There were minor adjustments in star investor Carl Icahn’s portfolio in the first quarter of 2026. This is how his portfolio was made up.
There were manageable changes in Carl Icahn’s portfolio in the first quarter of 2026. A few positions were expanded, only two holdings were reduced and only one position was completely liquidated: Southwest Gas was completely removed from the investment professional’s portfolio. While the portfolio still had assets under management of $8.45 billion in the fourth quarter of 2025, this rose slightly to $8.55 billion in the first quarter of 2026.
This means that the assets still significantly exceed the value of 100 million US dollars, which is why Icahn is required to file a 13F form with the US Securities and Exchange Commission (SEC) to disclose his investments at the end of each quarter.
The following ranking lists the top ten investments according to their share of the portfolio in the past quarter. Only stock investments are taken into account for the ranking. The ranking is as of March 31, 2025.
Editorial team finanzen.net
11th place: The ranking
In the first quarter of 2026, Carl Icahn managed assets of around $8.55 billion. Since his portfolio was still well above the $100 million threshold, he was required – as in previous quarters – to disclose his positions using a 13F form. The following ranking shows his ten largest holdings in the past quarter, sorted by their share of the overall portfolio. Only stock investments were taken into account. The deadline is March 31, 2026.
Source: sec.gov, Image: Heidi Gutman/CNBC/NBCU Photo Bank via Getty Images
10th place: SandRidge Energy
The star investor bought 36,137 new shares in the energy company SandRidge Energy in the first quarter of 2026, so that the holding now amounts to 4,947,701 shares. With an equivalent value of 80.7 million US dollars, this represented 0.94 percent of the overall portfolio.
Source: sec.gov, Image: rafapress / Shutterstock.com
9th place: Monro Muffler Brake
After Monro Muffler Brake was added to the portfolio as a newcomer in the previous quarter, Carl Icahn did not touch his commitment to the US automotive service provider in the first quarter of 2026. The 5,078,573 shares had a value of $81.46 million, which corresponds to a total share of 0.95 percent in the portfolio.
Source: sec.gov, Image: BELL KA PANG / Shutterstock.com
8th place: JetBlue Airways
The stake in JetBlue Airways also remained untouched. At the end of the quarter, Carl Icahn’s portfolio still comprised 33,621,735 securities of the American low-cost airline. With a total value of around 148.61 million US dollars, it was once again in eighth place with a share of 1.74 percent of the portfolio.
Source: sec.gov, Image: Markus Mainka / Shutterstock.com
7th place: American Electric Power
As in the previous quarter, the energy company American Electric Power retained its place in the top ten. Carl Icahn didn’t even touch on this position. As of March 31, 2026, the 1,205,300 shares held were worth around $157.99 million. The investment accounted for 1.85 percent of the entire portfolio.
Source: sec.gov, Image: T. Schneider / Shutterstock.com
6th place: EchoStar Corp.
Since Carl Icahn’s investment in the telecommunications company EchoStar Corp. When the company turned red and sold 1,950,000 shares, the company slipped from fifth to sixth place in the ranking. The remaining 1,404,542 shares had a total value of $164.43 million. The investment accounted for 1.92 percent of the portfolio as of the reporting date.
Source: sec.gov, Image: Tim Reckmann / pixelio.de
5th place: International Flavors & Fragrances
The stake in the fragrance manufacturer International Flavors & Fragrances remained unchanged. At the end of the quarter there were still 4,275,000 papers worth $310.15 million in Icahn’s portfolio – equivalent to fifth place with a total share of 3.63 percent of the portfolio.
Source: sec.gov, Image: Casimiro PT / Shutterstock.com
4th place: Centuri Holdings
Carl Icahn also left his investment in Centuri Holdings untouched in the first quarter of 2026: his stake in the energy infrastructure company remained at 14,336,044 Centuri shares with an equivalent value of around $418.76 million. However, with a share of 4.90 percent of the total portfolio, the investment climbed from sixth to fourth place.
Source: sec.gov, Image: Centuri Holdings
3rd place: CVR Partners LP
Once again, the star investor at CVR Partners LP remained inactive, so that the portfolio still comprised 4,164,274 shares in the nitrogen fertilizer producer as of the reporting date. At the end of the quarter, these had an equivalent value of 527.49 million US dollars, giving them a total share of 6.17 percent in the portfolio.
Source: sec.gov, Image: MacroEcon / Shutterstock.com
2nd place: CVR Energy
As in the previous quarter, the investment in CVR Energy was in second place in Carl Icahn’s portfolio. The star investor expanded his investment by 783,404 shares in the reporting period. As of the reporting date, there were 71,201,875 shares of the energy company with a value of around $2.39 billion in its portfolio. This accounts for 28.01 percent of the entire portfolio.
Source: sec.gov, Image: rafapress / Shutterstock.com
1st place: Icahn Enterprises
The investment in his own holding company Icahn Enterprises remained the undisputed number one. The star investor did not touch the position during the reporting period, so that a total of 549,400,539 Icahn Enterprises shares were in his portfolio as of the reporting date. At the end of the first quarter, this position was worth around $4.15 billion, making up 48.49 percent of the entire portfolio.
Source: sec.gov, Image: IgorGolovniov / Shutterstock.com
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