Trian Partners

Q2 2020 13F · by Nelson Peltz, CEO

Picture100.0% US stock

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

+24.5 pp in · −29.3 pp out

Very concentrated · behaves like 6 equal-sized positions

Moderate turnover · 54% a year, about 1.9 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 · Sep 21, 2020 ↗

revealed late 2 names revealed after the original — carried back to this quarter, never shown as a new buy 13F-HR/A · Oct 2, 2020 ↗


SYYSysco Corporation	24.10%	24,379,843	$1.3B	added+3%	+8.53 pp	21 q
PGProcter & Gamble Company	23.41%	10,825,852	$1.3B	trimmed−65%	−25.79 pp	15 q
MDLZMondelez International, Inc. Class A	14.66%	15,848,921	$810M	added0%	+3.22 pp	29 q
WENThe Wendy's Company	10.49%	26,630,629	$580M	held	—	29 q
unresolvedGeneral Electric Co	7.33%	59,332,322	$405M	trimmed−8%	−0.02 pp	21 q
CMCSAComcast Corp	5.05%	7,159,000	$279M	new	+5.05 pp	new
IVZInvesco LTD	4.29%	22,026,991	$237M	new	+4.29 pp	new
NVTnVent Electric plc	4.20%	12,391,442	$232M	trimmed−9%	+0.90 pp	9 q
JHGJanus Henderson Group PLC	3.42%	8,932,350	$189M	new	+3.42 pp	new
BNYBank of New York Mellon Corporation	3.06%	4,383,286	$169M	trimmed−55%	−1.65 pp	26 q
LMLegg Mason, Inc.	—	−3,881,704	—	exited	−2.73 pp	—