Carl Icahn's Stock Trades Q2 2026: Full Breakdown
Icahn Enterprises filed its quarterly 13F for the period ending June 30, 2026. The filing shows a $8.3B portfolio across 12 positions. Icahn added 13% to IEP, his dominant holding now worth $4.5B. He trimmed JBLU by 39% and AEP by 64%, while increasing SD by 2%. No positions were fully exited.
Icahn's 10 Largest Holdings by Portfolio Weight
IEP dominates at 54% of the $8.3B portfolio, with CVI second at 23.7%. The top 10 holdings comprise 98.6% of total assets.
What did Icahn buy this quarter?
Icahn increased two positions. IEP, Icahn Enterprises' own parent company, received the larger addition: a 13% bump, bringing it to $4.5B and expanding its already dominant 54% weight in the portfolio. SD saw a 2% increase to $69.3M. Both moves stayed within existing holdings rather than opening new positions.
Which positions did Icahn trim or exit?
Icahn reduced two holdings. JBLU took a 39% cut, falling to $118.4M. AEP saw a steeper 64% reduction, ending at $59.5M. The filing disclosed no complete exits.
How concentrated is Icahn's portfolio?
Extremely. His top 10 holdings account for 98.6% of the $8.3B portfolio. IEP alone represents more than half the book at 54.0%. CVI, his second largest position, makes up 23.7%. Together, these two stocks represent 77.7% of assets. This concentration means the portfolio's performance depends almost entirely on just two companies.
Icahn Portfolio by Sector
Energy accounts for 77.7% of the portfolio, with IEP and CVI making up most of that exposure. Basic Materials, Consumer Cyclical, Utilities, and Healthcare are all minor.
How does Icahn's performance compare to SteadyShares ratings?
Icahn's largest holdings are rated significantly below fair value by SteadyShares. IEP, which dominates the portfolio at 54%, is rated 17/100 and is priced 60% below estimated fair value. CVI, the second largest at 23.7%, carries a 18/100 rating and trades 62% below fair value. Both positions suggest Icahn is holding deeply undervalued assets according to the SteadyShares model. The one bright spot is UAN at 5.6% of the book, rated 68/100 and trading 127% above fair value, meaning it has outperformed its valuation estimate. CZR, a minor 0.9% position, is rated 16/100 and trades 44% below fair value, fitting the same pattern as IEP and CVI.
Icahn's Major Holdings vs SteadyShares Fair Value
IEP, CVI, and CZR all trade well below their estimated fair values. Only UAN trades above fair value, having gained 127% from its valuation estimate.
What does the quarter tell us about Icahn's direction?
The AEP trim and JBLU cut signal reduced conviction in those names. AEP lost 64% of its position weight, suggesting Icahn moved away from that utility exposure. JBLU's 39% haircut indicates similar reduced commitment. By contrast, the sizeable 13% addition to IEP, combined with the concentrated weighting already in place, shows Icahn is doubling down on his largest bet. The SD addition, though modest at 2%, represents continued interest in that position. Overall, the activity reflects a narrowing of focus rather than portfolio diversification. The energy sector now consumes 77.7% of the book, up from the weight driven by IEP and CVI alone.
The bottom line
Icahn added to his dominant IEP position and trimmed JBLU and AEP, leaving a portfolio that is 77.7% energy and almost entirely dependent on two stocks. His largest holdings trade far below SteadyShares fair value estimates, suggesting either he sees deep value others miss or the market has priced in material risks he is not accounting for.
You can review Icahn's full holdings and track changes to his portfolio on SteadyShares.
This is educational information, not financial advice.
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