
SWXSouthwest Gas Holdings, Inc.	7.22%	7,532,604	$541M	trimmed−22%	−1.97 pp	15 q
UANCVR Partners, LP	4.12%	4,099,155	$308M	added+1%	−0.05 pp	5 q
IFFInternational Flavors & Fragrances Inc.	3.89%	3,750,000	$291M	held	—	13 q
BHCBausch Health Companies Inc	3.00%	34,721,118	$225M	held	—	18 q
DANDana Incorporated	2.54%	14,286,505	$190M	held	—	18 q
JBLUJetBlue Airways Corp	2.16%	33,621,735	$162M	added+90%	+0.28 pp	5 q
AEPAmerican Electric Power Company, Inc.	1.76%	1,205,300	$132M	held	—	6 q
CZRCaesars Entertainment, Inc.	0.81%	2,440,109	$61M	held	—	4 q
SDSandRidge Energy, Inc.	0.73%	4,818,832	$55M	held	—	30 q
BLCOBausch + Lomb Corporation	0.68%	3,500,000	$51M	held	—	12 q
CTRICenturi Holdings, Inc.	0.54%	2,486,495	$41M	held	—	4 q
ILMNIllumina Inc	0.23%	220,000	$17M	added×5.5	+0.16 pp	9 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001539497-25-001390
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet