Carl Icahn’s private investment fund posted another quarterly loss in Q2, falling 0.5% and taking year-to-date declines to 8.8%, according to a report by Institutional Investor citing Icahn Enterprises’ latest filing.

The investment portfolio – one of seven business segments at the holding company – has now recorded losses for seven consecutive years.

The fund’s Q2 performance was driven by 5.6 percentage points of gains from long equity positions, largely in consumer cyclicals, and a 1% boost from “other” investments. These were more than offset by short positions, which detracted 7.1 percentage points, including $147m in losses from broad market hedges and $81m from energy shorts.

As of 30 June, the portfolio’s net notional exposure stood at 2% long, with 102% long equity exposure offset by 100% short exposure (90% equity, 1% credit, 9% commodities). The fund does not take outside capital and had $3.5bn in AUM at quarter-end, down from $4.9bn just over two years ago.

Shares of Icahn Enterprises have fallen over 80% since April 2023, when a short-seller report from Hindenburg Research alleged the firm was funding dividends with borrowed money. The company has since halved its payout.