Billionaire Carl Icahn’s Latest Portfolio: Top 10 Stock Picks

Published August 29, 2022 at 12:43 pm EDT Updated September 7, 2026 at 2:24 pm EDT

This article discusses the top 10 stock picks of Carl Icahn’s Icahn Capital LP at the end of the second quarter.

Barring Warren Buffett, billionaire Carl Icahn can arguably be considered the most well-known personality on Wall Street. Mr. Icahn has made headlines since the early 80s with his multiple hostile takeover attempts of various companies. These numerous hostile deals eventually led to the ‘corporate raider’ moniker getting attached to his name.

Brought up in the neighborhood of Queens, New York, Mr. Icahn started his career in finance in 1961 as a stockbroker at Dreyfus Corporation. Seven years later, he had accumulated $150,000 in savings, which he used along with a $400,000 investment from his uncle to purchase a seat on the New York Stock Exchange and thereby start Icahn & Co, which later became Icahn Capital LP.

Ten years after founding the firm, Mr. Icahn attempted his first hostile takeover of beleaguered companies, which has continued till this day. When famous director Oliver Stone was making the iconic movie ‘Wall Street’ he came to Mr. Icahn for guidance about the inner workings of Wall Street. It is said that Mr. Stone got so enamoured by Mr. Icahn’s personality that he used it as an inspiration for creating the character of ‘Gordon Gekko’ in the movie.

Over the years, Mr. Icahn has accumulated a lot of fame, or, what some people might call, notoriety. Earlier this year, HBO released a documentary on him called ‘Icahn: The Restless Billionaire.’

Icahn Capital LP’s Portfolio

According to Mr. Icahn’s last submitted 13F filing for the quarter ending June 30, the aggregate value of all the stocks owned by Icahn Capital LP exceeded $20 billion. Icahn Capital LP also initiated a stake in one stock and increased its holdings in four stocks during that time. At the end of Q2, Icahn Capital LP’s top 10 stock picks, which included several companies from the energy sector like FirstEnergy Corp. (NYSE:FE), CVR Energy, Inc. (NYSE:CVI), and Cheniere Energy, Inc. (NYSE:LNG), accounted for 96% of the aggregate value of its 13F portfolio.

Carl Icahn of Icahn Capital

Our Methodology

Insider Monkey tracks the portfolios of 895 hedge funds, closely monitoring the stocks they buy and sell. For this article, we selected billionaire Carl Icahn’s top 10 stock picks based on the most recent 13F filing submitted by his firm with the SEC for the quarter ending June 30.

Billionaire Carl Icahn’s Latest Portfolio Top 10 Stock Picks

10. Dana Incorporated (NYSE:DAN)

Icahn Capital LP’s Stake Value: $201,011,000

Percentage of Icahn Capital LP’s 13F Portfolio: 0.96%

Number of Hedge Fund Holders: 18

Although Welbilt, Inc. (NYSE:WBT) was Mr. Icahn’s 10^th top stock pick at the end of the second quarter, the company got delisted from the exchanges on July 28 after Ali Holding S.r.l., a part of Ali Group, completed its $4.5 billion acquisition of Welbilt, Inc.. Dana Incorporated is an energy management and power-conveyance solutions supplier to the automotive industry.

In the last 10 years, Dana Incorporated’s stock has gone nowhere, trading between the $10 and $30 range for most of that period. This underperformance of the stock versus the broader market could be one of the reasons that smart money investors have been selling it in droves. The hedge funds tracked by Insider Monkey that disclosed a stake in Dana Incorporated dropped to just 18 at the end of June 2022 from 37 in March 2019.

Out of the 7 analysts on Wall Street covering the stock currently, 5 have a ‘Hold’ rating on it. On August 4, Wells Fargo & Company analysts upped their target price of Dana Incorporated’s stock to $16 from $15 while maintaining their ‘Equal weight’ rating. On the same day, analysts at Royal Bank of Canada also boosted their target price on the stock to $18 from $17 but kept their ‘Outperform’ rating unchanged.

9. Bausch Health Companies Inc. (NYSE:BHC)

Icahn Capital LP’s Stake Value: $290,269,000

Percentage of Icahn Capital LP’s 13F Portfolio: 1.39%

Number of Hedge Fund Holders: 39

Icahn Capital LP first reported initiating a stake in Bausch Health Companies Inc. during the last quarter of 2020. It increased its stake by almost six-fold in the next quarter and since then has continued to own more than 34 million shares of Bausch Health Companies Inc.. However, the value of Icahn Capital LP’s holdings in the pharmaceutical and medical device company has collapsed as shares of the company have declined almost 85% since the end of March 2021.

Known earlier as Valeant, the company changed its name to Bausch Health Companies Inc. after a major scandal involving its business practices and corporate governance broke out. However, even the name change hasn’t helped in changing its fortunes. Bausch Health Companies Inc. has been selling and spinning out its subsidiaries over the past few quarters to bring its debt back to manageable levels.

8. Herc Holdings Inc. (NYSE:HRI)

Icahn Capital LP’s Stake Value: $362,659,000

Percentage of Icahn Capital LP’s 13F Portfolio: 1.73%

Number of Hedge Fund Holders: 24

Mr. Icahn has had a very interesting history with Herc Holdings Inc.. Icahn Capital LP first reported a stake in the company in a regulatory filing for the quarter ending June 30, 2016, the same quarter in which Herc Holdings Inc. announced separation from its car rental division Hertz Global Holdings, Inc. (NASDAQ:HTZ). Post the separation of the two companies, Mr. Icahn in the next few years became the largest shareholder of Hertz Global Holdings, Inc. and reportedly lost almost $2 billion on that bet amid Hertz Global Holdings, Inc.’s bankruptcy. However, his holdings in Herc Holdings Inc. would have compensated for some of that loss as the stock of the equipment rental company has appreciated by 176% in the last 5 years.

On July 21, Herc Holdings Inc. announced its fiscal 2022 second-quarter earnings, reporting non-GAAP earnings per share of $2.47 on revenue of $640.6 million, while analysts were expecting it to report non-GAAP EPS of $2.59 on revenue of $631.1 million. On August 22, analysts at KeyCorp upped their price target on Herc Holdings Inc.’s stock to $165 from $130 and maintained their ‘Overweight’ rating.

7. Southwest Gas Holdings, Inc. (NYSE:SWX)

Icahn Capital LP’s Stake Value: $444,380,000

Percentage of Icahn Capital LP’s 13F Portfolio: 2.13%

Number of Hedge Fund Holders: 30

Southwest Gas Holdings, Inc. jumped several spots in Icahn Capital LP’s portfolio, with the fund increasing the stake in the utility company by 76% to 5.1 million shares in Q2. Other hedge funds tracked by us that upped their stakes in Southwest Gas Holdings, Inc. during the same period included Ken Griffin’s Citadel Investment Group, which boosted its stake by 1531% to 175,746 shares, and Chuck Royce’s Royce & Associates which increased it by 23% to 98,955 shares.

Southwest Gas Holdings, Inc. distributes and transports natural gas in California, Nevada, and Arizona. The company reported that it had 2,159,000 industrial, residential, commercial, and other natural gas customers at the end of last year. On August 10, analysts at Wells Fargo & Company reiterated their ‘Equal Weight’ rating on the stock but lowered their price target on it to $86 from $101, which still represents a potential upside of 8.3%.

6. Xerox Holdings Corporation (NYSE:XRX)

Icahn Capital LP’s Stake Value: $508,543,000

Percentage of Icahn Capital LP’s 13F Portfolio: 2.43%

Number of Hedge Fund Holders: 29

Xerox Holdings Corporation’s stock was one of the worst casualties of the slump in the equity markets during the onset of the COVID pandemic. Unlike most other stocks, it has yet to recover to the levels it traded before the pandemic and is currently trading down by 47% over the previous five years.

On August 3, Xerox Holdings Corporation announced that it is making Steven Bandrowczak the permanent Chief Executive Officer (CEO) of the company. Mr. Bandrowczak joined Xerox Holdings Corporation as President and Chief Operations Officer and has been serving as the interim CEO since John Visentin, the ex-CEO of the company, passed away in June 2022. On August 16, analysts at Credit Suisse Group initiated coverage on Xerox Holdings Corporation’s (NYSE:XRX) stock with an ‘Underperform’ rating and a $14 price target, which, based on the stock’s last trading price, represents a potential downside of 27.2%.

5. Newell Brands Inc. (NYSE:NWL)

Icahn Capital LP’s Stake Value: $629,661,000

Percentage of Icahn Capital LP’s 13F Portfolio: 3.01%

Number of Hedge Fund Holders: 22

Newell Brands Inc. was the only consumer discretionary company among Icahn Capital LP’s top five stock picks at the end of Q2. Newell Brands Inc. designs, manufactures and distributes consumer and commercial products, which include Home Appliances, Home Solutions, Learning and Development, Outdoor and Recreation and Commercial Solutions products around the world. Formerly known as Newell Rubbermaid Inc., the Atlanta, Georgia- based company was founded in 1903 and currently employs 30,000 people.

Newell Brands Inc.’s stock has dropped close to 60% in the last 10 years, but the company has managed to pay a dividend every year in the previous 22 years. Newell Brands Inc. currently pays a quarterly dividend of $0.23 per share, which translates into a forward annual dividend of $0.92 per share and, based on the stock’s last trading price, into an attractive annual dividend yield of 4.7%.

4. FirstEnergy Corp. (NYSE:FE)

Icahn Capital LP’s Stake Value: $728,172,000

Percentage of Icahn Capital LP’s 13F Portfolio: 3.49%

Number of Hedge Fund Holders: 42

Icahn Capital LP initiated an activist stake in FirstEnergy Corp. by purchasing 18.97 million shares of the company during the first quarter of 2021 and kept that stake unchanged till the end of June 2022. Prior to Mr. Icahn building a position in the company, FirstEnergy Corp.’s stock had declined considerably as the company found itself embroiled in a controversy over the bailout of the nuclear power plants it operates.

Immediately after initiating his stake, Mr. Icahn asked for two seats on the company’s board for his nominees, which FirstEnergy Corp.’s board promptly agreed to on March 16, 2021. However, the Federal Energy Regulatory Commission (FERC) approved the request for these board seats, which will come with voting rights, only in July this year. On August 15, FirstEnergy Corp. announced that it had completed the closure of an ash landfill for a power station in West Virginia, which has paved the way for the property to be used for the construction of a utility-scale solar facility.

3. Cheniere Energy, Inc. (NYSE:LNG)

Icahn Capital LP’s Stake Value: $746,513,000

Percentage of Icahn Capital LP’s 13F Portfolio: 3.57%

Number of Hedge Fund Holders: 65

Cheniere Energy, Inc. has turned out to be one of the most successful active bets for Mr. Icahn during his investing career. His firm first reported initiating a stake in the world’s second-largest LNG operator in mid-2015 and immediately went to work by asking the management to make changes.

Over the years, and after a tumultuous period, the partnership between Cheniere Energy, Inc. and Icahn Capital LP finally culminated in the former announcing on June 15 that it entered into a Purchase Agreement to buyback $350 million worth of the company’s shares from Mr. Icahn and his affiliates. As a result, Icahn Capital LP unloaded 42% of its holdings or 4.11 million shares of Cheniere Energy, Inc. during Q2, bringing its stake down to 5.61 million shares at the end of June.

On August 23, the price of natural gas in the United States breached the $10/MMBtu mark for the first time since 2008. This surge in natural gas prices has reflected well on Cheniere Energy, Inc.’s shares as they also made their lifetime high of $172.25 last week and are currently trading very close to it.

2. CVR Energy, Inc. (NYSE:CVI)

Icahn Capital LP’s Stake Value: $2,385,157,000

Percentage of Icahn Capital LP’s 13F Portfolio: 11.43%

Number of Hedge Fund Holders: 22

CVR Energy, Inc. continued to remain one of Icahn Capital LP’s top stock picks at the end of the second quarter, with the firm continuing to own over 70% of the outstanding shares of the company during that period. Shares of CVR Energy, Inc. have appreciated close to 200% in the last one year, and so has their popularity among smart money investors. From just 13 hedge funds in our database of 895 funds disclosing a stake in the petroleum refiner at the end of 2021, the number jumped to 22 at the end of Q2.

For its second quarter of FY 2022, CVR Energy, Inc. reported non-GAAP earnings per share of $2.45 on revenue of $3.1 billion, beating analysts’ expectations by $0.15 and $710 million, respectively, on August 2. Along with the earnings release, the company also provided guidance for the third quarter. It expects capital expenditure to be between $63 million and $83 million, Petroleum total throughput in the $190,000 and $205,000 range, and renewables throughput between the $4,500 and $6,000 range during Q3.

1. Icahn Enterprises LP (NASDAQ:IEP)

Icahn Capital LP’s Stake Value: $13,360,695,000

Percentage of Icahn Capital LP’s 13F Portfolio: 64.05%

Number of Hedge Fund Holders: 2

There is no surprise that Icahn Enterprises LP continued to remain Icahn Capital LP’s largest holding at the end of the second quarter as over 85% of the company is owned by Mr. Icahn directly and indirectly. Icahn Enterprises LP is a limited partnership that can be considered a holding company for Mr. Icahn’s investments in various industries. Barring Mr. Icahn, the only other fund manager tracked by us who disclosed a stake in Icahn Enterprises LP at the end of Q2 was Murray Stahl, whose Horizon Asset Management held 461,242 shares of the company.

Icahn Enterprises LP reported earnings per share loss of $0.41 on revenue of $3.5 billion for the second quarter of its fiscal year 2022. The company currently pays a quarterly dividend of $2.00 per share, which translates into an astonishing dividend yield of over 15% based on the last trading price of its stock.

You can also look at Paul Singer’s Latest Portfolio: Top 10 Stock Picks and Top 10 Technology Stocks to Buy According to Billionaire Cliff Asness

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