Trian Fund Management, L.P.
Nelson Peltz · New York, NY · Founded 2005
Trian Fund Management is a New York activist firm founded in 2005 by Nelson Peltz, Peter May and Ed Garden. It takes concentrated stakes in large, established consumer and industrial companies and works — often from a board seat — to improve operations and capital allocation, in campaigns at names like Procter & Gamble, Heinz, PepsiCo, Disney and Unilever.
Trian runs a very concentrated book, typically a handful of large positions held for years. The 13F reflects those US-listed equity stakes.
History
Nelson Peltz, Peter May and Ed Garden launch the operationally-focused activist firm.
Peltz narrowly wins a board seat at P&G in one of the largest proxy contests ever.
Trian wages a high-profile but unsuccessful proxy fight for board seats at Disney.
Q2 2026 holdings
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | Ge Aerospace | COM NEW | $1.51B | 4.0M | 35.6% | HOLD |
| 2 | Janus Henderson Group Plc | ORD SHS | $1.33B | 25.7M | 31.5% | TRIM |
| 3 | Solventum Corporation | COM SHS | $635.5M | 8.2M | 15.0% | HOLD |
| 4 | Ferguson Plc New | SHS | $257.8M | 1.1M | 6.1% | HOLD |
| 5 | Ge Healthcare Technologies INC. | COM | $197.5M | 3.1M | 4.7% | ADD |
| 6 | Wendys CO. | COM | $128.7M | 15.5M | 3.0% | ADD |
| 7 | Wendys CO. | COM | $123.9M | 14.9M | 2.9% | TRIM |
| 8 | Invesco LTD. | SHS | $42.9M | 1.6M | 1.0% | TRIM |
| 9 | Magnum Ice Cream Co Nv | ORD SHS | $4.2M | 241K | 0.1% | HOLD |
Earlier filings
Q1 2026 · 9 positions · $3.86B · filed 2026-05-15
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | Janus Henderson Group Plc | ORD SHS | $1.64B | 31.9M | 42.4% | HOLD |
| 2 | Ge Aerospace | COM NEW | $1.14B | 4.0M | 29.6% | HOLD |
| 3 | Solventum Corporation | COM SHS | $537.9M | 8.2M | 13.9% | HOLD |
| 4 | Ferguson Plc New | SHS | $253.4M | 1.1M | 6.6% | HOLD |
| 5 | Wendys CO. | COM | $107.7M | 15.5M | 2.8% | ADD |
| 6 | Wendys CO. | COM | $103.9M | 14.9M | 2.7% | TRIM |
| 7 | Invesco LTD. | SHS | $72.2M | 3.0M | 1.9% | HOLD |
| 8 | Magnum Ice Cream Co Nv | ORD SHS | $3.6M | 241K | 0.1% | NEW |
| 9 | Ge Healthcare Technologies INC. | COM | $288K | 4K | 0.0% | HOLD |
Q4 2025 · 8 positions · $3.98B · filed 2026-02-17
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | Janus Henderson Group Plc | ORD SHS | $1.52B | 31.9M | 38.1% | HOLD |
| 2 | Ge Aerospace | COM NEW | $1.24B | 4.0M | 31.2% | ADD |
| 3 | Solventum Corporation | COM SHS | $652.7M | 8.2M | 16.4% | TRIM |
| 4 | Ferguson Plc New | SHS | $241.9M | 1.1M | 6.1% | HOLD |
| 5 | Wendys CO. | COM | $129.1M | 15.5M | 3.2% | ADD |
| 6 | Wendys CO. | COM | $124.5M | 14.9M | 3.1% | TRIM |
| 7 | Invesco LTD. | SHS | $78.0M | 3.0M | 2.0% | TRIM |
| 8 | Ge Healthcare Technologies INC. | COM | $332K | 4K | 0.0% | ADD |
Q3 2025 · 8 positions · $4.11B · filed 2025-11-14
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | Janus Henderson Group Plc | ORD SHS | $1.42B | 31.9M | 34.5% | |
| 2 | Ge Aerospace | COM NEW | $1.21B | 4.0M | 29.5% | |
| 3 | Solventum Corporation | COM SHS | $617.8M | 8.5M | 15.0% | |
| 4 | Invesco LTD. | SHS | $335.6M | 14.6M | 8.2% | |
| 5 | Ferguson Plc New | SHS | $244.0M | 1.1M | 5.9% | |
| 6 | Wendys CO. | COM | $141.9M | 15.5M | 3.5% | |
| 7 | Wendys CO. | COM | $136.9M | 14.9M | 3.3% | |
| 8 | Ge Healthcare Technologies INC. | COM | $303K | 4K | 0.0% |