To The Moon

Carl Icahn is one of Wall Street's most successful investors and has been shaking up corporate America for decades.

Icahn's primary investing vehicle is publicly traded Icahn Enterprises. He also runs an investment fund made up of his personal cash and money belonging to Icahn Enterprises. Carl Icahn is best known for building sizable stakes in businesses and then pushing for changes to increase shareholder value.

Source: forbes.com

This quarter, Icahn's 13F portfolio value increased by 2% from $20.86B to $21.23B. The number of holdings increased from 16 to 17. The portfolio is very concentrated with the largest five positions accounting for 86% of the entire holdings: $Icahn Enterprises LP(IEP)$, $CVR Energy Inc(CVI)$, $FirstEnergy(FE)$, $Occidental Petroleum Corp. Warrants 2027/08/03 22C(OXY.WS)$ and $Twitter(TWTR)$.

Top 10 holdings of Icahn

Source: whalewisdom.com

Below are some details of new stakes and stakes increases.

$Crown(CCK)$:

CCK is a 0.40% of the portfolio stake established this quarter at prices between $80 and $102 and the stock currently trades at $80.50. 

Regulatory filings show them beneficially owning 10.2M shares (8.5% of the business). This includes forward contracts at an aggregate price of $75 per share. The total outlay was $687M.

A director appointment and nomination agreement was reached last week for the company's 2023 election. He believes its stock is undervalued and said he intends to discuss ways to improve returns with management and the board. The billionaire investor wants the company to focus on its beverage can business because it is growing faster.

$Occidental Petroleum Corp. Warrants 2027/08/03 22C(OXY.WS)$

The 3% of the portfolio position was established in Q3 2020 when 19.3M warrants (strike 22, 8/3/2027 expiry) were purchased for $2.75 per warrant. The stake saw a 20% selling in Q3 2021. There were minor increases in the last three quarters. The warrants currently trade at $40.80.

They had a large position in the common stock of OXY but that was sold in Q1 2022.

$Twitter(TWTR)$:

The estimated average price paid is $43.84. The trade realized substantial short-term gains as Elon Musk's deal for Twitter closed at $54.20 per share.

$Southwest Gas(SWX)$:

SWX is a 2.17% of the portfolio position established over the two quarters through Q3 2021 at prices between $63 and $72. There was a 75% stake increase last quarter through a tender offer at $82.50 per share. That was followed by a 30% further increase this quarter at prices between $70 and $88. The stock currently trades at $63.

They have a 9.8% ownership stake in the business.

Source: https://seekingalpha.com/article/4565243-carl-icahn-portfolio-q3-2022-update