Tracking Nelson Peltz’s Trian Fund Management Portfolio – Q2 2024 Update

  • 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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