Trian Partners

Q4 2024 13F · by Nelson Peltz, CEO

As of: Dec 31, 2024
Filed: Feb 7, 2025
US stock: $3.9B · prev $3.9B
Positions: 10 · prev 10
Options notional: $0
Documents: 1· no amendments

Picture92.9% US stock

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

US stock listed on a US exchange 92.9%
Foreign stock not listed in the US 7.1%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves6 since the prior filing

+0.9 pp in · −2.4 pp out

New 0 0.00 pp
Added 4 +0.90 pp
Trimmed 2 −2.43 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 5 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.7% a year, about 14.9 years per position

Low
Moderate
High

Top 5 positions90% of US stock

JHG Janus Henderson Group PLC held held34.9%
GE GE Aerospace held held17.3%
SOLV Solventum Corporation added+1.64 pp added+1.6414.4%
WEN The Wendy's Company added−0.92 pp added−0.9212.8%
IVZ Invesco LTD held held10.4%

Positions10 in this filing · 0 exited


JHGJanus Henderson Group PLC	34.93%	31,867,800	$1.4B	held	—	13 q
GEGE Aerospace	17.32%	4,030,213	$672M	held	—	14 q
SOLVSolventum Corporation	14.41%	8,462,819	$559M	added+19%	+1.64 pp	3 q
WENThe Wendy's Company	12.82%	30,525,029	$498M	added0%	−0.92 pp	47 q
IVZInvesco LTD	10.44%	23,173,442	$405M	held	—	19 q
FERGFerguson Enterprises Inc.	5.53%	1,237,274	$215M	trimmed−3%	−0.96 pp	16 q
UHAL.BU-Haul Holding Company	1.86%	1,124,700	$72M	added+7%	−0.08 pp	3 q
unresolvedThe Allstate Corporation	1.52%	306,722	$59M	trimmed−50%	−1.47 pp	6 q
UHALU-Haul Holding Company	1.16%	652,000	$45M	added+45%	+0.26 pp	3 q
GEHCGE HealthCare Technologies Inc.	0.01%	4,029	$314,987	held	—	8 q

Source

Form: 13F-HR
Reading: 3 defects · 1 unresolved
Accession: 0001345471-25-000009
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 2024-12-31
A security outside the official 13F list — CUSIP G3421J106 not on the Official 13(f) List for 2024-12-31