(Bloomberg) -- Activist investor Carl Icahn’s investment fund estimated that the value of its assets has declined, as its octogenarian backer reiterated his commitment to activism as an investment strategy.

Icahn Enterprises LP said on Wednesday its net asset value was estimated to be $4.76 billion as of end of last year, a $411 million decrease compared to the previous quarter, as the investment fund underperformed and returned capital to shareholders, according to a statement. 

IEP also named Andrew Teno — a portfolio manager at IEP subsidiary Icahn Capital and board member of Southwest Gas Holdings Inc. and Illumina Inc. — as chief executive officer. He replaces David Willetts, who becomes CEO of auto parts seller Pep Boys, which IEP acquired in 2016. 

“I have come to believe that activism, on a risk reward basis, is the best investment paradigm that exists,” Icahn said in Wednesday’s statement. “The reason activism works so well is that, somewhat unfortunately, many public companies are not well run.”

IEP won four board seats last week at JetBlue Airways Corp. and American Electric Power Co., the biggest victory since Icahn’s firm was was attacked by short seller Hindenburg Research in 2023 for being over-leveraged and over-valued. 

Read More: Carl Icahn Returns to His Roots With JetBlue, AEP Positions

IEP maintained its quarterly distribution of $1 per depositary unit, the statement showed.

Teno joined IEP in 2020 from Fir Tree Partners, according to his LinkedIn profile. He’s long been involved in IEP’s activism strategy and represented IEP on the boards of FirstEnergy Corp. and Crown Holdings Inc., alongside the firm’s general counsel Jesse Lynn. 

“Andrew has had an impressive record of stock picking and position stewardship,” said Icahn. “I am confident in his ability to help lead IEP into the next phase of its evolution.”

(Updates seventh paragraph with Teno’s board memberships)

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