For information and research only. Not investment advice.
13F filings13F is partial
Icahn Enterprises
Carl Icahn
Performance
Assuming an initial $100,000 · Benchmark: S&P 500
Hypothetical
Replication modeTop 5Top 10>1%
YTD1Y5Y8YAll
CompoundFixed
Gains are reinvested — principal and returns grow together.
Backtest through 2026-07-28
After filingAt quarter endBenchmark · S&P 500
After filing — buys the holdings only once the filing is public — about 45 days after the quarter ends. The path someone could actually have taken.
At quarter end — pretends the same holdings were bought on the last day of the quarter, before anyone could have known them. Not possible in reality — shown dashed for comparison only.
Benchmark — S&P 500 (SPY) total return over the same window — what doing nothing but holding the market would earn.
Hypothetical backtest — not a real trading record. Simulated on public data from 2013-08: each position is bought only after the filing became public (using no information unavailable at the time), with trading costs deducted, on a total-return basis. Past performance does not predict future results.
All metrics below are computed on the After-filing curve.
Return?
1.1%
Compound annual return over the sample.
Risk?
29.8%
How much returns swing (annualized stdev); lower is steadier.
Return vs risk?
0.19
Return ÷ volatility; higher is better.
Beat SPX?
−13.0%
Annualized gain over the S&P.
Excess?
−7.2%
The strategy's own annual excess, apart from the market.
Significance?
t=−0.98 · weak
t-value: how solid the excess is — higher is more reliable.
Max DD?
−70.7%
Largest peak-to-trough fall.
Leverage?
0.88×
How many times it rises and falls together with the market.
Longest recovery?
49 mo
Longest wait from a peak back to a new high.
About
Carl Icahn
Take a big stake, demand board seats, and force change directly. Icahn evolved from a 1980s corporate raider—best known for his leveraged takeover of TWA—into the patriarch of activist investing; for decades markets even coined the 'Icahn lift' for the way share prices jump when he appears.
Holdings & changes
Replication modeTop 5Top 10>1%
Current holdingsPosition changes
2026-Q1 filing · filed 2026-05-15
>1% · filed weights
Others 31.3%
Ticker
Name
Weight
vs last filing
IEP
Icahn Enterprises L.P
48.5%
−0.6 ▼
UAN
CVR Partners, LP
6.2%
+1.1 ▲
CTRI
Centuri Holdings, Inc.
4.9%
+0.6 ▲
IFF
International Flavors & Fragrances Inc.
3.6%
+0.2 ▲
ECHO
EchoStar Corporation
1.9%
−2.4 ▼
AEP
American Electric Power Company, Inc.
1.9%
+0.2 ▲
JBLU
JetBlue Airways Corp
1.7%
—
Risk
13F is partial — Beyond the activist longs, IEP long carried a huge market hedge/short (billions in paper losses); the 13F shows only longs and hides the net.
The replication is built from public filings: ~45-day lag, US long stock positions only; replication returns are not the fund’s real returns, and the manager may have traded since.
Past / backtested performance does not predict the future. Masterfolio is an information service / publisher, not an investment adviser.