Bill Ackman vs Carl Icahn
Bill Ackman discloses $13.71B across 11 positions as of 2026Q1; Carl Icahn (Icahn Capital) discloses $8.55B across 12 as of 2026Q1. They overlap on 0 holdings.
The Herbalife feud — two activists who spent years on opposite sides of the same trade.
| Metric | Buffett | Carl Icahn |
|---|---|---|
| Disclosed portfolio | $13.71B | $8.55B |
| Positions | 11 | 12 |
| Top-5 concentration | 78% | 91% |
| Latest filing | 2026Q1 · May 15, 2026 | 2026Q1 · May 15, 2026 |
| Cloning this 13F returned | 10.7%/yr over 12.2 yrs | — |
| S&P 500, same window | 13.8%/yr | — |
Clone returns replicate each manager's 13F at reported weights with the real disclosure lag; the S&P 500 figure beneath is measured over that manager's identical window (SPY total return). Because each manager has a different amount of 13F history, the two columns cover different spans — compare each manager against their own benchmark row, not across columns. Methodology.
Where they diverge
Buffett's largest holding that Carl Icahndoesn't own: BN at 17.6% of the book. Carl Icahn's largest holding Buffett doesn't own: IEP at 48.5%.
From SEC EDGAR Form 13F-HR filings (2026Q1 / 2026Q1). Long US-listed equities only — cash, shorts, bonds, and non-US positions are not disclosed, and both managers' real books extend beyond what a 13F shows. Not investment advice.