Trian Partners

Q2 2022 13F · by Nelson Peltz, CEO

As of: Jun 30, 2022
Filed: Aug 12, 2022
US stock: $4.5B · prev $6.0B
Positions: 8 · 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

+0.8 pp in · +0.2 pp out

New 0 0.00 pp
Added 3 +0.83 pp
Trimmed 2 +0.19 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 5 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.1 years per position

Low
Moderate
High

Top 5 positions94% of US stock

FERG Ferguson Enterprises Inc. added+5.12 pp added+5.1231.2%
IVZ Invesco LTD added−3.75 pp added−3.7519.8%
JHG Janus Henderson Group PLC held held16.5%
SYY Sysco Corporation trimmed+0.64 pp trimmed+0.6416.4%
WEN The Wendy's Company held held10.5%

Positions8 in this filing · 0 exited


FERGFerguson Enterprises Inc.	31.21%	12,826,611	$1.4B	added+12%	+5.12 pp	6 q
IVZInvesco LTD	19.77%	55,758,634	$899M	added+3%	−3.75 pp	9 q
JHGJanus Henderson Group PLC	16.47%	31,867,800	$749M	held	—	3 q
SYYSysco Corporation	16.37%	8,793,157	$745M	trimmed−24%	+0.64 pp	29 q
WENThe Wendy's Company	10.51%	25,333,339	$478M	held	—	37 q
GEGE Aerospace	5.63%	4,026,615	$256M	added0%	−0.54 pp	4 q
MDLZMondelez International, Inc. Class A	0.02%	16,239	$1M	trimmed−96%	−0.45 pp	37 q
PGProcter & Gamble Company	0.02%	5,457	$785,000	held	—	23 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001345471-22-000075
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet