Must-know updates on Carl Icahn’s 1Q 2014 positions

Icahn Associates

Carl Icahn, one of Wall Street’s most influential investors, disclosed Icahn Associates Corp.’s 1Q 2014 positions via a 13F filing this month. The size of the U.S. long portfolio saw a slight increase to $32.9 billion from $30.4 billion. The table below outlines the main positions.

Icahn positionsEnlarge Graph

Icahn added a new position in eBay (EBAY) and the quarter saw no stake disposals. Icahn raised the fund’s holdings in Apple (AAPL) and Herbalife (HLF). Icahn’s fund reduced its exposure to Netflix (NFLX) in 1Q 2014.

Icahn is the chair of Icahn Enterprises (IEP), a diversified holding company that owns businesses in a number of different sectors such as investment, automotive, energy, gaming, railcar, food packaging, metals, real estate, and home fashion.

Icahn Top 10Enlarge Graph

A shareholder letter in March noted that Icahn Enterprises’ Investment segment returns for the year ended December 31, 2013, were approximately 31%. Eliminating the effects of hedging, returns for the year ended December 31, 2013, would have been approximately 65%, compared to 32% for the S&P 500 Index. Icahn has attributed the success of his company to his activist strategy. The funds employ an activist strategy that seeks to unlock hidden value through various tactics.

Icahn said in his letter, “Although our approach to pursuing shareholder value has often been criticized over the years, the number of recent articles in academic and financial publications hailing the virtues of activism suggests that public opinion has finally started shifting in our direction. It is finally being understood that mediocre management and lack of accountability at our nation’s companies should, and must be, dealt with, and that activism enhances value for all shareholders.”