Carl Icahn, one of Wall Street’s best-known investors, has been shaking up corporate America for decades. His investment firm, Icahn Capital Management, held 12 securities worth $8,264,090,000 as of June 30, 2026, according to its Q2 2026 portfolio disclosure. According to Dataroma, the portfolio remains heavily concentrated, with Icahn Enterprises alone accounting for more than half of its total value.
Icahn’s top five holdings
Icahn Enterprises was by far Icahn Capital Management’s largest position, representing 53.95% of the portfolio. The fund owned 618,393,343 shares, valued at $4,458,616,000 based on a reported price of $7.21. Its stake increased by 12.56% in the latest reported activity.
CVR Energy ranked second, making up 23.73% of the portfolio. Icahn Capital Management held 71,201,875 shares worth $1,960,900,000, based on the reported price of $27.54.
The fund’s position in CVR Partners was valued at $464,233,000, giving it a 5.62% share of the portfolio. Icahn Capital Management held 4,164,274 shares at a reported price of $111.48.
Centuri Holdings followed closely, accounting for 5.25% of the portfolio. The investment firm’s 14,336,044 shares were valued at $433,522,000, using the reported price of $30.24.
Rounding out the top five was International Flavors & Fragrances, which represented 4.10% of the portfolio. The fund held 4,275,000 shares at a reported price of $79.22, putting the value of the stake at $338,666,000.
The other seven holdings
Among the remaining positions, EchoStar was the largest at 1.73% of the portfolio. Icahn Capital Management held 1,404,542 shares, valued at $142,561,000 based on a reported price of $101.50.
JetBlue Airways accounted for 1.43%, with the fund holding 20,658,179 shares worth $118,371,000 at a reported price of $5.73. The position was cut by 38.56% in the latest reported activity.
The stake in Monro stood at 1.05% of the portfolio. Icahn Capital Management owned 5,078,573 shares, which were valued at $86,894,000 based on a reported price of $17.11.
Caesars Entertainment, meanwhile, represented 0.89% of the portfolio. The fund’s 2,440,109 shares were worth $73,642,000 at a reported price of $30.18.
SandRidge Energy made up 0.84% of the holdings, with 5,054,907 shares valued at $69,252,000. The reported price was $13.70. Icahn Capital Management also increased its position in the company by 2.17% in its latest reported activity.
American Electric Power represented 0.72% of the portfolio. Its 434,710 shares were valued at $59,473,000 at a reported price of $136.81. The fund reduced its position by 63.93% in its latest reported activity.
Bausch + Lomb was the smallest position, accounting for 0.70% of the portfolio. Icahn Capital Management held 3,500,000 shares, worth $57,960,000 based on a reported price of $16.56.
The portfolio shows that Icahn continues to have a large portion of his investments concentrated in Icahn Enterprises. The latest activity shows several notable changes, including a 12.56% increase in Icahn Enterprises and a 2.17% addition to SandRidge Energy, alongside sharp reductions in JetBlue Airways and American Electric Power.
Disclaimer: This article provides factual analysis only and is not, and should not be construed as, an offer, solicitation, or recommendation to buy or sell securities. Investors must conduct their own independent due diligence and seek advice from a registered financial advisor in the respective jurisdiction.