13F filing recap · Q3 2024

What did Trian Fund Management buy in Q3 2024?

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

Stock value

$3.89B

Positions

Estimated turnover

22.4%

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.

Quarter in review

Trian Fund Management exited Walt Disney and Rentokil Initial during the quarter. It also trimmed Wendy’s slightly, while adding to Solventum and U-Haul Holding Company. The firm reduced Invesco and Ferguson Enterprises, and substantially cut Allstate and GE Healthcare Technologies.

Increased positions

SOLVSolventum Corporation$496.84Mreported value+1.77M shares+32.9%UHAL.BU-Haul Holding Company$75.53Mreported value+139.8K shares+15.4%UHALU-Haul Holding Company$34.83Mreported value+59.9K shares+15.4%

Reduced positions

WENWendy'S Co$534.58Mreported value-995.3K shares-3.2%IVZInvesco Ltd.$406.93Mreported value-4.05M shares-14.9%FERGFerguson Enterprises Inc.MIXED CORP ACTION$252.34Mreported value-683.1K shares-35.0%ALLAllstate Corp$116.34M

Exited positions

DISWalt Disney Co/$262.68Mprior reported value-2.65M shares-100.0%RTORentokil Initial Plc /fi$13.94Mprior reported value-470.0K shares-100.0%