Learn · Last updated September 8, 2026
Carl Icahn 13F Portfolio: Q2 2026 Holdings and Changes
Carl Icahn is the archetypal activist investor, and this 13F reflects the concentrated stakes through which he pressures boards and management teams. Positions here are typically large, deliberate, and held while a campaign plays out, which makes the quarter-to-quarter changes unusually informative.
The Q2 2026 filing reports $8.3B across 12 positions. More than half the portfolio sits in Icahn Enterprises Lp, with Cvr Energy Inc and Cvr Partners, Lp adding another three-tenths, leaving the remaining stakes to trace whatever campaigns Icahn is running or winding down.
Top holdings (Q2 2026)
| Issuer | Value | Shares | % of portfolio |
|---|---|---|---|
| Icahn Enterprises Lp | $4.5B | 618,393,343 | 54% |
| Cvr Energy Inc | $2.0B | 71,201,875 | 23.7% |
| Cvr Partners, Lp | $464.2M | 4,164,274 | 5.6% |
| Centuri Holdings, Inc. | $433.5M | 14,336,044 | 5.2% |
| International Flavors And Fragrances Inc. | $338.7M | 4,275,000 | 4.1% |
| Echostar Corporation | $142.6M | 1,404,542 | 1.7% |
| Jetblue Airways Corp. | $118.4M | 20,658,179 | 1.4% |
| Monro, Inc. | $86.9M | 5,078,573 | 1.1% |
| Caesars Entertainment, Inc. | $73.6M | 2,440,109 | 0.9% |
| Sandridge Energy, Inc. | $69.3M | 5,054,907 | 0.8% |
Carl Icahn on Whale's Nest
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What changed in Q2 2026
Icahn opened 0 new positions and exited 0, leaving the roster unchanged at 12. He increased 2 stakes and trimmed 2.
The increases:
- Icahn Enterprises Lp: added shares (now 618,393,343), a 12.6% rise
- Sandridge Energy, Inc.: added shares (now 5,054,907), up 2.2%
The trims:
- American Electric Power Company: cut by 63.9% to 434,710 shares
- Jetblue Airways Corp.: reduced 38.6% to 20,658,179 shares
The American Electric Power reduction stands out: a near-two-thirds cut in the share count. Jetblue also saw a meaningful trim.
The shape of the portfolio
The top 10 positions account for 98.6% of reported value. This is the signature Icahn structure: a handful of large, controlled or influence stakes, often linked to affiliate entities or active campaigns, and a thin tail of smaller bets. The concentration means that any addition or exit in the top tier reshapes the entire filing, while moves outside the top slots may reflect position management rather than new strategic bets.
How to read Icahn's 13F
Every 13F arrives 45 days late, so this Q2 2026 snapshot was filed in mid-August and the positions have since moved. For Icahn that lag matters less than for index managers: his stakes are large enough that unwinding or building them takes weeks or months, and many are tied to public campaigns that unfold over quarters.
Still, the filing remains incomplete: it omits short positions, non-U.S. equities, debt, derivatives, and private holdings. Given Icahn's history of hedging and structured trades, the 13F likely understates both the complexity and the risk profile of the broader book.
For context on what you're reading, see how to read a 13F filing, whether 13F filings remain useful after 45 days, and what 13F filings don't show.
FAQ
What is Carl Icahn's biggest holding?
Icahn Enterprises Lp at $4.5B, representing 54% of the portfolio.
What was the most notable change this quarter?
The 63.9% reduction in American Electric Power Company, which brought the stake down to 434,710 shares.
How many positions does Carl Icahn hold?
12 positions as of Q2 2026.
Data from the Q2 2026 Form 13F filed with the SEC. Methodology at /learn/how-we-source-13f-data. Nothing here is investment advice.
