Trian Partners

Q3 2015 13F · by Nelson Peltz, CEO

As of: Sep 30, 2015
Filed: Nov 13, 2015
US stock: $11.7B · prev $10.4B
Positions: 12 · prev 12
Options notional: $0
Documents: 1· no amendments

Picture94.3% US stock

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

US stock listed on a US exchange 94.3%
Foreign stock not listed in the US 5.7%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves10 since the prior filing

+9.8 pp in · −6.4 pp out

New 1 +0.27 pp
Added 6 +9.49 pp
Trimmed 2 −6.40 pp
Exited 1 0.00 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 12% a year, about 8.6 years per position

Low
Moderate
High

Top 5 positions76% of US stock

unresolved General Electric Co added+6.76 pp added+6.7619.5%
MDLZ Mondelez International, Inc. Class A added−1.93 pp added−1.9317.2%
PEP PepsiCo, Inc. held held14.7%
SYY Sysco Corporation added+10.22 pp added+10.2213.8%
unresolved Du Pont E I De Nemours & Co added−4.56 pp added−4.5610.6%

Positions12 in this filing · 1 exited


unresolvedGeneral Electric Co	19.50%	90,565,555	$2.3B	added+83%	+6.76 pp	2 q
MDLZMondelez International, Inc. Class A	17.16%	48,028,087	$2.0B	added0%	−1.93 pp	10 q
PEPPepsiCo, Inc.	14.74%	18,316,211	$1.7B	held	—	10 q
SYYSysco Corporation	13.78%	41,412,900	$1.6B	added×4.1	+10.22 pp	2 q
unresolvedDu Pont E I De Nemours & Co	10.62%	25,801,884	$1.2B	added+5%	−4.56 pp	10 q
BNYBank of New York Mellon Corporation	10.10%	30,228,703	$1.2B	added0%	−2.16 pp	7 q
unresolvedPentair PLC	5.67%	13,005,377	$664M	added+92%	+1.16 pp	2 q
LMLegg Mason, Inc.	3.92%	11,039,896	$459M	held	—	10 q
WENThe Wendy's Company	3.01%	40,792,537	$353M	trimmed−24%	−2.88 pp	10 q
unresolvedIngersoll-Rand Plc	1.23%	2,835,302	$144M	trimmed−61%	−3.52 pp	10 q
CCThe Chemours Company	0.27%	4,879,376	$32M	new	+0.27 pp	new
TIFTiffany & Co.	0.01%	14,260	$1M	held	—	10 q
unresolvedFamily Dlr Stores Inc	—	−3,679	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 2 defects · 4 unresolved
Accession: 0001345471-15-000088
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

A row was set aside — invalid CUSIP G7500T104
A security outside the official 13F list — CUSIP G7500T104 not on the Official 13(f) List for 2015-09-30