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Value GiantsValue investors’ 13F holdings, as a whole
Q2 2026 13FData as of Aug 18, 2026
Activist

Carl Icahn

Q2 2026 13F: 12 holdings worth about $8.3B; that quarter 0 new, 2 added, 2 trimmed, 0 sold out.

Firm: Icahn Carl C
Filer: ICAHN CARL C CIK 921669
Last filed: Aug 14, 2026 | Activist | Counted in this quarter’s totals

13F lists only long positions in US-listed stocks (and some ETFs and convertibles); short positions, cash, bonds, shares listed outside the US and private companies are not shown, so this is not the giant’s whole portfolio.

Why This Giant Is Included

  • Rule numbers (Q2 2026): 12 holdings, top 10 = 99%, stocks $8.3B, options 0%; all four rules met
  • Source for the value approach: Icahn Enterprises L.P. Form 10-K for the fiscal year ended December 31, 2025 (Icahn Enterprises L.P. (SEC EDGAR), 2026-02-26): “we seek to find undervalued companies in the Graham & Dodd tradition, a methodology for valuing stocks that primarily looks for deeply depressed prices” (checked 2026-10-11)

Full selection rules →

13F value
$8.3B
previous $8.6B (−3.4%)
Holdings
12
0 new / 0 sold out
Net deploymentest.
+4.0%
est. net buying ÷ last quarter’s portfolio
Top-10 concentration
99%
overlap with the composite 2%
Turnoverest.
2.0%
held 22 quarters on average
I

Trades in Q2 2026

Sorted by position shift: how many percentage points of the portfolio the trade moved.

How to Read This

Share changes are split-adjusted. Est. trade price = (start + end price) ÷ 2; 13F does not show the actual trade date or price.

MoveCompanyChange in sharesChange %Position shift (pts)Start → end priceEst. trade price
AddedIEPIcahn Enterprises LP+68.99M+13%+6.02$7.55 → $7.21$7.38
TrimmedAEPAmerican Electric Power−770.6K−64%−1.28$131.08 → $136.81$133.94
TrimmedJBLUJetblue Airways Corp−12.96M−39%−0.90$4.42 → $5.73$5.08
AddedSDSandridge Energy Inc+107.2K+2%+0.02$16.31 → $13.70$15.00
II

All Holdings (12 Companies)

Share classes of one company are combined; click a heading to re-sort.

How to Read This

Est. average cost: shares bought each quarter × (start + end price) ÷ 2, weighted; trims do not change the cost. Positions held before Q1 1999 (or the giant’s earliest electronic filing) start from that quarter’s price and are marked ‘start point’. vs cost = quarter-end price ÷ est. average cost − 1, excluding dividends.

CompanySectorWeight (prev.)SharesValueThis quarterFirst boughtQuarters heldEst. avg costQuarter-end pricevs costHistory
IEPIcahn Enterprises LPEnergy54.0%48.5%618.39M$4.5BAdded +13%Q3 200776$40.29est.$7.21−82%History
CVICVR Energy IncEnergy23.7%28.0%71.20M$2.0BHeldQ4 201159$25.62est.$27.54+8%History
UANCVR Partners LPMaterials5.6%6.2%4.16M$464.2MHeldQ1 202410$78.32est.$111.48+42%History
CTRICenturi Holdings, IncUtilities5.2%4.9%14.34M$433.5MHeldQ2 20249$21.01est.$30.24+44%History
IFFInternational Flavors & FragrancesMaterials4.1%3.6%4.28M$338.7MHeldQ1 202218$87.93est.$79.22−10%History
ECHOEchostar CorpCommunication & media1.7%1.9%1.40M$142.6MHeldQ3 20254$52.03est.$101.50+95%History
JBLUJetblue Airways CorpIndustrials1.4%1.7%20.66M$118.4MTrimmed −39%Q1 202410$6.42est.$5.73−11%History
MNROMonro IncConsumer discretionary1.1%1.0%5.08M$86.9MHeldQ3 20254$18.27est.$17.11−6%History
CZRCaesars Entertainment, IncConsumer discretionary0.9%0.8%2.44M$73.6MHeldQ2 20249$41.74est.$30.18−28%History
SDSandridge Energy IncEnergy0.8%0.9%5.05M$69.3MAdded +2%Q4 201735$20.26est.$13.70−32%History
AEPAmerican Electric PowerUtilities0.7%1.8%434.7K$59.5MTrimmed −64%Q4 202311$78.22est.$136.81+75%History
BLCOBausch & Lomb CorpHealth care0.7%0.7%3.50M$58.0MHeldQ2 202217$17.54est.$16.56−6%History
III

Portfolio Map: Size Is Weight, Colour Is Gain or Loss against Cost

How to Read This

Each block is a company (up to 60); area = portfolio weight. The darker the colour, the further the quarter-end price is above (or below) the estimated cost: light 5–25%, medium 25–100%, darkest over 100%; grey is within 5%.

above costbelow costwithin 5%
Portfolio MapIEPIcahn Enterprises LPCVICVR Energy IncUANCVR Partners LPCTRICenturi Holdings, IncIFFInternational Flavo…ECHOJBLUMNROMonro In…CZRSDBLCO
IV

Over Time

From Q1 1999, 97 quarters (this giant’s electronic 13F filings).

13F Value

13F Value$0$10.0B$20.0B$30.0BQ1 1999Q4 2004Q2 2007Q4 2009Q2 2012Q4 2014Q2 2017Q4 2019Q2 2022Q2 2026

Holdings

Holdings01020Q1 1999Q4 2004Q2 2007Q4 2009Q2 2012Q4 2014Q2 2017Q4 2019Q2 2022Q2 2026

Top-10 Concentration

Top-10 Concentration0%25%50%75%100%Q1 1999Q4 2004Q2 2007Q4 2009Q2 2012Q4 2014Q2 2017Q4 2019Q2 2022Q2 2026

Turnover (Est.)

Turnover0%25%50%75%Q1 1999Q4 2004Q2 2007Q4 2009Q2 2012Q4 2014Q2 2017Q4 2019Q2 2022Q2 2026

Sector Mix

Information technologyFinancialsCommunication & mediaConsumer discretionaryIndustrialsHealth careEnergyOther (incl. unclassified)
Sector Mix0%25%50%75%100%Q1 1999Q4 2004Q2 2007Q4 2009Q2 2012Q4 2014Q2 2017Q4 2019Q2 2022Q2 2026
V

Quarter by Quarter, with the Original Filings

* = not counted in that quarter’s totals. Links open the original SEC filing; 13F-HR/A is an amendment.

Show 97 Quarters
QuarterHoldingsNewSold out13F valueTurnoverNet deploymentSEC
Q2 20261200$8.3B2.0%+4.0%13F-HR
Q1 20261201$8.6B0.3%−8.3%13F-HR
Q4 20251300$8.4B1.4%+3.0%13F-HR
Q3 20251321$9.1B4.0%+3.5%13F-HR
Q2 20251202$7.9B3.1%+3.5%13F-HR
Q1 20251400$7.5B2.0%+0.1%13F-HR
Q4 20241400$7.4B2.0%+0.4%13F-HR
Q3 20241400$9.9B0.0%+3.9%13F-HR
Q2 20241422$10.8B7.0%−0.2%13F-HR
Q1 20241422$11.9B2.4%+3.7%13F-HR
Q4 20231411$10.9B3.3%+0.2%13F-HR
Q3 20231401$12.1B3.0%−3.0%13F-HR
Q2 20231502$15.5B2.0%+4.7%13F-HR
Q1 20231710$22.0B1.5%−0.6%13F-HR
Q4 20221601$21.8B2.7%−0.8%13F-HR
Q3 20221721$21.2B3.7%+2.4%13F-HR
Q2 20221611$20.9B2.8%+3.3%13F-HR
Q1 20221622$21.9B3.3%−13.6%13F-HR
Q4 20211601$22.3B2.9%−1.2%13F-HR
Q3 20211722$22.5B5.4%−1.6%13F-HR
Q2 20211702$24.3B3.8%−3.2%13F-HR
Q1 20211910$23.8B2.9%+4.9%13F-HR
Q4 20201820$20.1B1.2%+2.0%13F-HR
Q3 20201611$17.4B2.9%−7.9%13F-HR
Q2 20201603$19.7B2.3%−6.3%13F-HR
Q1 20201910$18.0B0.0%+8.5%13F-HR
Q4 20191800$26.2B0.9%+0.7%13F-HR
Q3 20191831$25.7B5.3%+7.2%13F-HR
Q2 20191611$26.5B2.3%+9.2%13F-HR
Q1 20191613$24.1B3.5%−1.7%13F-HR
Q4 20181835$20.4B8.2%−2.1%13F-HR
Q3 20182001$25.2B1.6%+3.4%13F-HR
Q2 20182150$24.1B2.4%+10.9%13F-HR
Q1 20181612$20.1B4.0%−12.2%13F-HR
Q4 20171732$22.7B4.9%+0.7%13F-HR
Q3 20171600$21.3B0.9%+0.2%13F-HR
Q2 20171600$19.6B2.3%−3.8%13F-HR
Q1 20171624$19.9B5.5%−4.2%13F-HR
Q4 20161801$22.4B1.0%+3.1%13F-HR
Q3 20161902$19.8B1.7%−5.0%13F-HR
Q2 20162133$20.3B4.7%+4.9%13F-HR
Q1 20162116$21.5B1.5%−24.8%13F-HR
Q4 20152620$29.4B2.9%+11.3%13F-HR
Q3 20152431$27.9B7.4%+8.1%13F-HR
Q2 20152232$31.2B3.1%−1.1%13F-HR
Q1 20152101$32.1B1.6%−0.3%13F-HR
Q4 20142210$31.9B0.0%+2.0%13F-HR
Q3 20142120$33.6B0.4%+6.0%13F-HR
Q2 20141911$38.5B1.6%−7.7%13F-HR
Q1 20141910$32.9B0.5%+9.9%13F-HR
Q4 20131811$30.5B4.3%+4.4%13F-HR
Q3 20131823$24.6B12.0%+1.3%13F-HR
Q2 20131911$21.5B0.0%+16.5%13F-HR
Q1 20131940$17.0B0.0%+12.2%13F-HR
Q4 20121512$12.9B3.0%+4.4%13F-HR
Q3 20121611$11.2B0.1%+4.3%13F-HR
Q2 20121611$10.1B10.8%+17.1%13F-HR
Q1 20121603$9.4B7.3%−29.7%13F-HR
Q4 20111912$11.7B4.7%−5.8%13F-HR
Q3 20112041$11.1B2.9%+15.1%13F-HR
Q2 20111745$11.0B6.1%+60.5%13F-HR
Q1 20111842$6.8B10.1%+1.6%13F-HR
Q4 20101610$5.9B0.0%+3.0%13F-HR
Q3 20101520$5.5B0.0%+4.1%13F-HR
Q2 20101361$4.7B0.0%+7.0%13F-HR 13F-HR/A
Q1 2010814$5.6B2.0%+9.2%13F-HR
Q4 20091121$4.5B2.0%−3.2%13F-HR
Q3 20091000$4.2B0.0%−1.1%13F-HR
Q2 20091001$3.9B0.1%+0.0%13F-HR 13F-HR/A
Q1 20091101$2.8B0.3%+1.7%13F-HR
Q4 20081205$2.6B5.0%−12.2%13F-HR
Q3 20081721$5.1B0.1%+0.9%13F-HR
Q2 20081624$6.8B7.1%+15.9%13F-HR
Q1 20081820$6.8B0.0%+2.5%13F-HR
Q4 20071630$9.7B0.0%+3.3%13F-HR
Q3 20071351$8.3B81.0%+19.1%13F-HR
Q2 2007900$6.7B0.0%+2.7%13F-HR
Q1 2007922$7.5B1.1%−1.1%13F-HR
Q4 2006920$5.5B2.0%−2.2%13F-HR
Q3 2006701$3.7B0.1%+4.0%13F-HR
Q2 2006800$3.0B0.0%+1.0%13F-HR
Q1 2006810$3.3B0.0%+8.3%13F-HR
Q4 2005722$2.6B1.0%+21.0%13F-HR
Q3 2005731$2.2B1.3%−22.1%13F-HR
Q2 2005 *505$2.2B21.4%+0.0%13F-HR
Q1 2005 *1010$2.1B0.0%+8.9%13F-HR
Q4 2004 *941$2.0B0.1%+14.3%13F-HR
Q3 2004 *612$1.5B3.9%+44.2%13F-HR
Q2 2004 *702$1.0B0.0%−24.8%13F-HR
Q1 2004 *910$1.1B0.0%+30.5%13F-HR
Q4 2003 *800$870.9M——13F-HR 13F-HR/A 13F-HR/A
Q1 2002 *100$6.6M0.0%0.0%13F-HR
Q4 2001 *100$9.2M0.0%0.0%13F-HR 13F-HR
Q3 2001 *100$2.2M——13F-HR
Q1 2000 *100$99.8M0.0%+83.4%13F-HR
Q4 1999 *100$49.3M——13F-HR
Q1 1999600$487.3M——13F-HR 13F-HR 13F-HR 13F-HR 13F-HR
VI

Large Positions Sold Out

Positions that once made up 2% or more of the portfolio and were later sold out (latest 40): holding period and what became of the company, without profit or loss.

How to Read This

Sold out means the holding no longer appears on the 13F: it may have been sold, or the company was acquired or delisted. Company status is checked only for companies the giants together once held $100M or more of, from the company’s own SEC filings (for example 8-K item 1.03 = bankruptcy filing); a dash means not checked.

CompanyHeldPeak weightCompany since
SWXSouthwest Gas Holdings, IncQ3 2021 – Q1 20269%Still filing with the SEC
BHCBausch Health Companies IncQ4 2020 – Q3 20255%Still filing with the SEC
DANDana IncQ4 2020 – Q2 20253%Still filing with the SEC
OXY.WSOccidental PETROLEUM-CW27Q3 2020 – Q2 20246%—
NWLNewell Brands IncQ1 2018 – Q1 20245%Still filing with the SEC
FEFirstenergy CorpQ1 2021 – Q1 20244%Bankruptcy filing; the company kept filing Apr 5, 2018
XRXXerox Holdings CorpQ1 2022 – Q3 20233%Still filing with the SEC
LNGCheniere Energy, IncQ2 2015 – Q2 20239%Still filing with the SEC
HRIHerc Holdings IncQ2 2016 – Q2 20233%—
TWTRTwitter IncQ3 2022 – Q4 20223%Acquired or delisted Nov 7, 2022
OXYOccidental Petroleum CorpQ2 2019 – Q1 202210%—
—Xerox CorpQ3 2021 – Q1 20223%Still filing with the SEC
CLDRCloudera IncQ3 2019 – Q4 20214%Acquired or delisted Oct 19, 2021
NAVNavistar International CorpQ3 2011 – Q3 20214%Acquired or delisted Jul 12, 2021
XRXXerox Holdings CorpQ3 2019 – Q3 20213%Still filing with the SEC
HLFHerbalife LtdQ1 2013 – Q2 202111%—
—Caesars Holdings IncQ1 2019 – Q3 20207%Acquired or delisted Jul 30, 2020
FCXFreeport-McMoRan IncQ3 2015 – Q2 20206%—
HPQHP IncQ3 2019 – Q2 20206%—
HTZGQHertz Global Holdings IncQ2 2016 – Q2 20203%Bankruptcy filing; the company kept filing May 26, 2020
—Xerox CorpQ4 2017 – Q3 20193%Still filing with the SEC
FANGDiamondback Energy, IncQ4 2018 – Q2 20193%—
DELLDell Technologies IncQ4 2018 – Q1 20193%—
ARIIAmerican Railcar IndustriesQ1 2006 – Q4 20187%Acquired or delisted Dec 18, 2018
DVMTDell Technologies IncQ2 2018 – Q4 20183%Still filing with the SEC
EGNEnergen CorpQ2 2018 – Q4 20183%Acquired or delisted Dec 10, 2018
AIGAmerican International Group, IncQ3 2015 – Q1 201814%Still filing with the SEC
PYPLPayPal Holdings, IncQ3 2015 – Q1 20187%—
—Xerox CorpQ4 2015 – Q4 20175%Still filing with the SEC
FDMLFederal-Mogul Holdings LLCQ2 2008 – Q1 201729%Acquired or delisted Feb 24, 2017
NUANNuance Communications IncQ1 2013 – Q1 20174%Acquired or delisted Mar 14, 2022
AGNAllergan Unltd CoQ2 2016 – Q1 20174%Acquired or delisted May 21, 2020
—Expand Energy CorpQ2 2012 – Q3 20169%Bankruptcy filing; the company kept filing Jun 29, 2020
RIGTransocean LtdQ4 2012 – Q3 20166%—
—Herc Holdings IncQ3 2014 – Q2 20164%Still filing with the SEC
AAPLApple IncQ3 2013 – Q1 201621%—
HOLXHologic IncQ4 2013 – Q1 201618%Still filing with the SEC
MENTMentor Graphics CorpQ2 2010 – Q1 20163%Acquired or delisted Apr 10, 2017
EBAYeBay IncQ1 2014 – Q3 20159%—
NFLXNetflix IncQ3 2012 – Q2 20157%—