In this article, we will list the top 5 picks in the Carl C. Icahn stock portfolio. Please visit Growth Stock Portfolio: 12 Stock Picks by Carl C. Icahn if you would like to see the extended list and the methodology behind it.

5. EchoStar Corporation (NASDAQ:SATS)

Icahn Capital LP’s Stake: $365 Million

EchoStar Corporation (NASDAQ:SATS) is a relatively new addition to the 13F portfolio of Icahn Capital. The fund first disclosed a stake in the company in the third quarter of 2025. This position comprised 4.35 million shares. Filings for the fourth quarter of 2025 show that the fund owned 3.35 million shares in the firm, down over 22% compared to filings for the previous quarter. EchoStar provides pay-tv services in the United States, Mexico, Canada, South and Central America, Asia, Africa, Australia, Europe, India, and the Middle East. The Pay-TV segment offers a direct broadcast and fixed satellite, owned and leased satellites, leased fiber optic networks, in-home services, and call center operation services.

Hedge fund interest in EchoStar Corporation (NASDAQ:SATS) has grown following a massive spectrum sale to SpaceX in 2025 where the firm received over $11 billion in SpaceX equity. With reports that SpaceX is preparing for a mid-2026 IPO at a valuation approaching $800 billion to $1.7 trillion, hedge funds are buying EchoStar as one of the only liquid ways to gain pre-IPO exposure to the space company. In March, EchoStar entered into an RSA with holders of 82% of its outstanding debt, effectively resolving long-standing litigation and pushing out near-term maturities. Between the $20 billion in combined deals with AT&T and SpaceX, the company has secured the cash needed to retire its immediate refinancing wall of $4.75 billion due in 2026.

4. CVR Partners, LP (NYSE:UAN)

Icahn Capital LP’s Stake: $427 Million

CVR Partners, LP (NYSE:UAN) has been a constant feature in the 13F portfolio of Icahn Capital since the first quarter of 2024. Back then, this position comprised 3.9 million shares. In the fourth quarter of 2024, the fund added to this stake by 4%, growing it to over 4 million shares. Another addition was made to this position in the second quarter of 2025. Filings for the fourth quarter of 2025 show that the fund owns 4.16 million shares in the company. CVR engages in the production and sale of nitrogen fertilizer in the United States. The company offers ammonia and urea ammonium nitrate products. It serves agricultural and industrial customers.

The primary driver for buying CVR Partners, LP (NYSE:UAN) this year has been the tightening of global nitrogen fertilizer supplies. Ongoing disruptions in the Middle East and the Strait of Hormuz chokepoints have severely restricted global ammonia exports. Hedge funds are betting on the ability of CVR to capture higher margins as a domestic US producer. In Q1 2026, the company reported that average realized gate prices for UAN surged 34% and Ammonia rose 24% year-over-year. The distribution model of the company is the main attraction. Earlier this month, CVR Partners declared a quarterly cash distribution of $4.00 per unit. This represents a nearly 80% increase over the previous year’s distribution.

3. Southwest Gas Holdings, Inc. (NYSE:SWX)

Icahn Capital LP’s Stake: $483 Million

Southwest Gas Holdings, Inc. (NYSE:SWX) is a long-term holding in the 13F portfolio of Icahn Capital. The fund first disclosed a stake in the company back in the third quarter of 2021. This position comprised 1.2 million shares. It steadily added to the stake in the coming quarters, growing it to 11 million shares by the third quarter of 2023. In late 2024, the fund started trimming this holding. Filings for the fourth quarter of 2025 show that the fund owned 6 million shares in the firm, the same as in the previous quarter. Southwest Gas purchases, distributes, and transports natural gas for residential, commercial, and industrial customers in Arizona, Nevada, and California in the United States. The company offers tariff sales and transportation services. It also operates a pipeline transmission system.

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Despite a slight earnings miss in Q1 2026 by Southwest Gas Holdings, Inc. (NYSE:SWX), EPS of $1.91 vs. $2.04 forecast, institutional investors are looking past the noise toward margin recognition. A significant portion of the Q1 shortfall was due to a delayed decision in the California general rate case. Management confirmed in May 2026 that they expect to book this missing margin in subsequent quarters, creating an earnings tailwind for the rest of the year. The company has requested a $71 million revenue increase in Nevada, with new rates expected to go live in October 2026.

2. CVR Energy, Inc. (NYSE:CVI)

Icahn Capital LP’s Stake: $1.8 Billion

CVR Energy, Inc. (NYSE:CVI) has been a staple in the 13F portfolio of Icahn Capital since the fourth quarter of 2011. Back then, this position comprised 3.83 million shares. The fund added to this stake and even grew it to over 142 million shares at one point in 2014. Filings for the fourth quarter of 2025 show that the fund owns over 70 million shares in the company, the same as in the previous quarter. CVR engages in renewable fuels and petroleum refining and marketing, and nitrogen fertilizer manufacturing activities in the United States. It refines and markets transportation fuels, such as gasoline, diesel, jet fuel, and distillates, and includes crude gathering and logistics activities that support refinery operations.

CVR Energy, Inc. (NYSE:CVI) owns CVR Partners. This is a major driver of institutional interest in the stock. The fertilizer segment reported a 103% ammonia utilization rate in Q1 2026, with net income surging to $50 million, up from $27 million the previous year. Hedge funds see this as a high-margin offset to the volatility in the refining business. While CVR Energy reported a net loss in Q1 2026 due to unrealized derivative charges, management highlighted that they have roughly $447 million in locked-in value from NYMEX crack spread swaps that will be realized through 2027. Analysts forecast a full-year 2026 EPS of $1.53.

1. Icahn Enterprises L.P. (NASDAQ:IEP)

Icahn Capital LP’s Stake: $4.1 Billion

Icahn Enterprises L.P. (NASDAQ:IEP) is a long-term holding in the 13F portfolio of Icahn Capital. The fund first disclosed a stake in the company in the second quarter of 2011. This comprised 81 million shares. Filings for the fourth quarter of 2025 show that the fund owns 549 million shares in the company, up 5% compared to filings for the previous quarter. IEP engages in the investment, energy, automotive, food packaging, real estate, home fashion and pharma in the United States and internationally. The investment segment invests capital through various private investment funds, and it provides investment advisory, administrative, and back-office services to the investment funds.

Despite share price volatility, Icahn Enterprises L.P. (NASDAQ:IEP) has maintained an aggressive capital return policy, which appeals to yield-seeking institutional investors. Earlier this month, the Board declared another $0.50 per unit distribution. Institutional investors are looking past the headline GAAP losses to find hidden future profits. Excluding refining hedges, the investment segment alone saw positive performance of $110 million in early 2026, signaling that the core investment strategy remains effective despite broader market turbulence. Longtime finance executive Ted Papapostolou was recently promoted to CEO. Funds view this as a move toward greater operational stability.

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