Trian Partners

Q4 2022 13F · by Nelson Peltz, CEO

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

+16.5 pp in · −13.4 pp out

Very concentrated · behaves like 5 equal-sized positions

Moderate turnover · 45% a year, about 2.2 years per position

restated 1 row corrected by the filer · US stock +33.37%; later quarters recomputed 13F-HR/A · Feb 14, 2023 ↗

restated 8 rows corrected by the filer · US stock 0.00%; later quarters recomputed 13F-HR/A · Feb 15, 2023 ↗


FERGFerguson Enterprises Inc.	29.23%	11,218,181	$1.4B	held	—	8 q
IVZInvesco LTD	20.58%	55,758,634	$1.0B	held	—	11 q
DISThe Walt Disney Company	16.10%	9,029,800	$785M	new	+16.10 pp	new
JHGJanus Henderson Group PLC	15.38%	31,867,800	$750M	held	—	5 q
WENThe Wendy's Company	11.76%	25,333,339	$573M	held	—	39 q
GEGE Aerospace	6.93%	4,028,491	$338M	added0%	+0.36 pp	6 q
MDLZMondelez International, Inc. Class A	0.02%	16,239	$1M	held	—	39 q
SYYSysco Corporation	0.01%	4,540	$347,083	trimmed−100%	−13.35 pp	31 q
PGProcter & Gamble Company	—	−5,589	—	exited	−0.02 pp	—