Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Icahn Enterprises reported Q4 2025 net income of $1 million compared to a $98 million loss in Q4 2024, driven by improved performance across segments. The Investment Funds generated 10.7% returns in Q4 2025 with net short exposure of 13%. CVR Energy faced margin compression with Adjusted EBITDA declining to $51 million from $99 million, though refining margins remained stable at $8.35 per barrel. The Automotive segment completed a strategic real estate transfer to optimize asset utilization while facing revenue headwinds. Real Estate benefited from property acquisitions and improved operational efficiency. Food Packaging experienced operational challenges with declining volumes and manufacturing inefficiencies. The company maintains strong liquidity of $4.4 billion including $839 million in holding company cash. Indicative net asset value decreased to $3.2 billion from $3.8 billion in September 2025. Key risks include interest rate volatility, geopolitical conflicts, and regulatory uncertainty affecting multiple business segments.
Icahn Enterprises operates a diversified conglomerate with significant exposure to energy refining, automotive services, and real estate, generating returns through operational improvements and asset optimization across multiple business segments.
Lorem ipsum dolor sit amet, consectetur adipiscing elit.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Feb 25 2026 | 2025 Q4 | CVI, UAN, VKSC | Automotive, Conglomerate, energy, Investment, real estate, Refining | - | CVR Energy operates petroleum refining, renewables, and nitrogen fertilizer manufacturing businesses. Refining margins remained stable at $8.35 per barrel in Q4 2025. Renewable diesel margins… |
| Nov 5 2025 | 2025 Q3 | - | activism, catalysts, Conglomerates, Restructuring, value | - | The partnership continues to focus on undervalued assets, balance-sheet restructuring, and catalyst-driven value realization across its conglomerate holdings. Performance and outlook remain tied to activist… |
| Aug 4 2025 | 2025 Q2 | CVI, IEP, VKSC | activism, Balance Sheet, catalysts, Corporate Governance, Intrinsic Value | - | The letter reiterates an activist investing approach focused on unlocking value through operational improvements, balance sheet optimization, and corporate actions. Management highlights frustration with public… |
| Mar 31 2025 | 2025 Q1 | CVI, CVR, VKSC | - | - | - |
| Feb 26 2024 | 2024 Q4 | CVI, UAN, VKSC | - | - | - |
| Nov 8 2024 | 2024 Q3 | CVI, UAN, VKSC | - | - | - |
| Aug 7 2024 | 2024 Q2 | CVI, UAN, VKSC | - | - | - |
| May 8 2024 | 2024 Q1 | CVI, UAN, VKSC | - | - | - |
| Feb 28 2023 | 2023 Q4 | CVI, UAN, VKSC | - | - | - |
| Mar 11 2023 | 2023 Q3 | CVI, UAN, VKSC | - | - | - |
| Apr 8 2023 | 2023 Q2 | CVI, UAN, VKSC | - | - | - |
| Oct 5 2023 | 2023 Q1 | CVI, UAN, VKSC | - | - | - |
| Feb 24 2022 | 2022 Q4 | CVI, UAN, VKSC | - | - | - |
| Apr 11 2022 | 2022 Q3 | CVI, UAN, VKSC | - | - | - |
| May 8 2022 | 2022 Q2 | CVI, UAN, VKSC | - | - | - |
| Jun 5 2022 | 2022 Q1 | CVI, UAN, VKSC | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AutomotiveThe automotive services business faced revenue decline and margin compression. Successfully completed transfer of owned real estate properties to the Real Estate segment and entered into fair market value operating leases. |
Auto Aftermarket Auto Services Real Estate |
EnergyEnergy plays a critical role in AI infrastructure economics, with data centers becoming major electricity consumers. Rising power costs compress margins while grid constraints and regulatory scrutiny influence deployment timelines. The manager emphasizes that unlike software-driven growth, AI compute cannot be scaled independently of physical energy reality. |
Data Centers Grid Power Infrastructure Utilities | |
Real Estate |
||
| 2025 Q3 |
Innovation |
|
| 2025 Q2 |
ActivismShareholder activism continues to grow with 152 campaigns in North America in 2025, a 20.6% increase from 2024. The strategy has evolved from stigmatized to accepted and now necessary as passive investing increases. Non-activist managers are resorting to activism to realize intrinsic value as fewer investors buy and sell based on fundamentals. |
Shareholder activism Proxy contests Board representation Value creation Catalyst |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| CVI | CVR Energy, Inc. (NYSE: CVI) is a diversified holding company primarily engaged in the petroleum refining, renewables, and nitrogen fertilizer manufacturing businesses through its interests in CVR Refining, LP and CVR Partners, LP. CVR Energy Q4 2025 Adjusted EBITDA decreased by $48 million to $51 million for Q4 2025 compared to $99 million in Q4 2024. Processed approximately 218,000 barrels per day of total throughput in the quarter. Refining margin for Q4 2025 was $8.35 per throughput barrel, compared to $8.37 during Q4 2024. |
| UAN | CVR Partners, LP (NYSE: UAN) is a manufacturer of ammonia and urea ammonium nitrate solution fertilizer products. Q4 2025 average realized gate prices for UAN increased by 55% percent to $355 per ton and ammonia increased by 32% percent to $626 per ton when compared to Q4 2024. |
| VKSC | We conduct our Food Packaging segment through our majority owned subsidiary, Viskase Companies, Inc. (OTCPK:VKSC), a producer of cellulosic, fibrous and plastic casings for the processed meat and poultry industry. Food Packaging Q4 2025 Adjusted EBITDA attributable to IEP decreased by $8 million compared to prior year quarter driven by lower volume and higher manufacturing inefficiencies. Experiencing operational headwinds in connection with the restructuring plan. |
| Ticker | Put/Call | Company Name | Industry | Value (M) | Shares | Weight % | Shares Purchased/Sold | Change in Share % | Market Cap (M) |
|---|---|---|---|---|---|---|---|---|---|
| IEP | - | Icahn Enterprises LP | Energy | 4,148.0M | 549,400,539 | 49.1% | 30,467,595 | 5.9% | 4,813.7M |
| CVI | - | CVR Energy Inc | Energy | 1,791.4M | 70,418,471 | 21.2% | 0 | No Change | 2,242.3M |
| SWX | - | Southwest Gas Holdings Inc. | Utilities | 482.7M | 6,032,604 | 5.7% | 0 | No Change | 6,270.9M |
| UAN | - | CVR Partners, LP | Materials | 426.8M | 4,164,274 | 5.1% | 0 | No Change | 1,156.5M |
| SATS | - | EchoStar Corporation | Communication Services | 364.6M | 3,354,542 | 4.3% | -1,000,000 | -23.0% | 32,668.2M |
| CTRI | - | Centuri Holdings, Inc. | Utilities | 362.0M | 14,336,044 | 4.3% | 3,488,372 | 32.2% | 3,077.0M |
| IFF | - | International Flavors and Fragrances Inc. | Materials | 288.1M | 4,275,000 | 3.4% | -475,000 | -10.0% | 21,335.9M |
| JBLU | - | JetBlue Airways Corp. | Industrials | 153.0M | 33,621,735 | 1.8% | 0 | No Change | 2,355.8M |
| AEP | - | American Electric Power Company | Utilities | 139.0M | 1,205,300 | 1.6% | 0 | No Change | 68,765.1M |
| MNRO | - | Monro, Inc. | Consumer Discretionary | 101.8M | 5,078,573 | 1.2% | 3,613,573 | 246.7% | 674.8M |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| IEP | - | $233.8M | 30M | 5.9% | 49.12% |
| CTRI | - | $57.2M | 3M | 32.2% | 4.29% |
| MNRO | - | $49.8M | 4M | 246.7% | 1.21% |
| SD | - | $458.0K | 41K | 0.8% | 0.84% |
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| IFF | - | $36.2M | 475K | -10.0% | 3.41% | Decreased |
| SATS | - | $25.6M | 1M | -23.0% | 4.32% | Decreased |
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| Energy | 68.28% | 71.17% | +2.89% |
| Utilities | 10.27% | 11.65% | +1.38% |
| Materials | 8.81% | 8.47% | -0.34% |
| Communication Services | 5.31% | 4.32% | -0.99% |
| Consumer Discretionary | -1.09% | 1.88% | +2.97% |
| Industrials | 1.81% | 1.81% | +0.00% |
| Health Care | 0.71% | 0.71% | +0.00% |