Great investors · Carl Icahn · Q1 2025
What Carl Icahn bought and sold in Q1 2025
Icahn Capital 13F portfolio as of Mar 31, 2025: 14 positions worth $7.5 bn. Largest: IEP, CVI, SWX, UAN. Filed with the SEC on May 15, 2025.
The 13F is filed by Icahn Capital, not by Carl Icahn personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q1 2025
- IncreasedJetblue AirwaysJBLU+1.0 pp
Sells in Q1 2025
- ReducedSouthwest Gas HoldingsSWX−2.0 pp
2 companies with material moves, out of 4 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Icahn Capital's Q1 2025 13F lists 14 lines of US-listed securities worth $7.5 bn; the largest is IEP at 54.5% of the portfolio. It was accepted by the SEC on May 15, 2025 at 4:19 PM ET.
Against the previous quarter, it opened no new positions, closed none, added to 3 (JBLU, ILMN and CVI) and trimmed 1 (SWX). 10 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Icahn Enterprises IEP | 450.8 M | $4.1 bn | 54.5% | no change |
| 2 | CVR Energy CVI | 68.5 M | $1.3 bn | 17.8% | +2.8% |
| 3 | Southwest Gas Holdings SWX | 7.5 M | $541M | 7.22% | −22% |
| 4 | CVR Partners UAN | 4.1 M | $308M | 4.12% | no change |
| 5 | International Flavors & Fragrances IFF | 3.8 M | $291M | 3.89% | no change |
| 6 | Bausch Health Companies BHC | 34.7 M | $225M | 3.00% | no change |
| 7 | Dana DAN | 14.3 M | $190M | 2.54% | no change |
| 8 | Jetblue Airways JBLU | 33.6 M | $162M | 2.16% | +90% |
| 9 | American Electric Power AEP | 1.2 M | $132M | 1.76% | no change |
| 10 | Caesars Entertainment CZR | 2.4 M | $61.0M | 0.81% | no change |
| 11 | Sandridge Energy SD | 4.8 M | $55.0M | 0.74% | no change |
| 12 | Bausch & Lomb BLCO | 3.5 M | $50.8M | 0.68% | no change |
| 13 | Centuri Holdings CTRI | 2.5 M | $40.8M | 0.54% | no change |
| 14 | Illumina ILMN | 220,000 | $17.5M | 0.23% | +450% |
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Icahn Capital's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.