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Carl Icahn

Icahn Enterprises / Icahn Capital

Icahn Enterprises / Icahn Capital, control activist investing and public campaigns

Icahn is the classic control activist profile: public campaigns, board pressure, capital allocation disputes, and ownership stakes matter more than ordinary portfolio turnover. Icahn Enterprises also adds a public holding-company lens.

Sources Icahn Enterprises annual reports SEC EDGAR profile
Activist / control-oriented value CIK 921669
2026-03-31 Latest 13F 12 Current holdings 24 Last 4 periods Change 2 Public materials
Latest 13F snapshot 2026-03-31 · 12 disclosed positions · $8.6B Top five 91.2%: IEP, CVI, UAN, CTRI, IFF

Performance materials

  • Icahn Enterprises has public-company reporting, while Icahn Capital's full strategy performance is not a simple public fund return series.

Firm and key people

  • Carl Icahn built a long activist record through control positions, campaigns, and restructurings.
  • Icahn Enterprises creates a public vehicle through which investors can see part of the broader capital allocation picture.
  • Campaign documents and company events are often more important than the 13F alone.

Investment style

  • Focus on governance, control, capital returns, restructurings, and asset value.
  • Large positions can become long-running campaigns rather than passive holdings.
  • Read the public book together with letters, board changes, and company announcements.

Public materials

View timeline
Shareholder letters / memos 1
Interview 0
Public video 0
Public Q&A / speeches / presentations 1

Current holdings

13F period 2026-03-31 · Filed 2026-05-15
Stocks Shares Value Weight
IEP 549,400,539 $4.1B 48.5%
CVI 71,201,875 $2.4B 28.0%
UAN 4,164,274 $527.5M 6.2%
CTRI 14,336,044 $418.8M 4.9%
IFF 4,275,000 $310.2M 3.6%
SATS 1,404,542 $164.4M 1.9%
AEP 1,205,300 $158.0M 1.8%
JBLU 33,621,735 $148.6M 1.7%
MNRO 5,078,573 $81.5M 1.0%
SD 4,947,701 $80.7M 0.9%
CZR 2,440,109 $64.5M 0.8%
BLCO 3,500,000 $55.6M 0.7%

Last 4 quarters US 13F new / increased / reduced / sold-out positions

As of 13F 2026-03-31 · Filed 2026-05-15
Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters
Stocks Action 13F period Current shares Previous shares Share change 13F value change
CVI Minor increase 2026-03-31 Filed 2026-05-15 71,201,875 70,418,471 1.1% +$604.5M
SWX Sold out 2026-03-31 Filed 2026-05-15 0 6,032,604 -100.0% -$482.7M
SATS Major reduction 2026-03-31 Filed 2026-05-15 1,404,542 3,354,542 -58.1% -$200.2M
SD Minor increase 2026-03-31 Filed 2026-05-15 4,947,701 4,911,564 0.7% +$9.8M
IEP Minor increase 2025-12-31 Filed 2026-02-17 549,400,539 518,932,944 5.9% -$221.4M
CTRI Major increase 2025-12-31 Filed 2026-02-17 14,336,044 10,847,672 32.2% +$132.3M
MNRO Major increase 2025-12-31 Filed 2026-02-17 5,078,573 1,465,000 246.7% +$75.4M
SATS Major reduction 2025-12-31 Filed 2026-02-17 3,354,542 4,354,542 -23.0% +$32.1M
SD Minor increase 2025-12-31 Filed 2026-02-17 4,911,564 4,870,233 0.8% +$15.9M
IFF Minor reduction 2025-12-31 Filed 2026-02-17 4,275,000 4,750,000 -10.0% -$4.2M
IEP Minor increase 2025-09-30 Filed 2025-11-14 518,932,944 494,783,619 4.9% +$388.9M
SATS New 2025-09-30 Filed 2025-11-14 4,354,542 0 - +$332.5M
BHC Sold out 2025-09-30 Filed 2025-11-14 0 34,721,118 -100.0% -$231.2M
SWX Major reduction 2025-09-30 Filed 2025-11-14 6,032,604 7,532,604 -19.9% -$87.8M
CTRI Major increase 2025-09-30 Filed 2025-11-14 10,847,672 6,403,877 69.4% +$85.9M
MNRO New 2025-09-30 Filed 2025-11-14 1,465,000 0 - +$26.3M
IFF Major increase 2025-09-30 Filed 2025-11-14 4,750,000 3,750,000 26.7% +$16.5M
SD Minor increase 2025-09-30 Filed 2025-11-14 4,870,233 4,818,832 1.1% +$2.8M
CVI Minor increase 2025-06-30 Filed 2025-08-14 70,418,471 68,534,270 2.7% +$561.2M
DAN Sold out 2025-06-30 Filed 2025-08-14 0 14,286,505 -100.0% -$190.4M
IEP Minor increase 2025-06-30 Filed 2025-08-14 494,783,619 450,788,170 9.8% -$103.6M
CTRI Major increase 2025-06-30 Filed 2025-08-14 6,403,877 2,486,495 157.5% +$102.9M
UAN Minor increase 2025-06-30 Filed 2025-08-14 4,164,274 4,099,155 1.6% +$61.8M
ILMN Sold out 2025-06-30 Filed 2025-08-14 0 220,000 -100.0% -$17.5M

Public video / Interview / Shareholder letter / Public Q&A

2 reliable public materials
Shareholder letter / fund letter

Icahn Enterprises Annual Reports

The Icahn Enterprises official annual report page provides public reporting on Carl Icahn's related holdings and is the core source for tracking its public assets, leverage, and portfolio structure.

  • Icahn's 13F is only part of the public equity assets, and the Icahn Enterprises annual report can provide the holding platform, debt and operating business background.
  • Annual reports help investors understand the differences between activist holdings, control investments and IEP unitholder returns.
  • Carl Icahn Public investing often involves governance, capital structure and control, and cannot just look at ordinary stock buying and selling.
  • The official annual report is a stable source that tracks Icahn Enterprises' assets, liabilities, and operating background over time.
  • Special attention needs to be paid to IEP allocation, leverage and NAV issues, which cannot be explained by a simple position table.
Public Q&A

Carl Icahn Open Letters and Statements

Carl Icahn's official website publishes open letters, corporate governance opinions and activist campaign materials, and is a stable source for tracking his public Q&A and shareholder communications.

  • Icahn's investment style relies heavily on open letters and governance pressure, and official websites are closer to original materials than second-hand news.
  • These open letters often revolve around the board of directors, capital allocation, asset sales, or management changes.
  • An activist letter needs to be viewed as part of an investment case rather than a confirmation that an outcome has occurred.
  • Official website information helps connect 13F long positions with specific management campaigns.
  • These letters reflect Icahn's approach to pressuring target companies through boards of directors, capital allocation, asset sales, and management changes.