13F Insight
DOSSIER · 13F-HR · Q2 2026

TRIAN FUND MANAGEMENT, L.P.

$4.2B in tracked AUM across 9 positions as of Q2 2026. Managed by Nelson Peltz →

TF
CIK 0001345471 · last filed Jun 30, 2026
Total AUM
$4.2B
as of Q2 2026
Holdings
9
—
positions
Whale Score
83
83
strong
Activity
—
no data
changes this Q
AI Analysis · Q2 2026

Based on the SEC 13F filing data provided for Trian Fund Management, L.P. for the period ending September 30, 2025, here is a comprehensive analysis.

1. Portfolio Overview

Trian Fund Management’s portfolio has undergone a significant transformation during the third quarter of 2025, characterized by aggressive deleveraging and a pivot toward a highly concentrated strategy. The total portfolio value contracted by 23.7%, decreasing from $3.79 billion to $2.89 billion. This reduction was not me...

The fund has adopted an "active shareholder" or "activist" profile, maintaining an extremely focused portfolio with only 7 holdings. The lack of diversification is intentional, with the top three positions constituting approximately 81.9% of the total assets under management (AUM). This structure suggests the firm allocates capital only to convictions where it can exert significant influence or unlock substantial value.

2. Key Holdings

The portfolio is dominated by three core positions, which serve as the primary drivers of the fund's performance:

Analysis generated by 13F Insight from SEC Form 13F filing data · Q2 2026. Methodology

Quarter at a glance — Q2 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q2 2026.

#HoldingValueSharesWeight
01
GE
GE Aerospace
$1.5B4.0M35.6%02
G4474Y214
Janus Henderson Group plc
$1.3B25.7M31.5%03
SOLV
Solventum Corporation
$635M8.2M15.0%04
G3421J106
Ferguson Plc New
$258M1.1M6.1%05
WEN
Wendys Co.
$253M30.5M6.0%06
GEHC
GE HealthCare Technologies Inc.
$197M3.1M4.7%07
G491BT108
Invesco Ltd.
$43M1.6M1.0%08
N5505D105
Magnum Ice Cream Co NV
$4M241K0.1%

Filing history

2026Q2Jun 30
$4.2B▲ 9.6%
9 positionsView →2026Q1Mar 31
$3.9B▼ 3.1%
9 positionsView →2025Q4Dec 31
$4.0B▲ 37.6%
8 positionsView →2025Q3Sep 30
$2.9B▼ 23.7%
7 positionsView →2025Q2Jun 30
$3.8B▲ 1.5%
11 positionsLocked2025Q1Mar 31
$3.7B▼ 3.7%
11 positionsLocked2024Q4Dec 31
$3.9B▼ 0.3%
11 positionsLocked2024Q3Sep 30
$3.9B▼ 5.1%
11 positionsLocked2024Q2Jun 30
$4.1B▼ 48.9%
14 positionsLocked2024Q1Mar 31
$8.0B▲ 14.5%
12 positionsLocked2023Q4Dec 31
$7.0B▲ 6.6%
12 positionsLocked2023Q3Sep 30
$6.6B▲ 69.4%
12 positionsLocked
Showing 12 of 60