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Billionaire investor Carl Icahn manages a concentrated portfolio using an activist approach. Because of the large positions he takes, even in large-cap stocks, he is often forced to file 13Ds shortly after taking a position. Still, it can be useful to track what he has been doing over time. Our research has shown that the most popular stocks among hedge funds tend to outperform the market on average (read the details here ). Below are our findings from Icahn’s latest quarterly filing:

During 4Q13, Icahn increased his stake in Apple AAPL, -0.69% by 22%, making it his third largest equity holding. This is old news as, in late January 2014, he had already tweeted that his investment had increased to $3.6B. Icahn had vocally pushed the technology company to increase its stock buyback program by $50B, funded by existing cash, ongoing earnings and additional debt capacity. Following opposition against his proposal from influential proxy-advisory firm Institutional Shareholder Services, however, Icahn backed down from his campaign, given AAPL is on track to repurchase at least $32B in 2014. David Einhorn. Mike Masters. and George Soros are among Apple bulls. Warren Buffett will probably never buy Apple because of the unpredictability of its future earnings.

Talisman Energy

Icahn increased his stake in Talisman Energy TLM, -0.26% almost 12-fold during 4Q13. Again, this wasn’t new news, as in an SEC filing at the beginning of October, Icahn had disclosed that he owns a significant chunk of the oil and gas producer’s outstanding stock, indicating that he believes there’s value to unlock. In the case of Talisman, it’s also worth noting that former Icahn pupil Keith Meister has a significant position in the company as well, though it’s passive in nature. Icahn’s efforts are having an impact on TLM, who named two of his nominees to its board and announced deals to sell $4.2B of its non-core energy and pipeline operations over the next 12 to 18 months. Patrik Brummer. Paul Farrell and Tony Chedraoui also purchased the stock during the quarter.

Icahn’s sole new purchase during the quarter was medical equipment maker Hologic HOLX, +0.12% In exchange for Icahn not waging a proxy fight and acquiring additional shares, the company appointed two representatives of Icahn to its board as well as a scientific adviser introduced through Icahn. Sales of certain businesses or a new capital plan could be coming soon. Other investors buying the name include Ralph V. Whitworth. John A. Levin and Ken Griffin .

During 4Q13, Icahn sold his entirestake in Take Two Interactive Software TTWO, +3.92% back to the company for a profit of $85M. He had originally bought the stake in late 2009 and early 2010. Icahn also cut in half his position in Netflix NFLX, -2.21% taking some profits from the stock that returned 298% in 2013. He still holds a 3.2% stake in the movie rental and streaming company.

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