Carl Icahn's second quarter 13F shows that while his empire still revolves around Icahn Enterprises LP (NASDAQ:IEP) and affiliated energy plays, there's notable action beyond his own companies—and that's where the most interesting signals lie.
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The activist's $7.89 billion equity book remains highly concentrated, with his top 10 holdings making up 98.76% of assets as of June 30, 2025. But several non-house names saw meaningful changes.
Centuri Holdings Inc (NYSE:CTRI) was the clear standout. Icahn boosted his stake by a staggering 157.55% to 6.4 million shares, now worth roughly $144 million (1.82% of the portfolio). The utility infrastructure contractor benefits from ongoing U.S. grid upgrades and undergrounding work—exactly the kind of steady cash-flow business Icahn has increasingly favored.
Other positions held firm, signaling conviction despite market noise:
- International Flavors & Fragrances Inc (NYSE:IFF): 3.75 million shares valued at $276 million (3.5% of portfolio). No change, but the stake's size underscores his belief in the turnaround potential of this specialty chemicals player.
- Bausch Health Companies Inc (NYSE:BHC): 34.7 million shares worth $231 million (2.93%), a long-running bet on a complex healthcare recovery.
- JetBlue Airways Corp (NASDAQ:JBLU): 33.6 million shares valued at $142 million (1.8%). The airline remains a speculative play with potential M&A angles.
- American Electric Power Company Inc (NASDAQ:AEP): 1.2 million shares worth $125 million (1.59%), reflecting his quiet lean toward regulated utility dividends.
- Caesars Entertainment Inc (NASDAQ:CZR) and SandRidge Energy Inc (NYSE:SD) stay in the mix as cyclical upside options.
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The sell side of the ledger was quieter but still telling. Icahn has completely exited his Dana Inc. (NYSE:DAN) position. He also sold off his Illumina Inc (NASDAQ:ILMN) stake.
Icahn's second-quarter changes reveal a subtle pivot—locking in steady infrastructure and utility-linked earnings, keeping activist-optional consumer and healthcare names, and cutting exposure where the cycle has turned against him.
For a man famous for bold public fights, this quarter's message is quieter but clear: cash flow first, drama second.
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