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Activist investor Carl Icahn.

CHIP EAST/REUTERS

Billionaire investor Carl Icahn is losing his Trump bump.

A portfolio of stocks owned by Mr. Icahn, a special adviser to President Donald Trump, has slightly outperformed the S&P 500 Index since the election, after surging to a more than 16-point lead over the index by Christmas. That advantage disappeared by the end of Mr. Trump's second full month in office. The portfolio returned 13 per cent since the election as of Thursday's close compared with the S&P's 12 per cent.

Most of the gains in Mr. Icahn's portfolio -- positions disclosed in Securities and Exchange Commission filings -- were driven by his stake in refinery company CVR Energy Inc., whose shares have returned 73 per cent since the election. The stock rose on optimism Mr. Icahn would succeed in persuading the Trump administration to change an Environmental Protection Agency rule that's been costing his refinery company money. His outspoken criticism of the rule raised questions about possible conflicts of interest.

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Most of the slide in Mr. Icahn's portfolio, which began on Feb. 6, was driven by his holdings in rental-car company Hertz Global Holdings Inc. It was the only stock in his portfolio that declined over the period. Hertz shares are down 66 per cent since the election.

Other companies in Mr. Icahn's portfolio as of March 31, according to a May 15 filing, include Cheniere Energy Inc.; Conduent Inc., a business-services provider in which he owns a 9.7-per-cent stake; and American International Group Inc. The filing shows he sold stakes in pharmaceutical firm Allergan Plc and speech-technology group Nuance Communications Inc.

The 13F filings provide a snapshot of his holdings at two points in time. It may not include positions the company isn't required to report, and Icahn may have cut or increased holdings in the second quarter. The portfolio's largest component, Icahn Enterprises LP, is a holding company that owns many of the same stocks held independently in the portfolio. While Icahn Enterprises derives its value from the performance of its underlying holdings, it is treated as a distinct entity based on its own price performance.

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