CARL ICAHN – ICAHN CAPITAL MANAGEMENT Q1 2025 PORTFOLIO

Icahn Capital Management, a hedge fund managed by Carl Icahn, disclosed 14 security holdings in its Q1 2025 13F filing, with a total portfolio value of $7,487,554,485.

Carl Icahn’s Portfolio

Q1 2025 Holdings and Strategic Analysis

As of Q1 2025, Carl Icahn’s Icahn Capital Management portfolio shows several strategic adjustments across its $7.48 billion portfolio. Below is a detailed overview of the top 10 positions and notable shifts since the previous quarter.

Top Holdings

IEP

Icahn Enterprises

No Change

Portfolio: 54.55%

Shares: 450,788,170

Reported Price: $9.06

Value: $4,084,140,821

Icahn Enterprises remains the dominant holding, now exceeding 54% of the total portfolio. This unwavering commitment to his own diversified holding company reflects Icahn’s long-term strategy.

CVI

CVR Energy Inc.

Added 2.76%

Portfolio: 17.76%

Shares: 68,534,270

Reported Price: $19.40

Value: $1,329,564,838

CVR Energy continues to be a major component of Icahn’s portfolio, with an increased stake of nearly 1.85 million shares this quarter. This position underscores Icahn’s continued commitment to the energy sector.

SWX

Southwest Gas Holdings Inc.

Reduced 21.80%

Portfolio: 7.22%

Shares: 7,532,604

Reported Price: $71.80

Value: $540,840,967

Southwest Gas Holdings saw a significant reduction with Icahn selling 2.1 million shares. This substantial divestment suggests a strategic shift away from this natural gas utility or profit-taking after previous gains.

UAN

CVR Partners LP

Added 0.81%

Portfolio: 4.12%

Shares: 4,099,155

Reported Price: $75.17

Value: $308,133,481

CVR Partners, a nitrogen fertilizer producer, saw a slight increase in position with nearly 33,000 additional shares. This complements Icahn’s stake in CVR Energy and demonstrates continued confidence in agricultural commodities.

IFF

International Flavors & Fragrances Inc.

No Change

Portfolio: 3.89%

Shares: 3,750,000

Reported Price: $77.61

Value: $291,037,500

International Flavors & Fragrances remains an unchanged position in the portfolio, reflecting Icahn’s steady interest in specialty chemicals. As a key supplier of flavors and fragrances, IFF offers diversification and defensive characteristics.

BHC

Bausch Health

No Change

Portfolio: 3.00%

Shares: 34,721,118

Reported Price: $6.47

Value: $224,645,633

Bausch Health continues to provide diversification into pharmaceuticals and medical devices. Icahn’s unchanged position suggests continued patience with Bausch’s restructuring efforts and potential turnaround story.

DAN

Dana Inc.

No Change

Portfolio: 2.54%

Shares: 14,286,505

Reported Price: $13.33

Value: $190,439,112

Dana Inc. maintains Icahn’s exposure to automotive and commercial vehicle components, including electrified powertrain solutions. This unchanged stake indicates sustained interest in the evolving automotive sector.

JBLU

JetBlue Airways Corp.

Added 89.66%

Portfolio: 2.16%

Shares: 33,621,735

Reported Price: $4.82

Value: $162,056,763

JetBlue Airways saw one of the quarter’s most dramatic increases, with Icahn nearly doubling his position by adding 15.9 million shares. This substantial investment suggests strong conviction in the airline’s recovery potential despite industry challenges.

AEP

American Electric Power

No Change

Portfolio: 1.76%

Shares: 1,205,300

Reported Price: $109.27

Value: $131,703,131

American Electric Power maintains Icahn’s utility exposure, providing consistent dividend income and defensive characteristics. This unchanged stake preserves a stable component within the broader portfolio.

CZR

Caesars Entertainment

No Change

Portfolio: 0.81%

Shares: 2,440,109

Reported Price: $25.00

Value: $61,002,725

Caesars Entertainment remains Icahn’s gateway into the gaming and hospitality sector. This unchanged position offers potential upside linked to consumer discretionary spending and recovery in travel and leisure activities.

Notable Position Changes

ILMN

Illumina Inc.

Added 450.00%

Portfolio: 0.23%

Shares: 220,000

Reported Price: $79.34

Value: $17,454,800

While representing a small portion of the portfolio, Illumina saw the most dramatic percentage increase with Icahn adding 180,000 shares, representing a 450% position increase. This genomic sequencing company marks Icahn’s growing interest in biotechnology.

Portfolio Strategy Analysis

Continuing Concentration in Icahn Enterprises

Icahn Enterprises continues to dominate the portfolio at over 54% allocation. This represents the highest concentration in recent quarters and demonstrates Icahn’s unwavering confidence in his own diversified holding company’s long-term prospects across energy, real estate, automotive, and other sectors.

Strategic Repositioning in Core Sectors

The substantial reduction in Southwest Gas (21.80% fewer shares) alongside increased stakes in CVR Energy (+2.76%) points to a targeted reallocation within energy-related holdings. This appears to be a tactical shift away from regulated utilities toward more direct energy exposure with potentially higher returns.

Aggressive Expansion in Travel and Biotechnology

The quarter’s most dramatic moves came in JetBlue Airways (+89.66%) and Illumina (+450%). These substantial increases signal Icahn’s strong conviction in both travel industry recovery and cutting-edge genomic sequencing technology—sectors with significant upside potential despite recent volatility.

Balanced Approach with Defensive Holdings

Maintaining unchanged positions in American Electric Power, International Flavors & Fragrances, and Bausch Health provides portfolio stability. These holdings across utilities, specialty chemicals, and healthcare create balance against the more aggressive positions, offering both income and potential value-creation opportunities.

Conclusion

Carl Icahn’s Q1 2025 portfolio demonstrates a strategic evolution with targeted sector adjustments. The bold moves in JetBlue Airways and Illumina reveal an opportunistic approach to sectors poised for potential rebounds or breakthroughs. Meanwhile, the significant reduction in Southwest Gas alongside increased CVR Energy holdings suggests a recalibration within energy investments.

At its core, the portfolio maintains its exceptional concentration in Icahn Enterprises, reflecting Icahn’s conviction in his own investment vehicle. This quarter’s adjustments reveal a calculated approach that balances opportunistic acquisitions with strategic reductions, while maintaining diversification across utilities, healthcare, specialty chemicals, and transportation sectors.

Icahn Capital Portfolio Analysis

Based on 13F filing for reporting period: Q1, 2025

Portfolio Manager

Carl Icahn

Filing Date

May 15, 2025

Total Value

$7,487,000,000+

Number of Positions

Portfolio Allocation

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Holdings Breakdown

Rank	Company Name	% of Portfolio	Q1 Activity	Ticker	Shares	Market Value ($)