Carl Icahn – Icahn Capital Management Portfolio Activity & Recent Trades (Sep 30, 2025)
As of Sep 30, 2025, the Icahn Capital Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Nov 14, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.
During Q3 2025, the filing reported:
New Buys – Monro, Inc., EchoStar Corporation
Increases – Centuri Holdings, Inc., Icahn Enterprises L.P. - Deposi, International Flavors & Fragran, SandRidge Energy, Inc.
Reductions – Southwest Gas Holdings, Inc.
Complete Exits – Bausch Health Companies Inc.
These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.
| Date | Symbol | Name | Type | Change Qty | % Change | Value | Remaining |
|---|---|---|---|---|---|---|---|
Q3 2025 | BHC Bausch Health Companies Inc. | Bausch Health Companies Inc. | Sell - Position Exit | -34,721,118 | -100.0% | $0.00 | - |
Q3 2025 | CTRI Centuri Holdings, Inc. | Centuri Holdings, Inc. | Buy | +4,443,795 | +69.4% | $229.65M | 10,847,672 |
Q3 2025 | IEP Icahn Enterprises L.P. - Deposi | Icahn Enterprises L.P. - Deposi | Buy | +24,149,325 | +4.9% | $4.37B | 518,932,944 |
Q3 2025 | IFF International Flavors & Fragran | International Flavors & Fragran | Buy | +1,000,000 | +26.7% | $292.31M | 4,750,000 |
Q3 2025 | MNRO Monro, Inc. | Monro, Inc. | Buy - Position Entry | +1,465,000 | - | $26.33M | 1,465,000 |
Q3 2025 | SATS EchoStar Corporation | EchoStar Corporation | Buy - Position Entry | +4,354,542 | - | $332.51M | 4,354,542 |
Q3 2025 | SD SandRidge Energy, Inc. | SandRidge Energy, Inc. | Buy | +51,401 | +1.1% | $54.94M | 4,870,233 |
Q3 2025 | SWX Southwest Gas Holdings, Inc. | Southwest Gas Holdings, Inc. | Sell | -1,500,000 | -19.9% | $472.59M | 6,032,604 |
Q2 2025 | CTRI Centuri Holdings, Inc. | Centuri Holdings, Inc. | Buy | +3,917,382 | +157.5% | $143.70M | 6,403,877 |
Q2 2025 | CVI CVR Energy Inc. | CVR Energy Inc. | Buy | +1,884,201 | +2.7% | $1.89B | 70,418,471 |
Q2 2025 | DAN Dana Incorporated | Dana Incorporated | Sell - Position Exit | -14,286,505 | -100.0% | $0.00 | - |
Q2 2025 | IEP Icahn Enterprises L.P. - Deposi | Icahn Enterprises L.P. - Deposi | Buy | +43,995,449 | +9.8% | $3.98B | 494,783,619 |
Q2 2025 | ILMN Illumina, Inc. | Illumina, Inc. | Sell - Position Exit | -220,000 | -100.0% | $0.00 | - |
Q2 2025 | UAN CVR Partners, LP | CVR Partners, LP | Buy | +65,119 | +1.6% | $369.95M | 4,164,274 |
Q1 2025 | CVI CVR Energy Inc. | CVR Energy Inc. | Buy | +1,841,889 | +2.8% | $1.33B | 68,534,270 |
Q1 2025 | ILMN Illumina, Inc. | Illumina, Inc. | Buy | +180,000 | +450.0% | $17.45M | 220,000 |
Q1 2025 | JBLU JetBlue Airways Corporation | JetBlue Airways Corporation | Buy | +15,894,706 | +89.7% | $162.06M | 33,621,735 |
Q1 2025 | SWX Southwest Gas Holdings, Inc. | Southwest Gas Holdings, Inc. | Sell | -2,100,000 | -21.8% | $540.84M | 7,532,604 |
Q1 2025 | UAN CVR Partners, LP | CVR Partners, LP | Buy | +32,963 | +0.8% | $308.13M | 4,099,155 |
Q4 2024 | CTRI Centuri Holdings, Inc. | Centuri Holdings, Inc. | Sell | -1,105,434 | -30.8% | $48.01M | 2,486,495 |
Q4 2024 | IEP Icahn Enterprises L.P. - Deposi | Icahn Enterprises L.P. - Deposi | Buy | +17,581,237 | +4.1% | $3.91B | 450,788,170 |
Q4 2024 | ILMN Illumina, Inc. | Illumina, Inc. | Sell | -390,000 | -90.7% | $5.35M | 40,000 |
Q4 2024 | SWX Southwest Gas Holdings, Inc. | Southwest Gas Holdings, Inc. | Sell | -1,390,000 | -12.6% | $681.12M | 9,632,604 |
Q4 2024 | UAN CVR Partners, LP | CVR Partners, LP | Buy | +174,192 | +4.5% | $308.87M | 4,066,192 |
Q3 2024 | CTRI Centuri Holdings, Inc. | Centuri Holdings, Inc. | Buy | +1,000,000 | +38.6% | $58.01M | 3,591,929 |
Q3 2024 | IEP Icahn Enterprises L.P. - Deposi | Icahn Enterprises L.P. - Deposi | Buy | +26,892,947 | +6.6% | $5.86B | 433,206,933 |
Q2 2024 | CNDT Conduent Incorporated | Conduent Incorporated | Sell - Position Exit | -38,149,336 | -100.0% | $0.00 | - |
Q2 2024 | CTRI Centuri Holdings, Inc. | Centuri Holdings, Inc. | Buy - Position Entry | +2,591,929 | - | $50.49M | 2,591,929 |
Q2 2024 | CZR Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Buy - Position Entry | +2,440,109 | - | $96.97M | 2,440,109 |
Q2 2024 | IEP Icahn Enterprises L.P. - Deposi | Icahn Enterprises L.P. - Deposi | Buy | +38,434,084 | +10.4% | $6.70B | 406,313,986 |