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Nelson Peltz Portfolio

Trian Fund Management Holdings

A filing-based view of Trian Fund Management’s publicly disclosed U.S.-listed equity holdings — with portfolio concentration, quarter-over-quarter changes and verified quarterly SEC history.

This tracker follows Trian Fund Management, L.P.’s Form 13F disclosures—not Nelson Peltz’s personal brokerage account. Form 13F reports quarter-end U.S.-listed positions and certain options, but it does not reveal exact trade dates, execution prices, short positions or the purpose of an option position.

Confirmed SEC snapshot

$4.23B

Reported 13F value · Q2 2026

813F entries
2026-08-12filing date
13F-HRsource filing
58verified quarters

Portfolio

GE AerospaceGE
$1.51B
35.6%
+193.1%Est. vs filing basis
Unchanged
Reported shares4,030,765
Current price$324.15
SEC reference price$373.73
Estimated filing-based basis$110.58
Position historySEC quarter-end observations
Q2 2026
Unchanged
SEC ref. $373.73Est. basis $110.58
Q1 2026
Unchanged
SEC ref. $283.77Est. basis $110.58
Q4 2025
Increased 0.0%+552 reported shares
SEC ref. $308.03Est. basis $110.58
Q3 2025
Unchanged
SEC ref. $300.82Est. basis $110.55
Q2 2025
Unchanged
SEC ref. $257.39Est. basis $110.55
Q1 2025
Unchanged
SEC ref. $200.15Est. basis $110.55
Q4 2024
Unchanged
SEC ref. $166.79Est. basis $110.55
Q3 2024
Unchanged
SEC ref. $188.58Est. basis $110.55
Q2 2024
Unchanged
SEC ref. $158.97Est. basis $110.55
Q1 2024
Unchanged
SEC ref. $175.53Est. basis $110.55
Q4 2023
Increased 0.0%+373 reported shares
SEC ref. $127.63Est. basis $110.55
Q3 2022
Increased 0.0%+659 reported shares
SEC ref. $61.91Est. basis $103.02
Q2 2022
Increased 0.0%+494 reported shares
SEC ref. $63.67Est. basis $103.02
Q1 2022
Increased 0.0%+8 reported shares
SEC ref. $91.50Est. basis $103.03
Q4 2021
Increased 0.0%+485 reported shares
SEC ref. $94.47Est. basis $103.03
Q3 2021
New position4,025,628 reported shares
SEC ref. $103.03Est. basis $103.03
Janus Henderson Group plcJHG
$1.33B
31.5%
—Est. vs filing basis
Position reduced 19.5%
Reported shares25,654,382
SEC reference price$52.00
Estimated filing-based basis$25.82
Position historySEC quarter-end observations
Q2 2026
Reduced 19.5%-6,213,418 reported shares
SEC ref. $52.00Est. basis $25.82
Q1 2026
Unchanged
SEC ref. $51.37Est. basis $25.82
Q4 2025
Unchanged
SEC ref. $47.57Est. basis $25.82
Q3 2025
Unchanged
SEC ref. $44.51Est. basis $25.82
Q2 2025
Unchanged
SEC ref. $38.84Est. basis $25.82
Q1 2025
Unchanged
SEC ref. $36.15Est. basis $25.82
Q4 2024
Unchanged
SEC ref. $42.53Est. basis $25.82
Q3 2024
Unchanged
SEC ref. $38.07Est. basis $25.82
Q2 2024
Unchanged
SEC ref. $33.71Est. basis $25.82
Q1 2024
Unchanged
SEC ref. $32.89Est. basis $25.82
Q4 2023
Unchanged
SEC ref. $30.15Est. basis $25.82
Q3 2022
Unchanged
SEC ref. $20.31Est. basis $41.16
Q2 2022
Unchanged
SEC ref. $23.51Est. basis $41.16
Q1 2022
Increased 12.7%+3,595,152 reported shares
SEC ref. $35.02Est. basis $41.16
Q4 2021
New position28,272,648 reported shares
SEC ref. $41.94Est. basis $41.94
Q2 2020
New position8,932,350 reported shares
SEC ref. $21.16Est. basis $21.16
Solventum CorporationSOLV
$635.5M
15.0%
+49.9%Est. vs filing basis
Unchanged
Reported shares8,236,753
Current price$87.65
SEC reference price$77.15
Estimated filing-based basis$58.48
Position historySEC quarter-end observations
Q2 2026
Unchanged
SEC ref. $77.15Est. basis $58.48
Q1 2026
Unchanged
SEC ref. $65.30Est. basis $58.48
Q4 2025
Reduced 2.7%-226,066 reported shares
SEC ref. $79.24Est. basis $58.48
Q3 2025
Unchanged
SEC ref. $73.00Est. basis $58.48
Q2 2025
Unchanged
SEC ref. $75.84Est. basis $58.48
Q1 2025
Unchanged
SEC ref. $76.04Est. basis $58.48
Q4 2024
Increased 18.8%+1,336,564 reported shares
SEC ref. $66.06Est. basis $58.48
Q3 2024
Increased 32.9%+1,765,676 reported shares
SEC ref. $69.72Est. basis $57.05
Q2 2024
New position5,360,579 reported shares
SEC ref. $52.88Est. basis $52.88
Ferguson Plc NewFERG
$257.8M
6.1%
+31.3%Est. vs filing basis
Unchanged
Reported shares1,086,357
Current price$220.97
SEC reference price$237.33
Estimated filing-based basis$168.28
Position historySEC quarter-end observations
Q2 2026
Unchanged
SEC ref. $237.33Est. basis $168.28
Q1 2026
Unchanged
SEC ref. $233.26Est. basis $168.28
Q4 2025
Unchanged
SEC ref. $222.63Est. basis $168.28
Q3 2025
Unchanged
SEC ref. $224.58Est. basis $168.28
Q2 2025
Increased 7.7%+77,592 reported shares
SEC ref. $217.75Est. basis $168.28
Q1 2025
Reduced 18.5%-228,509 reported shares
SEC ref. $160.23Est. basis $164.47
Q4 2024
Reduced 2.6%-33,536 reported shares
SEC ref. $173.57Est. basis $164.47
Q3 2024
Reduced 35.0%-683,053 reported shares
SEC ref. $198.57Est. basis $164.47
Q2 2024
Reduced 21.6%-539,824 reported shares
SEC ref. $193.65Est. basis $164.47
Q1 2024
Reduced 40.5%-1,696,565 reported shares
SEC ref. $218.43Est. basis $164.47
Q4 2023
Reduced 22.6%-1,224,966 reported shares
SEC ref. $193.07Est. basis $164.47
Q3 2022
Reduced 12.5%-1,608,430 reported shares
SEC ref. $102.93Est. basis $118.62
Q2 2022
Increased 12.5%+1,423,880 reported shares
SEC ref. $110.71Est. basis $118.62
Q1 2022
Increased 0.1%+10,750 reported shares
SEC ref. $136.67Est. basis $119.61
Q4 2021
Reduced 10.5%-1,336,950 reported shares
SEC ref. $177.50Est. basis $119.59
Q3 2021
Reduced 3.0%-388,442 reported shares
SEC ref. $139.35Est. basis $119.59
Q2 2021
Reduced 0.7%-94,866 reported shares
SEC ref. $138.84Est. basis $119.59
Q1 2021
New position13,212,239 reported shares
SEC ref. $119.59Est. basis $119.59
Wendys Co.WEN
$252.6M
6.0%
-63.5%Est. vs filing basis
Position increased 0.1%
Reported shares30,468,434
Current price$7.44
SEC reference price$8.29
Estimated filing-based basis$20.39
Position historySEC quarter-end observations
Q2 2026
Increased 0.1%+22,412 reported shares
SEC ref. $8.29Est. basis $20.39
Q1 2026
Increased 0.0%+5,704 reported shares
SEC ref. $6.95Est. basis $20.40
Q4 2025
Increased 0.0%+3,295 reported shares
SEC ref. $8.33Est. basis $20.40
Q3 2025
Increased 0.0%+2,229 reported shares
SEC ref. $9.16Est. basis $20.40
Q2 2025
Increased 0.0%+11,111 reported shares
SEC ref. $11.42Est. basis $20.40
Q1 2025
Reduced 0.3%-101,346 reported shares
SEC ref. $14.63Est. basis $20.40
Q4 2024
Increased 0.0%+12,434 reported shares
SEC ref. $16.30Est. basis $20.40
Q3 2024
Reduced 3.2%-995,273 reported shares
SEC ref. $17.52Est. basis $20.41
Q2 2024
Increased 0.1%+40,718 reported shares
SEC ref. $16.96Est. basis $20.41
Q1 2024
Unchanged
SEC ref. $18.84Est. basis $20.41
Q4 2023
Reduced 5.6%-1,883,593 reported shares
SEC ref. $19.48Est. basis $20.41
Q3 2022
Unchanged
SEC ref. $18.69Est. basis $21.92
Q2 2022
Unchanged
SEC ref. $18.88Est. basis $21.92
Q1 2022
Unchanged
SEC ref. $21.97Est. basis $21.92
Q4 2021
Unchanged
SEC ref. $23.85Est. basis $21.92
Q3 2021
Reduced 4.9%-1,297,290 reported shares
SEC ref. $21.68Est. basis $21.92
Q2 2021
Unchanged
SEC ref. $23.42Est. basis $21.92
Q1 2021
Unchanged
SEC ref. $20.26Est. basis $21.92
Q2 2020
Unchanged
SEC ref. $21.78Est. basis $6.33
Q1 2020
Unchanged
SEC ref. $14.88Est. basis $6.33
GE HealthCare Technologies Inc.GEHC
$197.5M
4.7%
+0.4%Est. vs filing basis
Position increased 76,194.4%
Reported shares3,085,344
Current price$64.24
SEC reference price$64.01
Estimated filing-based basis$64.02
Position historySEC quarter-end observations
Q2 2026
Increased 76,194.4%+3,081,300 reported shares
SEC ref. $64.01Est. basis $64.02
Q1 2026
Unchanged
SEC ref. $71.18Est. basis $68.09
Q4 2025
Increased 0.4%+15 reported shares
SEC ref. $82.02Est. basis $68.09
Q3 2025
Unchanged
SEC ref. $75.10Est. basis $68.04
Q2 2025
Unchanged
SEC ref. $74.07Est. basis $68.04
Q1 2025
Unchanged
SEC ref. $80.71Est. basis $68.04
Q4 2024
Unchanged
SEC ref. $78.18Est. basis $68.04
Q3 2024
Reduced 99.7%-1,338,804 reported shares
SEC ref. $93.85Est. basis $68.04
Q2 2024
Unchanged
SEC ref. $77.92Est. basis $68.04
Q1 2024
Unchanged
SEC ref. $90.91Est. basis $68.04
Q4 2023
Increased 0.0%+3 reported shares
SEC ref. $77.32Est. basis $68.04
Invesco Ltd.IVZ
$42.9M
1.0%
+119.9%Est. vs filing basis
Position reduced 45.3%
Reported shares1,625,472
Current price$31.93
SEC reference price$26.39
Estimated filing-based basis$14.52
Position historySEC quarter-end observations
Q2 2026
Reduced 45.3%-1,345,472 reported shares
SEC ref. $26.39Est. basis $14.52
Q1 2026
Unchanged
SEC ref. $24.29Est. basis $14.52
Q4 2025
Reduced 79.7%-11,657,511 reported shares
SEC ref. $26.27Est. basis $14.52
Q3 2025
Unchanged
SEC ref. $22.94Est. basis $14.52
Q2 2025
Reduced 36.9%-8,544,987 reported shares
SEC ref. $15.77Est. basis $14.52
Q1 2025
Unchanged
SEC ref. $15.17Est. basis $14.52
Q4 2024
Unchanged
SEC ref. $17.48Est. basis $14.52
Q3 2024
Reduced 14.9%-4,050,292 reported shares
SEC ref. $17.56Est. basis $14.52
Q2 2024
Reduced 19.8%-6,716,362 reported shares
SEC ref. $14.96Est. basis $14.52
Q1 2024
Unchanged
SEC ref. $16.59Est. basis $14.52
Q4 2023
Unchanged
SEC ref. $17.84Est. basis $14.52
Q3 2022
Unchanged
SEC ref. $13.70Est. basis $20.05
Q2 2022
Increased 3.2%+1,724,600 reported shares
SEC ref. $16.13Est. basis $20.05
Q1 2022
Increased 18.8%+8,560,175 reported shares
SEC ref. $26.00Est. basis $20.17
Q4 2021
Increased 23.7%+8,718,084 reported shares
SEC ref. $26.00Est. basis $19.08
Q3 2021
Unchanged
SEC ref. $26.00Est. basis $17.43
Q2 2021
Increased 0.0%+14,236 reported shares
SEC ref. $26.00Est. basis $17.43
Q1 2021
Increased 0.0%+2,196 reported shares
SEC ref. $26.00Est. basis $17.43
Q2 2020
New position22,026,991 reported shares
SEC ref. $10.76Est. basis $10.76
Magnum Ice Cream Co NVMICC
$4.2M
0.1%
+30.4%Est. vs filing basis
Unchanged
Reported shares241,042
Current price$19.50
SEC reference price$17.41
Estimated filing-based basis$14.95
Position historySEC quarter-end observations
Q2 2026
Unchanged
SEC ref. $17.41Est. basis $14.95
Q1 2026
New position241,042 reported shares
SEC ref. $14.95Est. basis $14.95

Performance

Estimated 1Y performanceFiling-based estimate

+26.92%

Coverage 100% High coverage

Quarterly performanceBackend-published quarter legs within the 1Y estimate
2025-09-30+9.87%
2025-12-31+4.89%
2026-03-31-3.21%
2026-06-30+13.79%

Displayed legs are backend-ready filing-based estimates. They explain the path of the published 1Y result and are not summed or compounded in the browser.

MethodologyMIL_SEC_PERFORMANCE_V2_EXIT_AWARE_M2M
What this measures

Estimated return from standardized SEC-reported portfolio observations using the approved filing-based methodology. It is not an actual transaction-level or realized investor return.

Portfolio history

Q2 2026
$4.23B
8 positions
Q1 2026
$3.86B
8 positions
Q4 2025
$3.98B
7 positions
Q3 2025
$4.11B
7 positions
Q2 2025
$3.79B
10 positions

Methodology

1. Start with SEC filings

Official Form 13F filings and the canonical MarketInsiderLab filing record are authoritative. Unsupported or unverified data is withheld.

2. Use the verified filing denominator

Portfolio weights use the verified full filing total. Security identity and corporate-action continuity are reconciled before publication.

3. Compare verified quarter-end snapshots

Changes describe differences between verified SEC-reported quarter-end positions. They are not presented as exact buys, sells, trade dates, or execution prices.

4. Keep estimates clearly separated

Estimated filing-based basis and filing-based performance are backend-calculated research estimates, not actual execution prices or audited fund returns.

1-year performance is published only when four consecutive quarterly estimates pass QA and the weakest quarterly leg has at least 70% measurable coverage. Coverage of 90% or more is labeled High coverage; 70–89.9% is labeled Partial estimate. Lower-coverage estimates are withheld.

Nelson Peltz Portfolio FAQ

How to interpret Trian Fund Management’s delayed SEC disclosures.

What does this page track?
It tracks Trian Fund Management’s publicly disclosed U.S.-listed Form 13F positions, not Nelson Peltz’s personal investments or Trian Fund Management’s complete global portfolio.
Why are ordinary shares and options shown separately?
A 13F can report ordinary shares and put or call entries for the same underlying company. Options are excluded from ordinary-share rankings, weights and holdings charts, then shown in their own clearly labelled section.
Why is the latest confirmed snapshot Q2 2026?
The tracker displays the newest Form 13F currently present in Trian Fund Management’s SEC submissions. The page year identifies the current tracker, while the confirmed snapshot states the actual report period and filing date.
Does Form 13F show exact trade dates?
No. It shows reportable positions at quarter-end and is filed later. Changes are inferred by comparing consecutive reports.
MarketInsiderLab tracks what public filings actually show.

Research and context — not a recommendation to copy any investor’s trades.

Explore investor portfolios →

Nelson Peltz Portfolio FAQ

How to interpret Trian Fund Management’s delayed SEC disclosures.

What does this page track?
It tracks Trian Fund Management’s publicly disclosed U.S.-listed Form 13F positions, not Nelson Peltz’s personal investments or Trian Fund Management’s complete global portfolio.
Why are ordinary shares and options shown separately?
A 13F can report ordinary shares and put or call entries for the same underlying company. Options are excluded from ordinary-share rankings, weights and holdings charts, then shown in their own clearly labelled section.
Why is the latest confirmed snapshot Q2 2026?
The tracker displays the newest Form 13F currently present in Trian Fund Management’s SEC submissions. The page year identifies the current tracker, while the confirmed snapshot states the actual report period and filing date.
Does Form 13F show exact trade dates?
No. It shows reportable positions at quarter-end and is filed later. Changes are inferred by comparing consecutive reports.
MarketInsiderLab tracks what public filings actually show.Research and context — not a recommendation to copy any investor’s trades.
Explore investor portfolios →