Trian Partners

Q2 2014 13F · by Nelson Peltz, CEO

As of: Jun 30, 2014
Filed: Aug 14, 2014
US stock: $6.8B · prev $6.1B
Positions: 11 · prev 12
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves7 since the prior filing

+4.6 pp in · −1.6 pp out

New 0 0.00 pp
Added 4 +4.59 pp
Trimmed 2 −1.38 pp
Exited 1 −0.26 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 5.3% a year, about 18.9 years per position

Low
Moderate
High

Top 5 positions71% of US stock

MDLZ Mondelez International, Inc. Class A added−0.55 pp added−0.5523.1%
PEP PepsiCo, Inc. added0.00 pp added0.0017.0%
unresolved Ingersoll-Rand Plc trimmed−0.23 pp trimmed−0.2311.0%
BNY Bank of New York Mellon Corporation added+5.14 pp added+5.1410.5%
LM Legg Mason, Inc. held held9.7%

Positions11 in this filing · 1 exited


MDLZMondelez International, Inc. Class A	23.10%	41,741,854	$1.6B	added0%	−0.55 pp	5 q
PEPPepsiCo, Inc.	17.01%	12,938,653	$1.2B	added+4%	0.00 pp	5 q
unresolvedIngersoll-Rand Plc	11.02%	11,978,914	$749M	trimmed−0%	−0.23 pp	5 q
BNYBank of New York Mellon Corporation	10.54%	19,110,843	$716M	added×2.0	+5.14 pp	2 q
LMLegg Mason, Inc.	9.73%	12,886,493	$661M	held	—	5 q
unresolvedFamily Dlr Stores Inc	8.14%	8,366,386	$553M	held	—	5 q
WENThe Wendy's Company	8.13%	64,800,245	$553M	held	—	5 q
unresolvedDu Pont E I De Nemours & Co	5.91%	6,141,364	$402M	held	—	5 q
LAZLazard, Inc.	5.01%	6,606,540	$341M	held	—	5 q
ALLEAllegion Public Limited Company	1.38%	1,655,388	$94M	trimmed−44%	−1.15 pp	3 q
TIFTiffany & Co.	0.02%	13,412	$1M	added+6%	0.00 pp	5 q
GNCIQGnc Holdings Inc-cl A	—	−359,254	—	exited	−0.26 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 3 unresolved
Accession: 0001345471-14-000050
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet