Markets

Insider Trading

Hedge Funds

Retirement

Opinion

Carl Icahn Stock Portfolio: Top 12 Picks

In this article, we shall discuss the top 12 picks in Carl Icahn’s stock portfolio. To skip our detailed analysis of Icahn’s history, his investment strategy, and hedge fund performance, go directly and see Carl Icahn Stock Portfolio: Top 5 Picks.

Carl Icahn is an American financier and currently serves as the Chief Executive Officer of Icahn Capital LP, an investment management firm headquartered in New York. Through the years, Icahn has garnered a reputation as a corporate raider, and has made his way to the Forbes 400 with a current net worth of $18.1 billion.

According to a report by the Wall Street Journal, Icahn amassed a $250 million profit off of Twitter after billionaire Elon Musk offered to finally close his $44 billion purchase of the social media platform. Tesla Inc. CEO Elon Musk had officially agreed to buy Twitter for $54.20 a share, causing the stock price to skyrocket. However, soon after, Musk reneged on his offer, prompting Twitter’s stock price to fall drastically. This resulted in Twitter suing the SpaceX CEO in order to enforce the purchase. While the legal battle was ensuing,  Icahn had quietly been purchasing stakes in Twitter Inc. while the stock price was depleted, and managed to have a collective stake of nearly $500 million, purchasing the shares while they were in the mid-$30s. On October 4, Musk proposed to move forward with the deal, causing the Twitter stock to jump 22% to $52 per share. This resulted in Icahn making an estimated profit of more than $250 million. Icahn knew that Musk would inevitably proceed with the Twitter deal, since it was unlikely that he would risk going to court, especially when the cards were stacked so heavily against him.

Carl Icahn of Icahn Capital

As of the second quarter of 2022, Icahn Capital has an incredibly diversified portfolio with significant stakes in the financial, basic materials, utilities, services, consumer goods, healthcare, and other industries. Icahn’s portfolio comprises of 16 holdings, but its value declined from $21.87 billion in Q1 2022 to less than $20.86 billion in Q2 2022. The Q2 portfolio was highly concentrated, with the top 5 holdings making up for nearly 86% of the entire portfolio.

Some of the most prominent holdings in Carl Icahn’s portfolio include Icahn Enterprises (NASDAQ:IEP), Sandridge Energy (NYSE:SD), and Newell Brands Inc. (NYSE:NWL). In this article, we shall discuss the top 12 picks from Carl Icahn’s stock portfolio.

Our Methodology

The companies listed below have been chosen from Icahn Capital’s 13F investment portfolio from Q2 2022. These are the top 12 picks of the hedge fund as of the June quarter.

Carl Icahn Stock Portfolio: Top 12 Picks

12. Dana Inc. (NYSE:DAN)

Icahn Capital’s Stake Value: $201.01M

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

Number of Hedge Fund Holdings: 18

Headquartered in Maumee, Ohio, Dana Inc. (NYSE:DAN) is an American company which specializes in the production and supply of digital equipment for conventional, hybrid and electric vehicles. Hedge fund sentiment around Dana Inc. (NYSE:DAN) has taken a hit as of Q2 2022, with 18 hedge funds long the stock. This was down from 20 hedge funds in the preceding quarter. Carl Icahn’s Icahn Capital is the largest shareholder in the stock, owning more than 14.29 million shares worth at $201.01 million. Dana Inc. (NYSE:DAN) makes up for 0.96% of Icahn’s investment portfolio for Q2 2022.

As of the second quarter of 2022, Dana Inc. (NYSE:DAN) posted a revenue of $2.59 billion, a $381 million increase from the preceding quarter, during which the company generated a revenue of $2.21 billion. Furthermore, in Q2 2022, the company posted an EPS of $0.08 per share, trailing behind estimates of $0.25 by $0.17. Cash flows are solid, and after a terrible 2020 fiscal year, Dana’s (NYSE:DAN) prospects are looking favorable, with the stock acting as a value investment at the current valuation.

11. Welbilt Inc. (NYSE:WBT)

Icahn Capital’s Stake Value: $265.5M

Percentage of Icahn Capital’s 13F Portfolio: 1.27%

Number of Hedge Fund Holdings: 26

Headquartered in New Port Richey, Florida, Welbilt Inc. (NYSE:WBT) was an American manufacturer of cooking and warming equipment, and served fast food chains, institutional entities like schools and hospitals, full-service restaurants, and retail stores, including supermarkets and convenience stores. In April of 2021, Welbilt Inc. (NYSE:WBT) announced that it had entered into an agreement of sale with Middleby Corp. (NASDAQ:MIDD). The company was officially acquired by the Ali Group on July 29 for $3.4 billion. As a result of the transaction, the company’s common stock was declared defunct and is no longer listed on the New York Stock Exchange. 

Investor interest around Welbilt Inc. (NYSE:WBT) declined in the second quarter of 2022, with 26 hedge funds having a stake of $1.16 billion. This was down from Q1 2022, when 31 hedge funds were long the stock. Icahn Capital was the largest shareholder in Welbilt Inc. (NYSE:WBT) as of Q2 2022, and owned more than 11.15 million shares valued at $265.5 million. Icahn maintained his hold over the stock in Q2 2022, with Welbilt Inc. (NYSE:WBT) making up for 1.27% of Icahn’s Q2 investment portfolio.

Here is what Turtle Creek Asset Management had to say about Welbilt Inc. (NYSE:WBT) in their Q1 2022 investor letter:

“The final example is Welbilt Inc. (NYSE:WBT), a company we had followed for years, but only added to our portfolio in mid-2020. As with many companies, its share price declined significantly in the March 2020 COVID Crash, falling by more than two-thirds. But whereas the share prices of many of the companies we owned quickly rebounded, Welbilt’s (NYSE:WBT) share price was still at a low point months later. By July of 2020, the stock was relatively attractive, so we added it to both TCEF and Turtle Creek United States Equity Fund at around $6.50 per share.5 During the last quarter of 2020, the share price rose into the low teens, during which time we trimmed the position by half…” (Click here to see the full text)

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

Icahn Capital’s Stake Value: $290.27M

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

Number of Hedge Fund Holdings: 39

Headquartered in Laval, Quebec, Bausch Health (NYSE:BHC) is a Canadian multinational specialty pharmaceutical company which focuses on the development, manufacture, and marketing of different pharmaceutical products and branded generic drugs.

On September 9, Piper Sandler analyst David Amsellem lowered the price target on Bausch Health (NYSE:BHC) to $6 from $7, maintaining a Neutral rating on the shares. Icahn Capital maintained its hold over Bausch Health (NYSE:BHC) in Q2 2022, emerging as the largest stakeholder in the company. The fund owns 34.72 million shares valued at $290.27 million, and hence making up for 1.39% of Icahn’s 13F investment portfolio.

Here is what Miller Value Partners had to say about Bausch Health (NYSE:BHC) in their Q2 2022 investor letter:

Bausch Health Companies Inc. (NYSE:BHC) declined during the quarter as the company consummated its Bausch+Lomb IPO at valuations far below expectations, reported disappointing Q1 2022 results, and delayed its plan to spin out its Solta (aesthetics) business due to difficult market conditions. While the company spun off 10% of Bausch+Lomb (BCLO) they retained 90% of the company which they intend to distribute once they have met their target leverage ratio of 6.5-6.7x. The future spin-off value of the Bausch+Lomb piece represents a value of $12.55 per share, 39% above where Bausch Health is currently trading. The company recently appointed John Paulsen as Chair of the Board, which should accelerate value realization.”

9. Herc Holdings Inc. (NYSE:HRI)

Icahn Capital’s Stake Value: $362.7M

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

Number of Hedge Fund Holdings: 24

Herc Holdings Inc. (NYSE:HRI) is an American holding company based in Bonita Springs, Florida and like Icahn Enterprises (NASDAQ:IEP), Sandridge Energy (NYSE:SD), and Newell Brands Inc. (NYSE:NWL), is one of the top picks in Carl Icahn’s stock portfolio.

On September 22, KeyBanc analyst Ken Newman raised the price target on Herc Holdings Inc. (NYSE:HRI) to $165 from $130, maintaining an Overweight rating on the shares. Icahn Capital is the largest shareholder in Herc Holdings Inc. (NYSE:HRI), owning more than 4.02 million shares which are worth $362.7 million. Herc Holdings Inc. (NYSE:HRI) makes up for 1.73% of Icahn’s investment portfolio.

8. Southwest Gas Holdings Inc. (NYSE:SWX)

Icahn Capital’s Stake Value: $444.4M

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

Number of Hedge Fund Holdings: 30

Based in Las Vegas, Nevada, Southwest Gas Holdings (NYSE:SWX) is an American investor-owned utility company which specializes in the distribution of natural gas to residential, commercial, and industrial customers in the South West.

Investor interest in Southwest Gas Holdings (NYSE:SWX) has seen a slight surge in the second quarter of 2022. In Q2 2022, 30 hedge funds held stakes of $933.5 million in Southwest Gas Holdings (NYSE:SWX), up from 29 funds in  Q1 2022, who had a total stake value of $632.04 million. Icahn Capital increased their hold over the stock by 77%, emerging as the biggest shareholder in the company. Icahn has a collective stake of $444.4 million in Southwest Gas Holdings (NYSE:SWX), with the company making up for 2.13% of Carl Icahn’s 13F portfolio. Like Icahn Enterprises (NASDAQ:IEP), Sandridge Energy (NYSE:SD), and Newell Brands Inc. (NYSE:NWL), Southwest Gas Holdings (NYSE:SWX) is one of the top picks in Carl Icahn’s stock portfolio in Q2 2022.

7. Xerox Holdings Corp. (NYSE:XRX)

Icahn Capital’s Stake Value: $508.54M

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

Number of Hedge Fund Holdings: 29

Based in Norwalk, Connecticut, Xerox Holdings Corp. (NYSE:XRX) is an American multinational company which specializes in the sale of print and digital documentation products and services in more than 160 countries around the world.

Hedge fund sentiment around Xerox Holdings Corp. (NYSE:XRX) has cascaded as of Q2 2022, with 29 hedge funds long the stock, compared to 25 in the preceding quarter. Some prominent hedge funds to hold stakes in Xerox Holdings Corp. (NYSE:XRX) include Citadel Investment Group and AQR Capital Management. Icahn Capital is the largest stakeholder in Xerox Holdings Corp. (NYSE:XRX), owning more than 34.5 million shares valued at $508.54 million.

6. Occidental Petroleum Corp. (NYSE:OXY)

Icahn Capital’s Stake Value: $564.62M

Percentage of Icahn Capital’s 13F Portfolio: 2.7%

Number of Hedge Fund Holdings: 66

Based in Houston, Texas, Occidental Petroleum (NYSE:OXY) is an American company which focuses on hydrocarbon exploration and petrochemical manufacturing in the U.S, the Middle East, Canada, and Chile. In Q2 2022, the company posted an EPS of $3.16, beating estimates of $3.02 by $0.14. Occidental Petroleum (NYSE:OXY) generated a total revenue of $10.7 billion in the second quarter of 2022. As of Q2 2022, Warren Buffett’s Berkshire Hathaway is the largest shareholder in the stock, having a total stake value of $9.43 billion. Carl Icahn tightened his hold over Occidental Petroleum (NYSE:OXY) by 2% in Q2 2022, having a total stake of $564.62 million. The company makes up for 2.7% of Icahn’s 13F portfolio. Like Icahn Enterprises (NASDAQ:IEP), Sandridge Energy (NYSE:SD), and Newell Brands Inc. (NYSE:NWL), Occidental Petroleum (NYSE:OXY) is one of the most prominent stocks in Carl Icahn’s stock portfolio.

On September 12, Citi analyst Scott Gruber downgraded Occidental Petroleum (NYSE:OXY) to Neutral from Buy, raising the price target to $67 from $65.

Here is what Smead Capital Management had to say about Occidental Petroleum (NYSE:OXY) in their Q2 2022 investor letter:

“For the quarter, our best-performing stocks were Continental Resources (CLR), Merck (MRK) and Occidental Petroleum Corporation (NYSE:OXY). Despite a steep sell-off in June in the oil and gas stocks, two of our oil stocks made the quarterly list.

If you are wondering how we are outperforming the S&P 500 Index in the first half of the year, look no further than our top three performers. Occidental Petroleum (OXY), Continental Resources (CLR) and Conoco Phillips (COP) soared in value and were barely represented in the S&P 500 Index. To quote Jerry Jones, owner of the Dallas Cowboys, “We are in the first quarter on higher energy prices!””

Click here to continue reading and see Carl Icahn Stock Portfolio: Top 5 Picks.

Suggested Articles:

Disclosure: none. Carl Icahn Stock Portfolio: Top 12 Picks  is originally published on Insider Monkey.

The $250 Trillion AI Hype is Real. A few years from now, you’ll probably wish you’d bought this stock.

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard.

Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences.

At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000.

Do the math. According to Musk, this technology could be worth $250 trillion by 2040.

Put another way, that’s roughly equal to:

  • 175 Teslas
  • 107 Amazons
  • 140 Metas
  • 84 Googles
  • 65 Microsofts
  • And 55 Nvidias

And here’s the wild part — this $250 trillion wave isn’t tied to one company, but to an entire ecosystem of AI innovators set to reshape the global economy.

It’s a leap so massive, it could reshape how businesses, governments, and consumers operate worldwide.

Even if that $250 trillion figure sounds ambitious, major firms like PwC and McKinsey still see AI unlocking multi-trillion-dollar potential.

How could anything be worth that much?

The answer lies in a breakthrough so powerful it’s redefining how humanity works, learns, and creates.

And this breakthrough has already set off a frenzy among hedge funds and Wall Street’s top investors.

What most investors don’t realize is that one under-owned company holds the key to this $250 trillion revolution.

In fact, Verge argues this company’s supercheap AI technology should concern rivals.

Before I reveal the details, let’s talk about how some of the richest people on the planet are positioning themselves.

  • Bill Gates sees artificial intelligence as the “biggest technological advance in my lifetime,” more transformative than the internet or personal computer, capable of improving healthcare, education, and addressing climate change.
  • Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
  • Warren Buffett — not known for tech hype — says this breakthrough could have a ‘hugely beneficial social impact.

When billionaires from Silicon Valley to Wall Street line up behind the same idea — you know it’s worth paying attention to.

Even as we admire what Tesla, Nvidia, Alphabet, and Microsoft have built, we believe an even greater opportunity lies elsewhere…

But the real story isn’t Nvidia — it’s a much smaller company quietly improving the critical technology that makes this entire revolution possible.

And judging by what I’m hearing from both Silicon Valley insiders and Wall Street veterans…

This prediction might not be bold at all:

A few years from now, you’ll wish you’d owned this stock.

The best part? You can discover everything about this company and its groundbreaking technology right now.

I’ve compiled everything you need to know about this groundbreaking company in a detailed, members-only report.

Trust me — you’ll want to read this report before putting another dollar into any tech stock.

For a ridiculously low price of just $9.99 a month, you can unlock a year’s worth of in-depth investment research and exclusive insights – that’s less than a single fast food meal!

Here’s why this is a deal you can’t afford to pass up:

• Access to our Detailed Report on this Game-Changing AI Stock: Our in-depth report dives deep into our #1 AI stock’s groundbreaking technology and massive growth potential.

• 11 New Issues of Our Premium Readership Newsletter: You will also receive 11 new issues and at least one new stock pick per month from our monthly newsletter’s portfolio over the next 12 months. These stocks are handpicked by our research director, Dr. Inan Dogan.

• One free upcoming issue of our 70+ page Quarterly Newsletter: A value of $149

• Bonus Reports: Premium access to members-only fund manager video interviews

• Ad-Free Browsing: Enjoy a year of investment research free from distracting banner and pop-up ads, allowing you to focus on uncovering the next big opportunity.

• 30-Day Money-Back Guarantee:  If you’re not absolutely satisfied with our service, we’ll provide a full refund within 30 days, no questions asked.

If you’re thinking about getting in, don’t wait – because once Wall Street catches wind of this story, the easy money will be gone.

Space is Limited! Only 1000 spots are available for this exclusive offer. Don’t let this chance slip away – subscribe to our Premium Readership Newsletter today and unlock the potential for a life-changing investment.

Here’s what to do next:

1. Head over to our website and subscribe to our Premium Readership Newsletter for just $9.99 a month.

2. Enjoy a year of ad-free browsing, exclusive access to our in-depth report on the revolutionary AI company, and the upcoming issues of our Premium Readership Newsletter over the next 12 months.

3. Sit back, relax, and know that you’re backed by our ironclad 30-day money-back guarantee.

Don’t miss out on this incredible opportunity! Subscribe now and take control of your AI investment future!

No worries about auto-renewals! Our 30-Day Money-Back Guarantee applies whether you’re joining us for the first time or renewing your subscription a month later!

AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal!

AI is eating the world—and the machines behind it are ravenous.

Each ChatGPT query, each model update, each robotic breakthrough consumes massive amounts of energy. In fact, AI is already pushing global power grids to the brink.

Wall Street is pouring hundreds of billions into artificial intelligence—training smarter chatbots, automating industries, and building the digital future. But there’s one urgent question few are asking:

Where will all of that energy come from?

AI is the most electricity-hungry technology ever invented. Each data center powering large language models like ChatGPT consumes as much energy as a small city. And it’s about to get worse.

Even Sam Altman, the founder of OpenAI, issued a stark warning:

“The future of AI depends on an energy breakthrough.”

Elon Musk was even more blunt:

“AI will run out of electricity by next year.”

As the world chases faster, smarter machines, a hidden crisis is emerging behind the scenes. Power grids are strained. Electricity prices are rising. Utilities are scrambling to expand capacity.

And that’s where the real opportunity lies…

One little-known company—almost entirely overlooked by most AI investors—could be the ultimate backdoor play. It’s not a chipmaker. It’s not a cloud platform. But it might be the most important AI stock in the US owns critical energy infrastructure assets positioned to feed the coming AI energy spike.

As demand from AI data centers explodes, this company is gearing up to profit from the most valuable commodity in the digital age: electricity.

The “Toll Booth” Operator of the AI Energy Boom

  • It owns critical nuclear energy infrastructure assets, positioning it at the heart of America’s next-generation power strategy.
  • It’s one of the only global companies capable of executing large-scale, complex EPC (engineering, procurement, and construction) projects across oil, gas, renewable fuels, and industrial infrastructure.
  • It plays a pivotal role in U.S. LNG exportation—a sector about to explode under President Trump’s renewed “America First” energy doctrine.

Trump has made it clear: Europe and U.S. allies must buy American LNG.

And our company sits in the toll booth—collecting fees on every drop exported.

But that’s not all…

As Trump’s proposed tariffs push American manufacturers to bring their operations back home, this company will be first in line to rebuild, retrofit, and reengineer those facilities.

AI. Energy. Tariffs. Onshoring. This One Company Ties It All Together.

While the world is distracted by flashy AI tickers, a few smart investors are quietly scooping up shares of the one company powering it all from behind the scenes.

AI needs energy. Energy needs infrastructure.

And infrastructure needs a builder with experience, scale, and execution.

This company has its finger in every pie—and Wall Street is just starting to notice.

Wall Street is noticing this company also because it is quietly riding all of these tailwinds—without the sky-high valuation.

While most energy and utility firms are buried under mountains of debt and coughing up hefty interest payments just to appease bondholders…

This company is completely debt-free.

In fact, it’s sitting on a war chest of cash—equal to nearly one-third of its entire market cap.

It also owns a huge equity stake in another red-hot AI play, giving investors indirect exposure to multiple AI growth engines without paying a premium.

And here’s what the smart money has started whispering…

The Hedge Fund Secret That’s Starting to Leak Out

This stock is so off-the-radar, so absurdly undervalued, that some of the most secretive hedge fund managers in the world have begun pitching it at closed-door investment summits.

They’re sharing it quietly, away from the cameras, to rooms full of ultra-wealthy clients.

Why? Because excluding cash and investments, this company is trading at less than 7 times earnings.

And that’s for a business tied to:

  • The AI infrastructure supercycle
  • The onshoring boom driven by Trump-era tariffs
  • A surge in U.S. LNG exports
  • And a unique footprint in nuclear energy—the future of clean, reliable power

You simply won’t find another AI and energy stock this cheap… with this much upside.

This isn’t a hype stock. It’s not riding on hope.

It’s delivering real cash flows, owns critical infrastructure, and holds stakes in other major growth stories.

This is your chance to get in before the rockets take off!

Disruption is the New Name of the Game: Let’s face it, complacency breeds stagnation.

AI is the ultimate disruptor, and it’s shaking the foundations of traditional industries.

The companies that embrace AI will thrive, while the dinosaurs clinging to outdated methods will be left in the dust.

As an investor, you want to be on the side of the winners, and AI is the winning ticket.

The Talent Pool is Overflowing: The world’s brightest minds are flocking to AI.

From computer scientists to mathematicians, the next generation of innovators is pouring its energy into this field.

This influx of talent guarantees a constant stream of groundbreaking ideas and rapid advancements.

By investing in AI, you’re essentially backing the future.

The future is powered by artificial intelligence, and the time to invest is NOW.

Don’t be a spectator in this technological revolution.

Dive into the AI gold rush and watch your portfolio soar alongside the brightest minds of our generation.

This isn’t just about making money – it’s about being part of the future.

So, buckle up and get ready for the ride of your investment life!

Act Now and Unlock a Potential 100+% Return within 12 to 24 months.

We’re now offering month-to-month subscriptions with no commitments.

For a ridiculously low price of just $9.99 per month, you can unlock our in-depth investment research and exclusive insights – that’s less than a single fast food meal!

Space is Limited! Only 1000 spots are available for this exclusive offer. Don’t let this chance slip away – subscribe to our Premium Readership Newsletter today and unlock the potential for a life-changing investment.

Here’s what to do next:

1. Head over to our website and subscribe to our Premium Readership Newsletter for just $9.99.

2. Enjoy a month of ad-free browsing, exclusive access to our in-depth report on the Trump tariff and nuclear energy company as well as the revolutionary AI-robotics company, and the upcoming issues of our Premium Readership Newsletter.

3. Sit back, relax, and know that you’re backed by our ironclad 30-day money-back guarantee.

Don’t miss out on this incredible opportunity! Subscribe now and take control of your AI investment future!


No worries about auto-renewals! Our 30-Day Money-Back Guarantee applies whether you’re joining us for the first time or renewing your subscription a month later!