Trian Partners

Q3 2024 13F · by Nelson Peltz, CEO

As of: Sep 30, 2024
Filed: Nov 13, 2024
US stock: $3.9B · prev $4.1B
Positions: 10 · prev 12
Options notional: $0
Documents: 1· no amendments

Picture97.0% US stock

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

US stock listed on a US exchange 97.0%
Foreign stock not listed in the US 3.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves10 since the prior filing

+6.8 pp in · −15.6 pp out

New 0 0.00 pp
Added 3 +6.78 pp
Trimmed 5 −8.89 pp
Exited 2 −6.75 pp

The book

Very concentrated · behaves like 5 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 7.1 years per position

Low
Moderate
High

Top 5 positions88% of US stock

JHG Janus Henderson Group PLC held held31.2%
GE GE Aerospace held held19.5%
WEN The Wendy's Company trimmed+0.71 pp trimmed+0.7113.7%
SOLV Solventum Corporation added+5.86 pp added+5.8612.8%
IVZ Invesco LTD trimmed+0.53 pp trimmed+0.5310.5%

Positions10 in this filing · 2 exited


JHGJanus Henderson Group PLC	31.18%	31,867,800	$1.2B	held	—	12 q
GEGE Aerospace	19.53%	4,030,213	$760M	held	—	13 q
WENThe Wendy's Company	13.74%	30,512,595	$535M	trimmed−3%	+0.71 pp	46 q
SOLVSolventum Corporation	12.77%	7,126,255	$497M	added+33%	+5.86 pp	2 q
IVZInvesco LTD	10.46%	23,173,442	$407M	trimmed−15%	+0.53 pp	18 q
FERGFerguson Enterprises Inc.	6.49%	1,270,810	$252M	trimmed−35%	−2.74 pp	15 q
unresolvedThe Allstate Corporation	2.99%	613,447	$116M	trimmed−70%	−4.85 pp	5 q
UHAL.BU-Haul Holding Company	1.94%	1,049,055	$76M	added+15%	+0.61 pp	2 q
UHALU-Haul Holding Company	0.90%	449,595	$35M	added+15%	+0.31 pp	2 q
GEHCGE HealthCare Technologies Inc.	0.01%	4,029	$378,122	trimmed−100%	−2.54 pp	7 q
DISThe Walt Disney Company	—	−2,645,583	—	exited	−6.41 pp	—
RTORentokil Initial plc	—	−470,000	—	exited	−0.34 pp	—

Source

Form: 13F-HR
Reading: 1 defect · 1 unresolved
Accession: 0001345471-24-000040
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