Icahn buys EchoStar, cuts Southwest Gas in Q3

Carl Icahn’s Icahn Capital disclosed in an SEC filing its holdings as of September 30, 2025. The fund’s two new buys during the third quarter included, by size of position, EchoStar (SATS) and Monro (MNRO), while the fund exited its position in Bausch Health (BHC). Icahn increased its stake in four holdings, including by size of previous position Icahn Enterprises (IEP), Centuri (CTRI), International Flavors (IFF), and SandRidge Energy (SD), while reducing its stake in Southwest Gas (SWX). The fund’s top holdings as of September 30, in order of size, were Icahn Enterprises, CVR Energy (CVI), Southwest Gas, CVR Partners (UAN), and EchoStar.