Nelson Peltz - Trian Fund Management
Trian Fund Management
Latest 13F filing
Q4 2025
filed Feb 17, 2026
Portfolio value
$3.98B
Positions
7
Top 10 concentration
100.0%
QoQ change
-3.0%
$-123.22M
Activity vs. Q3 2025
0
New positions
3
Added to
2
Unchanged
2
Reduced
6
Exited
Portfolio composition — Q4 2025
- JHGJanus Henderson Group plc38.1%
- GEGE Aerospace31.2%
- SOLVSolventum Corporation16.4%
- WENWendys Co.6.4%
- FERGFerguson Plc New6.1%
- IVZInvesco Ltd.2.0%
- GEHCGE HealthCare Technologies Inc.0.0%
Top buys
New & added positions, by size
Holdings as of Q4 2025
| # | Ticker | Issuer | Shares | Value | % Portfolio | Reported price | Action | Δ Shares |
|---|---|---|---|---|---|---|---|---|
| 1 | JHG | Janus Henderson Group plc | 31,867,800 | $1.52B | 38.05% | $47.57 | — | 0% |
| 2 | GE | GE Aerospace | 4,030,765 | $1.24B | 31.16% | $308.03 | ADD | +0.0% |
| 3 | SOLV | Solventum Corporation | 8,236,753 | $652.68M | 16.38% | $79.24 | REDUCE | -2.7% |
| 4 | WEN | Wendys Co. | 30,440,318 | $253.57M | 6.36% | $8.33 | ADD | +0.0% |
| 5 | FERG | Ferguson Plc New | 1,086,357 | $241.86M | 6.07% | $222.63 | — | 0% |
| 6 | IVZ | Invesco Ltd. | 2,970,944 | $78.05M | 1.96% | $26.27 | REDUCE | -79.7% |
| 7 | GEHC | GE HealthCare Technologies Inc. | 4,044 | $331.69K | 0.01% | $82.02 | ADD | +0.4% |
Positions exited in Q4 2025
Source: SEC EDGAR 13F-HR filing Feb 17, 2026. Reported prices are derived from the filing's value-to-shares ratio (effectively the quarter-end mark). Filings are published with a 45-day delay. CIK 0001345471.