Trian Fund Management
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Nelson Peltz's Trian Fund Management reported 10 stock positions worth $3.7 billion. Its top holding was Janus Henderson (JHG) at 30.8% of the portfolio, followed by General Electric (GE, 21.6%) and Solventum (SOLV, 17.2%). Compared with Q4 2024, it added to 1 and reduced 2. The biggest buy was Allstate (shares +4%) and the biggest sale Ferguson Jersey (FERG, shares −18%).
- Most Recent 13F
- Q2 2026
- Notable People
- Nelson Peltz
- Location
- NEW YORK, NY
- CIK
- 0001345471
- Portfolio Value
- $3.7B (Q1 2025)
- SEC Filing
- 0001345471-25-000018 ↗ filed May 15, 2025
Holdings Value
Holdings 10 stocks · $3.7B
| JHG Janus Henderson Group PLC | 30.84% | 31,867,800 | $1.2B | No change |
| GE General Electric filed as GE AEROSPACE | 21.59% | 4,030,213 | $806.6M | No change |
| SOLV Solventum Corp. | 17.23% | 8,462,819 | $643.5M | No change |
| WEN The Wendy's Co. | 11.91% | 30,423,683 | $445.1M | Reduce -0.3% |
| IVZ Invesco Ltd. | 9.41% | 23,173,442 | $351.5M | No change |
| FERG Ferguson Jersey Ltd. | 4.33% | 1,008,765 | $161.6M | Reduce -18.5% |
| UHAL.B U-Haul Holding Co.-Non Voting | 1.78% | 1,124,700 | $66.6M | No change |
| The Allstate Corporation | 1.76% | 317,650 | $65.8M | Add +3.6% |
| UHAL U-Haul Holding Co. | 1.14% | 652,000 | $42.6M | No change |
| GEHC GE Healthcare Technology | 0.01% | 4,029 | $325K | No change |
Portfolio Sells Q4 2024 → Q1 2025
Portfolio Buys Q4 2024 → Q1 2025
| The Allstate Corporation | Add +3.6% | 1.76% | +0.24 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 8 | $4.2B | GE, JHG, SOLV, FERG, WEN |
| Q1 2026 | 8 | $3.9B | JHG, GE, SOLV, FERG, WEN |
| Q4 2025 | 7 | $4.0B | JHG, GE, SOLV, WEN, FERG |
| Q3 2025 | 7 | $4.1B | JHG, GE, SOLV, IVZ, WEN |
| Q2 2025 | 10 | $3.8B | JHG, GE, SOLV, WEN, FERG |
| Q1 2025 | 10 | $3.7B | JHG, GE, SOLV, WEN, IVZ |
| Q4 2024 | 10 | $3.9B | JHG, GE, SOLV, WEN, IVZ |
| Q3 2024 | 10 | $3.9B | JHG, GE, WEN, SOLV, IVZ |
| Q2 2024 | 12 | $4.1B | JHG, GE, WEN, IVZ, FERG |
| Q1 2024 | 9 | $8.0B | DIS, JHG, GE, WEN, IVZ |