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Trian Partners

Q2 2023 13F · by Nelson Peltz, CEO

As of
Jun 30, 2023
Filed
Aug 14, 2023
US stock
$3.9B · prev $3.8B
Positions
8 · prev 8
Options notional
$0
Documents
1· 1 amendment

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%

Moves3 since the prior filing

The book

Very concentrated · behaves like 6 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Low turnover · 4.7% a year, about 21.4 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions86% of US stock

  1. JHG Janus Henderson Group PLC held held22.4%
  2. FERG Ferguson Enterprises Inc. trimmed+1.36 pp trimmed+1.3622.3%
  3. DIS The Walt Disney Company added−1.01 pp added−1.0114.8%
  4. IVZ Invesco LTD held held14.7%
  5. WEN The Wendy's Company trimmed−0.98 pp trimmed−0.9811.6%

Revealed late, restated

restated 0 rows corrected by the filer · US stock 0.00%; later quarters recomputed 13F-HR/A · Aug 14, 2023 ↗

Positions8 in this filing · 0 exited

JHGJanus Henderson Group PLC22.38%31,867,800$868Mheld—7 q
FERGFerguson Enterprises Inc.22.27%5,494,700$864Mtrimmed−6%+1.36 pp10 q
DISThe Walt Disney Company14.78%6,425,050$574Madded+9%−1.01 pp3 q
IVZInvesco LTD14.70%33,940,096$571Mheld—13 q
WENThe Wendy's Company11.62%20,732,628$451Mtrimmed−4%−0.98 pp41 q
GEGE Aerospace11.40%4,028,998$443Mheld—8 q
GEHCGE HealthCare Technologies Inc.2.81%1,342,830$109Mheld—2 q
MDLZMondelez International, Inc. Class A0.03%16,530$1Mheld—41 q

Source

Form
13F-HR/A
Reading
0 defects · 0 unresolved
Accession
0001345471-23-000123
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet