13F filing recap · Q3 2011

What did Trian Fund Management buy in Q3 2011?

Reported stock-position changes between this filing and the previous one.

Stock value

$2.64B

Positions

Estimated turnover

49.0%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

New positions

WENWendy'S Co$351.70Mreported value+76.62M shares PEPPepsico, Inc.$145.78Mreported value+2.36M shares CBSCbs Corp$1.94Mreported value+95.0K shares

Increased positions

LMLegg Mason Inc$378.00Mreported value+3.44M shares+30.6%FDOFamily Dollar Stores Inc$367.65Mreported value+1.04M shares+16.8%STTState Street Corporation$312.85Mreported value+3.58M shares+58.3%CHTRCharter Communications, Inc.$4.22Mreported value+38.0K shares

Reduced positions

TIFTiffany & Co.$272.60Mreported value-599.1K shares-11.8%DPZDomino’s Pizza, Inc.$161.35Mreported value-78.8K shares-1.3%HNZH.j. Heinz Company$53.79Mreported value-981.8K shares-48.0%BLCBelo Corp$978.0Kreported value-90.0K shares

Exited positions

WENThe Wendy'S Company$388.48Mprior reported value-76.62M shares-100.0%CEIXConsol Energy Inc$33.92Mprior reported value-699.7K shares-100.0%CLGXCorelogic Inc$22.50Mprior reported value-1.35M shares-100.0%PEETPeets Coffee & Tea Inc$17.31Mprior reported value-300.0K shares