Activist hedge fund billionaire Carl Icahn may be 89, but his portfolio is moving like it's on an energy drink. The billionaire activist's latest 13F filing shows a $9.14 billion book in Q3 that looks unmistakably Icahn: concentrated, contrarian and packed with companies that most hedge funds wouldn't touch with tongs. And this quarter, Icahn made a rare move — he actually reshuffled it.
- Track Icahn’s top holding IEP here.
Icahn's Painful Breakup With Bausch Health
The biggest headline is unmistakable: Icahn walked away from Bausch Health Companies Inc (NYSE:BHC) entirely, liquidating a massive 34.7 million-share stake. The stock is down 68% since Icahn initiated his position in Q4 2020, and he finally did what he almost never does — he walked away. When an activist who typically doubles down decides to exit, it says everything about sentiment.
Southwest Gas Holdings Inc (NYSE:SWX) also got clipped via top-line selling, signaling Icahn is trimming exposure to holdings that haven't delivered the recovery he expected.
A New Star: EchoStar Takes A Top Seat
But the real surprise sits in the "new buys" column: EchoStar Corp (NASDAQ:SATS). Icahn didn't nibble — he added 4.35 million shares and instantly made it one of his top five positions at 3.64% of the portfolio as of Sept. 30. It's a vintage Icahn trade: undervalued telecom, distressed narrative, optionality on strategic consolidation.
He mirrored that conviction in Centuri Holdings Inc (NYSE:CTRI), boosting the position by 32%, and in International Flavors & Fragrances Inc (NYSE:IFF), where he expanded his stake by 26% despite the stock's rough year.
And in a rare small-cap swing, he more than tripled his position in Monro Inc (NASDAQ:MNRO), the struggling auto-repair chain that's now on Icahn's fix-it list.
The Empire Still Revolves Around Icahn Enterprises
Despite the churn, Icahn's portfolio remains highly concentrated: 98.5% of capital sits in just 10 stocks. His crown jewel, Icahn Enterprises LP (NASDAQ:IEP), still accounts for nearly 48% of total assets — and he added another 24 million shares, even though the stock is down 80%.
If conviction had a caricature, this would be it.
Read Also: Carl Icahn’s Biggest Bet Just Torched Half His Fortune
Why Investors Should Care
Icahn didn't just tweak positions — he drew a new battle map. Dumping Bausch signals a rare surrender, while going big on EchoStar shows he still sees opportunities in old-school value.
And with nearly half his portfolio tied to Icahn Enterprises, the activist's third quarter reshuffle is less about chasing trends — and more about doubling down on the empire he built.
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Image created using artificial intelligence via Midjourney.
