Reported portfolio
Nelson Peltz
Trian Fund Management, L.P.
Last update 2026-08-12
- Reported portfolio value
- $4,230,905,000
- Current positions
- 8
- Top five concentration
- 94.2%
- Largest position
- 35.6%
- New positions
- 0
- Closed positions
- 0
Reported holdings
8 positions
| Company | Portfolio | Recent activity | Shares | Reported price | Reported value | Updated / source |
|---|---|---|---|---|---|---|
GE GE Aerospace | 35.61% | Unchanged | 4,030,765 | $374 | $1,506,418,000+$362,608,000 | 13F2026-06-30 ↗ |
JHG Janus Henderson Group plc | 31.53% | Reduced 19.5% | 25,654,382−6,213,418 | $52 | $1,334,028,000−$303,021,000 | 13F2026-06-30 ↗ |
SOLV Solventum Corporation | 15.02% | Unchanged | 8,236,753 | $77 | $635,465,000+$97,606,000 | 13F2026-06-30 ↗ |
FERG Ferguson Plc New | 6.09% | Unchanged | 1,086,357 | $237 | $257,825,000+$4,421,000 | 13F2026-06-30 ↗ |
WEN Wendys Co. | 5.97% | Added 0.1% | 30,468,434+22,412 | $8 | $252,583,000+$40,983,000 | 13F2026-06-30 ↗ |
GEHC GE HealthCare Technologies Inc. | 4.67% | Added 76194.4% | 3,085,344+3,081,300 | $64 | $197,493,000+$197,205,000 | 13F2026-06-30 ↗ |
IVZ Invesco Ltd. | 1.01% | Reduced 45.3% | 1,625,472−1,345,472 | $26 | $42,896,000−$29,268,000 | 13F2026-06-30 ↗ |
MICC Magnum Ice Cream Co NV | 0.10% | Unchanged | 241,042 | $17 | $4,197,000+$593,000 | 13F2026-06-30 ↗ |
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 |
|---|---|---|---|---|
| GE | GE Aerospace | 35.61% | 4,030,765 | $1,506,418,000 |
| JHG | Janus Henderson Group plc | 31.53% | 25,654,382 | $1,334,028,000 |
| SOLV | Solventum Corporation | 15.02% | 8,236,753 | $635,465,000 |
| FERG | Ferguson Plc New | 6.09% | 1,086,357 | $257,825,000 |
| WEN | Wendys Co. | 5.97% | 30,468,434 | $252,583,000 |
| GEHC | GE HealthCare Technologies Inc. | 4.67% | 3,085,344 | $197,493,000 |
| IVZ | Invesco Ltd. | 1.01% | 1,625,472 | $42,896,000 |
| MICC | Magnum Ice Cream Co NV | 0.10% | 241,042 | $4,197,000 |
| 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 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| JHG | Janus Henderson Group plc | 34.53% | 31,867,800 | $1,418,436,000 |
| GE | GE Aerospace | 29.52% | 4,030,213 | $1,212,369,000 |
| SOLV | Solventum Corporation | 15.04% | 8,462,819 | $617,786,000 |
| IVZ | Invesco Ltd. | 8.17% | 14,628,455 | $335,577,000 |
| WEN | Wendys Co. | 6.79% | 30,437,023 | $278,803,000 |
| FERG | Ferguson Plc New | 5.94% | 1,086,357 | $243,974,000 |
| GEHC | GE HealthCare Technologies Inc. | 0.01% | 4,029 | $303,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| JHG | Janus Henderson Group plc | 32.64% | 31,867,800 | $1,237,745,000 |
| GE | GE Aerospace | 27.36% | 4,030,213 | $1,037,337,000 |
| SOLV | Solventum Corporation | 16.93% | 8,462,819 | $641,820,000 |
| WEN | Wendys Co. | 9.17% | 30,434,794 | $347,565,000 |
| FERG | Ferguson Plc New | 6.24% | 1,086,357 | $236,554,000 |
| IVZ | Invesco Ltd. | 6.08% | 14,628,455 | $230,691,000 |
| UHAL | U-Haul Holding Company | 0.56% | 353,335 | $21,398,000 |
| — | The Allstate Corporation | 0.53% | 99,955 | $20,122,000 |
| UHAL/B | U-Haul Holding Company - B | 0.48% | 338,031 | $18,379,000 |
| GEHC | GE HealthCare Technologies Inc. | 0.01% | 4,029 | $298,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| JHG | Janus Henderson Group plc | 30.84% | 31,867,800 | $1,152,021,000 |
| GE | GE Aerospace | 21.59% | 4,030,213 | $806,647,000 |
| SOLV | Solventum Corporation | 17.23% | 8,462,819 | $643,513,000 |
| WEN | Wendys Co. | 11.91% | 30,423,683 | $445,098,000 |
| IVZ | Invesco Ltd. | 9.41% | 23,173,442 | $351,541,000 |
| FERG | Ferguson Plc New | 4.33% | 1,008,765 | $161,634,000 |
| UHAL/B | U-Haul Holding Company - B | 1.78% | 1,124,700 | $66,560,000 |
| — | The Allstate Corporation | 1.76% | 317,650 | $65,776,000 |
| UHAL | U-Haul Holding Company | 1.14% | 652,000 | $42,615,000 |
| GEHC | GE HealthCare Technologies Inc. | 0.01% | 4,029 | $325,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| JHG | Janus Henderson Group plc | 34.93% | 31,867,800 | $1,355,338,000 |
| GE | General Electric Co. | 17.32% | 4,030,213 | $672,199,000 |
| SOLV | Solventum Corporation | 14.41% | 8,462,819 | $559,054,000 |
| WEN | Wendys Co. | 12.82% | 30,525,029 | $497,558,000 |
| IVZ | Invesco Ltd. | 10.44% | 23,173,442 | $405,072,000 |
| FERG | Ferguson Plc New | 5.53% | 1,237,274 | $214,754,000 |
| UHAL/B | U-Haul Holding Company - B | 1.86% | 1,124,700 | $72,037,000 |
| — | The Allstate Corporation | 1.52% | 306,722 | $59,133,000 |
| UHAL | U-Haul Holding Company | 1.16% | 652,000 | $45,047,000 |
| GEHC | GE HealthCare Technologies Inc. | 0.01% | 4,029 | $315,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| JHG | Janus Henderson Group plc | 31.18% | 31,867,800 | $1,213,207,000 |
| GE | General Electric Co. | 19.53% | 4,030,213 | $760,018,000 |
| WEN | Wendys Co. | 13.74% | 30,512,595 | $534,581,000 |
| SOLV | Solventum Corporation | 12.77% | 7,126,255 | $496,842,000 |
| IVZ | Invesco Ltd. | 10.46% | 23,173,442 | $406,926,000 |
| FERG | Ferguson Plc New | 6.49% | 1,270,810 | $252,345,000 |
| — | The Allstate Corporation | 2.99% | 613,447 | $116,340,000 |
| UHAL/B | U-Haul Holding Company - B | 1.94% | 1,049,055 | $75,532,000 |
| UHAL | U-Haul Holding Company | 0.90% | 449,595 | $34,835,000 |
| GEHC | GE HealthCare Technologies Inc. | 0.01% | 4,029 | $378,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| JHG | Janus Henderson Group plc | 26.20% | 31,867,800 | $1,074,264,000 |
| GE | General Electric Co. | 15.63% | 4,030,213 | $640,683,000 |
| WEN | Wendys Co. | 13.03% | 31,507,868 | $534,373,000 |
| IVZ | Invesco Ltd. | 9.93% | 27,223,734 | $407,267,000 |
| FERG | Ferguson Plc New | 9.23% | 1,953,863 | $378,366,000 |
| — | The Allstate Corporation | 7.84% | 2,013,508 | $321,477,000 |
| SOLV | Solventum Corporation | 6.91% | 5,360,579 | $283,467,000 |
| DIS | The Walt Disney Company | 6.41% | 2,645,583 | $262,680,000 |
| GEHC | GE HealthCare Technologies Inc. | 2.55% | 1,342,833 | $104,634,000 |
| UHAL/B | U-Haul Holding Company - B | 1.33% | 909,300 | $54,576,000 |
| UHAL | U-Haul Holding Company | 0.59% | 389,700 | $24,056,000 |
| RTO | Rentokil Initial plc | 0.34% | 470,000 | $13,936,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| DIS | The Walt Disney Company | 49.33% | 32,337,856 | $3,956,860,000 |
| JHG | Janus Henderson Group plc | 13.07% | 31,867,800 | $1,048,132,000 |
| GE | General Electric Co. | 8.82% | 4,030,213 | $707,423,000 |
| WEN | Wendys Co. | 7.39% | 31,467,150 | $592,841,000 |
| IVZ | Invesco Ltd. | 7.02% | 33,940,096 | $563,066,000 |
| FERG | Ferguson Plc New | 6.79% | 2,493,687 | $544,696,000 |
| — | The Allstate Corporation | 4.83% | 2,237,269 | $387,070,000 |
| GEHC | GE HealthCare Technologies Inc. | 1.52% | 1,342,833 | $122,077,000 |
| SYY | Sysco Corporation | 1.24% | 1,223,500 | $99,324,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| DIS | The Walt Disney Company | 41.67% | 32,337,856 | $2,919,785,000 |
| JHG | Janus Henderson Group plc | 13.71% | 31,867,800 | $960,814,000 |
| FERG | Ferguson Plc New | 11.55% | 4,190,252 | $809,012,000 |
| WEN | Wendys Co. | 8.75% | 31,467,150 | $612,980,000 |
| IVZ | Invesco Ltd. | 8.64% | 33,940,096 | $605,491,000 |
| GE | General Electric Co. | 7.34% | 4,030,213 | $514,376,000 |
| — | The Allstate Corporation | 5.58% | 2,793,098 | $390,978,000 |
| GEHC | GE HealthCare Technologies Inc. | 1.48% | 1,342,833 | $103,828,000 |
| SYY | Sysco Corporation | 1.28% | 1,223,500 | $89,475,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| DIS | The Walt Disney Company | 40.52% | 32,868,307 | $2,663,976,000 |
| FERG | Ferguson Plc New | 13.55% | 5,415,218 | $890,641,000 |
| JHG | Janus Henderson Group plc | 12.52% | 31,867,800 | $822,827,000 |
| WEN | Wendys Co. | 10.35% | 33,350,743 | $680,689,000 |
| IVZ | Invesco Ltd. | 7.50% | 33,940,096 | $492,810,000 |
| GE | General Electric Co. | 6.78% | 4,029,840 | $445,499,000 |
| — | The Allstate Corporation | 6.17% | 3,643,618 | $405,935,000 |
| GEHC | GE HealthCare Technologies Inc. | 1.39% | 1,342,830 | $91,366,000 |
| SYY | Sysco Corporation | 1.23% | 1,223,500 | $80,812,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| JHG | Janus Henderson Group plc | 22.38% | 31,867,800 | $868,398,000 |
| FERG | Ferguson Plc New | 22.27% | 5,494,700 | $864,371,000 |
| DIS | The Walt Disney Company | 14.78% | 6,425,050 | $573,628,000 |
| IVZ | Invesco Ltd. | 14.70% | 33,940,096 | $570,533,000 |
| WEN | Wendys Co. | 11.62% | 20,732,628 | $450,935,000 |
| GE | General Electric Co. | 11.40% | 4,028,998 | $442,585,000 |
| GEHC | GE HealthCare Technologies Inc. | 2.81% | 1,342,830 | $109,092,000 |
| MDLZ | Mondelez Intl Inc. | 0.03% | 16,530 | $1,206,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| JHG | Janus Henderson Group plc | 22.38% | 31,867,800 | $868,398,000 |
| FERG | Ferguson Plc New | 22.27% | 5,494,700 | $864,371,000 |
| DIS | The Walt Disney Company | 14.78% | 6,425,050 | $573,628,000 |
| IVZ | Invesco Ltd. | 14.70% | 33,940,096 | $570,533,000 |
| WEN | Wendys Co. | 11.62% | 20,732,628 | $450,935,000 |
| GE | General Electric Co. | 11.40% | 4,028,998 | $442,585,000 |
| GEHC | GE HealthCare Technologies Inc. | 2.81% | 1,342,830 | $109,092,000 |
| MDLZ | Mondelez Intl Inc. | 0.03% | 16,530 | $1,206,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| JHG | Janus Henderson Group plc | 22.63% | 31,867,800 | $848,958,000 |
| FERG | Ferguson Plc New | 20.91% | 5,864,000 | $784,310,000 |
| DIS | The Walt Disney Company | 15.79% | 5,916,684 | $592,438,000 |
| IVZ | Invesco Ltd. | 14.84% | 33,940,096 | $556,618,000 |
| WEN | Wendys Co. | 12.60% | 21,705,770 | $472,752,000 |
| GE | General Electric Co. | 10.27% | 4,028,998 | $385,172,000 |
| GEHC | GE HealthCare Technologies Inc. | 2.94% | 1,342,830 | $110,152,000 |
| MDLZ | Mondelez Intl Inc. | 0.03% | 16,530 | $1,152,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| FERG | Ferguson Plc New | 29.23% | 11,218,181 | $1,424,000 |
| IVZ | Invesco Ltd. | 20.58% | 55,758,634 | $1,003,000 |
| DIS | The Walt Disney Company | 16.10% | 9,029,800 | $785,000 |
| JHG | Janus Henderson Group plc | 15.38% | 31,867,800 | $750,000 |
| WEN | Wendys Co. | 11.76% | 25,333,339 | $573,000 |
| GE | General Electric Co. | 6.93% | 4,028,491 | $338,000 |
| MDLZ | Mondelez Intl Inc. | 0.02% | 16,239 | $1,000 |
| SYY | Sysco Corp. | 0.01% | 4,540 | $347 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| FERG | Ferguson Plc New | 36.79% | 11,218,181 | $1,424,000 |
| DIS | The Walt Disney Company | 20.26% | 9,029,800 | $785,000 |
| JHG | Janus Henderson Group plc | 19.36% | 31,867,800 | $750,000 |
| WEN | Wendys Co. | 14.81% | 25,333,339 | $573,000 |
| GE | General Electric Co. | 8.72% | 4,028,491 | $338,000 |
| MDLZ | Mondelez Intl Inc. | 0.03% | 16,239 | $1,000 |
| IVZ | Invesco Ltd. | 0.03% | 55,758,634 | $1,000 |
| SYY | Sysco Corp. | 0.01% | 4,540 | $347 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| FERG | Ferguson Plc New | 29.23% | 11,218,181 | $1,424,372,000 |
| IVZ | Invesco Ltd. | 20.58% | 55,758,634 | $1,003,098,000 |
| DIS | The Walt Disney Company | 16.10% | 9,029,800 | $784,509,000 |
| JHG | Janus Henderson Group plc | 15.38% | 31,867,800 | $749,531,000 |
| WEN | Wendys Co. | 11.76% | 25,333,339 | $573,293,000 |
| GE | General Electric Co. | 6.93% | 4,028,491 | $337,547,000 |
| MDLZ | Mondelez Intl Inc. | 0.02% | 16,239 | $1,078,000 |
| SYY | Sysco Corp. | 0.01% | 4,540 | $347,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| FERG | Ferguson Plc New | 30.40% | 11,218,181 | $1,154,688,000 |
| IVZ | Invesco Ltd. | 20.11% | 55,758,634 | $763,893,000 |
| JHG | Janus Henderson Group plc | 17.04% | 31,867,800 | $647,235,000 |
| SYY | Sysco Corp. | 13.36% | 7,177,540 | $507,524,000 |
| WEN | Wendys Co. | 12.47% | 25,333,339 | $473,480,000 |
| GE | General Electric Co. | 6.57% | 4,027,274 | $249,329,000 |
| MDLZ | Mondelez Intl Inc. | 0.02% | 16,239 | $890,000 |
| PG | Procter and Gamble Co. | 0.02% | 5,589 | $706,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| FERG | Ferguson Plc New | 31.21% | 12,826,611 | $1,420,034,000 |
| IVZ | Invesco Ltd. | 19.77% | 55,758,634 | $899,387,000 |
| JHG | Janus Henderson Group plc | 16.47% | 31,867,800 | $749,212,000 |
| SYY | Sysco Corp. | 16.37% | 8,793,157 | $744,868,000 |
| WEN | Wendys Co. | 10.51% | 25,333,339 | $478,293,000 |
| GE | General Electric Co. | 5.63% | 4,026,615 | $256,375,000 |
| MDLZ | Mondelez Intl Inc. | 0.02% | 16,239 | $1,008,000 |
| PG | Procter and Gamble Co. | 0.02% | 5,457 | $785,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| FERG | Ferguson Plc New | 26.09% | 11,402,731 | $1,558,411,000 |
| IVZ | Invesco Ltd. | 23.52% | 54,034,034 | $1,404,885,000 |
| JHG | Janus Henderson Group plc | 18.69% | 31,867,800 | $1,116,010,000 |
| SYY | Sysco Corp. | 15.73% | 11,503,829 | $939,288,000 |
| WEN | Wendys Co. | 9.32% | 25,333,339 | $556,573,000 |
| GE | General Electric Co. | 6.17% | 4,026,121 | $368,390,000 |
| MDLZ | Mondelez Intl Inc. | 0.47% | 450,267 | $28,268,000 |
| PG | Procter and Gamble Co. | 0.01% | 5,457 | $893,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| FERG | Ferguson Plc New | 27.11% | 11,391,981 | $2,022,084,000 |
| JHG | Janus Henderson Group plc | 15.90% | 28,272,648 | $1,185,755,000 |
| IVZ | Invesco Ltd. | 15.85% | 45,473,859 | $1,182,320,000 |
| SYY | Sysco Corp. | 13.54% | 12,853,962 | $1,009,679,000 |
| CMCSA | Comcast Corp. New | 13.49% | 19,991,416 | $1,006,168,000 |
| WEN | Wendys Co. | 8.10% | 25,333,339 | $604,200,000 |
| GE | General Electric Co. | 5.10% | 4,026,113 | $380,347,000 |
| PG | Procter and Gamble Co. | 0.52% | 237,384 | $38,831,000 |
| MDLZ | Mondelez Intl Inc. | 0.40% | 450,184 | $29,852,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| FERG | Ferguson Plc New | 22.05% | 12,728,931 | $1,773,802,000 |
| CMCSA | Comcast Corp. New | 13.90% | 19,991,416 | $1,118,120,000 |
| SYY | Sysco Corp. | 13.06% | 13,382,626 | $1,050,536,000 |
| — | Janus Henderson Group plc | 12.18% | 23,702,312 | $979,617,000 |
| IVZ | Invesco Ltd. | 11.88% | 36,755,775 | $955,650,000 |
| PG | Procter and Gamble Co. | 9.16% | 5,269,523 | $736,679,000 |
| WEN | Wendys Co. | 6.83% | 25,333,339 | $549,227,000 |
| MDLZ | Mondelez Intl Inc. | 5.78% | 7,997,848 | $465,315,000 |
| GE | General Electric Co. | 5.16% | 4,025,628 | $414,760,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| FERG | Ferguson Plc New | 21.29% | 13,117,373 | $1,821,217,000 |
| SYY | Sysco Corp. | 16.25% | 17,875,724 | $1,389,838,000 |
| CMCSA | Comcast Corp. New | 13.86% | 20,797,466 | $1,185,872,000 |
| IVZ | Invesco Ltd. | 11.17% | 36,755,775 | $955,650,000 |
| — | Janus Henderson Group plc | 9.63% | 21,223,084 | $823,668,000 |
| PG | Procter and Gamble Co. | 9.14% | 5,791,785 | $781,486,000 |
| WEN | Wendys Co. | 7.29% | 26,630,629 | $623,689,000 |
| MDLZ | Mondelez Intl Inc. | 6.31% | 8,638,085 | $539,362,000 |
| — | General Electric Co. | 5.07% | 32,201,472 | $433,432,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| SYY | Sysco Corp. | 19.18% | 20,603,608 | $1,622,328,000 |
| FERG | Ferguson Plc New | 18.68% | 13,212,239 | $1,580,052,000 |
| PG | Procter and Gamble Co. | 14.23% | 8,884,877 | $1,203,279,000 |
| CMCSA | Comcast Class A Ord | 12.71% | 19,857,892 | $1,074,511,000 |
| IVZ | Invesco Ltd. | 11.30% | 36,741,539 | $955,280,000 |
| MDLZ | Mondelez Intl Inc. | 6.49% | 9,383,698 | $549,228,000 |
| WEN | Wendys Co. | 6.38% | 26,630,629 | $539,537,000 |
| — | Janus Henderson Group plc | 6.03% | 16,366,612 | $509,820,000 |
| — | General Electric Co. | 5.00% | 32,194,653 | $422,716,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| SYY | Sysco Corp. | 22.64% | 20,603,608 | $1,530,024,000 |
| PG | Procter and Gamble Co. | 20.23% | 9,823,724 | $1,366,873,000 |
| CMCSA | Comcast Class A Ord | 15.40% | 19,857,892 | $1,040,554,000 |
| MDLZ | Mondelez Intl Inc. | 10.59% | 12,241,559 | $715,764,000 |
| IVZ | Invesco Ltd. | 9.48% | 36,739,343 | $640,367,000 |
| WEN | Wendys Co. | 8.64% | 26,630,629 | $583,743,000 |
| — | Janus Henderson Group plc | 7.87% | 16,366,612 | $532,079,000 |
| — | General Electric Co. | 5.15% | 32,194,599 | $347,702,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| SYY | Sysco Corp. | 25.07% | 24,379,843 | $1,516,914,000 |
| PG | Procter and Gamble Co. | 23.26% | 10,128,875 | $1,407,812,000 |
| CMCSA | Comcast Class A Ord | 11.95% | 15,628,146 | $722,958,000 |
| MDLZ | Mondelez Intl Inc. | 11.62% | 12,241,559 | $703,278,000 |
| WEN | Wendys Co. | 9.81% | 26,630,629 | $593,863,000 |
| IVZ | Invesco Ltd. | 6.93% | 36,739,343 | $419,196,000 |
| — | Janus Henderson Group plc | 6.34% | 17,666,612 | $383,719,000 |
| — | General Electric Co. | 3.31% | 32,183,233 | $200,502,000 |
| NVT | nVent Electric Plc | 1.70% | 5,827,483 | $103,088,000 |
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.