Trian Partners

Q3 2018 13F · by Nelson Peltz, CEO

As of: Sep 30, 2018
Filed: Nov 14, 2018
US stock: $10.3B · prev $10.3B
Positions: 9 · prev 9
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%

Moves5 since the prior filing

+0.5 pp in · −2.1 pp out

New 0 0.00 pp
Added 3 +0.47 pp
Trimmed 2 −2.09 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 5 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.5% a year, about 15.3 years per position

Low
Moderate
High

Top 5 positions81% of US stock

PG Procter & Gamble Company held held30.5%
SYY Sysco Corporation trimmed−1.53 pp trimmed−1.5326.7%
BNY Bank of New York Mellon Corporation held held8.0%
MDLZ Mondelez International, Inc. Class A added+0.33 pp added+0.337.8%
unresolved General Electric Co added−1.62 pp added−1.627.7%

Positions9 in this filing · 0 exited


PGProcter & Gamble Company	30.52%	37,908,621	$3.2B	held	—	8 q
SYYSysco Corporation	26.68%	37,656,693	$2.8B	trimmed−12%	−1.53 pp	14 q
BNYBank of New York Mellon Corporation	7.96%	16,138,942	$823M	held	—	19 q
MDLZMondelez International, Inc. Class A	7.82%	18,824,773	$809M	added0%	+0.33 pp	22 q
unresolvedGeneral Electric Co	7.74%	70,865,214	$800M	added0%	−1.62 pp	14 q
WENThe Wendy's Company	5.24%	31,630,629	$542M	held	—	22 q
PNRPentair plc	5.05%	12,036,582	$522M	trimmed−12%	−0.56 pp	8 q
NVTnVent Electric plc	4.61%	17,562,998	$477M	held	—	2 q
PPGPPG Industries, Inc.	4.37%	4,143,262	$452M	added+60%	+1.76 pp	2 q

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001345471-18-000074
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet