70% of Icahn's $8.45B Sits in Two Energy Companies: Inside the Most Concentrated Non-Tech 13F in Q4 2025

Carl Icahn just filed his Q4 2025 13F, and the numbers tell a story that no other mega-fund on Wall Street can match: 70.3% of his $8.45 billion portfolio sits in just two energy companies. While every other billion-dollar 13F is scrambling for AI exposure, Icahn's filing contains exactly zero technology stocks. It's the most concentrated non-tech portfolio among major institutional investors — and it's entirely by design.

TL;DR: Icahn Q4 2025 Filing at a Glance

• $8.45B total AUM, up from $7.89B in Q2 2025 (+7.1% QoQ)
• 13 unique holdings — one of the smallest portfolios among billion-dollar filers
• IEP (49.1%) + CVI (21.2%) = 70.3% of entire portfolio in two energy names
• ~76% energy sector exposure when including UAN and SandRidge
• Zero technology stocks — no FAANG, no AI, no semiconductors
• New position: EchoStar (SATS) — $365M satellite communications bet (4.3%)
• Exited Bausch Health (BHC) entirely — sold $231M position
• Doubled down on Centuri (CTRI) — shares up 124% QoQ

Filing Snapshot

Metric	Q4 2025	Q2 2025	Change
Total AUM	$8.45B	$7.89B	+$560M (+7.1%)
Unique Holdings	13	12	+1
Filing Date	Feb 17, 2026	—	—
Top Position Weight	49.1% (IEP)	50.5% (IEP)	-1.4 pp
Top 2 Concentration	70.3%	74.5%	-4.2 pp
Q4 Performance	-10.36%

The IEP Anchor: $4.15 Billion in His Own Company

Carl Icahn's largest position remains Icahn Enterprises LP (IEP), his own diversified holding company that spans energy, automotive, food packaging, metals, real estate, and home fashion. At $4.15 billion and 49.1% of the portfolio, it's less a stock pick and more a structural reality — Icahn is IEP.

What's notable this quarter: Icahn added another 54.6 million shares (+11%), pushing his stake to 549.4 million shares. With IEP about to report Q4 2025 earnings on February 25, 2026, the timing of this accumulation is worth watching. IEP currently trades with a market cap of $4.69B and a negative P/E of -9.90, reflecting the conglomerate's ongoing operational challenges. The stock's 12-month range of $7.08–$10.74 tells you this isn't a momentum play.

CVR Energy: The Refining Conviction That Won't Budge

CVR Energy (CVI) remains the second-largest position at $1.79 billion and 21.2% of the portfolio. Icahn held his 70.4 million shares completely unchanged from Q2 — the exact same share count. The $100 million drop in position value (from $1.89B to $1.79B) is entirely due to CVI's share price decline, not any selling.

This is classic Icahn: when he's convicted in a name, he doesn't trim on weakness. CVR Energy is an independent petroleum refiner and nitrogen fertilizer producer operating in the Midcontinent US. Combined with CVR Partners (UAN) — a nitrogen fertilizer subsidiary of CVI that Icahn holds separately at $427M — his refining and fertilizer complex totals over $2.2 billion, or 26.3% of his entire portfolio.

The Big Moves: What Changed in Q4

New Position: EchoStar (SATS) — $365M

The most eye-catching addition is EchoStar Corp, a new $365 million position representing 4.3% of the portfolio. EchoStar operates satellite communications services — a sector where Icahn likely sees deep value after years of market neglect. This is textbook Icahn: buying into an unloved, out-of-favor industry where he believes assets are undervalued.

Centuri Holdings (CTRI) — Shares More Than Doubled

Centuri Holdings saw the most dramatic increase: Icahn added 7.9 million shares, a 124% increase from Q2's 6.4 million to 14.3 million shares. The position grew from $144M (1.8%) to $362M (4.3%). Centuri provides construction services for utilities and infrastructure — another decidedly unglamorous business that fits Icahn's value playbook.

Exited: Bausch Health (BHC) — $231M Gone

Icahn completely exited his Bausch Health position, selling all 34.7 million shares worth $231M in Q2. This was a 2.9% position that's now zero. The exit removes his only significant healthcare-adjacent holding (though he retains a small $60M position in Bausch + Lomb).

Trimmed: Southwest Gas (SWX) — Reduced 20%

Icahn cut 1.5 million shares of Southwest Gas Holdings, reducing his stake by 20% from 7.5M to 6.0M shares. Despite the trim, SWX remains the third-largest position at $483M (5.7%). Icahn has been an activist at Southwest Gas, and this partial reduction may signal a winding down of that campaign.

New Position: Monro Inc (MNRO) — $102M

A new $102M position in Monro Inc, an auto services company, rounds out the additions. At 1.2% of the portfolio, it's a smaller bet but fits the pattern — consumer services, brick-and-mortar, out of favor.

The Zero-Tech Portfolio: Contrarian or Outdated?

In a market dominated by AI narratives and tech concentration, Icahn's portfolio stands as a stark outlier. His 13 holdings span energy, utilities, industrials, consumer services, and communications — but not a single technology company. No Nvidia. No Microsoft. No Meta. Not even a cloud computing play.

This isn't accidental. Icahn has long subscribed to the philosophy of buying "companies that are not glamorous and usually out of favor." His portfolio is the purest expression of deep value investing at scale — a concentration in physical assets, cash-flowing businesses, and sectors where he can exercise activist control.

Whether this approach is contrarian genius or a relic of a previous era depends on your time horizon. Icahn's AUM has declined from $23.85B in Q1 2021 to $8.45B today — a 65% drawdown that speaks to the difficulty of being aggressively non-tech in a tech-driven market.

The Concentration Question

With 70.3% in two stocks and 76% in energy broadly, Icahn runs one of the most concentrated portfolios in the institutional world. For context, most diversified funds cap single-position exposure at 5-10%. Icahn has one position at 49%.

But concentration is the point. Icahn doesn't build portfolios — he builds activist positions. Each holding represents a company where he has (or is building) enough ownership to influence management, push for operational changes, or force strategic alternatives. Diversification would dilute his leverage.

The 13-holding count is actually up from 12 in Q2, with the EchoStar and Monro additions offsetting the Bausch Health exit. Historically, Icahn has carried 19-23 positions (he had 23 in Q1 2021), so the current portfolio is notably pared down — even by his concentrated standards.

What to Watch Next

IEP earnings (Feb 25, 2026): With 49% of his portfolio in IEP, the Q4 earnings report is effectively a report card on half of Icahn's wealth. The negative P/E ratio suggests the market expects continued losses.

Energy sector dynamics: At 76% energy exposure, Icahn's portfolio is a leveraged bet on fossil fuel economics. Refining margins, fertilizer prices, and natural gas demand will drive portfolio performance more than any single stock pick.

Activist campaigns: Watch for 13D filings on EchoStar and Monro — new positions of this size from Icahn usually precede activist engagement.

Frequently Asked Questions

Why is so much of Icahn's portfolio in IEP?

Icahn Enterprises LP is Carl Icahn's own diversified holding company. His large stake reflects both personal ownership and his role as controlling shareholder. IEP is the vehicle through which Icahn executes many of his activist investments, making it both a portfolio holding and an operating platform.

Why does Icahn have zero technology stocks?

Icahn's investment philosophy centers on buying undervalued, out-of-favor companies where he can exercise activist control to unlock value. Technology companies typically trade at premium valuations and have entrenched founder/management control structures that limit activist influence. His approach favors capital-intensive, asset-heavy businesses where operational improvements drive returns.

What happened to Bausch Health (BHC)?

Icahn fully exited his $231 million Bausch Health position in Q4 2025. He still holds a smaller $60M position in Bausch + Lomb (BLCO), the eye health spinoff. The exit may reflect resolution of his activist thesis or a redeployment of capital toward higher-conviction positions like EchoStar and Centuri.

Why did Icahn more than double his Centuri (CTRI) position?

Icahn added 7.9 million shares of Centuri Holdings (+124%), bringing the position to $362M. Centuri provides utility construction services — the type of infrastructure-focused, unglamorous business Icahn targets. The aggressive accumulation suggests he's building toward an activist-level stake.

How has Icahn's AUM changed over time?

Icahn's portfolio has declined significantly from $23.85B in Q1 2021 to $8.45B in Q4 2025, a 65% reduction. This reflects both market performance of his energy-heavy, value-oriented holdings and redemptions from his fund, as growth and technology stocks dramatically outperformed value strategies during this period.

Is Icahn's concentrated approach risky?

By conventional portfolio management standards, extremely. Having 70% in two stocks and 76% in one sector creates massive single-name and sector risk. However, Icahn's strategy is built on activist control — he concentrates deliberately to gain enough ownership to influence corporate outcomes. The risk profile is different from passive concentrated exposure because Icahn actively works to create catalysts for his positions.