Icahn's investment fund returned 6.5% in the third quarter, according to a presentation Icahn's publicly-traded vehicle, Icahn Enterprises, put out on Thursday when it reported earnings. Icahn's investment fund had previously been down by 18% in the first half of 2016. The firm did not disclose the fund's year-to-date performance.
Billionaire Carl Icahn's investment fund has been battered for nearly three years in the financial markets, but the bleeding stopped a little in the third quarter of 2016 as Icahn's investment fund rebounded a bit.
Icahn's investment fund, which trades Icahn's own money in addition to funds belonging to Icahn Enterprises, still seems to be heading toward its third straight annual loss. The fund lost 18% in 2015 and 7.4% in 2014.
Icahn's trading losses in recent years have to a large extent been the result of his exposure to oil and commodities stocks like Cheniere Energy and Freeport-McMoran that were hit by the drop in oil prices. Those bets have stabilized in recent months.
At the same time, the largest position in Icahn's investment fund, AIG, rose 12% in the third quarter, fueling the fund's rebound.
Icahn Enterprises said on Thursday that it lost $16 million in the third quarter on revenues of $4.9 billion, compared to a loss of $440 million in the same period a year earlier on revenues of $3.2 billion, a darker period for Icahn's investment vehicle.
Billionaire Carl Icahn's investment fund has been battered for nearly three years in the financial markets, but the bleeding stopped a little in the third quarter of 2016 as Icahn's investment fund rebounded a bit.
Icahn's investment fund returned 6.5% in the third quarter, according to a presentation Icahn's publicly-traded vehicle, Icahn Enterprises, put out on Thursday when it reported earnings. Icahn's investment fund had previously been down by 18% in the first half of 2016. The firm did not disclose the fund's year-to-date performance.
Icahn's investment fund, which trades Icahn's own money in addition to funds belonging to Icahn Enterprises, still seems to be heading toward its third straight annual loss. The fund lost 18% in 2015 and 7.4% in 2014.
Icahn's trading losses in recent years have to a large extent been the result of his exposure to oil and commodities stocks like Cheniere Energy and Freeport-McMoran that were hit by the drop in oil prices. Those bets have stabilized in recent months.
At the same time, the largest position in Icahn's investment fund, AIG, rose 12% in the third quarter, fueling the fund's rebound.
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