PaperPanda Fund Terminal
Carl Icahn
ICAHN CARL C · CIK: 921669 · Report Period: 2025-12-31 · Filed: 2026-02-17
Portfolio Concentration
Top 10 holdings by weight — hover for cross-investor insights
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Holdings
Total: $8,445,167,769 · 13 positions
| # | Ticker | Issuer | Class | % of Portfolio | Value ($) | Shares | Activity | Share Change |
|---|---|---|---|---|---|---|---|---|
| 1 |
 IEP
|
Icahn Enterprises LP | COM | 49.1% | $4,147,974,070 | 549,400,539 | ADD | +30,467,595 |
| 2 |
 CVI
|
CVR Energy Inc | COM | 21.2% | $1,791,445,902 | 70,418,471 | - | - |
| 3 |
 SWX
|
Southwest Gas Holdings Inc. | COM | 5.7% | $482,728,972 | 6,032,604 | - | - |
| 4 |
 UAN
|
CVR Partners, LP | COM | 5.0% | $426,838,085 | 4,164,274 | - | - |
| 5 |
 SATS
|
EchoStar Corporation | COM | 4.3% | $364,638,715 | 3,354,542 | REDUCE | -1,000,000 |
| 6 |
 CTRI
|
Centuri Holdings, Inc. | COM | 4.3% | $361,985,111 | 14,336,044 | ADD | +3,488,372 |
| 7 |
 IFF
|
International Flavors and Fragrances Inc. | COM | 3.4% | $288,092,250 | 4,275,000 | REDUCE | -475,000 |
| 8 |
 JBLU
|
JetBlue Airways Corp. | COM | 1.8% | $152,978,894 | 33,621,735 | - | - |
| 9 |
 AEP
|
American Electric Power Company | COM | 1.6% | $138,983,143 | 1,205,300 | - | - |
| 10 |
 MNRO
|
Monro, Inc. | COM | 1.2% | $101,774,603 | 5,078,573 | ADD | +3,613,573 |
| 11 |
 SD
|
SandRidge Energy, Inc. | COM | 0.8% | $70,873,874 | 4,911,564 | ADD | +41,331 |
| 12 |
 BLCO
|
Bausch Plus Lomb Corp. | COM | 0.7% | $59,780,000 | 3,500,000 | - | - |
| 13 |
 CZR
|
Caesars Entertainment, Inc. | COM | 0.7% | $57,074,150 | 2,440,109 | - | - |
Position Changes
8 quarters available
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | CTRI | Centuri Holdings, Inc. | ADD | +3,488,372 | +32.2% | 14,336,044 | $361,985,111 |
| 2 | SATS | EchoStar Corporation | REDUCE | -1,000,000 | -23.0% | 3,354,542 | $364,638,715 |
| 3 | SD | SandRidge Energy, Inc. | ADD | +41,331 | +0.8% | 4,911,564 | $70,873,874 |
| 4 | IEP | Icahn Enterprises LP | ADD | +30,467,595 | +5.9% | 549,400,539 | $4,147,974,070 |
| 5 | IFF | International Flavors and Fragrances Inc. | REDUCE | -475,000 | -10.0% | 4,275,000 | $288,092,250 |
| 6 | MNRO | Monro, Inc. | ADD | +3,613,573 | +246.7% | 5,078,573 | $101,774,603 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | SWX | Southwest Gas Holdings Inc. | REDUCE | -1,500,000 | -19.9% | 6,032,604 | $472,594,197 |
| 2 | CTRI | Centuri Holdings, Inc. | ADD | +4,443,795 | +69.4% | 10,847,672 | $229,645,216 |
| 3 | - | Bausch Health Companies Inc. | SOLD | -34,721,118 | Exit | - | - |
| 4 | SATS | EchoStar Corporation | NEW BUY | +4,354,542 | New | 4,354,542 | $332,512,827 |
| 5 | SD | SandRidge Energy, Inc. | ADD | +51,401 | +1.1% | 4,870,233 | $54,936,227 |
| 6 | IEP | Icahn Enterprises LP | ADD | +24,149,325 | +4.9% | 518,932,944 | $4,369,415,388 |
| 7 | IFF | International Flavors and Fragrances Inc. | ADD | +1,000,000 | +26.7% | 4,750,000 | $292,315,000 |
| 8 | MNRO | Monro, Inc. | NEW BUY | +1,465,000 | New | 1,465,000 | $26,326,050 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | Dana Inc. | SOLD | -14,286,505 | Exit | - | - |
| 2 | UAN | CVR Partners, LP | ADD | +65,119 | +1.6% | 4,164,274 | $369,954,102 |
| 3 | CTRI | Centuri Holdings, Inc. | ADD | +3,917,382 | +157.5% | 6,403,877 | $143,703,000 |
| 4 | - | Illumina Inc. | SOLD | -220,000 | Exit | - | - |
| 5 | IEP | Icahn Enterprises LP | ADD | +43,995,449 | +9.8% | 494,783,619 | $3,980,534,216 |
| 6 | CVI | CVR Energy Inc | ADD | +1,884,201 | +2.7% | 70,418,471 | $1,890,735,946 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | JBLU | JetBlue Airways Corp. | ADD | +15,894,706 | +89.7% | 33,621,735 | $162,056,763 |
| 2 | SWX | Southwest Gas Holdings Inc. | REDUCE | -2,100,000 | -21.8% | 7,532,604 | $540,840,967 |
| 3 | UAN | CVR Partners, LP | ADD | +32,963 | +0.8% | 4,099,155 | $308,133,481 |
| 4 | - | Illumina Inc. | ADD | +180,000 | +450.0% | 220,000 | $17,454,800 |
| 5 | CVI | CVR Energy Inc | ADD | +1,841,889 | +2.8% | 68,534,270 | $1,329,564,838 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | SWX | Southwest Gas Holdings Inc. | REDUCE | -1,390,000 | -12.6% | 9,632,604 | $681,121,429 |
| 2 | UAN | CVR Partners, LP | ADD | +174,192 | +4.5% | 4,066,192 | $308,867,944 |
| 3 | CTRI | Centuri Holdings, Inc. | REDUCE | -1,105,434 | -30.8% | 2,486,495 | $48,014,218 |
| 4 | - | Illumina Inc. | REDUCE | -390,000 | -90.7% | 40,000 | $5,345,200 |
| 5 | IEP | Icahn Enterprises LP | ADD | +17,581,237 | +4.1% | 450,788,170 | $3,908,333,434 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | CZR | Caesars Entertainment, Inc. | NEW BUY | +2,440,109 | New | 2,440,109 | $96,969,932 |
| 2 | - | Conduent Inc | SOLD | -38,149,336 | Exit | - | - |
| 3 | CTRI | Centuri Holdings, Inc. | NEW BUY | +2,591,929 | New | 2,591,929 | $50,490,777 |
| 4 | - | Occidental Petroleum Corp Wts | SOLD | -16,485,432 | Exit | - | - |
| 5 | IEP | Icahn Enterprises LP | ADD | +38,434,084 | +10.4% | 406,313,986 | $6,696,054,489 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | JBLU | JetBlue Airways Corp. | NEW BUY | +17,727,029 | New | 17,727,029 | $131,534,555 |
| 2 | UAN | CVR Partners, LP | NEW BUY | +3,892,000 | New | 3,892,000 | $305,872,280 |
| 3 | - | Newell Brands, Inc | SOLD | -5,940,744 | Exit | - | - |
| 4 | IFF | International Flavors and Fragrances Inc. | ADD | +3,105,490 | +481.8% | 3,750,000 | $322,462,500 |
| 5 | - | FirstEnergy Corp | SOLD | -5,887,171 | Exit | - | - |
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