Tracking Nelson Peltz’s Trian Fund Management Portfolio – Q4 2023 Update

• Nelson Peltz’s 13F portfolio value increased from $6.57B to ~$7B this quarter. The number of positions remained steady at 9. 
• Trian Fund Management decreased Ferguson plc (FERG) and Allstate (ALL) during the quarter. 
• The top three positions are Walt Disney (DIS), Janus Henderson Group (JHG), and Ferguson plc (FERG). They add up to ~66% 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 2/14/2024. 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 Q3 2023.

 

This quarter, Peltz’s 13F portfolio value increased from $6.57B to ~$7B. The number of holdings remained steady at 9. The top three holdings are at ~66% of the 13F stock portfolio: Walt Disney (DIS), Janus Henderson Group (JHG), and Ferguson plc (FERG). 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 in January 2022 and Nelson Peltz was appointed to the board.

 

 

The spreadsheet below highlights changes to Peltz’s 13F stock holdings in Q4 2023:

 

 

Source: John Vincent. Data constructed from Trian Fund Management’s 13F filings for Q3 2023 and Q4 2023.