Carl Icahn - Icahn Capital Management Investment Strategy & Portfolio Analysis

According to the SEC 13F filed on Aug 14, 2026, Carl Icahn's Icahn Capital Management portfolio reflects a highly concentrated, high-conviction, thematic approach across 12 reported 13F positions as of quarter-end Jun 30, 2026. Portfolio returns are primarily driven by a small set of high-conviction positions such as Icahn Enterprises L.P. - Deposi, CVR Energy, and CVR Partners, LP, with the top five holdings accounting for approximately 93% of total exposure and Icahn Enterprises L.P. - Deposi alone contributing ~54%. While the portfolio includes 12 positions, economic outcomes are highly concentrated in a narrow set of established large-cap compounders, indicating a meaningful divergence between structural diversification and return concentration. Exposure to high-growth and technology-oriented segments remains limited relative to peers, with performance instead anchored in durable, cash-generating businesses across energy, basic materials, and utilities. The portfolio exhibits extremely low turnover, reinforcing a long-term capital allocation approach centered on high-conviction, long-duration holdings. Distinctive traits include Long-Term Holder, Highly Concentrated, Economically Concentrated.