Icahn’s Private Portfolio Lags Market Again, Poised for Another Annual Loss

The legendary investor’s private portfolio fell behind the S&P 500 by nearly 30 percentage points through September.

Stephen Taub November 10, 2025

Carl Icahn’s private hedge fund suffered another quarterly loss, albeit a small one this time. The octogenarian’s portfolio lost 50 basis points in the September quarter.This brought the year-to-date decline to 9.3 percent, according to the quarterly filing of publicly traded holding company Icahn Enterprises.

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