Icahn’s investment fund, which he uses to bet on stocks with his own money and money belonging to his publicly-traded Icahn Enterprises, fell by 0.4% in the first three months of the year, according to an investment presentation released by Icahn Enterprises.
Icahn’s down quarter meant he trailed the market by a slim margin, with the Standard & Poor’s 500 index returning 1.81% in the first quarter. His first-quarter performance was hit by the drop in the shares of Herbalife, which plunged by 27% in the first three months of the year. Icahn is the biggest shareholder in Herbalife, which hedge fund billionaire Bill Ackman calls a pyramid scheme and has shorted in a big way. In March, news broke that federal regulators were investigating Herbalife, helping to drive down the company’s shares. Icahn is still sitting on a big overall gain on his shares of Herbalife, which soared last year.