Carl Icahn's latest 13F filing for the fourth quarter of 2025 reveals a strategic consolidation within his investment portfolio. His core holdings continue to be concentrated in Icahn Enterprises, CVR Energy, Southwest Gas, CVR Partners, and EchoStar. Notably, the position in Icahn Enterprises (IEP) saw a substantial increase to 549 million shares, primarily driven by dividend reinvestment. At the time of the report, IEP's market price stood at $7.65, contrasting with a net asset value (NAV) of $5.29 per share. Furthermore, Icahn aggressively accumulated shares in Centuri Holdings and Monro, Inc., achieving approximately 14.4% and 17% ownership, respectively. Conversely, there were notable reductions in holdings of EchoStar and International Flavors & Fragrances, while positions in CVR Energy, Southwest Gas, and CVR Partners largely remained unchanged, indicating a targeted rebalancing rather than a broad divestment.

Carl Icahn's Q4 2025 Investment Moves: A Detailed Analysis

In the final quarter of 2025, legendary investor Carl Icahn executed a series of calculated adjustments to his 13F portfolio, showcasing a consistent strategy of deep value and activist investing. The central pillar of his portfolio, Icahn Enterprises (IEP), witnessed its stake grow to an impressive 549 million shares. This increase was not a result of direct market purchases but rather a consequence of dividend reinvestment, highlighting a long-term commitment to the conglomerate despite its market price of $7.65 falling above its net asset value of $5.29 per share.

A notable shift in strategy was observed in Icahn's aggressive accumulation in two specific companies: Centuri Holdings and Monro, Inc. Icahn significantly bolstered his ownership in Centuri Holdings, pushing his stake to approximately 14.4%. Similarly, his holdings in Monro, Inc. climbed to around 17% ownership. These substantial increases signal a strong conviction in the future prospects of these companies and suggest potential activist engagements or strategic overhauls in the pipeline.

Conversely, the report detailed a reduction in positions for EchoStar and International Flavors & Fragrances. These divestments indicate a re-evaluation of their long-term potential or a move to reallocate capital to more promising opportunities. Meanwhile, Icahn maintained largely stable positions in CVR Energy, Southwest Gas, and CVR Partners, suggesting satisfaction with their current performance and strategic alignment within his broader portfolio.

This quarterly report, filed by Icahn's team with the Securities and Exchange Commission, provides a valuable glimpse into the evolving investment philosophy of one of the market's most influential figures. It underscores a persistent focus on concentrated holdings and a readiness to make bold, decisive moves when perceived value emerges.

The adjustments in Carl Icahn's Q4 2025 portfolio offer crucial insights into the mind of a seasoned activist investor. His continued emphasis on a few key holdings, coupled with aggressive accumulation in select new ventures, demonstrates a clear, conviction-driven approach. This strategy suggests that investors should closely monitor his newly expanded positions for potential catalysts and future growth, while also considering the implications of his divestments. It reinforces the idea that strategic portfolio rebalancing, even for established titans, is a dynamic process shaped by market conditions and evolving value propositions.