Icahn Capital

Q2 2025 13F · by Carl Icahn, founder

As of: Jun 30, 2025
Filed: Aug 14, 2025
US stock: $7.9B · prev $7.5B
Positions: 12 · 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%

Moves6 since the prior filing

+4.0 pp in · −2.8 pp out

New 0 0.00 pp
Added 4 +3.98 pp
Trimmed 0 0.00 pp
Exited 2 −2.77 pp

The book

Very concentrated · behaves like 3 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 11% a year, about 9.5 years per position

Low
Moderate
High

Top 5 positions90% of US stock

IEP Icahn Enterprises L.P added−4.08 pp added−4.0850.5%
CVI Cvr Energy, Inc. added+6.21 pp added+6.2124.0%
SWX Southwest Gas Holdings, Inc. held held7.1%
UAN CVR Partners, LP added+0.57 pp added+0.574.7%
IFF International Flavors & Fragrances Inc. held held3.5%

Positions12 in this filing · 2 exited


IEPIcahn Enterprises L.P	50.47%	494,783,619	$4.0B	added+10%	−4.08 pp	49 q
CVICvr Energy, Inc.	23.97%	70,418,471	$1.9B	added+3%	+6.21 pp	49 q
SWXSouthwest Gas Holdings, Inc.	7.11%	7,532,604	$560M	held	—	16 q
UANCVR Partners, LP	4.69%	4,164,274	$370M	added+2%	+0.57 pp	6 q
IFFInternational Flavors & Fragrances Inc.	3.50%	3,750,000	$276M	held	—	14 q
BHCBausch Health Companies Inc	2.93%	34,721,118	$231M	held	—	19 q
CTRICenturi Holdings, Inc.	1.82%	6,403,877	$144M	added×2.6	+1.28 pp	5 q
JBLUJetBlue Airways Corp	1.80%	33,621,735	$142M	held	—	6 q
AEPAmerican Electric Power Company, Inc.	1.59%	1,205,300	$125M	held	—	7 q
CZRCaesars Entertainment, Inc.	0.88%	2,440,109	$69M	held	—	5 q
SDSandRidge Energy, Inc.	0.66%	4,818,832	$52M	held	—	31 q
BLCOBausch + Lomb Corporation	0.58%	3,500,000	$46M	held	—	13 q
DANDana Incorporated	—	−14,286,505	—	exited	−2.54 pp	—
ILMNIllumina Inc	—	−220,000	—	exited	−0.23 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001539497-25-002145
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet