PaperPanda Fund Terminal
Nelson Peltz
TRIAN FUND MANAGEMENT, L.P. · CIK: 1345471 · Report Period: 2025-12-31 · Filed: 2026-02-17
Portfolio Concentration
Top 10 holdings by weight — hover for cross-investor insights
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Holdings
Total: $3,984,029,993 · 7 positions
| # | Ticker | Issuer | Class | % of Portfolio | Value ($) | Shares | Activity | Share Change |
|---|---|---|---|---|---|---|---|---|
| 1 |
 JHG
|
Janus Henderson Group plc | COM | 38.0% | $1,515,951,246 | 31,867,800 | - | - |
| 2 |
 GE
|
GE Aerospace | COM | 31.2% | $1,241,596,543 | 4,030,765 | ADD | +552 |
| 3 |
 SOLV
|
Solventum Corporation | COM | 16.4% | $652,680,308 | 8,236,753 | REDUCE | -226,066 |
| 4 |
 WEN
|
Wendys Co. | COM | 6.4% | $253,567,849 | 30,440,318 | ADD | +3,295 |
| 5 |
 FERG
|
Ferguson Plc New | COM | 6.1% | $241,855,659 | 1,086,357 | - | - |
| 6 |
 IVZ
|
Invesco Ltd. | COM | 2.0% | $78,046,699 | 2,970,944 | REDUCE | -11,657,511 |
| 7 |
 GEHC
|
GE HealthCare Technologies Inc. | COM | 0.0% | $331,689 | 4,044 | ADD | +15 |
Position Changes
8 quarters available
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | SOLV | Solventum Corporation | REDUCE | -226,066 | -2.7% | 8,236,753 | $652,680,308 |
| 2 | IVZ | Invesco Ltd. | REDUCE | -11,657,511 | -79.7% | 2,970,944 | $78,046,699 |
| 3 | GE | GE Aerospace | ADD | +552 | +0.0% | 4,030,765 | $1,241,596,543 |
| 4 | GEHC | GE HealthCare Technologies Inc. | ADD | +15 | +0.4% | 4,044 | $331,689 |
| 5 | WEN | Wendys Co. | ADD | +3,295 | +0.0% | 30,440,318 | $253,567,849 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | U-Haul Holding Company - B | SOLD | -338,031 | Exit | - | - |
| 2 | - | U-Haul Holding Company | SOLD | -353,335 | Exit | - | - |
| 3 | - | The Allstate Corporation | SOLD | -99,955 | Exit | - | - |
| 4 | WEN | Wendys Co. | ADD | +2,229 | +0.0% | 30,437,023 | $278,803,131 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | FERG | Ferguson Plc New | ADD | +77,592 | +7.7% | 1,086,357 | $236,554,237 |
| 2 | IVZ | Invesco Ltd. | REDUCE | -8,544,987 | -36.9% | 14,628,455 | $230,690,735 |
| 3 | - | U-Haul Holding Company - B | REDUCE | -786,669 | -69.9% | 338,031 | $18,378,745 |
| 4 | - | U-Haul Holding Company | REDUCE | -298,665 | -45.8% | 353,335 | $21,397,968 |
| 5 | - | The Allstate Corporation | REDUCE | -217,695 | -68.5% | 99,955 | $20,121,941 |
| 6 | WEN | Wendys Co. | ADD | +11,111 | +0.0% | 30,434,794 | $347,565,348 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | FERG | Ferguson Plc New | REDUCE | -33,536 | -2.6% | 1,237,274 | $214,753,648 |
| 2 | - | U-Haul Holding Company - B | ADD | +75,645 | +7.2% | 1,124,700 | $72,037,035 |
| 3 | - | U-Haul Holding Company | ADD | +202,405 | +45.0% | 652,000 | $45,046,680 |
| 4 | - | The Allstate Corporation | REDUCE | -306,725 | -50.0% | 306,722 | $59,132,934 |
| 5 | WEN | Wendys Co. | ADD | +12,434 | +0.0% | 30,525,029 | $497,557,973 |
| 6 | SOLV | Solventum Corporation | ADD | +1,336,564 | +18.8% | 8,462,819 | $559,053,823 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | FERG | Ferguson Plc New | REDUCE | -683,053 | -35.0% | 1,270,810 | $252,344,742 |
| 2 | IVZ | Invesco Ltd. | REDUCE | -4,050,292 | -14.9% | 23,173,442 | $406,925,642 |
| 3 | - | Rentokil Initial plc | SOLD | -470,000 | Exit | - | - |
| 4 | - | U-Haul Holding Company - B | ADD | +139,755 | +15.4% | 1,049,055 | $75,531,960 |
| 5 | - | The Walt Disney Company | SOLD | -2,645,583 | Exit | - | - |
| 6 | - | U-Haul Holding Company | ADD | +59,895 | +15.4% | 449,595 | $34,834,621 |
| 7 | - | The Allstate Corporation | REDUCE | -1,400,061 | -69.5% | 613,447 | $116,340,224 |
| 8 | WEN | Wendys Co. | REDUCE | -995,273 | -3.2% | 30,512,595 | $534,580,664 |
| 9 | SOLV | Solventum Corporation | ADD | +1,765,676 | +32.9% | 7,126,255 | $496,842,499 |
| 10 | GEHC | GE HealthCare Technologies Inc. | REDUCE | -1,338,804 | -99.7% | 4,029 | $378,122 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | FERG | Ferguson Plc New | REDUCE | -539,824 | -21.6% | 1,953,863 | $378,365,570 |
| 2 | IVZ | Invesco Ltd. | REDUCE | -6,716,362 | -19.8% | 27,223,734 | $407,267,061 |
| 3 | - | Rentokil Initial plc | NEW BUY | +470,000 | New | 470,000 | $13,935,500 |
| 4 | - | U-Haul Holding Company - B | NEW BUY | +909,300 | New | 909,300 | $54,576,186 |
| 5 | - | The Walt Disney Company | REDUCE | -29,692,273 | -91.8% | 2,645,583 | $262,679,936 |
| 6 | - | U-Haul Holding Company | NEW BUY | +389,700 | New | 389,700 | $24,056,181 |
| 7 | - | The Allstate Corporation | REDUCE | -223,761 | -10.0% | 2,013,508 | $321,476,687 |
| 8 | - | Sysco Corporation | SOLD | -1,223,500 | Exit | - | - |
| 9 | WEN | Wendys Co. | ADD | +40,718 | +0.1% | 31,507,868 | $534,373,441 |
| 10 | SOLV | Solventum Corporation | NEW BUY | +5,360,579 | New | 5,360,579 | $283,467,418 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | FERG | Ferguson Plc New | REDUCE | -1,696,565 | -40.5% | 2,493,687 | $544,696,052 |
| 2 | - | The Allstate Corporation | REDUCE | -555,829 | -19.9% | 2,237,269 | $387,069,910 |
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