Icahn Burned By Energy Investments

Nov 5 2014 | 2:50pm ET

Carl Icahn’s energy investments short-circuited in the third quarter, saddling his publicly-traded holding company with a big loss.

Icahn Enterprises said it took a $355 million loss in the three months to September, a 5.3% drop. Icahn blamed “a meaningful decrease in the value of our core energy investments.”

“There have always been sporadic speed bumps along the road,” he continued. “I believe over the long term, our model continues to be one of the best in the world.”

The loss more than halved Icahn’s year-to-date returns to 4.4%.

Among the holdings weighing on Icahn Enterprises were Chesapeake Energy, CVR Refining and CVR Energy, Talisman Energy and Transocean, all of which suffered double-digit drops on the quarter.

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