Trian Partners

Q1 2020 13F · by Nelson Peltz, CEO

As of: Mar 31, 2020
Filed: May 15, 2020
US stock: $6.9B · prev $9.5B
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%

Moves5 since the prior filing

−0.6 pp in · +5.6 pp out

New 0 0.00 pp
Added 2 −0.57 pp
Trimmed 3 +5.63 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 3 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.0% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions89% of US stock

PG Procter & Gamble Company trimmed+6.86 pp trimmed+6.8649.2%
SYY Sysco Corporation held held15.6%
MDLZ Mondelez International, Inc. Class A trimmed+0.51 pp trimmed+0.5111.4%
unresolved General Electric Co added−0.21 pp added−0.217.3%
WEN The Wendy's Company held held5.7%

Positions8 in this filing · 0 exited


PGProcter & Gamble Company	49.20%	31,034,785	$3.4B	trimmed−3%	+6.86 pp	14 q
SYYSysco Corporation	15.57%	23,676,143	$1.1B	held	—	20 q
MDLZMondelez International, Inc. Class A	11.44%	15,845,340	$794M	trimmed−16%	+0.51 pp	28 q
unresolvedGeneral Electric Co	7.35%	64,236,784	$510M	added0%	−0.21 pp	20 q
WENThe Wendy's Company	5.71%	26,630,629	$396M	held	—	28 q
BNYBank of New York Mellon Corporation	4.71%	9,701,088	$327M	trimmed−20%	−1.74 pp	25 q
NVTnVent Electric plc	3.30%	13,555,821	$229M	added0%	−0.36 pp	8 q
LMLegg Mason, Inc.	2.73%	3,881,704	$190M	held	—	4 q

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001345471-20-000027
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet