As of Q4 2024, Carl Icahn’s Icahn Capital Management portfolio shows several key adjustments across its major holdings. Below is a detailed overview of the top 10 positions and notable shifts since the previous quarter.

1.  IEP – Icahn Enterprises: 52.71%

2.  CVI – CVR Energy Inc.: 16.85%

3.  SWX – Southwest Gas Holdings Inc.: 9.19%

4.  IFF – International Flavors & Fragrances Inc.: 4.28%

5.  UAN – CVR Partners LP: 4.17%

6.  BHC – Bausch Health: 3.77%

7.  DAN – Dana Inc.: 2.23%

8.  JBLU – JetBlue Airways Corp.: 1.88%

9.  AEP – American Electric Power: 1.50%

10.                CZR – Caesars Entertainment: 1.10%

1. IEP – Icahn Enterprises

• Portfolio Allocation: 52.71%
• Recent Activity: Added 4.06%
• Shares Held: 450,788,170
• Reported Price: $8.67 per share
• Value at Reported Price: $3,908,333,000

Icahn Enterprises remains the dominant holding, now exceeding half of the total portfolio. The additional 4.06% stake underscores Carl Icahn’s continued confidence in his own diversified holding company, which spans energy, real estate, automotive, and more. This significant allocation reflects a strong belief in IEP’s long-term prospects.

2. CVI – CVR Energy Inc.

• Portfolio Allocation: 16.85%
• Recent Activity: No change reported
• Shares Held: 66,692,381
• Reported Price: $18.74 per share
• Value at Reported Price: $1,249,815,000

CVR Energy remains a major component of Icahn’s portfolio, focusing on petroleum refining and nitrogen fertilizer production. This substantial position indicates ongoing commitment to energy and agricultural commodities—sectors that can benefit from global demand fluctuations.

3. SWX – Southwest Gas Holdings Inc.

• Portfolio Allocation: 9.19%
• Recent Activity: Reduced 12.61%
• Shares Held: 9,632,604
• Reported Price: $70.71 per share
• Value at Reported Price: $681,121,000

Southwest Gas Holdings continues to provide exposure to the utility sector, particularly natural gas distribution. However, the notable reduction (12.61%) suggests Icahn may be reallocating capital or taking profits, while still maintaining a significant stake in a defensive industry known for stable cash flows.

4. IFF – International Flavors & Fragrances Inc.

• Portfolio Allocation: 4.28%
• Recent Activity: No change reported
• Shares Held: 3,750,000
• Reported Price: $84.55 per share
• Value at Reported Price: $317,063,000

International Flavors & Fragrances remains in the portfolio, reflecting Icahn’s interest in specialty chemicals. As a key supplier of flavors, fragrances, and cosmetic ingredients, IFF taps into consistent demand from consumer goods manufacturers, offering diversification and a measure of defensive stability.

5. UAN – CVR Partners LP

• Portfolio Allocation: 4.17%
• Recent Activity: Added 4.48%
• Shares Held: 4,066,192
• Reported Price: $75.96 per share
• Value at Reported Price: $308,868,000

CVR Partners, a nitrogen fertilizer producer, complements Icahn’s stake in CVR Energy by expanding his exposure to agricultural commodities. The increased position (4.48%) signals confidence in ongoing demand for fertilizer and the potential for attractive returns in the agricultural sector.

6. BHC – Bausch Health

• Portfolio Allocation: 3.77%
• Recent Activity: No change reported
• Shares Held: 34,721,118
• Reported Price: $8.06 per share
• Value at Reported Price: $279,852,000

Bausch Health provides diversification into pharmaceuticals and medical devices. Although the position remains unchanged, Icahn’s involvement suggests continued optimism in Bausch’s restructuring efforts and potential for turnaround in its product portfolio.

7. DAN – Dana Inc.

• Portfolio Allocation: 2.23%
• Recent Activity: No change reported
• Shares Held: 14,286,505
• Reported Price: $11.56 per share
• Value at Reported Price: $165,152,000

Dana Inc. offers exposure to automotive and commercial vehicle components, including electrified powertrain solutions. Keeping this stake steady indicates Icahn’s sustained interest in the evolving automotive sector, especially as the industry shifts toward electric and hybrid technologies.

8. JBLU – JetBlue Airways Corp.

• Portfolio Allocation: 1.88%
• Recent Activity: No change reported
• Shares Held: 17,727,029
• Reported Price: $7.86 per share
• Value at Reported Price: $139,334,000

JetBlue Airways remains a relatively small but notable holding. Icahn’s ongoing stake suggests an expectation of continued or eventual recovery in the travel industry, even as airlines face economic headwinds and fluctuating fuel costs.

9. AEP – American Electric Power

• Portfolio Allocation: 1.50%
• Recent Activity: No change reported
• Shares Held: 1,205,300
• Reported Price: $92.23 per share
• Value at Reported Price: $111,165,000

American Electric Power adds another layer of utility exposure, providing consistent dividend income and defensive characteristics. By maintaining this stake, Icahn preserves a stable component within a broader portfolio that leans heavily on energy, industrials, and consumer plays.

10. CZR – Caesars Entertainment

• Portfolio Allocation: 1.10%
• Recent Activity: No change reported
• Shares Held: 2,440,109
• Reported Price: $33.42 per share
• Value at Reported Price: $81,548,000

Caesars Entertainment remains Icahn’s gateway into the gaming and hospitality sector. Although a smaller position, it offers potential upside linked to consumer discretionary spending and the ongoing recovery in travel and leisure activities.

Analysis of Carl Icahn’s Q4 2024 Portfolio Strategy

1.  Ongoing Commitment to Icahn Enterprises
Icahn Enterprises continues to dominate the portfolio, surpassing 50% in allocation. The additional 4.06% reflects Icahn’s unwavering belief in his own diversified holding company’s long-term prospects.

2.  Targeted Moves in Energy and Agriculture
With significant stakes in CVR Energy, CVR Partners, and partial exposure through Southwest Gas, Icahn maintains a strong focus on essential commodities. The added shares in UAN further highlight his conviction in agricultural inputs, while a reduced position in Southwest Gas may suggest selective rebalancing within the energy/utility segment.

3.  Defensive and Diversified Holdings
Utilities like American Electric Power, along with stable consumer-focused plays such as International Flavors & Fragrances, provide resilience. Meanwhile, Bausch Health represents Icahn’s healthcare exposure, which often appeals to value-oriented investors seeking turnaround stories.

4.  Selective Automotive and Airline Exposure
Dana Inc. and JetBlue reflect Icahn’s willingness to maintain positions in cyclical industries—betting on a broader economic rebound and technological shifts, especially in the automotive sector.

Conclusion

Carl Icahn’s Q4 2024 portfolio demonstrates a strong concentration in Icahn Enterprises, complemented by a robust energy and agriculture focus (CVI, UAN). The partial reduction in Southwest Gas, paired with a slight increase in UAN, signals tactical adjustments within the commodities space. Meanwhile, stable positions in utilities, healthcare, and consumer discretionary round out a strategy that blends high conviction in his own enterprise with select exposure to diverse sectors poised for both stability and growth.

Disclaimer:
This analysis is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. Investing involves risks, including the potential loss of principal. Past performance is not indicative of future results. Investors should conduct their own research or consult a qualified financial advisor before making investment decisions.