Icahn Hedge Fund's Q2 Moves: Centuri Stake Soars, JetBlue Held, 2 Positions Exited

Carl Icahn's second quarter 13F shows that while his empire still revolves around Icahn Enterprises LP IEP and affiliated energy plays, there's notable action beyond his own companies—and that's where the most interesting signals lie.

• Track Carl Icahn’s top holding IEP here.

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 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 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 BHC: 34.7 million shares worth $231 million (2.93%), a long-running bet on a complex healthcare recovery.
• JetBlue Airways Corp 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 AEP: 1.2 million shares worth $125 million (1.59%), reflecting his quiet lean toward regulated utility dividends.
• Caesars Entertainment Inc CZR and SandRidge Energy Inc 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. DAN position. He also sold off his Illumina Inc 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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