As of Q2 2025, Carl Icahn’s Icahn Capital Management portfolio shows significant strategic adjustments across its $7.89 billion portfolio. The quarter demonstrates a concentrated approach with just 12 holdings, reflecting continued focus on high-conviction positions while making notable sector rotations.

Carl Icahn’s Q2 2025 portfolio demonstrates a decisive shift toward concentration and sector focus. The streamlined 12-holding approach represents a significant departure from the more diversified Q1 portfolio, suggesting high conviction in selected opportunities.

The substantial increase in CVR Energy holdings, coupled with the addition of Centuri Holdings, reveals strategic bets on energy infrastructure and utility services. Meanwhile, the continued dominance of Icahn Enterprises at over 50% allocation reinforces Icahn’s confidence in his own diversified holding company as the optimal vehicle for value creation across multiple sectors.

This quarter’s moves suggest a portfolio positioned for infrastructure modernization, energy sector opportunities, and selective recovery plays in travel and healthcare, while maintaining substantial dry powder through the IEP vehicle for future activist campaigns and value investments.