Tracking Nelson Peltz’s Trian Fund Management Portfolio – Q1 2024 Update

 

• Nelson Peltz’s 13F portfolio value increased from ~$7B to ~$8B 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 General Electric (GE). They add up to ~71% 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 5/15/2024. 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 Q4 2023.

 

This quarter, Peltz’s 13F portfolio value increased from ~$7B to ~$8B. The number of holdings remained steady at 9. The top three holdings are at ~71% of the 13F stock portfolio: Walt Disney (DIS), Janus Henderson Group (JHG), and General Electric (GE). 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 Q1 2024:

 

 

Source: John Vincent. Data constructed from Trian Fund Management’s 13F filings for Q4 2023 and Q1 2024.