Carl Icahn’s Portfolio: $8.26B Concentrated in Q2 2026

Icahn Capital Management disclosed its Q2 2026 portfolio, revealing 12 securities with a combined value of $8.26 billion as of June 30, 2026.

The firm’s investment strategy demonstrates high concentration, with Icahn Enterprises alone representing more than half of the total portfolio value.

Key Portfolio Metrics Q2 2026

• Total Portfolio Value: $8.26 billion
• Number of Securities: 12
• Reporting Period: Ended June 30, 2026
• Largest Holding Percentage: 53.95% (Icahn Enterprises)

The firm’s top five holdings account for a substantial portion of the overall portfolio, highlighting a focused investment approach in specific sectors.

• Icahn Enterprises: This flagship position represents 53.95% of the portfolio, holding 618,393,343 shares valued at $4,458,616,000, priced at $7.21 per share. The stake saw a 12.56% increase during the latest reported activity.
• CVR Energy: The second-largest holding, comprising 23.73% of the portfolio, included 71,201,875 shares valued at $1,960,900,000, at $27.54 per share.
• CVR Partners: Valued at $464,233,000, this position made up 5.62% of the portfolio, with 4,164,274 shares at $111.48 per share.
• Centuri Holdings: This holding constituted 5.25% of the portfolio, valued at $433,522,000 across 14,336,044 shares, priced at $30.24 per share.
• International Flavors & Fragrances: The fifth largest, this position was valued at $338,666,000, accounting for 4.10% of the portfolio with 4,275,000 shares at $79.22 per share.

Additional Portfolio Stakes

Beyond the primary five, Icahn Capital Management maintains smaller, yet notable, stakes in seven other publicly traded companies.

• EchoStar: 1.73%
• JetBlue Airways: 1.43%
• Monro: 1.05%
• Caesars Entertainment: 0.89%
• SandRidge Energy: 0.84%
• American Electric Power: 0.72%
• Bausch + Lomb: 0.70%

Recent Portfolio Adjustments

The latest reporting period also detailed specific adjustments to several holdings, indicating active management within the diversified portfolio.

• JetBlue Airways: A significant 38.56% reduction was implemented.
• American Electric Power: The position was reduced by 63.93%.
• SandRidge Energy: An increase of 2.17% was reported in this holding.

This Q2 2026 disclosure offers a clear view into Carl Icahn’s concentrated and actively managed investment approach, reflecting strategic shifts across various sectors.