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Trian Partners

Q2 2025 13F · by Nelson Peltz, CEO

As of
Jun 30, 2025
Filed
Aug 14, 2025
US stock
$3.8B · prev $3.7B
Positions
10 · prev 10
Options notional
$0
Documents
1· no amendments

Picture93.2% US stock

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

  • US stock listed on a US exchange 93.2%
  • Foreign stock not listed in the US 6.8%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves6 since the prior filing

The book

Very concentrated · behaves like 4 equal-sized positions

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

Low turnover · 1.8% a year, more than 30 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions92% of US stock

  1. JHG Janus Henderson Group PLC held held32.6%
  2. GE GE Aerospace held held27.4%
  3. SOLV Solventum Corporation held held16.9%
  4. WEN The Wendy's Company added−2.74 pp added−2.749.2%
  5. FERG Ferguson Enterprises Inc. added+1.91 pp added+1.916.2%

Positions10 in this filing · 0 exited

JHGJanus Henderson Group PLC32.64%31,867,800$1.2Bheld—15 q
GEGE Aerospace27.36%4,030,213$1.0Bheld—16 q
SOLVSolventum Corporation16.93%8,462,819$642Mheld—5 q
WENThe Wendy's Company9.17%30,434,794$348Madded0%−2.74 pp49 q
FERGFerguson Enterprises Inc.6.24%1,086,357$237Madded+8%+1.91 pp18 q
IVZInvesco LTD6.08%14,628,455$231Mtrimmed−37%−3.33 pp21 q
UHALU-Haul Holding Company0.56%353,335$21Mtrimmed−46%−0.58 pp5 q
unresolvedThe Allstate Corporation0.53%99,955$20Mtrimmed−69%−1.23 pp8 q
UHAL.BU-Haul Holding Company0.48%338,031$18Mtrimmed−70%−1.30 pp5 q
GEHCGE HealthCare Technologies Inc.0.01%4,029$298,428held—10 q

Source

Form
13F-HR
Reading
3 defects · 1 unresolved
Accession
0001345471-25-000028
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 2025-06-30
  • A security outside the official 13F list — CUSIP G3421J106 not on the Official 13(f) List for 2025-06-30