Carl Icahn - Icahn Capital Management Portfolio
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Carl Icahn - Icahn Capital Management Q2 2024 Portfolio
Icahn Capital Management, a hedge fund managed by Carl Icahn, disclosed 14 security holdings in their SEC 13F filing for the second quarter of 2024, with a total portfolio value $10,843,028,000
As of Q2 2024, Carl Icahn’s portfolio showcases significant investments with strategic movements in key sectors. Below is a detailed overview of the top holdings:
IEP – Icahn Enterprises
- Portfolio Allocation: 61.75%
- Recent Activity: Added 10.45%
- Shares Held: 406,313,986.
- Reported Price: $16.48 per share.
- Value at Reported Price: $6,696,055,000.
Icahn Enterprises remains the cornerstone of Carl Icahn’s portfolio, with a substantial increase in shares. This highlights Icahn’s strong conviction in his diversified holding company, which spans various sectors including energy, real estate, and automotive.
CVI – CVR Energy Inc.
- Portfolio Allocation: 16.47%
- Recent Activity: No change reported.
- Shares Held: 66,692,381.
- Reported Price: $26.77 per share.
- Value at Reported Price: $1,785,355,000.
CVR Energy is a significant holding in Icahn’s portfolio, reflecting confidence in the energy sector, particularly in refining and marketing petroleum products.
SWX – Southwest Gas Holdings Inc.
- Portfolio Allocation: 7.15%
- Recent Activity: No change reported.
- Shares Held: 11,022,604.
- Reported Price: $70.38 per share.
- Value at Reported Price: $775,771,000.
Southwest Gas Holdings remains a key investment, emphasizing Icahn’s interest in the utilities sector, particularly in natural gas distribution.
IFF – International Flavors & Fragrances Inc.
- Portfolio Allocation: 3.29%
- Recent Activity: No change reported.
- Shares Held: 3,750,000.
- Reported Price: $95.21 per share.
- Value at Reported Price: $357,038,000.
International Flavors & Fragrances is a notable part of Icahn’s portfolio, reflecting a strategic bet on the consumer goods sector, particularly in specialty chemicals and flavors.
UAN – CVR Partners LP
- Portfolio Allocation: 2.72%
- Recent Activity: No change reported.
- Shares Held: 3,892,000.
- Reported Price: $75.66 per share.
- Value at Reported Price: $294,469,000.
CVR Partners, focusing on nitrogen fertilizer manufacturing, remains a significant investment, aligning with Icahn’s strategy of investing in essential industrial commodities.
BHC – Bausch Health
- Portfolio Allocation: 2.23%
- Recent Activity: No change reported.
- Shares Held: 34,721,118.
- Reported Price: $6.97 per share.
- Value at Reported Price: $242,006,000.
Bausch Health continues to be part of the portfolio, reflecting confidence in the healthcare sector, particularly in pharmaceuticals and eye health products.
DAN – Dana Inc.
- Portfolio Allocation: 1.6%
- Recent Activity: No change reported.
- Shares Held: 14,286,505.
- Reported Price: $12.12 per share.
- Value at Reported Price: $173,152,000.
Dana Inc., an automotive parts manufacturer, remains in the portfolio, indicating belief in the automotive sector’s resilience and growth, particularly in vehicle technology and systems.
JBLU – JetBlue Airways Corp.
- Portfolio Allocation: 1.0%
- Recent Activity: No change reported.
- Shares Held: 17,727,029.
- Reported Price: $6.09 per share.
- Value at Reported Price: $107,958,000.
JetBlue’s position in the portfolio suggests Icahn’s cautious optimism about the airline industry, possibly anticipating a recovery or strategic growth initiatives.
AEP – American Electric Power
- Portfolio Allocation: 0.98%
- Recent Activity: No change reported.
- Shares Held: 1,205,300.
- Reported Price: $87.74 per share.
- Value at Reported Price: $105,753,000.
American Electric Power’s inclusion highlights continued interest in the utilities sector, focusing on electric power generation and distribution.
CZR – Caesars Entertainment
- Portfolio Allocation: 0.89%
- Recent Activity: New Buy.
- Shares Held: 2,440,109.
- Reported Price: $39.74 per share.
- Value at Reported Price: $96,970,000.
The addition of Caesars Entertainment reflects a strategic move into the entertainment and gaming industry, betting on the sector’s potential for growth and recovery.
Analysis of Top Holdings:
1. Icahn Enterprises: The largest position, with an increase in holdings, indicates strong confidence in the diversified nature of the business.
2. CVR Energy Inc.: Significant exposure to the energy sector, highlighting trust in the stability and growth potential of refining operations.
3. Southwest Gas Holdings Inc.: Continued investment in utilities, particularly in natural gas distribution.
4. International Flavors & Fragrances Inc.: A strategic bet on specialty chemicals and consumer goods.
5. CVR Partners LP: Maintained position, reflecting confidence in the agricultural sector, particularly fertilizers.
6. Bausch Health: Ongoing investment in healthcare, particularly pharmaceuticals.
7. Dana Inc.: Continued exposure to the automotive sector, with a focus on vehicle technology.
8. JetBlue Airways Corp.: Cautious optimism in the airline industry, possibly anticipating growth or recovery.
9. American Electric Power: Steady interest in the utilities sector, focusing on electricity.
10. Caesars Entertainment: New position, signaling interest in the entertainment and gaming sector.
Overall, Carl Icahn’s Q2 2024 portfolio demonstrates strategic investments in diverse sectors, including energy, utilities, healthcare, and consumer goods. The portfolio reflects a blend of stability-oriented investments and selective growth opportunities, consistent with Icahn’s approach to value investing and activist strategies.
Who is Carl Icahn ?
1936:
- Carl Celian Icahn is born on February 16, 1936, in Queens, New York City, United States.
1961:
- Carl Icahn starts his career on Wall Street as a stockbroker at Dreyfus & Company.
1968:
- Icahn establishes his own investment firm, Icahn & Co., which specializes in options trading.
1985:
- Icahn launches a hostile takeover bid for the airline company TWA (Trans World Airlines), which eventually results in him gaining control of the company.
1986:
- Icahn sells TWA’s profitable London routes to American Airlines for a substantial profit, leading to accusations of asset stripping.
1988:
- Icahn acquires a significant stake in Texaco, an oil company, and initiates a proxy battle to gain control of the company. The battle ends in a settlement, with Icahn gaining several seats on the board of directors.
1990:
- Icahn takes over the troubled airline, Eastern Air Lines, with the intention of turning it around. However, he is unable to save the company, and Eastern Air Lines goes bankrupt in 1991.
1997:
- Icahn creates Icahn Enterprises LP, a diversified holding company, to manage his investments and business ventures.
2000:
- Icahn launches a proxy fight against Yahoo!, urging the company to accept a takeover bid from Microsoft. Although unsuccessful in his bid, he garners attention for his aggressive tactics.
2006:
- Icahn begins acquiring shares in the technology company Motorola and pressures the company to restructure and unlock shareholder value. This leads to the separation of Motorola into two separate entities, Motorola Solutions and Motorola Mobility.
2008:
- Icahn purchases a large stake in the investment bank Bear Stearns, which is facing significant financial troubles during the subprime mortgage crisis. Ultimately, Bear Stearns is sold to JPMorgan Chase.
2013:
- Icahn becomes involved in a highly publicized battle with the board of directors of Dell Inc., opposing the company’s plan to go private. Although unsuccessful in blocking the deal, Icahn negotiates a higher price for shareholders.
2016:
- Icahn becomes an informal advisor to then-U.S. President-elect Donald Trump on regulatory reform. He plays a role in shaping Trump’s economic policies.
2020:
- Icahn liquidates his entire stake in the energy company Cheniere Energy, which he had acquired in 2015. The move comes amidst concerns about the liquefied natural gas (LNG) market and declining energy prices.
2021:
- Icahn discloses a substantial stake in the ride-hailing company, Lyft, and reportedly pushes for changes to increase shareholder value.
2022:
- Icahn sells his remaining stake in Lyft after the company’s stock price rises significantly, resulting in a substantial profit.
2023:
- Carl Icahn continues to be actively involved in the investment world, using his vast wealth and influence to pursue various investment opportunities and activism in publicly traded companies.
Interesting Facts
Carl Icahn is known as an activist investor, frequently taking significant stakes in companies and advocating for changes to boost shareholder value.
He has a reputation for aggressive tactics, including proxy fights, hostile takeovers, and public confrontations with company management.
Icahn has been involved in a wide range of industries, including airlines, energy, technology, and finance.
In addition to his investments, Icahn is known for his philanthropy. He has donated substantial amounts to various causes, including medical research and education.
Icahn is an avid poker player and has participated in high-stakes poker tournaments, occasionally donating his winnings to charity.
He is known for his strong opinions on corporate governance and often advocates for changes to board structures and executive compensation practices.
Icahn has faced criticism and legal challenges throughout his career, with some accusing him of short-term profit-seeking at the expense of long-term company health.
Despite his controversial reputation, Icahn’s influence and impact on the corporate world cannot be overlooked, as he has left an indelible mark on numerous companies and industries.
Carl Icahn's Investing Principles
Some people get rich studying artificial intelligence. Me, I make money studying natural stupidity.
Carl Icahn
In life and business, there are two cardinal sins. The first is to act precipitously without thought and the second is to not act at all.
Carl Icahn
When most investors, including the pros, all agree on something, they’re usually wrong.
Carl Icahn
In risk there is reward…
Carl Icahn
The cardinal rule is to have enough capital at the end of the day.
Carl Icahn
The big money is not in the buying and selling, but in the waiting.
Carl Icahn