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.
2026 Q2 holdings
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | GEGE 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 | Wendys CO. | COM | $252.6M | 30.5M | 6.0% | ADD |
| 6 | Ge Healthcare Technologies INC. | COM | $197.5M | 3.1M | 4.7% | ADD |
| 7 | Invesco LTD. | SHS | $42.9M | 1.6M | 1.0% | TRIM |
| 8 | Magnum Ice Cream Co Nv | ORD SHS | $4.2M | 241K | 0.1% | HOLD |
Position history in tracked names
Quarter-end value of each holding that has a page on R40, most recent first.
| Stock | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 |
|---|---|---|---|---|
| GEGe Aerospace | $1.51B | $1.14B | $1.24B | $1.21B |