Carl Icahn portfolio holdings — 2025Q4

Holdings

Sorted by value · 2025Q3

Sector13 positions

IEPICAHN ENTERPRISES LPMLP

Energy·Oil & Gas Refining & Marketing

47.80%

of portfolio

Number of shares

518,932,944 sh

Holdings current value

$4.37B

Avg closing price

$38.06

-79.7%

Last action

Added 6.2%

2025Q4

Current $7.74

CVICVR ENERGY INC

Energy·Oil & Gas Refining & Marketing

28.10%

of portfolio

Number of shares

70,418,471 sh

Holdings current value

$2.57B

Avg closing price

$25.94

+13.5%

Last action

Added 2.7%

2025Q2

Current $29.44

SWXSOUTHWEST GAS HLDGS INC

Utilities·Utilities - Regulated Gas

5.17%

of portfolio

Number of shares

6,032,604 sh

Holdings current value

$472.59M

Avg closing price

$70.01

+30.0%

Last action

Trimmed 19.9%

2025Q3

Current $90.99

UANCVR PARTNERS LPMLP

Basic Materials·Agricultural Inputs

4.11%

of portfolio

Number of shares

4,164,274 sh

Holdings current value

$375.28M

Avg closing price

$78.61

+56.4%

Last action

Added 1.6%

2025Q2

Current $122.99

SATSECHOSTAR CORP

Communication Services·Telecom Services

3.64%

of portfolio

Number of shares

4,354,542 sh

Holdings current value

$332.51M

Avg closing price

$76.36

+74.4%

Last action

Trimmed 18.7%

2025Q4

Current $133.21

IFFINTERNATIONAL FLAVORS&FRAGRA

Basic Materials·Specialty Chemicals

3.20%

of portfolio

Number of shares

4,750,000 sh

Holdings current value

$292.31M

Avg closing price

$86.99

-12.8%

Last action

Trimmed 9.1%

2025Q4

Current $75.88

CTRICENTURI HOLDINGS INC

Utilities·Utilities - Regulated Gas

2.51%

of portfolio

Number of shares

10,847,672 sh

Holdings current value

$229.65M

Avg closing price

$22.06

+53.0%

Last action

Added 47.4%

2025Q4

Current $33.74

JBLUJETBLUE AWYS CORP

Industrials·Airlines

1.81%

of portfolio

Number of shares

33,621,735 sh

Holdings current value

$165.42M

Avg closing price

$6.19

-5.2%

Last action

Added 89.7%

2025Q1

Current $5.87

AEPAMERICAN ELEC PWR CO INC

Utilities·Utilities - Regulated Electric

1.48%

of portfolio

Number of shares

1,205,300 sh

Holdings current value

$135.60M

Avg closing price

$81.22

+64.6%

Last action

New holding

2023Q4

Current $133.66

CZRCAESARS ENTERTAINMENT INC NE

Consumer Cyclical·Resorts & Casinos

0.72%

of portfolio

Number of shares

2,440,109 sh

Holdings current value

$65.94M

Avg closing price

$39.74

-31.5%

Last action

New holding

2024Q2

Current $27.22

SDSANDRIDGE ENERGY INC

Energy·Oil & Gas E&P

0.60%

of portfolio

Number of shares

4,870,233 sh

Holdings current value

$54.94M

Avg closing price

$20.91

-31.2%

Last action

Added 0.9%

2025Q4

Current $14.38

BLCOBAUSCH PLUS LOMB CORP

Healthcare·Medical Instruments & Supplies

0.58%

of portfolio

Number of shares

3,500,000 sh

Holdings current value

$52.74M

Avg closing price

$15.24

+10.4%

Last action

New holding

2022Q2

Current $16.82

MNROMONRO INC

Consumer Cyclical·Auto Parts

0.29%

of portfolio

Number of shares

1,465,000 sh

Holdings current value

$26.33M

Avg closing price

$19.44

-8.1%

Last action

Added

2025Q4

Current $17.87

Portfolio heatmap

Box size = % of portfolio · color = return since filing

Sector exposure

Share of dollar value across the latest reported portfolio. Unclassified positions excluded.

Energy3 pos$6.99B76.5%
Utilities3 pos$837.8M9.2%
Basic Materials2 pos$667.6M7.3%
Communication Services1 pos$332.5M3.6%
Industrials1 pos$165.4M1.8%
Consumer Cyclical2 pos$92.3M1.0%
Healthcare1 pos$52.7M0.6%

Holdings

Sorted by value · 2025Q3

Sector13 positions

IEPICAHN ENTERPRISES LPMLP

Energy·Oil & Gas Refining & Marketing

47.80%

of portfolio

Number of shares

518,932,944 sh

Holdings current value

$4.37B

Avg closing price

$38.06

-79.7%

Last action

Added 6.2%

2025Q4

Current $7.74

CVICVR ENERGY INC

Energy·Oil & Gas Refining & Marketing

28.10%

of portfolio

Number of shares

70,418,471 sh

Holdings current value

$2.57B

Avg closing price

$25.94

+13.5%

Last action

Added 2.7%

2025Q2

Current $29.44

SWXSOUTHWEST GAS HLDGS INC

Utilities·Utilities - Regulated Gas

5.17%

of portfolio

Number of shares

6,032,604 sh

Holdings current value

$472.59M

Avg closing price

$70.01

+30.0%

Last action

Trimmed 19.9%

2025Q3

Current $90.99

UANCVR PARTNERS LPMLP

Basic Materials·Agricultural Inputs

4.11%

of portfolio

Number of shares

4,164,274 sh

Holdings current value

$375.28M

Avg closing price

$78.61

+56.4%

Last action

Added 1.6%

2025Q2

Current $122.99

SATSECHOSTAR CORP

Communication Services·Telecom Services

3.64%

of portfolio

Number of shares

4,354,542 sh

Holdings current value

$332.51M

Avg closing price

$76.36

+74.4%

Last action

Trimmed 18.7%

2025Q4

Current $133.21

IFFINTERNATIONAL FLAVORS&FRAGRA

Basic Materials·Specialty Chemicals

3.20%

of portfolio

Number of shares

4,750,000 sh

Holdings current value

$292.31M

Avg closing price

$86.99

-12.8%

Last action

Trimmed 9.1%

2025Q4

Current $75.88

CTRICENTURI HOLDINGS INC

Utilities·Utilities - Regulated Gas

2.51%

of portfolio

Number of shares

10,847,672 sh

Holdings current value

$229.65M

Avg closing price

$22.06

+53.0%

Last action

Added 47.4%

2025Q4

Current $33.74

JBLUJETBLUE AWYS CORP

Industrials·Airlines

1.81%

of portfolio

Number of shares

33,621,735 sh

Holdings current value

$165.42M

Avg closing price

$6.19

-5.2%

Last action

Added 89.7%

2025Q1

Current $5.87

AEPAMERICAN ELEC PWR CO INC

Utilities·Utilities - Regulated Electric

1.48%

of portfolio

Number of shares

1,205,300 sh

Holdings current value

$135.60M

Avg closing price

$81.22

+64.6%

Last action

New holding

2023Q4

Current $133.66

CZRCAESARS ENTERTAINMENT INC NE

Consumer Cyclical·Resorts & Casinos

0.72%

of portfolio

Number of shares

2,440,109 sh

Holdings current value

$65.94M

Avg closing price

$39.74

-31.5%

Last action

New holding

2024Q2

Current $27.22

SDSANDRIDGE ENERGY INC

Energy·Oil & Gas E&P

0.60%

of portfolio

Number of shares

4,870,233 sh

Holdings current value

$54.94M

Avg closing price

$20.91

-31.2%

Last action

Added 0.9%

2025Q4

Current $14.38

BLCOBAUSCH PLUS LOMB CORP

Healthcare·Medical Instruments & Supplies

0.58%

of portfolio

Number of shares

3,500,000 sh

Holdings current value

$52.74M

Avg closing price

$15.24

+10.4%

Last action

New holding

2022Q2

Current $16.82

MNROMONRO INC

Consumer Cyclical·Auto Parts

0.29%

of portfolio

Number of shares

1,465,000 sh

Holdings current value

$26.33M

Avg closing price

$19.44

-8.1%

Last action

Added

2025Q4

Current $17.87

Portfolio heatmap

Box size = % of portfolio · color = return since filing

Sector exposure

Share of dollar value across the latest reported portfolio. Unclassified positions excluded.

Energy3 pos$6.99B76.5%
Utilities3 pos$837.8M9.2%
Basic Materials2 pos$667.6M7.3%
Communication Services1 pos$332.5M3.6%
Industrials1 pos$165.4M1.8%
Consumer Cyclical2 pos$92.3M1.0%
Healthcare1 pos$52.7M0.6%