The fund had a net short position of 149 percent at the end of the first quarter in stark comparison to 25 percent at the end of 2015 and a net long position of 4 percent a year ago, the report said.

This was disclosed by the management of Icahn Enterprises, which holds a $1.8 billion interest in the investment fund, on a May 5 earnings call.

(Reporting by Marcy Nicholson; Editing by Chris Reese)