Great investors · Nelson Peltz · Q3 2025
What Nelson Peltz bought and sold in Q3 2025
Trian Fund Management 13F portfolio as of Sep 30, 2025: 7 positions worth $4.1 bn. Largest: JHG, GE, SOLV, IVZ. Filed with the SEC on Nov 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 Q3 2025
No purchase of 0.5 points of the portfolio or more this quarter.
Sells in Q3 2025
- Sold outU-Haul HoldingUHAL−0.5 pp
1 company with a material move, out of 3 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 2025 13F lists 7 lines of US-listed securities worth $4.1 bn; the largest is JHG at 34.5% of the portfolio. It was accepted by the SEC on Nov 14, 2025 at 4:19 PM ET.
Against the previous quarter, it opened no new positions, closed 3 (UHAL, The Allstate and UHAL/B), added to none and trimmed none. 7 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Janus Henderson Group JHG | 31.9 M | $1.4 bn | 34.5% | no change |
| 2 | GE Aerospace GE | 4.0 M | $1.2 bn | 29.5% | no change |
| 3 | Solventum SOLV | 8.5 M | $618M | 15.0% | no change |
| 4 | Invesco IVZ | 14.6 M | $336M | 8.17% | no change |
| 5 | Wendy's WEN | 30.4 M | $279M | 6.79% | no change |
| 6 | Ferguson FERG | 1.1 M | $244M | 5.94% | no change |
| 7 | GE Healthcare Technologies GEHC | 4,029 | $303K | 0.01% | no change |
Positions it closed (3)
- U-Haul Holding UHALwas 0.56% · 353,335 shares
- The Allstate was 0.53% · 99,955 shares
- U-Haul Holding UHAL/Bwas 0.48% · 338,031 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.