Carl Icahn is an American billionaire hedge fund manager who founded Icahn Enterprises, a diversified public conglomerate holding company.
Icahn is the third richest hedge fund manager according to the 2021 Forbes 400 list, with a net worth of $24.1 billion.
He is known as an activist investor who takes large stakes in companies unloved by the market and makes them more profitable.
He showed his investing prowess in 2022 by achieving a 30% return in the year’s first half despite a huge market decline.
Icahn holds his investments in various vehicles, including Icahn Capital Management, Icahn Partners, and his publicly listed holding company, Icahn Enterprises (IEP).
The table below details Icahn Capital Management’s shareholdings on 30 June 2022.
|Name||Value ($ million)||Portfolio Weight|
|Occidental Petroleum (Warrants)||$565||2.7%|
|Southwest Gas Holdings||$444||2.1%|
|International Flavors & Fragrances||$77||0.4%|
|Bausch & Lomb||$53||0.3%|
His hedge fund’s biggest holding by far is Icahn Enterprises, a diversified holding company engaged in seven business segments.
The segments are investment, energy, automotive, food packaging, real estate, home fashion, and pharma.
Carl Icahn and his affiliates own 88% of the business. His company does not need to disclose its holdings to the same level as hedge funds, but it provided a breakdown of its assets as of 30 June 2022.
|Business Segment||Asset Value ($ million)||Total Revenue ($ million)||Net Income ($ million)|
|All Other (including Food Packaging, Home Fashion, and Pharma)||$1,012||$710||($20)|
Many of Icahn Enterprises’ biggest holdings match that of his hedge fund.
It includes Cheniere, in which IEP holds 2.2%, FirstEnergy in which IEP holds 3.3%, Newell Brands, in which IEP holds 8%, Southwest Gas Holdings, in which IEP holds 7.6%, and Xerox, in which IEP holds 22.1%. IEP also has a significant holding in CVR energy.
IEP also disclosed other holdings that it believes provides significant inherent value, including Pep Boys, Auto Plus, Viskase, WestPoint Home, and Vivus therapeutics.
IEP has pulled out of the metals industry. In 2019 it sold Ferrous Resources for $463 million, and in 2021 it sold its holding of PSC Metals for a total of $323 million.
Icahn’s portfolio is tilted toward energy companies, with it making up more than 23% of his hedge fund’s portfolio. It is also the second biggest business segment of Icahn Enterprises.