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.
11. SandRidge Energy, Inc. (NYSE:SD)
Icahn Capital LP’s Stake: $71 Million
SandRidge Energy, Inc. (NYSE:SD) is a long-term holding of Icahn Capital. The fund first disclosed a stake in the company in the fourth quarter of 2017. Back then, this position comprised 4.8 million shares. No activity was registered against this holding till the late parts of 2025. In the third quarter of 2025, the fund added to this holding by over 1%, growing the stake to 4.87 million shares. Filings for the fourth quarter of 2025 show that the fund has added to this holding again, this time just under 1%, to grow it to 4.91 million shares.
The investment thesis on SandRidge Energy, Inc. (NYSE:SD) centers on a triple-threat of high oil growth, noticeable capital returns, and a debt-free balance sheet. In Q1 2026, the company reported a 31% year-over-year increase in oil production. This is a direct result of their ongoing Cherokee development program in the Mid-Continent. Management recently reported achieving their lowest well-completion costs to date in April, which is driving significant expansion in EBITDA margins, reported at $33.7 million for Q1 2026. Earlier this month, the company announced an 8% increase to its regular quarterly dividend, now $0.13 per share. In addition to the regular hike, the board declared a one-time special dividend of $0.20 per share.
10. Monro, Inc. (NASDAQ:MNRO)
Icahn Capital LP’s Stake: $102 Million
Monro, Inc. (NASDAQ:MNRO) is a relatively new addition to the 13F portfolio of Icahn Capital. The fund first disclosed a stake in the company back in the third quarter of 2025. This position comprised just under 1.5 million shares. Filings for the fourth quarter of 2025 show that the fund owned more than 5 million shares in the company, up 247% compared to the previous quarter. Monro engages in the operation of retail tire and automotive repair stores in the United States. It offers replacement tires and tire related services like automotive undercar repair services, and routine maintenance services primarily to passenger cars, light trucks, and vans. It also provides other products and services for brakes, mufflers and exhaust systems, and steering, drive train, suspension, and wheel alignment.
Monro, Inc. (NASDAQ:MNRO) has been pruning underperforming assets and hedge funds are bullish on this trend. In early fiscal 2026, the company closed 145 underperforming stores, roughly 11% of its footprint. While total sales dipped due to these closures, it reported a 2.6% increase in comparable store sales for the first nine months of the year. Investors believe this store optimization will concentrate traffic into more profitable locations, reducing the drag on the bottom line. In Q3 2026, the firm reported a 60 basis point expansion in gross margin year-over-year. This was driven by lower occupancy costs and a significant $28 million reduction in inventory, a 16% decrease since the start of the year.
9. American Electric Power Company, Inc. (NASDAQ:AEP)
Icahn Capital LP’s Stake: $139 Million
American Electric Power Company, Inc. (NASDAQ:AEP) has featured consistently in the 13F portfolio of Icahn Capital since the fourth quarter of 2023. Back then, this position comprised 1.21 million shares. Filings for the fourth quarter of 2025 show that no new activity has been registered against this holding since then. AEP is an electric public utility holding company that engages in the generation, transmission, and distribution of electricity for sale to retail and wholesale customers in the United States. It generates electricity using coal and lignite, nuclear, natural gas, renewable, hydro, solar, wind, and other energy sources. It also owns, operates, maintains, and invests in transmission infrastructure, and engages in the retail supply, and wholesale energy trading and marketing businesses.
American Electric Power Company, Inc. (NASDAQ:AEP) has become a darling of hedge funds because the service territory of the firm, spanning 11 states including Ohio, Texas, and Indiana, is at the epicenter of the hyperscale data center expansion. As per latest data, the contracted load of the firm has expanded to 63 gigawatts by 2030, a massive jump from the 28 GW projected just months ago. In its Q1 2026 report, the firm increased its five-year capital plan to $78 billion, up from $72 billion. This expanded investment is expected to drive an operating earnings CAGR of over 9% through 2030, which is at the premium end of the utility sector.
READ ALSO: Lone Pine’s Non-AI Strategy Falters: 10 Non-AI Stocks Weighing Down Stephen Mandel’s 2026 Returns.
8. JetBlue Airways Corporation (NASDAQ:JBLU)
Icahn Capital LP’s Stake: $153 Million
JetBlue Airways Corporation (NASDAQ:JBLU) is a relatively new addition to the 13F portfolio of Icahn Capital. The fund first disclosed a stake in the company back in the first quarter of 2024. Back then, this position comprised 17.7 million shares. No new activity was registered against this position till the fourth quarter of 2024. However, in the first quarter of 2025, the fund added to this holding by nearly 90%, growing the stake to 33 million shares. Filings for the fourth quarter of 2025 show that the fund owns 33.6 million shares in the firm.
JetBlue Airways Corporation (NASDAQ:JBLU) has become a focus of attention on Wall Street since reports that the firm is exploring the possibility of a merger with a bigger airline. The collapse of Spirit Airlines in early 2026 has also acted as a major tailwind for the stock. With a major low-cost competitor gone, hedge funds anticipate a reduction in fare wars, allowing JetBlue to raise prices and recapture revenue. Investors are betting that JetBlue would be a primary beneficiary of the redirected passenger traffic, particularly in Florida and the Caribbean. The company reported a wider-than-expected loss of $0.87 per share in Q1 2026, largely due to a 26% surge in fuel costs. Revenue Per Available Seat Mile (RASM) grew 6.5% year-over-year, hitting the upper end of guidance.
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.
6. Centuri Holdings, Inc. (NYSE:CTRI)
Icahn Capital LP’s Stake: $362 Million
Centuri Holdings, Inc. (NYSE:CTRI) is a relatively new addition to the 13F portfolio of Icahn Capital. The fund first disclosed a stake in the company back in the second quarter of 2024. This position comprised just under 2.6 million shares. Filings for the fourth quarter of 2025 show that the fund owns 14.3 million shares in the company, up 32% compared to filings for the previous quarter. Centuri operates as a utility infrastructure services company in North America. It offers gas utility services, including maintenance, replacement, repair, and installation for local natural gas distribution utilities focused on the modernization of infrastructure.
Centuri Holdings, Inc. (NYSE:CTRI) is turning heads on Wall Street due to a massive backlog and a leading role in the transitioning energy landscape. Earlier this month, the company reported a record $6.5 billion backlog, marking a 44% year-over-year increase. There is increased optimism around the internal transformation plan of the firm, dubbed Vision One Centuri, which aims to transition the company from high-volume work to high-margin work. Despite a net loss in Q1, the company achieved a 76% year-over-year increase in gross profit. Management has introduced ambitious 2029 targets, including a Base Revenue CAGR of 10% to 15% and a Base Gross Profit Margin of 8.7% to 9.7%.
While we acknowledge the potential of CTRI to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CTRI and that has 100x upside potential, check out our report about the cheapest AI stock.
Click to continue reading and see Growth Stock Portfolio: 5 Stock Picks by Carl C. Icahn.
READ NEXT: 10 Best Small-Cap Value Stocks to Buy According to Bares Capital and Billionaire Tom Steyer’s 10 Stock Picks with Huge Upside Potential.
Disclosure: None. Follow Insider Monkey on Google News.
