In this article, we discuss Growth Stock Portfolio: 12 Stock Picks by Carl C. Icahn.
Carl Icahn is a legendary and often feared figure in American finance, widely considered the pioneer of modern activist investing. Over a career spanning more than six decades, he transitioned from a corporate raider in the 1980s to a sophisticated chairman of his diversified holding company, Icahn Enterprises. His investment philosophy is rooted in the belief that many public companies are poorly managed and that their true value can only be unlocked through aggressive shareholder intervention. The modus operandi typically involves taking a significant minority stake in a company and then publicly demanding changes. These demands often include the sale of assets, increased share buybacks, or the replacement of the board of directors.
READ MORE: 15 Under-the-Radar Picks from David Einhorn That Are Quietly Dominating 2026.
His most famous early victory was the hostile takeover of TWA in 1985, an event that cemented his reputation for high-stakes confrontation. In the decades that followed, his Icahn Lift, a phenomenon where a company’s stock price surges simply because he has disclosed a stake, became a recurring theme in the markets. In recent years, Icahn has focused heavily on the energy and utility sectors. His strategy has evolved to emphasize long-term value creation through sum-of-the-parts unlocking. Despite facing significant challenges, including a high-profile report from short-seller Hindenburg Research in 2023, Icahn has remained resilient. Ultimately Icahn’s legacy is defined by his relentless pursuit of efficiency.
Our Methodology
For this article, we selected stocks by combing through the 13F portfolio of Icahn Capital LP at the end of the fourth quarter of 2025. Data for the hedge fund sentiment surrounding each stock was taken from Insider Monkey’s Q4 2025 database of 1041 elite hedge funds.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).
Carl Icahn of Icahn Capital
Growth Stock Portfolio: Stock Picks by Carl C. Icahn
12. Bausch + Lomb Corporation (NYSE:BLCO)
Icahn Capital LP’s Stake: $60 Million
Bausch + Lomb Corporation (NYSE:BLCO) has consistently featured in the 13F portfolio of Icahn Capital since the second quarter of 2022. Back then, this position comprised 3.5 million shares. Filings for the fourth quarter of 2025 show that new activity against this holding has been disclosed since then and the fund owns the same number of shares in the company. Bausch operates as an eye health company in the United States, Puerto Rico, China, France, Japan, Germany, the United Kingdom, Canada, Russia, Spain, Italy, Mexico, Poland, and internationally. It provides contact lens that covers the spectrum of wearing modalities, including daily disposable and frequently replaced contact lenses, and contact lenses that are indicated for therapeutic use and provide optical correction during healing.
Bausch + Lomb Corporation (NYSE:BLCO) has historically carried a heavy earnings burden, but CEO Brent Saunders has implemented the Vision 27 initiative. In Q1 2026, the company reported a 59% year-over-year increase in adjusted EBITDA. Investors are also encouraged by a 300 basis point improvement in adjusted SG&A margins, signaling that the company is finally converting its $5 billion+ annual revenue into high-quality earnings. There are headlines around the growth of MIEBO, a treatment for dry eye disease. In late 2025/early 2026, MIEBO prescriptions saw a 110% year-over-year increase. The total dry eye portfolio reached $1.1 billion in 2025 revenue.
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