Trian Partners

Q4 2025 13F · by Nelson Peltz, CEO

As of: Dec 31, 2025
Filed: Feb 17, 2026
US stock: $4.0B · prev $4.1B
Positions: 7 · prev 7
Options notional: $0
Documents: 1· no amendments

Picture93.9% US stock

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

US stock listed on a US exchange 93.9%
Foreign stock not listed in the US 6.1%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves5 since the prior filing

+1.2 pp in · −4.9 pp out

New 0 0.00 pp
Added 3 +1.21 pp
Trimmed 2 −4.87 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, more than 30 years per position

Low
Moderate
High

Top 5 positions98% of US stock

JHG Janus Henderson Group PLC held held38.0%
GE GE Aerospace added+1.64 pp added+1.6431.2%
SOLV Solventum Corporation trimmed+1.34 pp trimmed+1.3416.4%
WEN The Wendy's Company added−0.43 pp added−0.436.4%
FERG Ferguson Enterprises Inc. held held6.1%

Positions7 in this filing · 0 exited


JHGJanus Henderson Group PLC	38.05%	31,867,800	$1.5B	held	—	17 q
GEGE Aerospace	31.16%	4,030,765	$1.2B	added0%	+1.64 pp	18 q
SOLVSolventum Corporation	16.38%	8,236,753	$653M	trimmed−3%	+1.34 pp	7 q
WENThe Wendy's Company	6.36%	30,440,318	$254M	added0%	−0.43 pp	51 q
FERGFerguson Enterprises Inc.	6.07%	1,086,357	$242M	held	—	20 q
IVZInvesco LTD	1.96%	2,970,944	$78M	trimmed−80%	−6.21 pp	23 q
GEHCGE HealthCare Technologies Inc.	0.01%	4,044	$331,689	added0%	0.00 pp	12 q

Source

Form: 13F-HR
Reading: 1 defect · 0 unresolved
Accession: 0001345471-26-000015
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

A security outside the official 13F list — CUSIP G3421J106 not on the Official 13(f) List for 2025-12-31