Growth Stock Portfolio: 5 Stock Picks by Carl C. Icahn

4. CVR Partners, LP (NYSE:UAN)

Icahn Capital LP’s Stake: $427 Million

CVR Partners, LP (NYSE:UAN) has been a constant feature in the 13F portfolio of Icahn Capital since the first quarter of 2024. Back then, this position comprised 3.9 million shares. In the fourth quarter of 2024, the fund added to this stake by 4%, growing it to over 4 million shares. Another addition was made to this position in the second quarter of 2025. Filings for the fourth quarter of 2025 show that the fund owns 4.16 million shares in the company. CVR engages in the production and sale of nitrogen fertilizer in the United States. The company offers ammonia and urea ammonium nitrate products. It serves agricultural and industrial customers.

The primary driver for buying CVR Partners, LP (NYSE:UAN) this year has been the tightening of global nitrogen fertilizer supplies. Ongoing disruptions in the Middle East and the Strait of Hormuz chokepoints have severely restricted global ammonia exports. Hedge funds are betting on the ability of CVR to capture higher margins as a domestic US producer. In Q1 2026, the company reported that average realized gate prices for UAN surged 34% and Ammonia rose 24% year-over-year. The distribution model of the company is the main attraction. Earlier this month, CVR Partners declared a quarterly cash distribution of $4.00 per unit. This represents a nearly 80% increase over the previous year’s distribution.