Icahn Raked In $2.77 Billion Since '96

Billionaire financier Carl Icahn generated investment profits of approximately $2.77 billion from January 1996 to May 2004, according to sister publication Alternative Investment News. A marketing document put together to hawk his new hedge fund, Icahn Partners, which is slated to be launched with $3 billion next month spells out his gains and losses (LMW, 10/18). He made $1.58 billion in long equity positions, $1.03 billion through debt investments and $150.6 million in short equities. Icahn invested in 56 companies with 15 long equity plays, 24 shorts and 17 debt investments. His levered annual rate of return was 53%, representing a 29% unlevered return. Over the past eight years, his biggest loss has been with Beazer Homes and his largest profit came fromRJR Nabisco (see accompanying chart). Icahn's ten largest gains represent $2.59 billion with a 74.9% unlevered gain and his ten largest losses are $239.6 million or a 35.6% unlevered loss. Calls to Icahn were not returned.