Carl Icahn - Icahn Capital Management Portfolio

Icahn Capital Management Strategy Analysis

Key metrics revealing investment style, risk management, and performance characteristics

Metric	Value	Category	Description
Holding Period	8.3 years	Style	Average duration positions are maintained
Position Count	28	Style	Number of active positions in portfolio
Position Size	8.4%	Risk	Typical allocation per position
Win Rate	51.1%	Performance	Percentage of profitable positions
Average Return	506.2%	Performance	Mean return across positions
Sharpe Ratio	0.08	Performance	Return per unit of risk taken

Investment Case Study: Icahn Enterprises LP (IEP)

6/30/2020 - 9/3/2025

Total Return: -78.52%

Holding Period: 1891 days

Max Position Size: $6,696,054,489.00

Position Weight: 58.54%

6/30/2020: INCREASE(8,013,676.00 shares) @ $0.05

9/30/2020: INCREASE(8,528,504.00 shares) @ $0.05

12/31/2020: INCREASE(8,157,630.00 shares) @ $0.05

6/30/2021: INCREASE(15,896,308.00 shares) @ $0.05

9/30/2021: INCREASE(9,476,336.00 shares) @ $0.05

12/31/2021: INCREASE(9,925,154.00 shares) @ $0.05

6/30/2022: INCREASE(20,606,398.00 shares) @ $0.05

9/30/2022: INCREASE(10,902,568.00 shares) @ $0.05

12/31/2022: INCREASE(11,441,398.00 shares) @ $0.05

6/30/2023: INCREASE(34,496,953.00 shares) @ $0.03

9/30/2023: INCREASE(16,324,527.00 shares) @ $0.02

12/31/2023: INCREASE(17,060,798.00 shares) @ $0.02

6/30/2024: INCREASE(38,434,084.00 shares) @ $16.48

9/30/2024: INCREASE(26,892,947.00 shares) @ $13.52

12/31/2024: INCREASE(17,581,237.00 shares) @ $8.67

6/30/2025: INCREASE(43,995,449.00 shares) @ $8.05

Entry Context: Initial position established based on fundamental analysis

Sector Conditions: Favorable market conditions in the sector

Risk Factors: