This article is part of a series that provides an ongoing analysis of the changes made to Carl Icahn’s 13F portfolio on a quarterly basis. It is based on Icahn’s regulatory 13F Form filed on 5/13/2022. Please visit our Tracking latest 13f filing of carl icahn Portfolio series to get an idea of his investment philosophy and our previous update for the fund’s moves during Q4 2021. This quarter, Icahn’s 13F portfolio value decreased marginally from $22.29B to $21.87B. The number of holdings remained steady at 16. The portfolio is very concentrated with the largest five positions accounting for ~83% of the entire holdings: Icahn Enterprises, CVR Energy, Cheniere Energy, FirstEnergy, and Bausch Health.