Three stocks billionaire Carl Icahn is selling
Billionaire investor Carl Icahn’s firm, Icahn Enterprises, has adjusted its investment portfolio by reducing its holdings in Southwest Gas, Centuri, and Illumina while increasing its stake in CVR Partners and Icahn Enterprises itself.
These changes were disclosed in Icahn’s latest 13F filing with the US Securities and Exchange Commission (SEC), a quarterly requirement for investors managing assets exceeding $100 million (about R1.84 billion).
Icahn, the founder and majority shareholder of Icahn Enterprises, was born in Queens, New York, in 1936. He studied philosophy at Princeton University before embarking on a career as a stockbroker, later establishing his own investment firm in 1968.
By the 1980s, Icahn had built a reputation as one of the most formidable investors in the world, known for his aggressive, high-stakes investment tactics.
He is widely regarded as an ‘activist investor,’ a strategy that involves acquiring large stakes in undervalued companies and pushing management for changes that benefit shareholders.
Over the years, he has been at the centre of numerous corporate battles, including his successful breakup of RFR Nabisco and his failed attempt to take control of Time Warner.
Despite his storied success, 2023 proved to be a particularly challenging year for Icahn. His firm’s stock price collapsed by 53%, leading to a substantial decline in his personal wealth, with losses exceeding $2 billion (R35.84 billion).
The situation worsened in May 2023 when Hindenburg Research, a well-known short-selling firm, released a critical report on Icahn Enterprises.
Hindenburg alleged that the company was “significantly overvalued” and likened its financial model to a “Ponzi-like structure”, which triggered market volatility and increased scrutiny.
Icahn Enterprises has yet to regain its previous valuation.
Despite these setbacks, Icahn remains a formidable force in the investment world. His latest moves, as detailed in the SEC filing, suggest that he continues to actively adjust his strategy to navigate shifting market conditions.
Icahn Enterprises’ portfolio
The fourth quarter of 2024 saw notable changes to Icahn Enterprise’s stock portfolio.
The firm bought a stake in Icahn Enterprises and CVR Partners, which produces and sells nitrogen fertiliser products in the US.
Icahn also cut back on three shares – Southwest Gas Holdings, which distributes and transports natural gas in the US; Centuri Holdings, a utility infrastructure services company; and Illumina, an American biotechnology company.
Notably, it reduced its stake in Illumina by over 90% during the quarter.
Following its own stock, the firm’s top holdings are CVR Energy at 16.85%, Southwest Gas Holdings at 9.19%, and International Flavors & Fragrances at 4.28%.
At the end of the fourth quarter of 2024, the firm’s portfolio consisted of 14 stocks with a value of $7.12 billion (around R137.28 billion).
The table below shows Icahn Enterprises’ portfolio as of 31 December 2024.
| Company | Percent of portfolio | Change | Value |
|---|---|---|---|
| Icahn Enterprises | 52.71% | Add 4.06% | $3,908,333,000 |
| CVR Energy | 16.85% | No change | $1,249,815,000 |
| Southwest Gas Holdings | 9.19% | Reduce 12.61% | $681,121,000 |
| International Flavors & Fragrances | 4.28% | No change | $317,063,000 |
| CVR Partners LP | 4.17% | Add 4.48% | $308,868,000 |
| Bausch Health | 3.77% | No change | $279,852,000 |
| Dana | 2.23% | No change | $165,152,000 |
| JetBlue Airways | 1.88% | No change | $139,334,000 |
| American Electric Power | 1.50% | No change | $111,165,000 |
| Caesars Entertainment | 1.10% | No change | $81,548,000 |
| Bausch + Lomb | 0.85% | No change | $63,210,000 |
| SandRidge Energy | 0.76% | No change | $56,429,000 |
| Centuri Holdings | 0.65% | Reduce 30.78% | $48,014,000 |
| Illumina | 0.07% | Reduce 90.70% | $5,345,000 |
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