Investments and Related Matters.

Investment

Investments and securities sold, not yet purchased consist of equities, bonds, bank debt and other corporate obligations, all of which are reported at fair value in our consolidated balance sheets. These investments are considered trading securities. In addition, our Investment segment has certain derivative transactions which are discussed in Note 6, “Financial Instruments." The carrying value and detail by security type, including business sector for equity securities, with respect to investments and securities sold, not yet purchased held by our Investment segment consist of the following:



	December 31,
	2017		2016
Assets	(in millions)
Investments:
Equity securities:
Basic materials	$	1,170	$	963
Consumer, non-cyclical	2,551		2,677
Energy	1,489		1,278
Financial	2,185		2,385
Technology	833		911
Other	1,149		809
	9,377		9,023
Corporate debt securities	155		190
	$	9,532	$	9,213
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Consumer, non-cyclical	$	101	$	—
Consumer, cyclical	667		968
Energy	110		19
Industrial	110		100
	988		1,087
Corporate debt securities	35		52
	$	1,023	$	1,139

The portion of trading gains (losses) that relates to trading securities still held by our Investment segment was $1,413 million, $340 million and $(2,222) million for the years ended December 31, 2017, 2016 and 2015, respectively.

As of December 31, 2017, the Investment Funds owned approximately 28% of the outstanding common stock of Hertz. Beginning in the fourth quarter of 2016, this investment would have become subject to the equity method of accounting however, our Investment segment elected to continue to apply the fair value option to this investment. Our Investment segment recorded net gains (losses) of $13 million and $(389) million for the years ended December 31, 2017 and 2016, respectively, with respect to its investment in Hertz. As of December 31, 2017 and 2016, the aggregate fair value of our Investment segment's investment in Hertz was $517 million and $505 million, respectively.

The Investment Funds also owned approximately 21% of the outstanding common stock of Herbalife Ltd. ("Herbalife") as of December 31, 2017. Beginning in the third quarter of 2016, this investment would have become subject to the equity method of accounting, after considering additional ownership in Herbalife by an affiliate of Mr. Icahn as well as the collective representation on the board of directors of Herbalife, however, our Investment segment elected to continue to apply the fair value option to this investment. Our Investment segment recorded net gains (losses) of $357 million and $(113) million for the years ended December 31, 2017 and 2016, respectively, with respect to its investment in Herbalife. As of December 31, 2017 and 2016, the aggregate fair value of our Investment segment's investment in Herbalife was approximately $1.2 billion and $867 million, respectively.

Herbalife and Hertz each file annual, quarterly and current reports and proxy and information statements with the SEC, which are publicly available.

Other Segments

With the exception of certain equity method investments at our operating subsidiaries disclosed in the table below, our investments are measured at fair value in our consolidated balance sheets. The carrying value of investments held by our other segments and our Holding Company consist of the following:



	December 31,
	2017		2016
	(in millions)
Equity method investments	$	430	$	302
Other investments (measured at fair value)	407		366
	$	837	$	668