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If financial markets crash, one of the biggest beneficiaries could be billionaire investor Carl Icahn.

An investment fund run by the 80-year-old Icahn had a net short position of 149% at the end of the first quarter. Icahn is considerably more bearish than he was at the end of 2015, when the fund’s net short position was 25%. A year ago, the fund had a net long position of 4%. It’s rare to see a fund outside a dedicated short fund with such a large bearish stance.

The 149% net short position was disclosed by the management of Icahn Enterprises (ticker: IEP ), which holds a $1.8 billion interest in the investment fund, on an earnings conference call on May 5. Icahn Enterprises is a diversified investment vehicle run by the activist investor who holds a roughly 90% stake in the company. Icahn Enterprises holds sizable equity stakes in CVR Energy ( CVI ), an oil refiner, and Federal-Mogul ( FDML ), an auto-parts company, and it bought Pep Boys, the auto-service chain, earlier this year. These stakes are held outside the Icahn-run investment fund.

Icahn’s dominant stake gives him free rein to handle the company’s investments pretty much as he pleases. Asked about the big bearish stance, Icahn Enterprises CEO Keith Cozza said on the conference call that “Carl has been very vocal in recent weeks in the media” about his negative views. “We’re much more concerned about the market going down 20% than we are it going up 20%. And so the significant weighting to the short side reflects that.” Icahn was not on the call.

Late last month on CNBC, Icahn warned “there will be a day of reckoning unless we get fiscal stimulus.”

Icahn Enterprises gave some more detail on the investment fund in its 10-Q report that was filed on Friday. The 10-Q states that long exposure was 164% of the investment fund’s capital and that the short position was 313%. The difference is 149%. The 10-Q didn’t disclose much about the shorts other than they “primarily included short credit default swaps and short broad market index swap derivative contacts.”

The credit default swaps position effectively amounts to a bet that certain corporate debt securities would decline in value. That may reflect Icahn’s bearish views on the junk bond market. The equity exposure would appear to involve short positions in market indexes like the S&P 500 although no specific index was disclosed. The long positions were mostly equities.

The investment fund run by Icahn includes money from Icahn Enterprises and Icahn’s own money held in different vehicles. The entire fund appears to be about $5.8 billion, with $4 billion coming from Icahn personally, based on disclosure in the 10-Q.

The fund had a poor first quarter, when it was down 12.8%, hurt by energy and commodity investments. The fund also had a bad 2015 when it fell 18%. Icahn has a phenomenal long-term record and is one of the world’s richest men, with an estimated net worth according to Bloomberg of $20 billion, but he has had poor returns in the past 15 months.

His investment fund holds stakes in such stocks as American International Group ( AIG ), PayPal ( PYPL ), Herbalife ( HLF ) and Freeport McMoran ( FCX ). Its largest holding used to be Apple ( AAPL ) but Icahn decided to sell that.

Icahn uses the fund as a vehicle for his investor activism. The fund used to a hedge fund with outside investors, but Icahn returned outside money in 2011, leaving Icahn Enterprises and Icahn as the two dominant holders.

Barron’s wrote last week that Icahn Enterprises units, then trading around $60, looked pricey because the company’s indicative net asset value stood at about $38 at the end of the first quarter. That 50%-plus premium to NAV looked excessive, we argued. The units are up $1.66 today at $56.91. The units are lightly traded and can be volatile since Icahn holds such a dominant stake in the company.

Correction: A previous version of this story cited Icahn Enterprises’ indicative net asset value as of the end of the third quarter. It should have said first quarter.

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