Trian Partners

Q1 2021 13F · by Nelson Peltz, CEO

As of: Mar 31, 2021
Filed: May 14, 2021
US stock: $8.5B · prev $6.8B
Positions: 9 · 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

+20.4 pp in · −10.1 pp out

New 1 +18.68 pp
Added 2 +1.67 pp
Trimmed 2 −10.10 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 7.2 years per position

Low
Moderate
High

Top 5 positions76% of US stock

SYY Sysco Corporation held held19.2%
FERG Ferguson Enterprises Inc. new+18.68 pp new+18.6818.7%
PG Procter & Gamble Company trimmed−6.00 pp trimmed−6.0014.2%
CMCSA Comcast Corp held held12.7%
IVZ Invesco LTD added+1.82 pp added+1.8211.3%

Positions9 in this filing · 0 exited


SYYSysco Corporation	19.18%	20,603,608	$1.6B	held	—	24 q
FERGFerguson Enterprises Inc.	18.68%	13,212,239	$1.6B	new	+18.68 pp	new
PGProcter & Gamble Company	14.23%	8,884,877	$1.2B	trimmed−10%	−6.00 pp	18 q
CMCSAComcast Corp	12.71%	19,857,892	$1.1B	held	—	4 q
IVZInvesco LTD	11.30%	36,741,539	$955M	added0%	+1.82 pp	4 q
MDLZMondelez International, Inc. Class A	6.49%	9,383,698	$549M	trimmed−23%	−4.10 pp	32 q
WENThe Wendy's Company	6.38%	26,630,629	$540M	held	—	32 q
unresolvedJanus Henderson Group plc	6.03%	16,366,612	$510M	held	—	3 q
unresolvedGeneral Electric Co	5.00%	32,194,653	$423M	added0%	−0.15 pp	24 q

Source

Form: 13F-HR
Reading: 1 defect · 2 unresolved
Accession: 0001345471-21-000025
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