Trian Partners

Q3 2017 13F · by Nelson Peltz, CEO

As of: Sep 30, 2017
Filed: Nov 14, 2017
US stock: $13.0B · prev $13.3B
Positions: 8 · prev 8
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%

Moves6 since the prior filing

+9.8 pp in · −9.0 pp out

New 1 +6.68 pp
Added 3 +3.13 pp
Trimmed 1 −3.31 pp
Exited 1 −5.71 pp

The book

Very concentrated · behaves like 6 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 28% a year, about 3.5 years per position

Low
Moderate
High

Top 5 positions81% of US stock

PG Procter & Gamble Company added+1.85 pp added+1.8526.6%
SYY Sysco Corporation added+1.81 pp added+1.8118.5%
MDLZ Mondelez International, Inc. Class A added−0.53 pp added−0.5313.3%
unresolved General Electric Co held held13.2%
BNY Bank of New York Mellon Corporation trimmed−3.31 pp trimmed−3.319.1%

Positions8 in this filing · 1 exited


PGProcter & Gamble Company	26.56%	37,908,621	$3.4B	added+1%	+1.85 pp	4 q
SYYSysco Corporation	18.49%	44,492,524	$2.4B	added+1%	+1.81 pp	10 q
MDLZMondelez International, Inc. Class A	13.31%	42,504,701	$1.7B	added0%	−0.53 pp	18 q
unresolvedGeneral Electric Co	13.19%	70,851,055	$1.7B	held	—	10 q
BNYBank of New York Mellon Corporation	9.14%	22,375,489	$1.2B	trimmed−31%	−3.31 pp	15 q
PNRPentair plc	7.96%	15,200,931	$1.0B	held	—	4 q
unresolvedDowdupont Inc	6.68%	12,526,545	$867M	new	+6.68 pp	new
WENThe Wendy's Company	4.67%	39,035,921	$606M	held	—	18 q
unresolvedDu Pont E I De Nemours & Co	—	−9,390,689	—	exited	−5.71 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 2 unresolved
Accession: 0001345471-17-000051
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet