---
title: "Carl Icahn Beat Berkshire Hathaway This Quarter — But The Long-Term Story Is Different"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/286947973.md"
description: "Carl Icahn outperformed Berkshire Hathaway in Q1 2026 with a return of 11.64% compared to Berkshire's 4.99%. However, over the past five years, Icahn's performance is down 51.8%, while Berkshire has gained 69.56%. This highlights the difference between Icahn's concentrated activist investing and Buffett's long-term compounding strategy."
datetime: "2026-05-19T16:55:39.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/286947973.md)
  - [en](https://longbridge.com/en/news/286947973.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/286947973.md)
---

# Carl Icahn Beat Berkshire Hathaway This Quarter — But The Long-Term Story Is Different

Billionaire investor **Carl Icahn** quietly outperformed Berkshire Hathaway Inc. during the first quarter.

## Icahn Outpaces Buffett In Q1

Performance data tracking billionaire hedge fund portfolios, aggregated by WhaleWisdom, showed Icahn's manager-weighted returns climbed 11.64% during the first quarter, compared with a 4.99% gain for **Berkshire Hathaway Inc. Common Stock** (NYSE:BRK) (NYSE:BRK).

The rebound placed Icahn among the best-performing billionaire investors of the quarter, ahead of several major hedge fund names.

But the longer-term picture looks dramatically different.

**Read Also: Buffett Steps Aside: Abel's First Berkshire 13F Buys Delta Air Lines, Exits Visa And Mastercard**

## Five-Year Performance Gap Widens

Despite the strong quarter, Icahn's five-year manager-weighted performance remains down 51.8%, one of the weakest long-term showings among major billionaire investors tracked in the data.

By contrast, Berkshire Hathaway's five-year performance stands at positive 69.56%.

That gap highlights the stark difference between Icahn's concentrated activist investing style and Buffett's longer-term compounding approach centered around cash flow, profitability and durable businesses.

Icahn's portfolio remains extremely concentrated, with nearly 99% of assets sitting in the fund's top 10 holdings.

Berkshire's portfolio is also heavily concentrated, though its broader diversification and lower beta have historically produced less volatility during market cycles.

## Hedge Fund Rebound Continues

The latest rankings also showed several growth-oriented hedge funds staging strong recoveries.

**Tiger Global Management** led the billionaire group with a 12.28% quarterly gain, while **Appaloosa Management** posted a 9.21% quarterly return and a massive 132.84% five-year gain.

Still, the Icahn-versus-Berkshire contrast stood out.

One investor won the quarter. The other still owns the long game.

**Read Also: Buffett's Final Berkshire Stock Pick Hit All-Time Highs In 2026: Here's How Much New York Times Stake Is Up**

_Foto: Photo Agency / Shutterstock_

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