ICAHN CARL C

Carl Icahn's $8.55 billion portfolio in March 2026 is nearly a self-contained demonstration of the activist investor's most distinctive structural feature: the book is dominated by two publicly-traded holding vehicles thatIcahn himself controls — Icahn Enterprises and CVR Energy — which together account for $6.53 billion or 76.7% of disclosed assets. Reading this filing as a conventional investment portfolio produces a misleading picture. The largest position by value is Icahn Enterprises (IEP), the master limited partnership that serves as the vehicle for Icahn's consolidated operating assets including energy, automotive, real estate, and various controlled subsidiaries. At 48.5% of the portfolio and held at a flat 549.4 million shares, IEP is not a market call; it is the equity representation of a controlled entity in which Carl Icahn holds a majority economic and voting interest. CVR Energy (CVI), the second-largest position at $2.40 billion (28.0%), is similarly structured: it is a refining-and-fertilizer company in which the Icahn-controlled IEP holds a controlling stake. The cross-holding architecture means that the portfolio's largest two positions are economically linked to each other through their common controller — a structure that concentrates both corporate governance and economic exposure in a way that is unusual for a 13F filing. The balance of the portfolio is composed of smaller, opportunistic activist positions across energy, healthcare, consumer, and aerospace. CVR Partners (UAN), a nitrogen-fertilizer limited partnership also controlled byCVR Energy, rounds out the energy complex at $527 million. Centuri Holdings at $419 million is an oilfield-services and pipeline infrastructure name that aligns with the energy-mandate theme. International Flavors & Fragrances (IFF) at $310 million represents the portfolio's healthcare and specialty-ingredients thesis, held flat at 4.3 million shares. JetBlue Airways at $149 million, held essentially flat at 33.6 million shares, reflects an activist campaign that Icahn has been conducting in the airline for several years — a position that has persisted through the airline's operational challenges and labor negotiations despite significant unrealized losses at various points. The portfolio's most concrete action in Q1 was a pair of moves within the controlled-company complex: CVR Energy was increased by roughly 80,000 shares worth $604 million (a share-count increase of just 1.1%, but meaningful in dollar terms because the stock had appreciated), while SandRidge Energy — a smaller oil-and-gas E&P name in which Icahn also controls a meaningful stake — was also increased by 36,000 shares worth $9.8 million. The one notable exit was Southwest Gas Holdings (SWX), a natural-gas utility in which Carl Icahn had agitated for years: the entire $483 million position was liquidated, ending a multi-year activist campaign in a regulated utility that had failed to produce the capital-return outcome the activist demanded. The filing is uncommonly concentrated for a 13F that is filed under an individual's name rather than through an institutional investment vehicle. More than eight in ten dollars are placed in companies over which Carl Icahn has direct or indirect corporate control, and the remaining opportunistic positions — airline, retail, housing, biotech — are maintained around the edges of those controlled holdings. For readers using this filing to infer activist positioning across U.S. listed markets, the key takeaway is that the portfolio's most consequential discretionary capital has been deployed into companies where the investment thesis runs through corporate control, not through public-market price movements alone.