10 Updates
Billionaire Carl Icahn's Investment Fund Returned 31% In 2013

Billionaire Carl Icahn's Investment Fund Returned 31% In 2013

Jan 21 2014, 7:32am CST | by

By just about any measure, billionaire investor Carl Icahn had a great year in 2013. The stock of Icahn Enterprises returned 158% last year as investors embraced Icahn’s publicly-traded investment...

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26 weeks ago

Billionaire Carl Icahn's Investment Fund Returned 31% In 2013

Jan 21 2014, 7:32am CST | by

By just about any measure, billionaire investor Carl Icahn had a great year in 2013. The stock of Icahn Enterprises returned 158% last year as investors embraced Icahn’s publicly-traded investment vehicle, which not so long ago traded at a discount to its net asset value. With activist investing all the rage, the resurgence of Icahn in 2013 stretched from CNBC to the covers of Forbes and Time magazines, which called Icahn America’s most important investor.

But behind all his proxy fights, television outbursts and tweets, is Icahn’s ability to trade financial markets. Now in his late 70s, Icahn is on an amazing run. In 2013, Icahn’s investment fund returned 31%, according to a recent financial presentation put out by Icahn Enterprises. That’s just about in line with what the U.S. stock market performed last year, which is pretty impressive given that Icahn has said that his portfolio was hugely hedged last year. The vast majority of hedge fund managers were trounced by Icahn and the U.S. stock market last year and their defenders have loudly argued that recent hedge fund underperformance has been a product of prudent and, at times, contractually required hedging of portfolios during a raging bull market.

How did Icahn do it? He went into 2013 with Netflix as his third biggest holding. The stock soared by 283% from the start of the year until Icahn sold a big chunk of his holdings in late October. The stock of Icahn’s biggest holding going into 2013, Forest Laboratories, merely increased by 70% over the year. Icahn held onto most of his stake in Forest Labs throughout the year and it remains his second biggest position. Icahn played an important role in the ouster of Aubrey McClendon from Chesapeake Energy last year and the stock, which was Icahn’s second biggest holding in 2013, rose by 63%.

Can Icahn keep producing good returns in 2014? It’s very early, but Icahn seems to be off to a bit of a rough start. Herbalife, a stock that also helped Icahn’s investment fund tremendously last year, has tumbled by more than 10% in January. It was Icahn’s fourth biggest position going into 2014 with a value of $1.3 billion, a not insignificant chunk of Icahn’s investment fund. Apple, which is Icahn’s biggest single position by far, has dipped by more than 3% to start the year. His other big bets are Forest Labs, Chesapeake and Transocean.

But you would be crazy to bet against him. Home runs like Netflix might seem like luck, but as someone who once worked with Icahn told me recently, it can’t be luck when a guy like Icahn keeps on scoring for decades. After a tough 2008 that saw Icahn post big losses, Icahn has rebounded in a big way. He kicked all outside investors out of his hedge fund after the financial crisis and rebooted. The last five years for Icahn have been tremendous, a stretch that has seen his investment fund return 27% annually. Outside of billionaire hedge fund manager David Tepper, who has done even better, it’s tough to find that kind of investment performance amid big shot money managers over the last five years.

Source: Forbes Business

 
Update
10

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KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, Datuk Seri Hisham ...
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6

6 weeks ago

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Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

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PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selatan’ in ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
5

6 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

Government Weekly Cabinet Meeting
KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

6 weeks ago

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Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industry Minister Datuk Seri Musta ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
3

6 weeks ago

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Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

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JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving an allocation of ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

6 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

EurAsia Cup presented by DRB-HICOM - Day One
PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramada ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
1

6 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion Kinrara Da ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

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