Trian Fund Management
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Nelson Peltz's Trian Fund Management reported 10 stock positions worth $3.8 billion. Its top holding was Janus Henderson (JHG) at 32.6% of the portfolio, followed by General Electric (GE, 27.4%) and Solventum (SOLV, 16.9%). Compared with Q1 2025, it added to 2 and reduced 4. The biggest buy was Ferguson Jersey (FERG, shares +8%) and the biggest sale Invesco (IVZ, shares −37%).
- Most Recent 13F
- Q2 2026
- Notable People
- Nelson Peltz
- Location
- NEW YORK, NY
- CIK
- 0001345471
- Portfolio Value
- $3.8B (Q2 2025)
- SEC Filing
- 0001345471-25-000028 ↗ filed Aug 14, 2025
Holdings Value
Holdings 10 stocks · $3.8B
| JHG Janus Henderson Group PLC | 32.64% | 31,867,800 | $1.2B | No change |
| GE General Electric filed as GE AEROSPACE | 27.36% | 4,030,213 | $1.0B | No change |
| SOLV Solventum Corp. | 16.93% | 8,462,819 | $641.8M | No change |
| WEN The Wendy's Co. | 9.17% | 30,434,794 | $347.6M | Add +0.0% |
| FERG Ferguson Jersey Ltd. | 6.24% | 1,086,357 | $236.6M | Add +7.7% |
| IVZ Invesco Ltd. | 6.08% | 14,628,455 | $230.7M | Reduce -36.9% |
| UHAL U-Haul Holding Co. | 0.56% | 353,335 | $21.4M | Reduce -45.8% |
| The Allstate Corporation | 0.53% | 99,955 | $20.1M | Reduce -68.5% |
| UHAL.B U-Haul Holding Co.-Non Voting | 0.48% | 338,031 | $18.4M | Reduce -69.9% |
| GEHC GE Healthcare Technology | 0.01% | 4,029 | $298K | No change |
Portfolio Sells Q1 2025 → Q2 2025
Portfolio Buys Q1 2025 → Q2 2025
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 |