Growth Stock Portfolio: 12 Stock Picks by Carl C. Icahn

7. International Flavors & Fragrances Inc. (NYSE:IFF)

Icahn Capital LP’s Stake: $288 Million

International Flavors & Fragrances Inc. (NYSE:IFF) has been a consistent feature in the 13F portfolio of Icahn Capital since the first quarter of 2022. Back then, this position comprised 644,000 shares. Till the end of 2023, no new activity was registered against this holding. In the first quarter of 2024, the fund added to the stake by close to 500%, growing it to 3.7 million shares. This holding was then held steady till the middle of 2025. In the third quarter of 2025, the fund upped the stake by 26% to 4.7 million shares. Filings for the fourth quarter of 2025 show that the fund owned 4.2 million shares in the company, down around 10% compared to filings for the third quarter of 2025.

In May 2026, International Flavors & Fragrances Inc. (NYSE:IFF) reported Q1 results that significantly surpassed expectations. The company posted an adjusted EPS of $1.25, beating the consensus estimate of $1.08 by over 15%. For the first time in several quarters, all four business segments showed volume-led growth, totaling a 3% increase on a currency-neutral basis. IFF successfully closed the divestiture of its Soy Crush, Concentrates, and Lecithin business in March this year. The company is currently in a sale process for its remaining Food Ingredients unit. This portfolio cleanup is helping IFF pay down its long-term debt, currently at $4.74 billion, and focus on its high-margin Scent and Health businesses.