Trian Fund Management 13F, Q3 2025
Nelson Peltz · quarter ending 30 September 2025 · filed 14 November 2025 · SEC CIK 1345471
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q3 2025
Weights are against the whole filed book. Changes are in shares held, against the Q2 2025 filing.
| Company | Ticker | Value | % of book | vs Q2 2025 |
|---|---|---|---|---|
| Janus Henderson Group plc | $1.42B | 34.5% | unchanged | |
| GE Aerospace | GE | $1.21B | 29.5% | unchanged |
| Solventum Corporation | SOLV | $617.79M | 15.0% | unchanged |
| Invesco Ltd. | $335.58M | 8.2% | unchanged | |
| Wendys Co. | WEN | $278.80M | 6.8% | unchanged |
| Ferguson Plc New | $243.97M | 5.9% | unchanged | |
| GE HealthCare Technologies Inc. | GEHC | $302.6K | 0.0% | unchanged |
What changed since Q2 2025
Against the Q2 2025 filing, Trian Fund Management opened 0 new positions, added to 0, trimmed 0, left 7 unchanged and exited 3. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
New positions
No new positions this quarter.
Exited
- UHALwas $21.40M
- The Allstate Corporationwas $20.12M
- UHAL/Bwas $18.38M
Added to
No position was increased by more than 2%.
Trimmed
No position was cut by more than 2%.
Other quarters
Source: SEC Form 13F-HR, accession 0001345471-25-000051, filed by TRIAN FUND MANAGEMENT, L.P.. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.