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Legendary corporate raider Carl Icahn recently announced that he will be returning $1.76 billion back to his investors. He will continue investing his own money. He is an excellent insider to imitate because his moves are usually bigger than an average hedge fund's transactions and he has to report them more promptly on 13D forms because he usually takes activist positions.

According to 13F filings, Icahn Capital had 26 securities with a total value of $6.2 billion in its 13F portfolio as of March 31, 2011. Icahn had 13 positions in his portfolio that he also had positions a year ago. (You can check out Icahn’s current top holdings here). These are the stocks in which Icahn has conviction.

1. AMYLIN PHARMACEUTICALS INC (AMLN): AMLN recently traded at $10.11 and lost 49.2% during the past 12 months. The stock has a market cap of $1.5 billion. Icahn had $164 million invested in AMLN shares. Steven Cohen’s Sac Capital Advisors and Christopher Medlock James’ Partner Fund Management also have relatively small positions in AMLN.

2. BIOGEN IDEC INC (BIIB): BIIB recently traded at $90.98 and gained 60.71% during the past 12 months. The stock has a market cap of $22.1 billion and P/E ratio of 20.63. Icahn had $944 million invested in BIIB shares. On July 26 BIIB announced its second quarter 2011 financial results. BIIB’s second quarter revenues were $1.2 billion, constant compared to the second quarter of 2010. Net income for the second quarter was $288 million, a decrease of 2% from the second quarter of previous year. Jim Simons’ Renaissance Technologies and Cliff Asness’ Aqr Capital Management are other high profile Biogen investors (see Jim Simons’ top holdings here).

3. CHESAPEAKE ENERGY CORP (CHK): CHK recently traded at $31.3 and has a 1.12% dividend yield. CHK gained 52.39% during the past 12 months. The stock has a market cap of $20.6 billion and P/E ratio of 26.98. Icahn had $66 million invested in CHK shares. Mason Hawkins’ Southeastern Asset Management and Robert Pohly’s Samlyn Capital had large CHK holdings at the end of March.

4. CYBERONICS INC (CYBX): CYBX recently traded at $26.33 and gained 17.28% during the past 12 months. The stock has a market cap of $0.7 billion and P/E ratio of 16.05. Icahn had $61 million invested in CYBX shares.

5. ENZON PHARMACEUTICALS INC (ENZN): ENZN recently traded at $7.93 and lost 23.46% during the past 12 months. The stock has a market cap of $0.4 billion. Icahn had $51 million invested in ENZN shares.

6. EXELIXIS INC (EXEL): EXEL recently traded at $6.8 and gained 132.88% during the past 12 months. The stock has a market cap of $0.9 billion. Icahn had $27 million invested in EXEL shares.

7. FOREST LABS INC (FRX): FRX recently traded at $34.25 and gained 22.85% during the past 12 months. The stock has a market cap of $9.8 billion and P/E ratio of 8.33. Icahn had $53 million invested in FRX shares.

8. HAIN CELESTIAL GROUP INC (HAIN): HAIN recently traded at $29.17 and gained 45.34% during the past 12 months. The stock has a market cap of $1.3 billion and P/E ratio of 26.28. Icahn had $184 million invested in HAIN shares.

9. LIONS GATE ENTMNT CORP (LGF): LGF recently traded at $7 and gained 10.24% during the past 12 months. The stock has a market cap of $1 billion. Icahn had $223 million invested in LGF shares.

10. MENTOR GRAPHICS CORP (MENT): MENT recently traded at $9.3 and gained 2.88% during the past 12 months. The stock has a market cap of $1 billion and P/E ratio of 21.63. Icahn had $189 million invested in MENT shares.

11. NRG ENERGY INC (NRG): NRG recently traded at $22.27 and gained 1.41% during the past 12 months. The stock has a market cap of $5.4 billion and P/E ratio of 9.77. Icahn had $51 million invested in NRG shares.

12. REGENERON PHARMACEUTICALS (REGN): REGN recently traded at $54.18 and gained 129.97% during the past 12 months. The stock has a market cap of $5 billion. Icahn had $110 million invested in REGN shares. Seth Klarman’s Baupost also has REGN in its portfolio.

13. TAKE-TWO INTERACTIVE SOFTWAR (TTWO): TTWO recently traded at $11.48 and gained 34.9% during the past 12 months. The stock has a market cap of $1 billion and P/E ratio of 19.79. Icahn had $151 million invested in TTWO shares. Michael Lowenstein's Kensico Capital is the most bullish hedge fund manager about TTWO (see Lowenstein's other favorite stock picks).

Source: Carl Icahn's Long Term Holdings