Hedge Fund Billionaire Carl Icahn's Q3: The Activist Goes Defensive, Dumps A Disaster, And Loads Up On EchoStar
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 position had melted down 75%, and Icahn finally did what Icahn almost never does — he quit. When the activist who normally doubles down decides to walk away, it tells you everything you need to know 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.