Trian Partners

Q4 2023 13F · by Nelson Peltz, CEO

As of: Dec 31, 2023
Filed: Feb 14, 2024
US stock: $7.0B · prev $6.6B
Positions: 9 · prev 9
Options notional: $0
Documents: 1· no amendments

Picture94.4% US stock

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

US stock listed on a US exchange 94.4%
Foreign stock not listed in the US 5.6%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves6 since the prior filing

+0.7 pp in · −3.0 pp out

New 0 0.00 pp
Added 2 +0.65 pp
Trimmed 4 −3.04 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 4 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.0% a year

Low
Moderate
High

Top 5 positions84% of US stock

DIS The Walt Disney Company trimmed+1.15 pp trimmed+1.1541.7%
JHG Janus Henderson Group PLC held held13.7%
FERG Ferguson Enterprises Inc. trimmed−2.00 pp trimmed−2.0011.6%
WEN The Wendy's Company trimmed−1.60 pp trimmed−1.608.8%
IVZ Invesco LTD held held8.6%

Positions9 in this filing · 0 exited


DISThe Walt Disney Company	41.67%	32,337,856	$2.9B	trimmed−2%	+1.15 pp	5 q
JHGJanus Henderson Group PLC	13.71%	31,867,800	$961M	held	—	9 q
FERGFerguson Enterprises Inc.	11.55%	4,190,252	$809M	trimmed−23%	−2.00 pp	12 q
WENThe Wendy's Company	8.75%	31,467,150	$613M	trimmed−6%	−1.60 pp	43 q
IVZInvesco LTD	8.64%	33,940,096	$605M	held	—	15 q
GEGE Aerospace	7.34%	4,030,213	$514M	added0%	+0.56 pp	10 q
unresolvedThe Allstate Corporation	5.58%	2,793,098	$391M	trimmed−23%	−0.59 pp	2 q
GEHCGE HealthCare Technologies Inc.	1.48%	1,342,833	$104M	added0%	+0.09 pp	4 q
SYYSysco Corporation	1.28%	1,223,500	$89M	held	—	2 q

Source

Form: 13F-HR
Reading: 2 defects · 1 unresolved
Accession: 0001345471-24-000011
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 2023-12-31