Tracking Nelson Peltz’s Trian Fund Management Portfolio – Q3 2023 Update

• Nelson Peltz’s 13F portfolio value increased from $3.88B to $6.57B this quarter. The number of positions increased from 8 to 9. 
• Trian Fund Management increased Walt Disney (DIS) and added Allstate (ALL). 
• The top three positions are Walt Disney (DIS), Ferguson plc (FERG), and Janus Henderson Group (JHG). They add up to ~67% of the portfolio. 

This article is part of a series that provides an ongoing analysis of the changes made to Nelson Peltz’s 13F portfolio on a quarterly basis. It is based on Peltz’s regulatory 13F Form filed on 11/15/2023. Please visit our Tracking Nelson Peltz’s Trian Fund Management Portfolio article for an idea on his investment philosophy and our last update for the fund’s moves during Q2 2023.

 

This quarter, Peltz’s 13F portfolio value increased from $3.88B to $6.57B. The number of holdings increased from 8 to 9. The top three holdings are at ~67% of the 13F stock portfolio: Walt Disney (DIS), Ferguson plc (FERG), and Janus Henderson Group (JHG). To know more about activist investing, check out Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations. 

 

Note: Trian Fund has a 1.5% ownership stake in London listed Unilever PLC (UL). The activist position was acquired last January and Nelson Peltz was appointed to the board on May 31st.

 

 

The spreadsheet below highlights changes to Peltz’s 13F stock holdings in Q3 2023:

 

 

Source: John Vincent. Data constructed from Trian Fund Management’s 13F filings for Q2 2023 and Q3 2023.