- Nelson Peltz’s 13F portfolio value decreased from ~$8B to ~$4B this quarter. The number of positions increased from 9 to 12.
- Trian Fund Management decreased Walt Disney (DIS), Invesco (IVZ), Ferguson plc (FERG), and Allstate (ALL) during the quarter.
- The top three positions are Janus Henderson Group (JHG), GE Aerospace (GE), and Wendys (WEN). They add up to ~55% 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 08/14/2024. 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 Q1 2024.
This quarter, Peltz’s 13F portfolio value decreased from
~$7B to ~$8B. The number of holdings increased from 9 to 12. The top three
holdings are at ~55% of the 13F stock portfolio: Janus Henderson Group (JHG),
GE Aerospace (GE), and Wendys (WEN). The largest activist stake in Walt Disney
(DIS) was almost eliminated during quarter. 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 Q2 2024:
Source: John Vincent. Data constructed from Trian Fund Management’s 13F filings for Q1 2024 and Q2 2024.
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