Great investors · Nelson Peltz · Q2 2025
What Nelson Peltz bought and sold in Q2 2025
Trian Fund Management 13F portfolio as of Jun 30, 2025: 10 positions worth $3.8 bn. Largest: JHG, GE, SOLV, WEN. Filed with the SEC on Aug 14, 2025.
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 Q2 2025
No purchase of 0.5 points of the portfolio or more this quarter.
Sells in Q2 2025
- ReducedInvescoIVZ−3.6 pp
- ReducedAllstate−1.2 pp
- ReducedU-Haul HoldingUHAL/B−1.1 pp
3 companies with material moves, out of 5 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 Q2 2025 13F lists 10 lines of US-listed securities worth $3.8 bn; the largest is JHG at 32.6% of the portfolio. It was accepted by the SEC on Aug 14, 2025 at 4:59 PM ET.
Against the previous quarter, it opened no new positions, closed none, added to 1 (FERG) and trimmed 4 (IVZ, Allstate, UHAL/B and UHAL). 5 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 | 32.6% | no change |
| 2 | GE Aerospace GE | 4.0 M | $1.0 bn | 27.4% | no change |
| 3 | Solventum SOLV | 8.5 M | $642M | 16.9% | no change |
| 4 | Wendy's WEN | 30.4 M | $348M | 9.17% | no change |
| 5 | Ferguson FERG | 1.1 M | $237M | 6.24% | +7.7% |
| 6 | Invesco IVZ | 14.6 M | $231M | 6.08% | −37% |
| 7 | U-Haul Holding UHAL | 353,335 | $21.4M | 0.56% | −46% |
| 8 | Allstate | 99,955 | $20.1M | 0.53% | −69% |
| 9 | U-Haul Holding UHAL/B | 338,031 | $18.4M | 0.48% | −70% |
| 10 | GE Healthcare Technologies GEHC | 4,029 | $298K | 0.01% | no change |
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.