AHNIM STUDIO · Guru · Institutional 13F · Q2 2026
Icahn’s disclosed IEP units increased by 68,992,804 in Q2 2026—but that increase matches units distributed to Icahn and affiliates, not evidence of open-market buying. IEP accounts for 53.95% of the reported equity value, while CVR Energy’s share count is unchanged and JetBlue and AEP show reductions. The important story is concentrated exposure and distribution mechanics, not a blanket claim that Carl Icahn bought more stocks.
Research cut-off: October 18, 2026 (Korea). Holdings dates: March 31 and June 30, 2026. Legal holdings filer: ICAHN CARL C; CIK 921669. Q2 filed 2026-08-14, accession 0001539497-26-002243. Values are USD as reported, with table values in USD millions; full precision is retained for calculations. No Q3 holdings report was found in the refreshed submission histories. The official Q3 deadline, November 16, 2026, is not itself a filed portfolio.
Which Icahn filing actually contains the holdings?
The starting point is Icahn Capital LP, CIK 1412093. Its Q2 Form 13F-NT is a notice rather than a holdings table. The notice points to the report filed under ICAHN CARL C, CIK 921669. That is the holdings report used here, once. Adding both records as independent portfolios would duplicate the same reporting chain.
The holdings cover lists nine included managers. The information table contains 18 rows, but these collapse to 12 securities when separate management slices of the same CUSIP, security type and share unit are added. Five IEP rows are not five distinct investments; they are ownership or discretion slices within the same report. This is why a simple row count is not a useful measure of diversification.
Carl Icahn remains chairman of Icahn Enterprises and CEO of Icahn Capital according to the official leadership record. Those roles should not be confused with the CEO of Icahn Enterprises itself. The report is the disclosed reporting perimeter identified on the cover, not a statement of Icahn’s complete personal wealth or all assets held through the wider group.
The IEP increase is explained by distributions
IEP units rise from 549,400,539 at March 31 to 618,393,343 at June 30, an increase of 68,992,804, or 12.56%. Taken in isolation, those numbers could look like a major increase in buying. The company’s Q2 financial statements provide the essential bridge.
Icahn Enterprises’ official quarterly distribution note identifies 32,536,774 units distributed to Icahn and affiliates on April 15 and 36,456,030 units on June 25. Their sum is exactly the observed quarter-end increase. The disclosed increase therefore does not require an open-market purchase to explain it. This calculation is stronger evidence than a headline that merely compares two 13F balances.
Nor does a distribution automatically create an equivalent gain in economic wealth. More units, the treatment of other holders, changes in total units outstanding and the market price all matter. A 13F contains the marked value of securities, not a complete reconciliation of the issuer’s capital account or a total-return calculation. We therefore do not label the 12.56% unit increase a return, a dollar purchase amount or a new expression of conviction.
Reporting scope and concentration
| Measure | Q1 2026 | Q2 2026 |
|---|---|---|
| All reported line values | $8,553.641m | $8,264.091m |
| Operating-company equity | $8,553.641m | $8,264.091m |
| Original information-table rows | 18 | 18 |
| Operating-company issuers | 12 | 12 |
| Top 10 issuers / stated equity | 98.60% | 98.58% |
The all-line total may include option-underlying values and other instruments. It is not option premium, full assets under management, current holdings, or a return calculation. Ordinary shares, ADRs, REIT shares and operating-partnership equity are included in the stated operating-company denominator. Funds, options, principal-unit securities, warrants, preferred depositary securities and dated equity units are excluded.
Largest disclosed operating-company equity positions
| Issuer / security class | Q2 shares or units | Q2 value | Equity weight |
|---|---|---|---|
| Icahn Enterprises LP · DEPOSITARY UNIT | 618,393,343 | $4,458.616m | 53.95% |
| CVR Energy Inc · COM | 71,201,875 | $1,960.900m | 23.73% |
| CVR Partners, LP · COM | 4,164,274 | $464.233m | 5.62% |
| Centuri Holdings, Inc. · COM SHS | 14,336,044 | $433.522m | 5.25% |
| International Flavors and Fragrances Inc. · COM | 4,275,000 | $338.666m | 4.10% |
| EchoStar Corporation · CL A | 1,404,542 | $142.561m | 1.73% |
| JetBlue Airways Corp. · COM | 20,658,179 | $118.371m | 1.43% |
| Monro, Inc. · COM | 5,078,573 | $86.894m | 1.05% |
| Caesars Entertainment, Inc. · COM | 2,440,109 | $73.642m | 0.89% |
| SandRidge Energy, Inc. · COM NEW | 5,054,907 | $69.252m | 0.84% |
Concentration rises even while the all-line value falls
The disclosed total falls from $8.554 billion to $8.264 billion. IEP’s reported value nevertheless rises to $4.459 billion, increasing its weight from 48.49% to 53.95%. Both effects contribute to the weight change: the IEP numerator grows while the overall denominator declines. The result describes concentration at two quarter-ends, not the performance of a traded strategy.
CVR Energy remains at 71,201,875 shares. Its reported value and portfolio weight decline, illustrating the reverse of the IEP problem: a falling value need not mean shares were sold. CVR Partners, Centuri and International Flavors & Fragrances also retain their reported share quantities. Market-value tables alone would miss this stability.
IEP and CVR Energy together dominate the disclosed book. There is also an important look-through limitation: an operating partnership such as IEP may itself hold businesses or interests related to other listed positions. Our weights describe the securities on this report; they are not an analysis of ultimate economic exposure after consolidating every subsidiary or removing cross-holdings. That distinction matters before treating a 12-security list as 12 independent risks.
Where the filing does show lower share counts
JetBlue falls from 33,621,735 to 20,658,179 shares, a 38.56% reduction. American Electric Power falls from 1,205,300 to 434,710 shares, a 63.93% reduction. SandRidge rises modestly from 4,947,701 to 5,054,907 shares. These are net changes between reporting dates, not a record of the sequence, execution price or gross size of trades during the quarter.
No operating-equity security is newly reported or disappears entirely in this matched comparison. That is a useful counterweight to the headline concentration change: the set of reported securities is stable, but quantities and marked values are not. The table below keeps unchanged positions visible because they help distinguish a change in allocation from a change in market price.
The filing does not explain why JetBlue or AEP quantities were reduced. Describing either as a change in the manager’s view would require an attributable statement or additional evidence. Our conclusion is narrower: exposure as measured by reported shares is lower, while the existing highly concentrated core remains.
What would change the interpretation next quarter?
AHNIM interpretation: the most reusable measure here is a distribution-adjusted unit bridge, not an unadjusted ranking of apparent purchases. In the next quarter, begin with the June 30 IEP units, add any documented distributions or other capital actions, and only then investigate any remaining difference. A residual still would not reveal transaction dates or prices on its own, but it would identify the amount requiring explanation.
The second test is whether concentration changes through share quantities or merely through valuations. Track IEP, CVR Energy and the smaller positions separately. For operating-company analysis, use the issuer’s earnings, liquidity, business risks and capital structure rather than treating Icahn’s reported holding as a substitute for due diligence.
This is the initial AHNIM quarterly edition for this manager. The Q1 comparison is reconstructed directly from the official baseline rather than linked to a nonexistent earlier AHNIM report. Future filings and amendments will extend this record, preserving the dates and evidence used for the current conclusion.
Share changes, with corporate actions separated
| Security | Observed change | Adjusted Q1 → Q2 shares | Shares QoQ | Weight change |
|---|---|---|---|---|
| SandRidge Energy, Inc. | Increased | 4,947,701 → 5,054,907 | +2.17% | -0.11 pp |
| JetBlue Airways Corp. | Reduced | 33,621,735 → 20,658,179 | -38.56% | -0.31 pp |
| American Electric Power Company | Reduced | 1,205,300 → 434,710 | -63.93% | -1.13 pp |
| CVR Energy Inc | Unchanged | 71,201,875 → 71,201,875 | +0.00% | -4.28 pp |
| CVR Partners, LP | Unchanged | 4,164,274 → 4,164,274 | +0.00% | -0.55 pp |
| Centuri Holdings, Inc. | Unchanged | 14,336,044 → 14,336,044 | +0.00% | +0.35 pp |
| International Flavors and Fragrances Inc. | Unchanged | 4,275,000 → 4,275,000 | +0.00% | +0.47 pp |
| EchoStar Corporation | Unchanged | 1,404,542 → 1,404,542 | +0.00% | -0.20 pp |
| Monro, Inc. | Unchanged | 5,078,573 → 5,078,573 | +0.00% | +0.10 pp |
| Caesars Entertainment, Inc. | Unchanged | 2,440,109 → 2,440,109 | +0.00% | +0.14 pp |
| Bausch Plus Lomb Corp. | Unchanged | 3,500,000 → 3,500,000 | +0.00% | +0.05 pp |
Displayed rows are the largest operating-equity rows within each group, ranked by Q2 value (Q1 value for missing rows). Groups do not mix options or debt with common shares. First reported does not establish a discretionary purchase; no longer reported does not establish elimination of every economic exposure. The share difference is not a dollar trading amount. Known corporate actions and uncertain quantity bases are handled separately below; no split factor is guessed.
IEP distribution bridge: 549,400,539 prior units + 32,536,774 April distribution units + 36,456,030 June distribution units = 618,393,343 Q2 units. Residual unexplained increase: 0. These units are not labeled as open-market purchases.
Industry mix: verified SEC SIC mapping, with missing coverage visible
| SEC SIC industry | Q1 equity weight | Q2 equity weight |
|---|---|---|
| Petroleum Refining | 76.50% | 77.68% |
| Agricultural Chemicals | 6.17% | 5.62% |
| Natural Gas Transmisison & Distribution | 4.90% | 5.25% |
| Industrial Organic Chemicals | 3.63% | 4.10% |
| Communications Services, NEC | 1.92% | 1.73% |
| Air Transportation, Scheduled | 1.74% | 1.43% |
Industry labels use current SEC issuer-submissions SIC metadata checked October 18 and the official SEC SIC dictionary, not GICS. The same mapping is applied to both quarters. Verified Q2 mapping covers 100.00% of stated equity value; the rest remains explicitly unclassified. The six-row display is not a complete sector allocation; every bucket and its source is retained in the calculations.
Methodology and limitations
Weight = reported security value ÷ the same manager’s same-quarter operating-company equity value. Weight change is in percentage points. Share change (%) = (current quantity ÷ split-adjusted prior quantity − 1) × 100; a zero prior balance is New. The issuer-level concentration chart merges verified share-class identities and counts each issuer once. Instrument tables rank security classes, so they need not exactly match issuer-level chart rankings. ETF holdings are not looked through to create indirect common-stock overlap.
We checked refreshed SEC submission histories for actual filings and amendments, not merely submission deadlines. No applicable Q1/Q2 restatement or adds-new-holdings amendment was found for these source reports at the cut-off. A restatement would replace its affected baseline; an additive amendment would be joined to the original with original rows preserved. Confidential treatment, permissible small-position omissions and non-reportable assets limit what these public tables can establish.
The 13F does not reveal complete short exposure, trade dates, purchase costs, option strikes or premiums, or every asset the manager oversees. We do not convert marked-value changes into investment performance or rank manager returns. Filing facts and AHNIM interpretation are separated. This report does not initiate a company price target or alter an existing valuation model. See our AI-assisted research, source and corrections policy.
Continue the research
Guru: published reports, coverage and same-quarter statistics
All coverage for this manager — quarterly reports and future updates.
This is AHNIM’s initial Q2 2026 edition for this manager. The Q1 baseline comes from the official documents below; no earlier AHNIM quarterly edition is implied.
Sources and original documents
ICAHN CARL C · 13F-HR · period 2026-06-30 · filed 2026-08-14 · accession 0001539497-26-002243. 13F-HR XML; INFORMATION TABLE XML.
ICAHN CARL C · 13F-HR · period 2026-03-31 · filed 2026-05-15 · accession 0001539497-26-001469. 13F-HR XML; INFORMATION TABLE XML.
Icahn Enterprises — Carl Icahn director biography — Current role and firm connection.
Icahn Enterprises Q2 2026 10-Q — LP Unit Transactions, note 12 — April 15 and June 25 distribution units; sum equals the 13F quantity increase.
Icahn Capital LP Q2 2026 Form 13F-NT — Notice leads to actual holdings filer; not an additional portfolio.
SEC Form 13F FAQ and official Form 13F instructions — scope, dollar units, amendments and filing calendar. SEC SIC dictionary — industry labels.
The portrait is an AI-generated editorial illustration checked against a reliable institutional reference, not a photograph, endorsement or assertion of personal trade responsibility. Initial analysis: October 18, 2026 (Korea).
Leave a Reply