Estimated return — disclosed long book
What Carl Icahn’s US-listed long positions did, derived from the share counts and market values in consecutive 13F filings, shown against SPY over exactly the same quarters. This is not the fund’s return. A 13F excludes shorts, bonds, cash, non-US listings and derivatives, says nothing about fees or leverage, and only sees positions held at both quarter ends. The fund figure is a price return while SPY is a total return, so the comparison is tilted against the manager by roughly a dividend yield.
Q1 2026
+10.0%
SPY -4.4%▲ +14.3%
By calendar year
| Year | Estimated | SPY | Difference |
|---|---|---|---|
| 2025 | +1.4% | +17.7% | -16.3% |
| 2024 | -37.0% | +24.9% | -61.9% |
| 2023 | -50.2% | +26.2% | -76.4% |
| 2022 | +4.7% | -18.2% | +22.9% |
| 2021 | +11.9% | +28.7% | -16.9% |
| 2020 | -17.3% | +18.3% | -35.6% |
| 2019 | +10.9% | +31.2% | -20.4% |
| 2018 | -7.1% | -4.6% | -2.5% |
| 2017 | +9.8% | +21.7% | -11.9% |
| 2016 | -1.7% | +12.0% | -13.7% |
| 20153/4 Q | -7.3% | +8.2% | -15.5% |
Years marked n/4 Qare built from fewer than four quarters, and the benchmark shown beside them covers the same partial set — so the difference is like-for-like, but the year is not a full year.