Reported portfolio
Nelson Peltz
Trian Fund Management, L.P.
- Reported portfolio value
- $3,859,778,000
- Current positions
- 8
- Top five concentration
- 98.0%
- Largest position
- 42.4%
- New positions
- 1
- Closed positions
- 0
Reported holdings
| Company | Portfolio | Quarterly activity | Shares | Reported price | Reported value | Updated / source |
|---|---|---|---|---|---|---|
JHG Janus Henderson Group plc | 42.41% | Unchanged | 31,867,800 | $51 | $1,637,049,000+$121,098,000 | 13F2026-03-31 ↗ |
GE GE Aerospace | 29.63% | Unchanged | 4,030,765 | $284 | $1,143,810,000−$97,786,000 | 13F2026-03-31 ↗ |
SOLV Solventum Corporation | 13.93% | Unchanged | 8,236,753 | $65 | $537,860,000−$114,820,000 | 13F2026-03-31 ↗ |
FERG Ferguson Plc New | 6.57% | Unchanged | 1,086,357 | $233 | $253,404,000+$11,548,000 | 13F2026-03-31 ↗ |
WEN Wendys Co. | 5.48% | Added 0.0% | 30,446,022+5,704 | $7 | $211,600,000−$41,968,000 | 13F2026-03-31 ↗ |
IVZ Invesco Ltd. | 1.87% | Unchanged | 2,970,944 | $24 | $72,164,000−$5,882,000 | 13F2026-03-31 ↗ |
MICC Magnum Ice Cream Co NV | 0.09% | New | 241,042+241,042 | $15 | $3,604,000+$3,604,000 | 13F2026-03-31 ↗ |
GEHC GE HealthCare Technologies Inc. | 0.01% | Unchanged | 4,044 | $71 | $288,000−$44,000 | 13F2026-03-31 ↗ |
Reported price is calculated from the reported value and share count. It is not the investor's actual purchase price.
Filing history
Historical holdings
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| JHG | Janus Henderson Group plc | 42.41% | 31,867,800 | $1,637,049,000 |
| GE | GE Aerospace | 29.63% | 4,030,765 | $1,143,810,000 |
| SOLV | Solventum Corporation | 13.93% | 8,236,753 | $537,860,000 |
| FERG | Ferguson Plc New | 6.57% | 1,086,357 | $253,404,000 |
| WEN | Wendys Co. | 5.48% | 30,446,022 | $211,600,000 |
| IVZ | Invesco Ltd. | 1.87% | 2,970,944 | $72,164,000 |
| MICC | Magnum Ice Cream Co NV | 0.09% | 241,042 | $3,604,000 |
| GEHC | GE HealthCare Technologies Inc. | 0.01% | 4,044 | $288,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| JHG | Janus Henderson Group plc | 38.05% | 31,867,800 | $1,515,951,000 |
| GE | GE Aerospace | 31.16% | 4,030,765 | $1,241,597,000 |
| SOLV | Solventum Corporation | 16.38% | 8,236,753 | $652,680,000 |
| WEN | Wendys Co. | 6.36% | 30,440,318 | $253,568,000 |
| FERG | Ferguson Plc New | 6.07% | 1,086,357 | $241,856,000 |
| IVZ | Invesco Ltd. | 1.96% | 2,970,944 | $78,047,000 |
| GEHC | GE HealthCare Technologies Inc. | 0.01% | 4,044 | $332,000 |
Investor background
Nelson Peltz
“From day one, Nelson has been a focused, collaborative member of P&G’s Board.”David S. Taylor, former Chairman and CEO of Procter & Gamble
Nelson Peltz is the Chief Executive Officer and a founding partner of Trian Partners, an investment firm created in 2005 with Peter May and Ed Garden. Unlike activists whose experience began in securities analysis, Peltz first spent four decades buying, operating, restructuring and selling businesses. He entered his family’s food-distribution company in 1963, later built Triangle Industries with May into a major packaging group, and served as Chairman and CEO of Triarc Companies, where the successful revival of Snapple became a widely studied operating case.
That history explains Trian’s distinctive approach. The firm generally targets high-quality, mid-to-large-cap businesses with durable franchises but unrealized potential. It then develops a detailed plan addressing strategy, organic growth, costs, organizational complexity, portfolio composition, incentives, management succession and capital allocation. Trian prefers private engagement and board representation, but it will publish extensive white papers or conduct proxy contests when cooperation fails. Its method is therefore closer to private equity practiced through public minority stakes than to conventional value investing.
Peltz qualifies as a super investor because he combines an owner’s economic commitment, an operator’s understanding of execution and an activist’s ability to convert analysis into corporate action. His board history includes Heinz, Procter & Gamble, Sysco, Mondelēz, Ingersoll Rand, Unilever and Wendy’s. The most persuasive external validation came from P&G: after one of the closest and most contentious proxy contests in US corporate history, the company appointed him to its board, and departing CEO David Taylor later described him as focused, collaborative and constructive. That reversal—from resistance to endorsement—captures Peltz’s central skill: earning influence after confrontation.
The record is not uniformly successful. Trian lost its 2024 Disney proxy contest; Wendy’s has struggled despite the firm’s long involvement; and public reporting does not provide a complete audited flagship-fund return series. The Wall Street Journal reported that Trian’s flagship compounded at 9.7% from 2019 through 2023, below the S&P 500’s 14%. These limitations matter because operational impact at selected portfolio companies is not identical to investor-level performance.
Peltz nevertheless remains a genuine decision-maker. Trian’s 2026 Form ADV identifies him as CEO, an investment-committee member and a control person, although authority is shared with Peter May and a broader committee. The firm’s evolution also continues: in June 2026, Trian, General Catalyst and their partners completed the take-private acquisition of Janus Henderson, marking a partial return to whole-company ownership.