CARL ICAHN – ICAHN CAPITAL MANAGEMENT Q3 2025 PORTFOLIO

Icahn Capital Management, a hedge fund managed by Carl Icahn, disclosed 13 security holdings in its Q3 2025 13F filing, with a total portfolio value of $9,141,599,232.

Carl Icahn’s Portfolio

Q3 2025 Holdings and Strategic Analysis

As of Q3 2025, Carl Icahn’s Icahn Capital Management portfolio demonstrates continued strategic evolution with a $9.14 billion portfolio across 13 holdings. The quarter showcases significant portfolio growth of 16% from Q2, driven by strategic additions in the telecommunications and automotive sectors, alongside continued accumulation of core energy and infrastructure positions.

Top Holdings

IEP

Icahn Enterprises LP

Added 4.88%

Portfolio: 47.80%

Shares: 518,932,944

Reported Price: $8.42

Value: $4,369,415,388

Icahn Enterprises remains the cornerstone holding, though declining slightly from 50.47% to 47.80% of the portfolio. Icahn added another 24.1 million shares this quarter, demonstrating sustained conviction in his diversified holding company despite the percentage decrease due to overall portfolio growth.

CVI

CVR Energy Inc.

No Change

Portfolio: 28.10%

Shares: 70,418,471

Reported Price: $36.48

Value: $2,568,865,822

CVR Energy strengthened its position to 28.10% of the portfolio, up from 23.97% in Q2, despite no change in share count. This gain reflects both price appreciation and the stable conviction in this independent petroleum refiner and marketer.

SWX

Southwest Gas Holdings Inc.

Reduced 19.91%

Portfolio: 5.17%

Shares: 6,032,604

Reported Price: $78.34

Value: $472,594,197

Southwest Gas Holdings saw significant trimming this quarter, with a reduction of 1.5 million shares (19.91%). While still a meaningful position at 5.17% of the portfolio, this marks the second consecutive quarter of either reductions or no additions to this natural gas utility position.

UAN

CVR Partners LP

No Change

Portfolio: 4.11%

Shares: 4,164,274

Reported Price: $90.12

Value: $375,284,373

CVR Partners LP maintained its position unchanged this quarter at 4.11% of the portfolio. This nitrogen fertilizer producer continues to complement the CVR Energy position, providing exposure to agricultural commodities and energy-related sectors.

SATS

EchoStar Corp Class A

New Position +3.64%

Portfolio: 3.64%

Shares: 4,354,542

Reported Price: $76.36

Value: $332,512,827

EchoStar represents a significant new telecommunications bet, entering the portfolio at 3.64%. This satellite and wireless communications provider aligns with Icahn’s pattern of seeking value in essential communications infrastructure, potentially positioning for consolidation opportunities in the sector.

IFF

International Flavors & Fragrances

Added 26.67%

Portfolio: 3.20%

Shares: 4,750,000

Reported Price: $61.54

Value: $292,315,000

International Flavors & Fragrances saw significant accumulation with 1 million additional shares (26.67% increase), breaking from its previous unchanged status. This substantial addition signals renewed conviction in this specialty chemicals and ingredients company, potentially viewing it as undervalued.

CTRI

Centuri Holdings Inc.

Added 69.39%

Portfolio: 2.51%

Shares: 10,847,672

Reported Price: $21.17

Value: $229,645,216

Centuri Holdings saw aggressive accumulation with a 69.39% increase, adding 4.4 million shares in its second quarter in the portfolio. This utility infrastructure services company clearly represents a high-conviction thesis on aging infrastructure modernization and utility expansion needs.

JBLU

JetBlue Airways Corp.

No Change

Portfolio: 1.81%

Shares: 33,621,735

Reported Price: $4.92

Value: $165,418,936

JetBlue Airways maintained its position for a second consecutive quarter after being nearly doubled in Q1. The unchanged stake suggests a patient approach to this airline recovery play as the company navigates industry headwinds and strategic restructuring.

AEP

American Electric Power

No Change

Portfolio: 1.48%

Shares: 1,205,300

Reported Price: $112.50

Value: $135,596,250

American Electric Power continues as a stable utility holding with dividend income potential. This unchanged position offers defensive characteristics and complements the more aggressive infrastructure and energy plays in the portfolio.

CZR

Caesars Entertainment Inc.

No Change

Portfolio: 0.72%

Shares: 2,440,109

Reported Price: $27.03

Value: $65,943,946

Caesars Entertainment maintains exposure to gaming and hospitality sectors. This steady position continues to benefit from recovery in leisure travel and consumer discretionary spending patterns.

Additional Holdings

SandRidge Energy Inc.

Added 1.07%

Portfolio: 0.60%

Shares: 4,870,233

Reported Price: $11.28

Value: $54,936,227

SandRidge Energy saw minimal accumulation with 51,401 additional shares (1.07% increase). This oil and natural gas exploration company provides diversified energy sector exposure complementing the refining focus of CVR Energy.

BLCO

Bausch + Lomb Corp.

No Change

Portfolio: 0.58%

Shares: 3,500,000

Reported Price: $15.07

Value: $52,745,000

Bausch + Lomb continues to provide focused exposure to eye health products and surgical equipment. This stable healthcare position remains unchanged as Icahn maintains conviction in this spin-off’s targeted business model.

MNRO

Monro Inc.

New Position +0.29%

Portfolio: 0.29%

Shares: 1,465,000

Reported Price: $17.97

Value: $26,326,050

Monro represents a new small-cap position in automotive service and tire centers. Though only 0.29% of the portfolio, this automotive aftermarket retailer may signal Icahn’s interest in essential consumer services with defensive recession characteristics.

Portfolio Strategy Analysis

Strategic Portfolio Expansion

The portfolio grew 16% from $7.89 billion to $9.14 billion, expanding from 12 to 13 holdings. This growth reflects both strategic new positions and continued accumulation of high-conviction names, particularly in infrastructure and specialty chemicals sectors.

Telecommunications Entry with EchoStar

The addition of EchoStar at 3.64% marks a significant new bet on satellite and wireless communications. This $332 million position suggests Icahn sees value or potential catalysts in the evolving telecommunications landscape, possibly anticipating industry consolidation or strategic transactions.

Aggressive Infrastructure Accumulation

Centuri Holdings saw remarkable accumulation with a 69.39% increase in just its second quarter in the portfolio. Combined with the trimming of Southwest Gas Holdings by 19.91%, this suggests a strategic rotation within utilities toward infrastructure services over regulated utilities.

Specialty Chemicals Conviction

International Flavors & Fragrances saw a substantial 26.67% increase, breaking from its previous unchanged status. This addition of 1 million shares signals renewed conviction in specialty chemicals, potentially viewing the current valuation as attractive for this global leader in taste, scent, and nutrition.

Healthcare Exit – Bausch Health Sold

The complete exit from Bausch Health Companies (BHC) marks a significant portfolio change. After maintaining this position unchanged through Q2, Icahn fully divested, potentially realizing gains or moving on from the turnaround story while retaining exposure to eye health through Bausch + Lomb.

Conclusion

Carl Icahn’s Q3 2025 portfolio reveals an activist investor in growth mode, expanding his portfolio by 16% while making strategic sector bets. The addition of EchoStar and Monro, combined with aggressive accumulation of Centuri Holdings and International Flavors & Fragrances, demonstrates active capital deployment and conviction in undervalued opportunities.

The complete exit from Bausch Health while maintaining Bausch + Lomb suggests a more refined approach to healthcare investments. The significant reduction in Southwest Gas paired with aggressive Centuri accumulation indicates a strategic preference for infrastructure services over regulated utilities.

With Icahn Enterprises and CVR Energy still commanding 76% of the portfolio, Icahn maintains a concentrated approach while selectively adding new positions. The portfolio is positioned across energy, infrastructure, telecommunications, specialty chemicals, and selective consumer services—sectors where Icahn likely sees catalysts for value creation through operational improvements, industry consolidation, or activist engagement.

Icahn Capital Portfolio Analysis

Based on 13F filing for reporting period: Q3, 2025

Portfolio Manager

Carl Icahn

Filing Date

November 14, 2025

Total Value

$9,141,000,000+

Number of Positions

Portfolio Allocation

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Holdings Breakdown

Rank	Company Name	% of Portfolio	Q3 Activity	Ticker	Shares	Market Value ($)