By Chelsey Dulaney
Carl Icahn's investment portfolio took a hit in the fourth
quarter from tumbling oil prices, though the firm said Apple Inc.'s
recent performance helped soften the blow.
The famed investor's publicly traded company, Icahn Enterprises
LP, swung to a loss of $478 million, or $3.84 a unit, compared with
a year-earlier profit of $222 million, or $1.90 a unit.
The company also logged its first annual loss since 2008 and
blamed energy investments for its loss in the third quarter.
Revenue fell 31% to $3.37 billion.
"This year's results were obviously disappointing, with the
precipitous decline in oil prices impacting the profitability of
many of our segments," said Mr. Icahn in a news release.
The period included a $1.07 billion loss from investment
activities, compared with a gain of $143 million a year earlier.
The key culprit, the company said, was energy investments. Oil
prices have declined about 50% from June's peak.
Among the stocks in the Icahn portfolio are Chesapeake Energy
Corp., which is down nearly 30% in the past year, and Transocean
Ltd., which has fallen 63% in the same period.
Meanwhile, Apple, the largest position in his investment
portfolio, has gained 73% in the past year.
Mr. Icahn said he believes a "great amount of profit" will be
made in the next few years by those who hold positions in energy
companies, but he also predicted oil prices will continue to
decline in the near term.
As for Apple, he said: "I look forward to wearing the watch in
the very near future and possibly driving the car in the more
distant future."
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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