Trian Partners

Q2 2018 13F · by Nelson Peltz, CEO

Picture100.0% US stock

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

+6.3 pp in · −4.7 pp out

Very concentrated · behaves like 5 equal-sized positions

Low turnover · 10% a year, about 9.6 years per position

revealed late 1 name revealed after the original — carried back to this quarter, never shown as a new buy 13F-HR/A · Oct 9, 2018 ↗


PGProcter & Gamble Company	28.72%	37,908,621	$3.0B	held	—	7 q
SYYSysco Corporation	28.21%	42,562,249	$2.9B	trimmed−5%	+1.09 pp	13 q
unresolvedGeneral Electric Co	9.36%	70,861,131	$964M	added0%	−0.27 pp	13 q
BNYBank of New York Mellon Corporation	8.45%	16,138,942	$870M	added0%	+0.06 pp	18 q
MDLZMondelez International, Inc. Class A	7.49%	18,824,680	$772M	added0%	−0.43 pp	21 q
PNRPentair plc	5.61%	13,739,444	$578M	trimmed−11%	−4.98 pp	7 q
WENThe Wendy's Company	5.27%	31,630,629	$543M	trimmed−7%	−0.76 pp	21 q
NVTnVent Electric plc	4.28%	17,562,998	$441M	new	+4.28 pp	new
PPGPPG Industries, Inc.	2.61%	2,593,520	$269M	new	+2.61 pp	new