13F filing recap · Q1 2012

What did Trian Fund Management buy in Q1 2012?

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

Stock value

$3.21B

Positions

Estimated turnover

22.9%

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

IRIngersoll Rand Inc.$247.54Mreported value+5.99M shares LAZLazard, Inc.$159.91Mreported value+5.60M shares USOUnited States Oil Fund LP$49.23Mreported value+1.25M shares

Increased positions

WENWendy'S Co$415.83Mreported value+6.38M shares+8.3%

Reduced positions

KFTKraft Foods Inc$471.37Mreported value-1.33M shares-9.7%TIFTiffany & Co.$191.17Mreported value-1.72M shares-38.3%HNZH.j. Heinz Company$32.30Mreported value-462.3K shares-43.4%