Trian Partners

Q3 2023 13F · by Nelson Peltz, CEO

As of: Sep 30, 2023
Filed: Nov 14, 2023
US stock: $6.6B · prev $3.9B
Positions: 9 · prev 8
Options notional: $0
Documents: 1· no amendments

Picture93.8% US stock

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

US stock listed on a US exchange 93.8%
Foreign stock not listed in the US 6.2%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves7 since the prior filing

+27.3 pp in · −8.8 pp out

New 2 +7.40 pp
Added 3 +19.85 pp
Trimmed 1 −8.72 pp
Exited 1 −0.03 pp

The book

Very concentrated · behaves like 4 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.9% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions84% of US stock

DIS The Walt Disney Company added+25.74 pp added+25.7440.5%
FERG Ferguson Enterprises Inc. trimmed−8.72 pp trimmed−8.7213.6%
JHG Janus Henderson Group PLC held held12.5%
WEN The Wendy's Company added−1.27 pp added−1.2710.3%
IVZ Invesco LTD held held7.5%

Positions9 in this filing · 1 exited


DISThe Walt Disney Company	40.52%	32,868,307	$2.7B	added×5.1	+25.74 pp	4 q
FERGFerguson Enterprises Inc.	13.55%	5,415,218	$891M	trimmed−1%	−8.72 pp	11 q
JHGJanus Henderson Group PLC	12.52%	31,867,800	$823M	held	—	8 q
WENThe Wendy's Company	10.35%	33,350,743	$681M	added+61%	−1.27 pp	42 q
IVZInvesco LTD	7.50%	33,940,096	$493M	held	—	14 q
GEGE Aerospace	6.78%	4,029,840	$445M	added0%	−4.62 pp	9 q
unresolvedThe Allstate Corporation	6.17%	3,643,618	$406M	new	+6.17 pp	new
GEHCGE HealthCare Technologies Inc.	1.39%	1,342,830	$91M	held	—	3 q
SYYSysco Corporation	1.23%	1,223,500	$81M	new	+1.23 pp	new
MDLZMondelez International, Inc. Class A	—	−16,530	—	exited	−0.03 pp	—

Source

Form: 13F-HR
Reading: 2 defects · 1 unresolved
Accession: 0001345471-23-000146
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 200021014
A security outside the official 13F list — CUSIP 200021014 not on the Official 13(f) List for 2023-09-30