Carl Icahn is the type of investor that commands a great deal of respect from the broader financial world. Icahn's strategies are so widely followed, in fact, that the term "Icahn Lift" was coined to describe the phenomenon of a company's stock price rising after Icahn announces he is beginning an investment. Thus, even when Icahn makes relatively small adjustments to his portfolio, investors around the country watch carefully. The latest round of 13F filings, due to the SEC earlier this week, shows that Icahn made some changes to his holdings, including trimming his stakes in American International Group (AIG) and Xerox (XRX), among others.

Icahn Trims AIG

Back in the third quarter of 2015, AIG was a very small part of Carl Icahn's portfolio: it occupied just 0.28% of his holdings at that time, according to Seeking Alpha. Since then, the billionaire investor has added substantially to his holdings. Although he trimmed back slightly for Q2 of this year, AIG still stands as 13.75% of his portfolio. Icahn's position is an activist one, with the billionaire owning about 4% of the company. The trimming this quarter constituted about 6% of Icahn's holdings.

PayPal Holdings (PYPL) was another stock that Icahn sold off this quarter. Icahn maintains a position in the payment distribution company that amounts to 2.74% of his assets. He has been selling off his position bit by bit over the past year or so.

Finally, Icahn made small adjustments to his position in Xerox Corporation this quarter. It is now a 3.64% portion of his portfolio, and Icahn established his holdings in the final quarter of 2015. Icahn controls about 10% of Xerox as of this time, and the billionaire also secured three board seats last year.

Icahn Builds Positions in Icahn Enterprises,

Carl Icahn added shares to preexisting positions in at least two companies over the course of the past quarter. First, he bought up additional shares of Icahn Enterprises (IEP), a very long-term position that he has continued to buy into over the years. Back in 2013, he held around 98 million shares. At the end of Q2 2017, by contrast, he owned nearly 150 million. Icahn controls more than 0% of this business.

Icahn also increased his stake in Freeport-McMoRan, Inc. (FCX) over the past quarter. As of the end of June, FCX occupied about 5.63% of his portfolio. He established the position in the third quarter of 2013, trimming it back a bit in the final quarter of 2016. As of the end of Q2, Icahn owns about 6.3% of this company.

All in all, IEP, AIG, and Herbalife (HLF) are the three largest positions in Icahn's portfolio.

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