Carl Icahn

Download profile About this activist

Contact Information

CARL ICAHN
767 5th Avenue, 47th Floor
New York, NY 10153
212-702-4300

Description

Icahn Capital LP is a privately owned family office. In 2011, Icahn returned all fee paying capital to investors. As of his 13F from December 31, 2014, Icahn reported managing $31.90 billion across 22 different positions.

Management

Carl Icahn is an American billionaire financier, corporate raider and private equity investor. In 2009, Forbes estimated his net worth to be $9 billion and is in an eight way tie for the 43rd richest man in the world. Icahn obtained an A.B. in Philosophy from Princeton University in 1957 and dropped out of the New York University School of Medicine. His career on Wall Street began in 1961 and in 1968 he formed Icahn & Co., a securities firm that focused on risk arbitrage and options trading. In 1978 he began seizing control of positions in individual companies including: RJR Nabisco, TWA, Texaco, Phillips Petroleum, Western Union, Gulf & Western, Vicacom, Uniroyal, Dan River, Marshall Field, E-II (Culligan and Samsonite), American Can, USX, Marvel Comics, Revlon, Imclone, Federal-Mogul, Fairmont Hotels, Kerr-McGee, Time Warner and Motorola.

Potential Allies

Highfields Capital
Tudor Investment
Metropolitan Capital Advisors
SAC Capital
Sandell Asset Management
Eastborrne Capital Management

Commentary

Carl Icahn is the quintessential activist and has been extremely successful in both his return on investment and attaining his activist goals. He is very passionate about shareholder rights and good corporate governance and will go to extreme lengths to fight incompetent boards and over compensated managers. He has even formed the United Shareholders of America to assist in this battle. However, his most successful activist maneuvers have been orchestrating acquisitions or joint ventures in some of his larger positions, such as BEA Systems, ImClone and Medimmune. In March of 2011 he returned all outside money to investors and now manages only his own capital, in excess of $5 billion.

13D Monitor's Activist Analysis

Activist Summary

13F Summary (12/31/2018) ($000)
Total Holdings	$20,425,534
# of Position:	18
Average Position	$1,134,752
Largest Postition	$10,014,206

Live 13D Filings Returns
# of 13D Filings	17
Avg Filings	33.10 %	Avg S&P	78.37 %
# of Item 4 Actions	15
Avg Filings	-15.78 %	Avg S&P	59.34 %

Exited 13D Filings Returns
# of 13D Filings	95
Avg Filings	15.53 %	Avg S&P	16.80 %
# of Item 4 Actions	77
Avg Filings	19.72 %	Avg S&P	17.71 %

Average Holding Time (Number of Months)
All 13D Positions
All	Item 4	No Item 4
39.73	37.14	51.67
Exited Positions
35.10	34.11	39.34

Activist History

See annualized returns See filing date closing price

Company Name	Industry	Market Cap (x1000)	13D Filing Date	Holdings Shares	Holdings (%)	Filing Date Closing Price	Purchaser Cost	Item 4 Action	Current Price / Exit Price	Dividends Per Share	13D Return	S&P Return	Exit Date	Exit Type
Caesars Entertainment Corp (CZR)	Consumer Discretionary	6,332,788	2/19/2019	119,975,363	17.75 %	9.43	9.21	Yes	9.56	0.00	3.85 %	4.51 %	Live	n/a
Energen Corp. (EGN)	Energy	7,033,695	11/19/2018	-	0.00 %	73.28	68.71	Yes	72.15	0.00	5.01 %	1.75 %	11/29/2018	Sale of Company
Dell Technologies Inc (DVMT)	Information Technology	n/a	10/15/2018	-	0.00 %	95.10	92.29	Yes	105.66	0.00	14.49 %	-9.64 %	12/28/2018	Sale of Company
Tenneco Inc (TEN)	Consumer Discretionary	1,439,578	10/1/2018	5,651,177	9.90 %	41.99	n/a	Yes	25.20	0.00	-39.99 %	-0.67 %	Live	n/a
Energen Corp. (EGN) *	Energy	n/a	5/21/2018	-	0.00 %	68.73	69.06	Yes	72.15	0.00	4.47 %	0.17 %	11/29/2018	Sale of Company
AmTrust Financial Services Inc. (AFSI)	Financials	2,916,094	5/17/2018	-	0.00 %	13.76	13.13	Yes	14.75	0.00	12.31 %	0.65 %	11/29/2018	Sale of Company
Newell Brands Inc. (NWL)	Consumer Discretionary	7,468,800	3/16/2018	41,832,250	9.89 %	28.66	26.35	Yes	16.00	0.00	-39.28 %	5.56 %	Live	n/a
SandRidge Energy Inc. (SD)	Energy	303,701	11/22/2017	4,818,832	13.51 %	18.90	17.16	Yes	8.13	0.00	-52.63 %	11.86 %	Live	n/a
Conduent Inc (CNDT)	Information Technology	2,730,718	1/9/2017	24,586,540	11.64 %	13.31	14.54	Yes	12.78	0.00	-12.09 %	28.04 %	Live	n/a
Hertz Global Holdings Inc. (HTZ)	Industrials	1,456,838	7/11/2016	24,263,869	28.91 %	48.96	44.50	Yes	17.32	0.00	-61.08 %	35.93 %	Live	n/a
Welbilt Inc. (WBT)	Consumer Discretionary	2,421,354	3/11/2016	11,942,238	8.52 %	14.61	16.51	No	17.21	0.00	4.22 %	43.66 %	Live	n/a
Pep Boys-Manny Moe and Jack (PBY)	Consumer Discretionary	1,001,572	12/4/2015	-	0.00 %	15.69	14.61	Yes	18.50	0.00	26.64 %	-8.57 %	2/3/2016	Sale of Company
Xerox Corp (XRX) *	Information Technology	7,653,827	11/23/2015	23,456,087	10.21 %	43.00	41.44	Yes	34.56	11.88	12.07 %	39.22 %	Live	n/a
Freeport-Mcmoran Inc (FCX)	Materials	20,286,820	8/27/2015	50,161,354	3.46 %	10.19	13.57	Yes	18.85	0.00	38.91 %	37.41 %	2/15/2018	13D/A
Rentech Nitrogen Partners LP (RNF)	Materials	444,823	8/19/2015	-	0.00 %	13.83	n/a	No	11.15	0.00	-19.38 %	-0.33 %	4/1/2016	Sale of Company
Cheniere Energy Inc (LNG)	Energy	17,095,864	8/6/2015	23,680,490	9.50 %	64.81	59.49	Yes	65.00	0.00	9.26 %	39.43 %	Live	n/a
Gannett Co Inc (GCI)	Communication Services	1,124,043	7/9/2015	-	0.00 %	12.06	n/a	No	15.96	0.00	32.34 %	-7.85 %	1/13/2016	13D/A
Manitowoc Company Inc (MTW) *	Industrials	655,576	12/29/2014	1,601,169	4.50 %	20.92	96.92	Yes	32.27	58.40	-6.45 %	29.34 %	2/22/2018	13D/A
Herc Holdings Inc. (HRI) *	Industrials	1,332,472	8/20/2014	4,494,789	15.86 %	30.33	354.35	Yes	46.26	133.50	-49.27 %	46.24 %	Live	n/a
TEGNA Inc. (TGNA)	Consumer Discretionary	3,505,021	8/14/2014	-	0.00 %	34.05	31.76	Yes	24.60	7.07	-0.29 %	1.74 %	3/9/2016	13D/A
Seventy Seven Energy Inc (SSE)	Energy	9,234	7/9/2014	-	0.00 %	24.62	n/a	Yes	0.00	0.00	-100.00 %	7.06 %	6/7/2016	Bankruptcy / Liquidation
Family Dollar Stores Inc (FDO)	Consumer Discretionary	9,086,759	6/6/2014	-	0.00 %	60.53	58.18	Yes	75.21	0.00	29.27 %	1.06 %	7/30/2014	13D/A
Hologic Inc (HOLX)	Health Care	11,610,190	11/21/2013	-	0.00 %	22.71	21.35	Yes	35.01	0.00	63.98 %	15.96 %	4/13/2016	13D/A
Talisman Energy Inc. (TLM)	Energy	8,276,381	10/7/2013	-	0.00 %	12.75	11.76	Yes	8.00	0.00	-31.98 %	26.25 %	5/8/2015	Sale of Company
Nuance Communications, Inc. (NUAN)	Information Technology	4,740,794	8/29/2013	-	0.00 %	18.31	18.50	Yes	19.47	0.00	5.24 %	23.75 %	3/16/2016	13G
Dell Inc (DELL)	Information Technology	24,381,976	5/10/2013	-	0.00 %	13.45	13.57	Yes	13.75	0.00	1.33 %	7.93 %	10/30/2013	Sale of Company
Herbalife Limited (HLF) *	Consumer Staples	7,655,613	2/14/2013	35,227,904	22.41 %	38.27	21.03	Yes	50.67	0.00	140.94 %	90.95 %	Live	n/a
CVR Refining Limited Partnership (CVRR)	Energy	1,548,324	1/25/2013	147,600,000	100.00 %	25.70	n/a	Yes	10.49	0.00	-59.18 %	93.29 %	Live	n/a
Transocean Limited (RIG)	Energy	5,395,598	1/25/2013	-	0.00 %	56.76	48.60	Yes	9.85	0.00	-79.73 %	44.47 %	9/28/2016	13D/A
Greenbrier Companies Inc. (GBX)	Industrials	1,135,516	11/13/2012	-	0.00 %	16.73	14.87	Yes	16.44	0.00	10.60 %	3.08 %	12/21/2012	13D/A
Netflix, Inc. (NFLX)	Consumer Discretionary	157,328,300	10/31/2012	-	0.00 %	79.24	58.40	Yes	328.80	0.00	463.01 %	24.51 %	10/22/2013	13D/A
Voltari Corp (VLTC) *	Information Technology	7,565	10/19/2012	4,739,620	52.70 %	4.20	n/a	Yes	0.84	0.00	-79.98 %	102.68 %	Live	n/a
Chesapeake Energy Corp. (CHK)	Energy	4,752,334	5/25/2012	-	0.00 %	15.81	15.77	Yes	6.99	1.68	-45.01 %	62.01 %	9/19/2016	13D/A
CVR Energy Inc. (CVI)	Energy	4,366,547	1/13/2012	71,198,718	70.80 %	23.05	28.22	Yes	42.49	0.00	50.57 %	126.16 %	Live	n/a
WebMD Health Corp. (WBMD)	Information Technology	2,473,960	10/21/2011	-	0.00 %	32.39	30.33	Yes	34.00	0.00	12.12 %	42.22 %	10/21/2013	13D/A
Navistar International Corp (NAV)	Industrials	3,441,535	10/13/2011	16,729,960	17.05 %	38.68	30.70	Yes	34.74	0.00	13.16 %	141.35 %	Live	n/a
Commercial Metals Company (CMC)	Materials	2,073,052	7/28/2011	-	0.00 %	14.30	13.96	Yes	15.29	0.00	9.49 %	12.03 %	1/8/2013	13D/A
Oshkosh Corp. (OSK)	Industrials	5,746,629	6/30/2011	-	0.00 %	28.94	29.06	Yes	28.57	0.00	-1.69 %	7.46 %	12/13/2012	13D/A
Forest Laboratories Inc (FRX)	Health Care	26,406,210	6/17/2011	-	0.00 %	38.68	34.66	Yes	100.09	0.00	188.77 %	55.20 %	7/1/2014	Sale of Company
The Clorox Company (CLX)	Consumer Staples	19,670,650	2/11/2011	-	0.00 %	71.26	63.47	Yes	65.33	0.00	2.93 %	-6.13 %	12/1/2011	13D/A
Motorola Mobility Holdings Inc. (MMI)	Real Estate	1,654,297	1/12/2011	-	0.00 %	32.63	33.12	Yes	40.00	0.00	20.77 %	2.78 %	5/22/2012	Sale of Company
Chesapeake Energy Corp. (CHK)	Energy	4,752,334	12/17/2010	-	0.00 %	23.30	24.49	Yes	34.85	0.00	42.31 %	2.84 %	3/18/2011	13D/A
Dynegy Inc (DYN)	Utilities	1,849,648	10/12/2010	-	0.00 %	4.87	4.79	Yes	0.00	0.00	-100.00 %	15.40 %	7/6/2012	Bankruptcy / Liquidation
Mentor Graphics Corp. (MENT)	Information Technology	4,116,749	5/27/2010	-	0.00 %	9.05	9.08	Yes	18.74	0.00	106.39 %	79.43 %	3/8/2016	13D/A
Lawson Software, Inc. (LWSN)	Information Technology	1,842,857	5/24/2010	-	0.00 %	8.15	7.79	Yes	11.25	0.00	44.46 %	24.61 %	7/5/2011	Sale of Company
The Hain Celestial Group, Inc. (HAIN)	Consumer Staples	2,298,934	5/13/2010	-	0.00 %	21.18	20.63	Yes	78.47	0.00	280.28 %	46.67 %	9/16/2013	13D/A
TROPICANA ENTERTAINMENT INC. (TPCA)	Consumer Discretionary	1,757,795	3/9/2010	-	0.00 %	n/a	n/a	Yes	75.14	0.00	n/a	156.44 %	10/1/2018	Sale of Company
Take Two Interactive Software Inc. (TTWO)	Information Technology	10,268,310	12/17/2009	-	0.00 %	8.25	9.24	Yes	16.76	0.00	81.45 %	64.47 %	11/26/2013	13D/A
Altaba Inc (AABA)	Information Technology	46,006,510	12/4/2008	-	0.00 %	11.05	23.59	Yes	14.75	0.00	-37.47 %	20.75 %	8/31/2009	13D/A
Lions Gate Entertainment Corp. (LGF)	Consumer Discretionary	3,870,007	10/20/2008	-	0.00 %	7.37	6.96	Yes	7.03	0.00	1.03 %	24.27 %	10/14/2011	13D/A
Biogen Idec Inc (BIIB)	Health Care	44,532,900	8/11/2008	-	0.00 %	50.76	52.34	Yes	99.32	0.00	89.75 %	-1.39 %	6/22/2011	13D/A
Amylin Pharmaceuticals Inc. (AMLN)	Health Care	1,465,756	5/22/2008	-	0.00 %	30.96	23.29	Yes	31.00	0.00	33.08 %	0.53 %	8/8/2012	Sale of Company
Enzon Pharmaceuticals Inc. (ENZN)	Health Care	10,302	3/14/2008	6,598,886	14.92 %	8.66	8.30	Yes	0.23	2.00	-73.11 %	125.52 %	Live	n/a
Motorola Solutions Inc (MSI) *	Information Technology	23,572,900	2/6/2008	-	0.00 %	11.47	12.03	Yes	7.08	4.14	-6.78 %	3.14 %	2/27/2012	13D/A
Greenbrier Companies Inc. (GBX)	Industrials	1,135,516	2/4/2008	-	0.00 %	24.75	18.21	Yes	20.61	0.00	13.18 %	-7.52 %	7/22/2008	13D/A
Guaranty Financial Group Inc (GFGF)	Financials	436	1/24/2008	-	0.00 %	3.76	n/a	Yes	0.09	0.00	-97.62 %	-22.89 %	10/28/2009	13D/A
Federal Mogul Corp. (FDML)	Industrials	1,688,716	1/7/2008	-	0.00 %	14.83	n/a	Yes	10.00	0.00	-32.57 %	59.95 %	1/23/2017	Sale of Company
BEA Systems Inc (BEAS)	Information Technology	n/a	9/14/2007	-	0.00 %	13.25	12.81	Yes	19.34	0.00	50.98 %	-6.29 %	4/29/2008	Sale of Company
Temple Inland Inc (TIN)	Industrials	20,663	1/22/2007	-	0.00 %	46.50	45.68	Yes	19.16	22.62	-8.54 %	-37.02 %	11/28/2008	13D/A
Cyberonics Inc (CYBX)	Health Care	1,818,731	1/22/2007	-	0.00 %	20.14	18.68	Yes	32.82	0.00	75.69 %	-7.62 %	6/1/2011	13D/A
Telik Inc (TELK)	Health Care	6,691	1/16/2007	-	0.00 %	6.11	7.29	No	0.25	0.00	-96.61 %	-32.35 %	10/31/2008	13D/A
WCI Communities, Inc. (WCIC)	Real Estate	617,599	1/16/2007	-	0.00 %	22.47	18.46	Yes	0.00	0.00	-100.00 %	-12.77 %	8/4/2008	Bankruptcy / Liquidation
Reckson Associates Realty Corp. (RA)	Real Estate	9,280	11/27/2006	-	0.00 %	49.11	44.49	Yes	45.75	0.00	2.83 %	1.97 %	12/4/2006	Dissolution of Group
Lear Corp. (LEA)	Consumer Discretionary	9,851,017	10/17/2006	-	0.00 %	28.34	21.92	Yes	1.96	0.00	-91.06 %	-29.16 %	11/3/2008	13D/A
Lexar Media, Inc. (LEXR)	Information Technology	n/a	3/17/2006	-	0.00 %	9.39	7.71	Yes	9.69	0.00	25.68 %	-4.69 %	6/28/2006	Sale of Company
Imclone Systems Inc (IMCL)	Health Care	4,592	2/14/2006	-	0.00 %	36.25	33.46	Yes	70.00	0.00	109.21 %	-33.22 %	11/24/2008	Sale of Company
American Railcar Industries Inc (ARII)	Industrials	1,335,299	1/31/2006	-	0.00 %	21.32	n/a	Yes	70.00	0.00	228.33 %	110.93 %	12/5/2018	Sale of Company
Fairmont Hotels & Resort Incorporated (FHR)	Consumer Discretionary	n/a	11/7/2005	-	0.00 %	38.04	27.62	Yes	45.00	0.00	62.93 %	3.89 %	5/17/2006	13D/A
BKF Capital Group Inc (BKFG)	Financials	7,472	10/31/2005	-	0.00 %	n/a	17.82	Yes	1.15	0.00	-93.55 %	2.27 %	7/28/2008	13D/A
Mast Therapeutics Inc (MSTX)	Health Care	35,232	8/5/2005	-	0.00 %	90.00	0.93	No	0.42	0.00	-54.84 %	68.24 %	12/30/2015	13D/A
Adventrx Pharmaceuticals Inc (ANX)	Health Care	34,978	8/5/2005	-	0.00 %	3.60	1.85	Yes	n/a	0.00	n/a	-15.96 %	6/30/2010	13D/A
Transkaryotic Therapies Inc. (TKTI)	Health Care	n/a	7/21/2005	-	0.00 %	37.41	37.19	Yes	37.00	0.00	-0.51 %	1.36 %	7/28/2005	Sale of Company
Kerr McGee Corp. (KMG)	Materials	1,184,242	3/3/2005	-	0.00 %	81.46	73.64	No	98.68	0.00	34.00 %	4.99 %	2/2/2006	13D/A
Blockbuster Inc (BBICP)	Consumer Discretionary	3,049	12/14/2004	-	0.00 %	9.20	7.34	Yes	0.25	0.00	-96.58 %	-1.41 %	4/8/2010	13D/A
Hollywood Entertainment (HET)	Consumer Discretionary	n/a	11/26/2004	-	0.00 %	12.74	12.08	Yes	13.25	0.00	9.69 %	-2.22 %	4/27/2005	Sale of Company
Mylan Inc (MYL)	Health Care	13,853,260	9/7/2004	-	0.00 %	12.92	17.46	Yes	19.39	0.00	11.01 %	10.02 %	7/22/2005	13D/A
Atlantic Coast Entertainment Holdings, Inc. (ATLCC)	Consumer Discretionary	n/a	8/2/2004	-	0.00 %	n/a	n/a	Yes	21.19	0.00	n/a	31.82 %	11/16/2007	Sale of Company
Register Com Inc. (REGCOM)	Information Technology	n/a	8/1/2003	-	0.00 %	6.18	5.90	Yes	5.07	0.00	-14.07 %	6.48 %	11/17/2003	13D/A
Perry Ellis International Inc. (PERY)	Consumer Discretionary	436,810	7/3/2003	-	0.00 %	23.98	n/a	No	28.55	0.00	19.06 %	1.04 %	9/30/2003	13D/A
TROPICAL SPORTSWEAR INTERNATIONAL CORPORATION (TSIC)	Consumer Discretionary	n/a	4/4/2003	-	0.00 %	4.60	4.80	No	0.45	0.00	-90.55 %	37.69 %	12/23/2004	13D/A
Hallwood Realty Partners, L.P. (HRY)	Real Estate	55,233	3/3/2003	-	0.00 %	80.00	80.00	Yes	137.91	0.00	72.39 %	31.93 %	7/16/2004	Sale of Company
XO Holdings Inc (XOHO)	Telecommunication Services	245,801	1/27/2003	-	0.00 %	n/a	n/a	Yes	1.40	0.00	n/a	34.16 %	8/18/2011	Sale of Company
Insignia Financial Group, Inc. (INSGA)	Real Estate	n/a	12/2/2002	-	0.00 %	7.49	7.56	Yes	11.16	0.00	47.64 %	6.86 %	7/25/2003	Sale of Company
Shelbourne Properties III, Inc. (SBIII)	Real Estate	n/a	8/1/2002	-	0.00 %	48.10	37.45	Yes	58.30	0.00	55.67 %	0.99 %	9/4/2002	13D/A
Mortons Restaurant Group Inc (MRT)	Real Estate	337,511	5/6/2002	-	0.00 %	6.79	13.82	Yes	17.00	0.00	23.01 %	-20.33 %	7/25/2002	Sale of Company
Cadus Corp. (KDUS)	Health care	42,061	4/25/2002	-	0.00 %	1.58	1.64	Yes	1.61	0.00	-1.78 %	148.86 %	6/28/2018	Sale of Company
Ladenburg Thalmann Financial Services Inc (LTS)	Financials	536,808	12/28/2001	-	0.00 %	0.83	n/a	No	0.58	0.00	-30.14 %	4.38 %	12/31/2004	13D/A
GenesisIntermedia Inc (GENI)	Consumer Discretionary	n/a	7/10/2001	-	0.00 %	n/a	n/a	Yes	n/a	0.00	n/a	115.48 %	12/17/2018	Delisted
GB Holdings Inc. (GBHD)	Consumer Discretionary	n/a	2/13/2001	-	0.00 %	n/a	n/a	No	n/a	0.00	n/a	-9.20 %	6/6/2005	Sale of Company
VISX Inc. (VISX)	Health Care	n/a	10/20/2000	-	0.00 %	21.01	23.58	Yes	17.60	0.00	-25.36 %	-32.02 %	5/29/2003	13D/A
TransTexas Gas Corp. (TTGC)	Energy	n/a	5/2/2000	-	0.00 %	n/a	n/a	No	0.00	0.00	n/a	-36.65 %	5/1/2003	Bankruptcy / Liquidation
Philip Services Corp. (PSCDE)	Materials	n/a	4/18/2000	-	0.00 %	n/a	n/a	Yes	0.00	0.00	n/a	-32.61 %	6/3/2003	Bankruptcy / Liquidation
Federal Mogul Corp. (FDML)	Industrials	1,688,716	3/28/2000	-	0.00 %	14.83	15.97	No	0.67	0.00	-95.80 %	-28.80 %	10/19/2001	13D/A
RJR Acquisition Corp. (RJRAC)	Consumer Staples	n/a	2/4/2000	-	0.00 %	8.91	9.98	Yes	30.00	0.00	200.60 %	-4.52 %	12/13/2000	Sale of Company
New Valley Corporation (NVCP)	Health Care	727	6/14/1999	-	0.00 %	n/a	n/a	No	10.28	0.00	n/a	-2.05 %	12/13/2005	Sale of Company
Next Generation Technology Holdings Inc. (NGTHQ)	Information Technology	n/a	4/21/1999	-	0.00 %	10.50	n/a	Yes	0.00	0.00	-100.00 %	-26.53 %	7/24/2003	Bankruptcy / Liquidation
RJR Acquisition Corp. (RJRAC)	Consumer Staples	n/a	12/22/1998	-	0.00 %	28.38	26.77	Yes	31.63	0.00	18.14 %	8.11 %	6/15/1999	13D/A
Stratosphere Corp. (SSPC)	Information Technology	122	10/26/1998	-	0.00 %	n/a	53.63	Yes	45.32	0.00	-15.50 %	-13.50 %	1/10/2003	Sale of Company
Integrated Resources High Equity Partners (INTGRD)	Real Estate	n/a	8/5/1998	-	0.00 %	n/a	93.43	Yes	101.87	0.00	9.03 %	13.60 %	12/23/1998	13D/A
High Equity Partners LP (HHEP)	Real Estate	n/a	8/5/1998	-	0.00 %	n/a	83.29	Yes	91.87	0.00	10.30 %	13.60 %	12/23/1998	13D/A
Philip Services Corp. (PSCDE)	Materials	n/a	6/15/1998	-	0.00 %	4.59	3.66	Yes	0.08	0.00	-97.81 %	20.40 %	10/27/1999	13D/A
Vector Group Limited (VGR)	Consumer Staples	1,490,877	1/28/1998	-	0.00 %	n/a	20.29	No	17.70	0.00	-12.77 %	19.37 %	11/23/2011	13D/A
Gothic Energy Corporation (GTHC)	Energy	n/a	10/1/1997	-	0.00 %	2.88	2.66	No	1.78	0.00	-33.03 %	41.82 %	1/26/2001	Sale of Company
Growth Hotel Investors (GRWTH)	Consumer Discretionary	n/a	4/10/1996	-	0.00 %	n/a	704.38	No	1,032.00	0.00	46.51 %	67.76 %	8/14/1998	Bankruptcy / Liquidation
RJR Acquisition Corp. (RJRAC)	Consumer Staples	n/a	3/11/1996	-	0.00 %	34.63	30.03	Yes	36.75	0.00	22.38 %	24.23 %	2/27/1997	13D/A
Trans World Airlines Inc (TWAIQ)	Industrials	n/a	11/13/1995	-	0.00 %	n/a	n/a	No	16.31	0.00	n/a	12.38 %	5/14/1996	13D/A
Icahn Enterprises LP (IEP)	Industrials	14,238,250	9/18/1995	170,793,800	91.50 %	n/a	8.31	No	74.40	0.00	795.31 %	398.50 %	Live	n/a
National Energy Group Income (NEGI)	Energy	n/a	7/27/1995	-	0.00 %	3.60	2.97	Yes	n/a	0.00	n/a	137.28 %	3/26/2008	Sale of Company
Panaco Inc (PNOIQ)	Energy	n/a	7/24/1995	-	0.00 %	4.88	4.60	Yes	0.00	0.00	-100.00 %	61.88 %	7/16/2002	Bankruptcy / Liquidation
Alexander Energy Corporation (ALXRE)	Energy	n/a	7/24/1995	-	0.00 %	4.75	4.31	No	7.28	0.00	68.95 %	18.11 %	8/29/1996	Sale of Company
Western Company of North America (WCNA)	Energy	n/a	10/14/1994	-	0.00 %	17.38	15.64	Yes	20.00	0.00	27.88 %	8.55 %	4/13/1995	Sale of Company
Samsonite Corp. (SAMSCP)	Consumer Discretionary	n/a	8/22/1994	-	0.00 %	19.25	19.00	No	48.75	0.00	156.58 %	73.65 %	2/20/1997	13D/A
112 item(s).							Average Return: Average Return (Item 4 Actions):				18.49 % 13.45 %	26.15 % 24.50 %

Footnote (*): Energen Corp.: Co-Filer
Xerox Corp: The return is reflected to show the spinoff of Conduent Incorporated (CNDT) from Xerox Corp. (XRX) where each XRX shareholder received one share of CNDT for every five shares of XRX they held as of the close of business on December 15, 2016, the record date for the distribution. In addition, the return is reflected to show the one-for-four reverse stock split on June 14, 2017.
Manitowoc Company Inc: The return is reflected to show the spin-off of Welbilt, Inc. (WBT) from Manitowoc Co. (MTW) on March 4, 2016. Each shareholder received one share of MFS for each share of MTW previously owned. The return is also reflected to show the 1-for-4 reverse stock split on November 20, 2017.
Herc Holdings Inc.: The return is reflected to show the spin-off of Hertz Global Holdings, Inc. (HTZ) from Herc Holdings Inc. (HRI) where for every five shares of HRI, shareholders received one share of HTZ.
Herbalife Limited: The return is reflected to show the 2-for-1 stock split on May 15, 2018.
Voltari Corp: The return is reflected to show the 1-for-10 reverse stock split on April 22, 2013.
Motorola Solutions Inc: The return is reflected to show the one-for-seven reverse stock split of MSI and the spinoff of Motorola Mobility (MMI), where for every eight shares of old Motorola, shareholders received one share of MMI.

Under The Threshold

Activism where the activist owns 5% or less of the company’s common stock, and therefore was not required to file a 13D.

Company Name	Industry	Market Cap (x1000)	Approximate Action Date	Holdings (%)	Announcement Date Price	Current Price / Exit Price	UTT Return	S&P Return	Exit Date	Exit Type
Cigna Corp (CI)	Health Care	$56,571,180	8/1/2018	0.56 %	185.42	210.93	13.76 %	3.58 %	9/30/2018	13F
VMware Inc (VMW)	Information Technology	$77,199,840	4/17/2018	0.10 %	131.88	137.13	3.98 %	-7.37 %	12/31/2018	13F
Newell Brands Inc. (NWL)	Consumer Discretionary	$7,468,800	2/28/2018	n/a	25.69	28.66	11.56 %	1.41 %	3/16/2018	Over 5%
Bristol-Myers Squibb Co (BMY)	Health Care	$74,377,750	2/22/2017	n/a	54.78	53.99	-1.44 %	0.00 %	3/31/2017	13F
American International Group Inc (AIG)	Financials	$40,042,670	10/28/2015	4.76 %	63.89	53.28	-16.61 %	27.86 %	5/7/2018	N/A
eBay Inc (EBAY)	Consumer Discretionary	$32,917,400	1/22/2014	3.80 %	22.90	24.44	6.72 %	4.07 %	9/30/2015	13F
Apple Inc (AAPL)	Information Technology	$961,257,000	8/13/2013	0.95 %	69.94	108.99	55.84 %	21.58 %	3/31/2016	13F
7 item(s).						Average Return:	10.54 %	7.30 %

Types of Activism

Activism where the activist owns 5% or less of the company’s common stock, and therefore was not required to file a 13D.

Company Name	Corporate Governance	Strategic	Capital Allocation / Balance Sheet	Operational	Activist Level	Success Level	Result
Adventrx Pharmaceuticals Inc (ANX)						▪ N/A	▪ Director
Alexander Energy Corporation (ALXRE)						▪ N/A
Altaba Inc (AABA)	▪ Corporate Governance ▪ Change in Board Composition	▪ Strategic ▪ Sell Company ▪ Spinoff Subsidiary/sell division			▪ Solicit Proxies or consents	▪ Settlement	▪ Director
American International Group Inc (AIG)*	▪ Change in Board Composition ▪ Corporate Governance ▪ Other	▪ Spinoff Subsidiary/sell division ▪ Strategic		▪ Operational ▪ Reduce cost structure	▪ Letter to Management ▪ Meetings with Managements ▪ Settle with Company ▪ Standstill or Voting agreement	▪ Settlement	▪ Director
American Railcar Industries Inc (ARII)						▪ N/A
AmTrust Financial Services Inc. (AFSI)		▪ Strategic ▪ Oppose Strategic Transaction			▪ Solicit Proxies or consents ▪ Standstill or Voting agreement ▪ Settle with Company	▪ Settlement
Amylin Pharmaceuticals Inc. (AMLN)	▪ Corporate Governance ▪ Change in Board Composition ▪ Other	▪ Strategic ▪ Sell Company			▪ Nominate Directors ▪ Submit Shareholder Proposal ▪ Filed lawsuit ▪ Letter to Management ▪ Meetings with Managements ▪ Solicit Proxies or consents ▪ Request company documents ▪ Withdrawal	▪ Partial Win	▪ Director
Apple Inc (AAPL)*			▪ Buy Back Shares / Pay Special Dividends ▪ Capital Allocation / Balance Sheet		▪ Letter to Management ▪ Meeting with / letter to shareholders or third party ▪ Meetings with Managements ▪ Submit Shareholder Proposal ▪ Withdrawal	▪ Partial Win
Atlantic Coast Entertainment Holdings, Inc. (ATLCC)						▪ N/A
BEA Systems Inc (BEAS)	▪ Corporate Governance ▪ Compel an annual or special meeting	▪ Strategic ▪ Sell Company ▪ Oppose Strategic Transaction ▪ Other			▪ Letter to Management	▪ N/A
Biogen Idec Inc (BIIB)	▪ Corporate Governance ▪ Change in Board Composition ▪ Other				▪ Nominate Directors ▪ Letter to Management ▪ Submit Shareholder Proposal ▪ Solicit Proxies or consents	▪ Partial Win	▪ Director
BKF Capital Group Inc (BKFG)	▪ Corporate Governance ▪ Poison Pill Redemption/Amendment ▪ Change in Board Composition ▪ Eliminate Staggered Board				▪ Meetings with Managements	▪ N/A	▪ Director
Blockbuster Inc (BBICP)	▪ Corporate Governance ▪ Change in Board Composition	▪ Strategic ▪ Other	▪ Capital Allocation / Balance Sheet ▪ Buy Back Shares / Pay Special Dividends		▪ Meetings with Managements ▪ Nominate Directors ▪ Solicit Proxies or consents	▪ Full Win	▪ Director
Bristol-Myers Squibb Co (BMY)*						▪ N/A
Cadus Corp. (KDUS)					▪ Acquisition of company ▪ Letter to Management	▪ N/A
Caesars Entertainment Corp (CZR)		▪ Strategic ▪ Sell Company ▪ Hire Investment Bank to explore strategic alternatives			▪ Settle with Company ▪ Standstill or Voting agreement	▪ Settlement	▪ Director
Cheniere Energy Inc (LNG)	▪ Corporate Governance ▪ Change in Board Composition				▪ Settle with Company	▪ Settlement	▪ Director
Chesapeake Energy Corp. (CHK)	▪ Corporate Governance ▪ Change in Board Composition				▪ Letter to Management ▪ Settle with Company	▪ Settlement	▪ Director
Chesapeake Energy Corp. (CHK)						▪ N/A
Cigna Corp (CI)*		▪ Oppose Strategic Transaction ▪ Strategic				▪ Withdrawal
Commercial Metals Company (CMC)	▪ Corporate Governance ▪ Poison Pill Redemption/Amendment ▪ Change in Board Composition	▪ Strategic ▪ Offer to Acquire Company			▪ Nominate Directors ▪ Letter to Management ▪ Offer to acquire company ▪ Solicit Proxies or consents	▪ Loss
Conduent Inc (CNDT)							▪ Director
CVR Energy Inc. (CVI)	▪ Corporate Governance ▪ Change in Board Composition	▪ Strategic ▪ Offer to Acquire Company ▪ Sell Company ▪ Acquisition of Company			▪ Letter to Management ▪ Nominate Directors ▪ Offer to acquire company ▪ Meetings with Managements ▪ Acquisition of company ▪ Solicit Proxies or consents	▪ Full Win	▪ Director ▪ Acquire Company
CVR Refining Limited Partnership (CVRR)						▪ N/A
Cyberonics Inc (CYBX)	▪ Corporate Governance ▪ Change in Board Composition					▪ N/A
Dell Inc (DELL)	▪ Corporate Governance ▪ Change in Board Composition	▪ Strategic ▪ Oppose Strategic Transaction ▪ Other			▪ Letter to Management ▪ Nominate Directors ▪ Solicit Proxies or consents ▪ Filed lawsuit	▪ Loss
Dell Technologies Inc (DVMT)		▪ Strategic ▪ Oppose Strategic Transaction			▪ Letter to Management ▪ Solicit Proxies or consents ▪ Filed lawsuit ▪ Withdrawal	▪ Full Win
Dynegy Inc (DYN)	▪ Corporate Governance ▪ Change in Board Composition	▪ Strategic ▪ Oppose Strategic Transaction ▪ Offer to Acquire Company	▪ Capital Allocation / Balance Sheet ▪ Financing of Company		▪ Financing of company ▪ Letter to Management ▪ Offer to acquire company	▪ Partial Win	▪ Director
eBay Inc (EBAY)*	▪ Change in Board Composition ▪ Corporate Governance	▪ Spinoff Subsidiary/sell division ▪ Strategic			▪ Meeting with / letter to shareholders or third party ▪ Nominate Directors ▪ Request company documents ▪ Settle with Company ▪ Solicit Proxies or consents ▪ Withdrawal	▪ Settlement, Full Win	▪ Director
Energen Corp. (EGN)
Energen Corp. (EGN)	▪ Corporate Governance ▪ Change in Board Composition	▪ Strategic ▪ Sell Company			▪ Letter to Management ▪ Nominate Directors ▪ Standstill or Voting agreement ▪ Settle with Company		▪ Director
Enzon Pharmaceuticals Inc. (ENZN)	▪ Corporate Governance ▪ Change in Board Composition				▪ Standstill or Voting agreement	▪ N/A	▪ Director
Fairmont Hotels & Resort Incorporated (FHR)						▪ N/A
Family Dollar Stores Inc (FDO)		▪ Strategic ▪ Sell Company			▪ Letter to Management	▪ Full Win
Federal Mogul Corp. (FDML)						▪ N/A
Federal Mogul Corp. (FDML)		▪ Strategic ▪ Offer to Acquire Company			▪ Letter to Management ▪ Offer to acquire company ▪ Acquisition of company	▪ N/A	▪ Director
Forest Laboratories Inc (FRX)	▪ Corporate Governance ▪ Change in Board Composition ▪ Other ▪ Separate position of Chairman and CEO ▪ Executive Compensation				▪ Meetings with Managements ▪ Nominate Directors ▪ Request company documents ▪ Letter to Management ▪ Filed lawsuit ▪ Settle with Company ▪ Standstill or Voting agreement ▪ Solicit Proxies or consents	▪ Partial Win
Freeport-Mcmoran Inc (FCX)	▪ Corporate Governance ▪ Change in Board Composition ▪ Executive Compensation		▪ Capital Allocation / Balance Sheet ▪ Other	▪ Operational ▪ Other	▪ Settle with Company ▪ Standstill or Voting agreement	▪ Settlement	▪ Director
Gannett Co Inc (GCI)
GB Holdings Inc. (GBHD)						▪ N/A
GenesisIntermedia Inc (GENI)						▪ N/A
Gothic Energy Corporation (GTHC)						▪ N/A
Greenbrier Companies Inc. (GBX)						▪ N/A
Greenbrier Companies Inc. (GBX)		▪ Strategic ▪ Offer to Acquire Company			▪ Offer to acquire company	▪ Loss
Growth Hotel Investors (GRWTH)						▪ N/A
Guaranty Financial Group Inc (GFGF)						▪ N/A
Hallwood Realty Partners, L.P. (HRY)					▪ Solicit Proxies or consents	▪ N/A
Herbalife Limited (HLF)	▪ Corporate Governance ▪ Change in Board Composition	▪ Strategic ▪ Other			▪ Standstill or Voting agreement ▪ Settle with Company ▪ Nominate Directors	▪ Settlement	▪ Director
Herc Holdings Inc. (HRI)	▪ Corporate Governance ▪ Change in Board Composition				▪ Settle with Company ▪ Standstill or Voting agreement ▪ Nominate Directors	▪ Settlement	▪ Director
Hertz Global Holdings Inc. (HTZ)
High Equity Partners LP (HHEP)						▪ N/A
Hollywood Entertainment (HET)						▪ N/A
Hologic Inc (HOLX)	▪ Corporate Governance ▪ Change in Board Composition				▪ Settle with Company	▪ Settlement	▪ Director
Icahn Enterprises LP (IEP)						▪ N/A
Imclone Systems Inc (IMCL)	▪ Corporate Governance ▪ Poison Pill Redemption/Amendment ▪ Change in Board Composition			▪ Operational ▪ Replace CEO or other Management	▪ Meetings with Managements ▪ Letter to Management ▪ Solicit Proxies or consents	▪ Full Win	▪ Director
Insignia Financial Group, Inc. (INSGA)						▪ N/A
Integrated Resources High Equity Partners (INTGRD)						▪ N/A
Kerr McGee Corp. (KMG)					▪ Solicit Proxies or consents	▪ N/A
Ladenburg Thalmann Financial Services Inc (LTS)						▪ N/A
Lawson Software, Inc. (LWSN)						▪ N/A
Lear Corp. (LEA)	▪ Corporate Governance ▪ Change in Board Composition		▪ Capital Allocation / Balance Sheet ▪ Financing of Company		▪ Meetings with Managements	▪ Loss	▪ Director
Lexar Media, Inc. (LEXR)		▪ Strategic ▪ Oppose Strategic Transaction			▪ Meetings with Managements	▪ Full Win
Lions Gate Entertainment Corp. (LGF)	▪ Corporate Governance ▪ Change in Board Composition	▪ Strategic ▪ Other ▪ Offer to Acquire Company			▪ Offer to acquire company ▪ Letter to Management ▪ Filed lawsuit ▪ Nominate Directors ▪ Solicit Proxies or consents	▪ Loss
Manitowoc Company Inc (MTW)	▪ Corporate Governance ▪ Change in Board Composition	▪ Strategic ▪ Spinoff Subsidiary/sell division			▪ Standstill or Voting agreement ▪ Settle with Company	▪ Full Win	▪ Director
Mast Therapeutics Inc (MSTX)
Mentor Graphics Corp. (MENT)	▪ Corporate Governance ▪ Change in Board Composition	▪ Strategic ▪ Consider acquisition of company ▪ Offer to Acquire Company	▪ Capital Allocation / Balance Sheet ▪ Other		▪ Meetings with Managements ▪ Nominate Directors ▪ Offer to acquire company ▪ Letter to Management ▪ Solicit Proxies or consents	▪ Full Win	▪ Director
Mortons Restaurant Group Inc (MRT)						▪ N/A
Motorola Mobility Holdings Inc. (MMI)		▪ Strategic ▪ Other			▪ Meetings with Managements	▪ Settlement	▪ Director
Motorola Solutions Inc (MSI)	▪ Corporate Governance ▪ Change in Board Composition	▪ Strategic ▪ Spinoff Subsidiary/sell division			▪ Letter to Management ▪ Nominate Directors ▪ Solicit Proxies or consents	▪ Settlement	▪ Director
Mylan Inc (MYL)					▪ Solicit Proxies or consents	▪ N/A
National Energy Group Income (NEGI)						▪ N/A
Navistar International Corp (NAV)	▪ Corporate Governance ▪ Change in Board Composition ▪ Eliminate Staggered Board				▪ Meetings with Managements ▪ Request company documents ▪ Letter to Management ▪ Settle with Company	▪ Settlement	▪ Director
Netflix, Inc. (NFLX)	▪ Corporate Governance ▪ Other					▪ N/A
New Valley Corporation (NVCP)						▪ N/A
Newell Brands Inc. (NWL)					▪ Settle with Company ▪ Standstill or Voting agreement	▪ Settlement	▪ Director
Newell Brands Inc. (NWL)*						▪ Settlement
Next Generation Technology Holdings Inc. (NGTHQ)						▪ N/A
Nuance Communications, Inc. (NUAN)	▪ Corporate Governance ▪ Change in Board Composition				▪ Settle with Company ▪ Standstill or Voting agreement	▪ Settlement	▪ Director
Oshkosh Corp. (OSK)	▪ Corporate Governance ▪ Change in Board Composition	▪ Strategic ▪ Spinoff Subsidiary/sell division ▪ Offer to Acquire Company		▪ Operational ▪ Replace CEO or other Management	▪ Letter to Management ▪ Nominate Directors ▪ Meetings with Managements ▪ Offer to acquire company ▪ Solicit Proxies or consents	▪ Loss
Panaco Inc (PNOIQ)						▪ N/A
Pep Boys-Manny Moe and Jack (PBY)		▪ Strategic ▪ Consider acquisition of company ▪ Offer to Acquire Company			▪ Meetings with Managements ▪ Offer to acquire company ▪ Letter to Management ▪ Submit Shareholder Proposal ▪ Acquisition of company	▪ Full Win
Perry Ellis International Inc. (PERY)						▪ N/A
Philip Services Corp. (PSCDE)						▪ N/A
Philip Services Corp. (PSCDE)
Reckson Associates Realty Corp. (RA)		▪ Strategic ▪ Oppose Strategic Transaction ▪ Offer to Acquire Company			▪ Letter to Management ▪ Offer to acquire company	▪ Loss
Register Com Inc. (REGCOM)						▪ N/A
Rentech Nitrogen Partners LP (RNF)
RJR Acquisition Corp. (RJRAC)						▪ N/A
RJR Acquisition Corp. (RJRAC)					▪ Solicit Proxies or consents
RJR Acquisition Corp. (RJRAC)	▪ Corporate Governance ▪ Change in Board Composition	▪ Strategic ▪ Spinoff Subsidiary/sell division			▪ Meetings with Managements ▪ Nominate Directors ▪ Solicit Proxies or consents
Samsonite Corp. (SAMSCP)						▪ N/A
SandRidge Energy Inc. (SD)	▪ Corporate Governance ▪ Change in Board Composition	▪ Strategic ▪ Oppose Strategic Transaction ▪ Sell Company		▪ Operational ▪ Replace CEO or other Management	▪ Request company documents ▪ Solicit Proxies or consents ▪ Letter to Management ▪ Nominate Directors ▪ Settle with Company ▪ Standstill or Voting agreement	▪ Full Win	▪ Director
Seventy Seven Energy Inc (SSE)						▪ N/A
Shelbourne Properties III, Inc. (SBIII)						▪ N/A
Stratosphere Corp. (SSPC)						▪ N/A
Take Two Interactive Software Inc. (TTWO)					▪ Withdrawal	▪ Settlement	▪ Director
Talisman Energy Inc. (TLM)	▪ Corporate Governance ▪ Change in Board Composition	▪ Strategic ▪ Other			▪ Settle with Company	▪ Settlement	▪ Director
TEGNA Inc. (TGNA)	▪ Corporate Governance ▪ Change in Board Composition ▪ Other ▪ Allow Stockholders to Call Special Meetings				▪ Letter to Management ▪ Nominate Directors ▪ Settle with Company ▪ Standstill or Voting agreement	▪ Full Win
Telik Inc (TELK)						▪ N/A
Temple Inland Inc (TIN)	▪ Corporate Governance ▪ Change in Board Composition				▪ Letter to Management ▪ Nominate Directors ▪ Withdrawal	▪ Full Win
Tenneco Inc (TEN)					▪ Standstill or Voting agreement
The Clorox Company (CLX)	▪ Corporate Governance ▪ Change in Board Composition	▪ Strategic ▪ Offer to Acquire Company			▪ Offer to acquire company ▪ Letter to Management ▪ Nominate Directors ▪ Withdrawal	▪ Withdrawal
The Hain Celestial Group, Inc. (HAIN)						▪ Settlement	▪ Director
Trans World Airlines Inc (TWAIQ)						▪ N/A
Transkaryotic Therapies Inc. (TKTI)						▪ N/A
Transocean Limited (RIG)	▪ Corporate Governance ▪ Change in Board Composition	▪ Strategic	▪ Capital Allocation / Balance Sheet ▪ Buy Back Shares / Pay Special Dividends ▪ Other	▪ Operational ▪ Replace CEO or other Management	▪ Meetings with Managements ▪ Letter to Management ▪ Standstill or Voting agreement ▪ Nominate Directors ▪ Solicit Proxies or consents	▪ Partial Win	▪ Director
TransTexas Gas Corp. (TTGC)						▪ N/A
TROPICAL SPORTSWEAR INTERNATIONAL CORPORATION (TSIC)						▪ N/A
TROPICANA ENTERTAINMENT INC. (TPCA)	▪ Corporate Governance ▪ Change in Board Composition	▪ Strategic ▪ Offer to Acquire Company			▪ Acquisition of company	▪ N/A	▪ Director
Vector Group Limited (VGR)						▪ N/A
VISX Inc. (VISX)					▪ Solicit Proxies or consents	▪ N/A
VMware Inc (VMW)*						▪ N/A
Voltari Corp (VLTC)					▪ Acquisition of company	▪ N/A
WCI Communities, Inc. (WCIC)	▪ Corporate Governance ▪ Change in Board Composition ▪ Other ▪ Poison Pill Redemption/Amendment	▪ Strategic ▪ Sell Company ▪ Consider acquisition of company			▪ Letter to Management ▪ Nominate Directors ▪ Meetings with Managements ▪ Solicit Proxies or consents	▪ Settlement	▪ Director
WebMD Health Corp. (WBMD)	▪ Corporate Governance ▪ Change in Board Composition		▪ Capital Allocation / Balance Sheet ▪ Buy Back Shares / Pay Special Dividends		▪ Standstill or Voting agreement	▪ Settlement	▪ Director
Welbilt Inc. (WBT)
Western Company of North America (WCNA)						▪ N/A
Xerox Corp (XRX)	▪ Corporate Governance ▪ Change in Board Composition	▪ Strategic ▪ Hire Investment Bank to explore strategic alternatives ▪ Oppose Strategic Transaction		▪ Operational ▪ Replace CEO or other Management	▪ Settle with Company ▪ Standstill or Voting agreement ▪ Nominate Directors ▪ Meeting with / letter to shareholders or third party ▪ Solicit Proxies or consents ▪ Request company documents ▪ Letter to Management	▪ Settlement, Full Win	▪ Director
XO Holdings Inc (XOHO)		▪ Strategic ▪ Offer to Acquire Company			▪ Letter to Management ▪ Offer to acquire company	▪ N/A

Footnote (*): Under The Threshold

13F Analysis

View Filing Period:

Portfolio Summary ($ 000)

Summary Date	Total Holdings	Total of Positions	Average Position	Largest Position	New Positions	Closed Positions	Increased Positions	Unchanged Positions	Decreased Positions
12/31/2018	$20,425,534	18	$1,134,752	$10,014,206	2	5	3	12	1
View Original Filing

Holdings

Ticker	Company Name	Type	Stock Price	Market Value (x1000)	Shares Held	Shares Held Change	Total Shares Outstanding (%)
	CVR REFNG LP	Unchanged	$10.43	$59,973	5,750,000	0	0.00 %
	NEWELL BRANDS INC	Increased	$18.59	$764,410	41,119,415	2,419,415	0.00 %
CNDT	CONDUENT INC	Unchanged	$10.63	$210,538	19,806,000	0	9.37 %
CVI	CVR ENERGY INC	Unchanged	$34.48	$2,454,932	71,198,718	0	70.82 %
DELL	DELL TECHNOLOGIES INC	Increased	$48.87	$625,455	12,798,345	3,983,873	1.67 %
FANG	DIAMONDBACK ENERGY INC	New	$92.70	$577,250	6,227,078	0	6.15 %
FCX	FREEPORT-MCMORAN INC	Unchanged	$10.31	$517,164	50,161,354	0	3.46 %
HLF	HERBALIFE NUTRITION LTD	Unchanged	$58.95	$2,076,685	35,227,904	0	22.56 %
HRI	HERC HLDGS INC	Unchanged	$25.99	$116,820	4,494,789	0	15.77 %
HTZ	HERTZ GLOBAL HLDGS INC	Unchanged	$13.65	$399,451	29,263,869	0	34.87 %
IEP	ICAHN ENTERPRISES LP	Increased	$57.08	$10,014,206	175,441,588	4,647,788	98.46 %
LNG	CHENIERE ENERGY INC	Unchanged	$59.19	$1,383,891	23,380,490	0	9.10 %
MTW	MANITOWOC CO INC	Decreased	$14.77	$23,649	1,601,169	-84,907	4.50 %
NAV	NAVISTAR INTL CORP NEW	Unchanged	$25.95	$434,142	16,729,960	0	16.91 %
SD	SANDRIDGE ENERGY INC	Unchanged	$7.61	$36,671	4,818,832	0	13.50 %
TEN	TENNECO INC	New	$27.39	$154,786	5,651,177	0	9.90 %
WBT	WELBILT INC	Unchanged	$11.11	$112,019	10,082,660	0	7.19 %
XRX	XEROX CORP	Unchanged	$19.76	$463,492	23,456,087	0	10.22 %

Terms & Conditions

The information contained herein is based on public filings, public data and, in some cases, information provided by third parties that may not be publicly available. The information is based upon sources we believe to be reliable, but is not guaranteed by us and does not support to be a complete or error-free statement or summary of the available data. In certain situations, such as bankruptcy exits and acquisitions, the returns may not reflect proceeds received by the filer after the 13D exit due to a restructuring investment made pursuant to a bankruptcy or an investment made by the filer as part of the acquisition group. The filer’s return on its 13D investment is based on the filer’s average cost and if not available, the closing price on the date of the 13D filing. When a filer exits its 13D investment pursuant to a 13G filing or 13D amendment reporting less than 5% ownership, the exit price assumes that the filer disposed of its remaining shares at the closing price on the date of exit. In certain situations, the filer may own less than 5% of the company and still have a live filing, as it may be part of a group.

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