Trian Fund Management
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Nelson Peltz's Trian Fund Management reported 7 stock positions worth $4.1 billion. Its top holding was Janus Henderson (JHG) at 34.5% of the portfolio, followed by General Electric (GE, 29.5%) and Solventum (SOLV, 15.0%). Compared with Q2 2025, it sold out of 3 and added to 1. The biggest buy was Wendy's (WEN, shares +0%) and the biggest sale an exit from U-Haul (UHAL).
- Most Recent 13F
- Q2 2026
- Notable People
- Nelson Peltz
- Location
- NEW YORK, NY
- CIK
- 0001345471
- Portfolio Value
- $4.1B (Q3 2025)
- SEC Filing
- 0001345471-25-000051 ↗ filed Nov 14, 2025
Holdings Value
Holdings 7 stocks · $4.1B
| JHG Janus Henderson Group PLC | 34.53% | 31,867,800 | $1.4B | No change |
| GE General Electric filed as GE AEROSPACE | 29.52% | 4,030,213 | $1.2B | No change |
| SOLV Solventum Corp. | 15.04% | 8,462,819 | $617.8M | No change |
| IVZ Invesco Ltd. | 8.17% | 14,628,455 | $335.6M | No change |
| WEN The Wendy's Co. | 6.79% | 30,437,023 | $278.8M | Add +0.0% |
| FERG Ferguson Jersey Ltd. | 5.94% | 1,086,357 | $244.0M | No change |
| GEHC GE Healthcare Technology | 0.01% | 4,029 | $303K | No change |
Portfolio Sells Q2 2025 → Q3 2025
Portfolio Buys Q2 2025 → Q3 2025
| WEN The Wendy's Co. | Add +0.0% | 6.79% | −2.38 |
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 |