15 Most Feared Activist Hedge Funds

2. Icahn Capital L.P.

Portfolio Size: $11.92 Billion

Carl Icahn is one of the most revered activist investors because he has waged campaigns against some of the biggest companies. As the chairman of Icahn Enterprises, a publicly traded master limited partnership with a portfolio value of $11.92 billion, he maintains investments across different industries, including energy, automotive, food packaging, and real estate.

Carl Icahn’s approach to investing is centered on principles that go against the norm, frequently purchasing assets when seen as less valuable and favored. He usually focuses on shares with a low price-to-earnings (P/E) ratio or whose book values are less expensive. He holds significant stakes in businesses and pushes for modifications to enhance shareholder value like at JetBlue Airways Corporation (NASDAQ:JBLU).

Icahn often pushes for modifications in the management team as he seeks to get his men onto the board to influence the company’s actions and strategic direction. In some cases, he might push for the sale of the business or some units if it’s the only way to unlock value.

As the lone wolf of Wall Street, his notable activism was a battle against Bill Ackman over the nutritional supplement company Herbalife Nutrition Ltd. (NYSE:HLF). He also waged an activist campaign against the proposed takeover of Dell by Michael Dell and Silver Lake Partners. Recently, he has waged an activist campaign at JetBlue Airways Corporation (NASDAQ:JBLU) and Caesars Entertainment, Inc. (NASDAQ:CZR).