Trian Partners

Q2 2021 13F · by Nelson Peltz, CEO

As of: Jun 30, 2021
Filed: Aug 13, 2021
US stock: $8.6B · prev $8.5B
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%

Moves8 since the prior filing

+4.7 pp in · −5.6 pp out

New 0 0.00 pp
Added 4 +4.69 pp
Trimmed 4 −5.59 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 8 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 11% a year, about 8.8 years per position

Low
Moderate
High

Top 5 positions72% of US stock

FERG Ferguson Enterprises Inc. trimmed+2.61 pp trimmed+2.6121.3%
SYY Sysco Corporation trimmed−2.93 pp trimmed−2.9316.3%
CMCSA Comcast Corp added+1.15 pp added+1.1513.9%
IVZ Invesco LTD added−0.13 pp added−0.1311.2%
unresolved Janus Henderson Group plc added+3.60 pp added+3.609.6%

Positions9 in this filing · 0 exited


FERGFerguson Enterprises Inc.	21.29%	13,117,373	$1.8B	trimmed−1%	+2.61 pp	2 q
SYYSysco Corporation	16.25%	17,875,724	$1.4B	trimmed−13%	−2.93 pp	25 q
CMCSAComcast Corp	13.86%	20,797,466	$1.2B	added+5%	+1.15 pp	5 q
IVZInvesco LTD	11.17%	36,755,775	$956M	added0%	−0.13 pp	5 q
unresolvedJanus Henderson Group plc	9.63%	21,223,084	$824M	added+30%	+3.60 pp	4 q
PGProcter & Gamble Company	9.14%	5,791,785	$781M	trimmed−35%	−5.09 pp	19 q
WENThe Wendy's Company	7.29%	26,630,629	$624M	held	—	33 q
MDLZMondelez International, Inc. Class A	6.31%	8,638,085	$539M	trimmed−8%	−0.18 pp	33 q
unresolvedGeneral Electric Co	5.07%	32,201,472	$433M	added0%	+0.07 pp	25 q

Source

Form: 13F-HR
Reading: 1 defect · 2 unresolved
Accession: 0001345471-21-000043
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