13F filing recap · Q3 2025

What did Trian Fund Management buy in Q3 2025?

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

Stock value

$4.11B

Positions

Estimated turnover

1.5%

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 Allstate Corp and U-Haul Holding Company during the quarter, and slightly increased its Wendy's Co position.

Increased positions

WENWendy'S Co$278.80Mreported value+2.2K shares+0.0%

Exited positions

UHALU-Haul Holding Company$21.40Mprior reported value-353.3K shares-100.0%ALLAllstate Corp$20.12Mprior reported value-100.0K shares-100.0%UHAL.BU-Haul Holding Company$18.38Mprior reported value-338.0K shares-100.0%