Trian Partners

Q4 2020 13F · by Nelson Peltz, CEO

As of: Dec 31, 2020
Filed: Feb 12, 2021
US stock: $6.8B · prev $6.1B
Positions: 8 · 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%

Moves6 since the prior filing

+5.3 pp in · −5.6 pp out

New 0 0.00 pp
Added 2 +5.29 pp
Trimmed 3 −3.93 pp
Exited 1 −1.70 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.6 years per position

Low
Moderate
High

Top 5 positions78% of US stock

SYY Sysco Corporation trimmed−2.43 pp trimmed−2.4322.6%
PG Procter & Gamble Company trimmed−3.03 pp trimmed−3.0320.2%
CMCSA Comcast Corp added+3.45 pp added+3.4515.4%
MDLZ Mondelez International, Inc. Class A held held10.6%
IVZ Invesco LTD held held9.5%

Positions8 in this filing · 1 exited


SYYSysco Corporation	22.64%	20,603,608	$1.5B	trimmed−15%	−2.43 pp	23 q
PGProcter & Gamble Company	20.23%	9,823,724	$1.4B	trimmed−3%	−3.03 pp	17 q
CMCSAComcast Corp	15.40%	19,857,892	$1.0B	added+27%	+3.45 pp	3 q
MDLZMondelez International, Inc. Class A	10.59%	12,241,559	$716M	held	—	31 q
IVZInvesco LTD	9.48%	36,739,343	$640M	held	—	3 q
WENThe Wendy's Company	8.64%	26,630,629	$584M	held	—	31 q
unresolvedJanus Henderson Group plc	7.87%	16,366,612	$532M	trimmed−7%	+1.53 pp	2 q
unresolvedGeneral Electric Co	5.15%	32,194,599	$348M	added0%	+1.84 pp	23 q
NVTnVent Electric plc	—	−5,827,483	—	exited	−1.70 pp	—

Source

Form: 13F-HR
Reading: 1 defect · 2 unresolved
Accession: 0001345471-21-000007
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

A row was set aside — invalid CUSIP G4474Y904