Q2 2026 holdings · 8 filings on record
Trian Fund Management LP
Nelson Peltz
Trian is an investment firm led by chief executive and founding partner Nelson Peltz, built around an active owner's approach to businesses. It looks for companies with untapped potential and works with management and boards on operations, strategy and capital allocation. Its history includes concentrated investments in consumer, industrial and financial-services companies. Board representation and public campaigns are part of that toolkit, alongside negotiated partnerships with company leaders. Trian also invests in private businesses: it participated in the completed take-private acquisition of Janus Henderson with General Catalyst and other investors, extending its approach beyond listed minority stakes.
Context Trian's activist approach can lead to public contests for board seats. In Disney's 2024 proxy fight, it put forward Nelson Peltz and former Disney finance chief Jay Rasulo, arguing for governance and strategic changes. Disney opposed the nominees, and shareholders elected the company's full board slate instead.
AI-written, awaiting an editor · as of Sep 14, 2026 · not from the filings · 5 sources
- Trian: About Us trianpartners.com ↗
- Trian: Investment approach fact sheet trianpartners.com ↗
- Janus Henderson: Completed take-private transaction sec.gov ↗
- Trian: Disney board nominations trianpartners.com ↗
- Disney: Shareholders elect full company board slate thewaltdisneycompany.com ↗
Holdings
On June 30, 2026, Trian Fund Management LP held 8 positions in US-listed stocks worth $4.2 billion.
- 2Janus Henderson Group plc$1.3B31.5%
- 4Ferguson Plc New$257.8M6.1%
2 of the 8 positions have no US ticker in our data, so they are listed under the company’s name.
What this filing cannot show
A 13F is a partial picture. Here is the part that is missing.
It lists long positions in US-listed stocks and options only. Not short positions, cash, ordinary bonds, anything listed only abroad, anything private, or anything bought and sold inside the quarter.
What is a 13F?
A quarterly SEC filing where large investment managers list the long positions in US-listed stocks and options they held at the end of the quarter. It is a snapshot, filed up to 45 days after that date.
Why is this list weeks old?
Managers have 45 days after each quarter ends to file, and most of the funds we track file on the last permitted day. So the newest list still describes where the fund stood weeks ago, and the market has moved since.
What does “behaves like” mean?
How many equal-sized positions would be exactly this concentrated. Ten positions of the same size behave like 10. Ten positions where one holds most of the money behave like fewer than 2. It is 1 divided by the sum of each position’s squared share of the total.
Why are two lines sometimes the same company?
Each line is one security as the manager filed it. Two share classes of one company, or a company’s stock and its convertible notes, are separate lines in the filing, and they stay separate here.
Filing history
8 filings on record.
| Quarter ended | Reported to the SEC | Positions | Source |
|---|---|---|---|
| Jun 30, 2026 | Aug 12, 2026 | 8 | Open the SEC filing ↗ |
| Mar 31, 2026 | May 15, 2026 | 8 | Open the SEC filing ↗ |
| Dec 31, 2025 | Feb 17, 2026 | 7 | Open the SEC filing ↗ |
| Sep 30, 2025 | Nov 14, 2025 | 7 | Open the SEC filing ↗ |
| Jun 30, 2025 | Aug 14, 2025 | 10 | Open the SEC filing ↗ |
| Mar 31, 2025 | May 15, 2025 | 10 | Open the SEC filing ↗ |
| Dec 31, 2024 | Feb 14, 2025 | 10 | Open the SEC filing ↗ |
| Sep 30, 2024 | Nov 13, 2024 | 10 | Open the SEC filing ↗ |
Where a manager later amended a filing, the date shown is the amendment’s. Every filing from this fund at the SEC ↗
⚠️ Public information, sourced from SEC 13F filings. A 13F shows long US-listed positions only; it cannot show shorts, cash, ordinary bonds, foreign lines, or anything bought and sold within the quarter. Values are the manager’s own quarter-end figures, filed up to 45 days later. Not financial advice.