Great investors · Nelson Peltz · Q3 2024
What Nelson Peltz bought and sold in Q3 2024
Trian Fund Management 13F portfolio as of Sep 30, 2024: 10 positions worth $3.9 bn. Largest: JHG, GE, WEN, SOLV. Filed with the SEC on Nov 13, 2024.
The 13F is filed by Trian Fund Management, not by Nelson Peltz personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q3 2024
- IncreasedSolventumSOLV+3.0 pp
Sells in Q3 2024
- ReducedAllstate−6.5 pp
- Sold outWalt DisneyDIS−6.4 pp
- ReducedFergusonFERG−3.3 pp
- ReducedGE Healthcare TechnologiesGEHC−2.6 pp
- ReducedInvescoIVZ−1.7 pp
6 companies with material moves, out of 10 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Trian Fund Management's Q3 2024 13F lists 10 lines of US-listed securities worth $3.9 bn; the largest is JHG at 31.2% of the portfolio. It was accepted by the SEC on Nov 13, 2024 at 4:48 PM ET.
Against the previous quarter, it opened no new positions, closed 2 (DIS and RTO), added to 3 (SOLV, UHAL/B and UHAL) and trimmed 5 (FERG, Allstate, IVZ and WEN and 1 more). 2 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Janus Henderson Group JHG | 31.9 M | $1.2 bn | 31.2% | no change |
| 2 | GE Aerospace GE | 4.0 M | $760M | 19.5% | no change |
| 3 | Wendy's WEN | 30.5 M | $535M | 13.7% | −3.2% |
| 4 | Solventum SOLV | 7.1 M | $497M | 12.8% | +33% |
| 5 | Invesco IVZ | 23.2 M | $407M | 10.5% | −15% |
| 6 | Ferguson FERG | 1.3 M | $252M | 6.49% | −35% |
| 7 | Allstate | 613,447 | $116M | 2.99% | −70% |
| 8 | U-Haul Holding UHAL/B | 1.0 M | $75.5M | 1.94% | +15% |
| 9 | U-Haul Holding UHAL | 449,595 | $34.8M | 0.90% | +15% |
| 10 | GE Healthcare Technologies GEHC | 4,029 | $378K | 0.01% | −99% |
Positions it closed (2)
- Walt Disney DISwas 6.41% · 2.6 M shares
- Rentokil Initial RTOwas 0.34% · 470,000 shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Trian Fund Management's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.