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Carl Icahn is the chairman of Icahn Enterprises. He is one of the most active and successful hedge fund managers. Icahn is also a legendary corporate raider who is among the highest paid hedge fund managers of 2010. In March 2011, Carl Icahn announced that he will be returning $1.76 billion outside money in his hedge fund.

Jim Simons is one of the richest people on the planet, owing his wealth to the spectacular performance of his hedge fund. Jim Simons’ Medallion Fund is the best hedge fund we have come across. If he had started investing earlier, he would have been the richest man on the planet. Jim Simons’ Medallion Fund returned 73% in 2007 and 80% in 2008. He is also performing spectacularly so far in 2011. We recently wrote about the mystery behind Jim Simons’ amazing returns.

Here are 11 stocks both Jim Simons and Carl Icahn are bullish about at the end of June:

CompanyName

Ticker

Jim Simons

Carl Icahn

Return

VECTOR GROUP

(NYSE:VGR)

69528

250751

6%

ENZON PHARMA

(NASDAQ:ENZN)

16744

59344

-18%

FOREST LABS INC

(NYSE:FRX)

15921

782702

-17%

AMYLIN PHARMA

(AMLN)

9154

192143

-18%

TAKE TWO INTERACTIVE

(NASDAQ:TTWO)

8597

111630

-9%

COMMERCIAL METALS CO

(NYSE:CMC)

7274

69658

-20%

HAIN CELESTIAL

(NASDAQ:HAIN)

5521

237875

-3%

AMERICAN RAILCAR IND

(NASDAQ:ARII)

5075

271179

-24%

FEDERAL MOGUL CORP

(NASDAQ:FDML)

2714

1717773

-30%

DYNEGY INC DEL

(NYSE:DYN)

756

111681

-11%

ICAHN ENTERPRISES

(NASDAQ:IEP)

224

3407245

-10%

Carl Icahn is the chairman of Icahn Enterprises. In the second quarter, Icahn invested $3.4 billion in Icahn Enterprises. As of June, IEP makes up around 30% of his equity portfolio. Compared to Icahn, Jim Simons has a very minor stake in IEP. At the end of June, Simons had as little as $244 thousand invested in the company. He reduced the stake in the company by 58% before the end of June, and rightly so. Since the end of the second quarter, Icahn Enterprises has lost 10%. Murray Stahl’s Horizon Asset Management has the largest position in the company after Carl Icahn (view Murray Stahl’s top stock picks).

At the end of June, Carl Icahn had initiated a position in Vector Group, worth around $250.8 million. Icahn has the largest position in the company followed by Jim Simons. Simons had $69.5 invested in Vector Group at the end of the second quarter. He increased his position by 3% during the second quarter. Vector Group has gained 6% since the end of June. Cliff Asness also has a large stake in Vector Group.

Carl Icahn has the largest position in Forest Laboratories among the 300+ hedge funds we are tracking. He had $782.7 million invested in the company at the end of June. During the second quarter, Icahn increased his stake by more than 10 times. Jim Simons had around $15.9 million invested in Forest Laboratories at the end of June. He reduced his stake in the company by 79% during the second quarter. Simons’ timing couldn’t be more accurate. He was able to limit his losses, as Forest Laboratories lost 17% since the end of June. Roberto Mignone added Forest Laboratories to his Bridger Management’s equity portfolio during the second quarter. Mignone initiated a position worth $63.5 million.

Carl Icahn is a director at Federal Mogul. At the end of June, Icahn had $1.7 billion in the company. Jim Simons, on the other hand, had a minor position in Federal Mogul, worth only $2.7 million. Simons reduced his holdings by 52% before the end of June. Again, the reduction was perfectly timed, as Forest Mogul lost 30% since the end of the second quarter. George Soros also reduced his position in the company by 62% during the second quarter. Soros had around $10.9 million in Federal Mogul.

The best performing stocks in this list are VGR, TTWO, HAIN, and IEP. Carl Icahn talked about IEP at the Ira Sohn Investment Conference and told attendees that IEP is his best investment idea for 2011. We like Icahn and Simons and believe that investors may be able to beat the market by imitating their top stock picks.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: 11 Stocks Carl Icahn And Jim Simons Are Bullish On