Trian Partners

Q1 2022 13F · by Nelson Peltz, CEO

As of: Mar 31, 2022
Filed: May 13, 2022
US stock: $6.0B · prev $7.5B
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%

Moves8 since the prior filing

+10.6 pp in · −11.8 pp out

New 0 0.00 pp
Added 5 +10.58 pp
Trimmed 2 +1.68 pp
Exited 1 −13.49 pp

The book

Very concentrated · behaves like 5 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 23% a year, about 4.3 years per position

Low
Moderate
High

Top 5 positions93% of US stock

FERG Ferguson Enterprises Inc. added−1.02 pp added−1.0226.1%
IVZ Invesco LTD added+7.67 pp added+7.6723.5%
JHG Janus Henderson Group PLC added+2.79 pp added+2.7918.7%
SYY Sysco Corporation trimmed+2.19 pp trimmed+2.1915.7%
WEN The Wendy's Company held held9.3%

Positions8 in this filing · 1 exited


FERGFerguson Enterprises Inc.	26.09%	11,402,731	$1.6B	added0%	−1.02 pp	5 q
IVZInvesco LTD	23.52%	54,034,034	$1.4B	added+19%	+7.67 pp	8 q
JHGJanus Henderson Group PLC	18.69%	31,867,800	$1.1B	added+13%	+2.79 pp	2 q
SYYSysco Corporation	15.73%	11,503,829	$939M	trimmed−11%	+2.19 pp	28 q
WENThe Wendy's Company	9.32%	25,333,339	$557M	held	—	36 q
GEGE Aerospace	6.17%	4,026,121	$368M	added0%	+1.07 pp	3 q
MDLZMondelez International, Inc. Class A	0.47%	450,267	$28M	added0%	+0.07 pp	36 q
PGProcter & Gamble Company	0.01%	5,457	$893,000	trimmed−98%	−0.51 pp	22 q
CMCSAComcast Corp	—	−19,991,416	—	exited	−13.49 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001345471-22-000057
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet