Trian Fund Management
Nelson Peltz · CIK 0001345471 · latest 13F for 2026-06-30 filed 2026-08-12
Estimated from 13F holdings — long US equities only; follow-the-filing returns are net of an assumed 10 bps per unit of turnover.
About the fund
Trian Fund Management, L.P., operating as Trian Partners, is an American alternative investment management firm that focuses on concentrated, activist investments in public companies. The firm seeks to enhance shareholder value by working constructively with management and boards to drive operational and strategic improvements.
Investment approach
Trian invests in a concentrated portfolio of undervalued and underperforming public companies, typically in the consumer, industrial, and financial sectors. The firm works constructively with management and boards to enhance long-term shareholder value through operational and strategic initiatives, focusing on driving earnings growth rather than financial engineering. It often takes an active role, including board representation, to implement changes.
History
Trian was founded in 2005 by Nelson Peltz, Peter May, and Ed Garden. The firm has established a reputation as an activist investor, often obtaining board seats at major corporations to drive operational and strategic changes. In 2023, co-founder Ed Garden stepped down as Chief Investment Officer but remained a senior advisor.
Notable positions & campaigns
- Heinz2006 — Proxy fight to appoint directors to the board.
- Ingersoll Rand2012 — Spearheaded a move to break up the company to improve profitability.
- Procter & Gamble2017 — Pushed for cost-cutting and strategic changes; Peltz joined the board.
- General Electric2015 — Acquired a stake and pushed for operational improvements.
- Disney2023 — Launched proxy fights seeking board seats and strategic changes.
Profile generated 2026-10-09 from public sources; may be incomplete or out of date.
- Founded by
- Nelson Peltz, Peter May, Ed Garden
- Founded
- 2005
- HQ
- New York City, United States
- Reported AUM
- $10.4bn (as of 2026-07-31)
- Website
- trianpartners.com
Management
- Nelson PeltzCEO and Founding Partner
- Peter MayPresident and Founding Partner
- Joshua D. FrankCo-Chief Investment Officer
- Anne TarbellHead of Communications
Holdings heatmap
Latest 13F (2026-06-30): top 8 positions grouped by sector, sized by weight, coloured by the change in weight since the previous 13F.
Holdings map
Each tile is a position, sized by reported value and coloured by the stock's own price return (red down, green up) — the LiquidRound / finviz-style map.
Copy portfolio vs SPY
Growth of $1 following each filing the trading day after it was filed.
Top holdings
Latest 13F (2026-06-30).
| # | Ticker | Value | Weight |
|---|---|---|---|
| 1 | GE | $1.5B | 35.6% |
| 2 | — | $1.3B | 31.5% |
| 3 | SOLV | $635M | 15.0% |
| 4 | — | $258M | 6.1% |
| 5 | WEN | $253M | 6.0% |
| 6 | GEHC | $197M | 4.7% |
| 7 | — | $43M | 1.0% |
| 8 | — | $4M | 0.1% |
Sector mix
Top-25 holdings by weight.
Changes this quarter
| Move | Ticker | Prev wt | Now wt |
|---|---|---|---|
| trimmed | — | 42.4% | 31.5% |
| added | GEHC | 0.0% | 4.7% |
| trimmed | — | 1.9% | 1.0% |
Quarterly copy returns
Each 13F held from the day after filing until the next filing.
| 13F period | Copy | SPY | Alpha | Coverage |
|---|---|---|---|---|
| 2026-06-30 | -12.1% | -0.3% | -11.9% | 61% |
| 2026-03-31 | +20.7% | +5.6% | +15.1% | 49% |
| 2025-12-31 | -7.7% | +7.9% | -15.7% | 54% |
| 2025-09-30 | +5.1% | +3.4% | +1.7% | 51% |
| 2025-06-30 | +5.3% | +3.7% | +1.5% | 54% |
| 2025-03-31 | +3.6% | +8.6% | -5.0% | 52% |
| 2024-12-31 | +0.2% | -2.5% | +2.7% | 46% |
| 2024-09-30 | +4.3% | +3.4% | +0.9% | 47% |
| 2024-06-30 | +9.4% | +7.6% | +1.8% | 45% |
| 2024-03-31 | -9.0% | +4.9% | -13.9% | 68% |
| 2023-12-31 | -1.8% | +5.6% | -7.4% | 61% |
| 2023-09-30 | +18.0% | +12.1% | +5.9% | 60% |
| 2023-06-30 | +0.7% | +1.9% | -1.2% | 41% |
| 2023-03-31 | -1.3% | +8.4% | -9.7% | 42% |
| 2022-12-31 | -3.0% | -0.5% | -2.5% | 44% |
| 2022-09-30 | +7.1% | +4.4% | +2.7% | 32% |
Filing dates
- 2026-08-1213F-HR for 2026-06-30 · $4.2B · 9 rows
- 2026-05-1513F-HR for 2026-03-31 · $3.9B · 9 rows
- 2026-02-1713F-HR for 2025-12-31 · $4.0B · 8 rows
- 2025-11-1413F-HR for 2025-09-30 · $4.1B · 8 rows
- 2025-08-1413F-HR for 2025-06-30 · $3.8B · 11 rows
- 2025-05-1513F-HR for 2025-03-31 · $3.7B · 11 rows
- 2025-02-1413F-HR for 2024-12-31 · $3.9B · 11 rows
- 2024-11-1313F-HR for 2024-09-30 · $3.9B · 11 rows
- 2024-08-1413F-HR for 2024-06-30 · $4.1B · 14 rows
- 2024-05-1513F-HR for 2024-03-31 · $8.0B · 12 rows
- 2024-02-1413F-HR for 2023-12-31 · $7.0B · 12 rows
- 2023-11-1413F-HR for 2023-09-30 · $6.6B · 12 rows
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