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Livermore
Livermore
ZHEN

Trian Fund Management

Superinvestor

Trian Fund Management, L.P.

SEC CIK
0001345471
Manager
Nelson Peltz
Style
Activist
Latest filing
Aug 12, 2026

The latest 13F from Trian Fund Management covers Q2 2026 (filed Aug 12, 2026): 8 long positions worth $4.23B. The top 10 holdings make up 100.0% of the portfolio, and the largest is General Electric Co (GE) at 35.6%. Livermore has 25 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
0
Added
2
Est. +$197.4M
Reduced
2
Est. −$358.6M
Sold out
0

Top 5 holdings

Share of this quarter's portfolio value

  1. GEGeneral Electric Co
    35.6%$1.51BHistory
  2. JHGJanus Henderson Group Ltd.
    31.5%$1.33BHistory
  3. SOLVSolventum Corp
    15.0%$635.5MHistory
  4. FERGFerguson Enterprises Inc.
    6.1%$257.8MHistory
  5. WENWendy's Co
    6.0%$252.6MHistory

Share of portfolio

Top 5 holdings and the other 3 positions, by share of portfolio value

  1. GE35.6%
  2. JHG31.5%
  3. SOLV15.0%
  4. FERG6.1%
  5. WEN6.0%
  6. Other 3 positions5.8%

Biggest buys

New and added positions, by estimated amount bought

  1. GEHCGE HealthCare Technologies Inc.
    +$197.2MAddedHistory
  2. WENWendy's Co
    +$185.8KAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. GEHCGE HealthCare Technologies Inc.
    +4.66 pp<0.1% → 4.7%History
  2. WENWendy's Co
    +0.49 pp5.5% → 6.0%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. JHGJanus Henderson Group Ltd.
    −$323.1MReducedHistory
  2. IVZInvesco Ltd.
    −$35.5MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. JHGJanus Henderson Group Ltd.
    −10.88 pp42.4% → 31.5%History
  2. IVZInvesco Ltd.
    −0.86 pp1.9% → 1.0%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$4.23B
+$371.1M (+9.6%) vs. prior quarter
Positions
8
0 vs. prior quarter
Top 10 concentration
100.0%
Top 10 as share of value
Turnover
4.9%
Q2 2026, one quarter
Average holding period
18.0 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $8.55B (Q2 2021)

Q1 2021: $8.46BQ2 2021: $8.55BQ3 2021: $8.04BQ4 2021: $7.46BQ1 2022: $5.97BQ2 2022: $4.55BQ3 2022: $3.80BQ4 2022: $4.87BQ1 2023: $3.75BQ2 2023: $3.88BQ3 2023: $6.57BQ4 2023: $7.01BQ1 2024: $8.02BQ2 2024: $4.10BQ3 2024: $3.89BQ4 2024: $3.88BQ1 2025: $3.74BQ2 2025: $3.79BQ3 2025: $4.11BQ4 2025: $3.98BQ1 2026: $3.86BQ2 2026: $4.23B
Q1 2021Q2 2026
13F filings of Trian Fund Management by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 12, 20268$4.23BGEJHGSOLVvs. Q1 2026SEC
Q1 2026May 15, 20268$3.86BJHGGESOLVvs. Q4 2025SEC
Q4 2025Feb 17, 20267$3.98BJHGGESOLVvs. Q3 2025SEC
Q3 2025Nov 14, 20257$4.11BJHGGESOLVvs. Q2 2025SEC
Q2 2025Aug 14, 202510$3.79BJHGGESOLVvs. Q1 2025SEC
Q1 2025May 15, 202510$3.74BJHGGESOLVvs. Q4 2024SEC
Q4 2024Feb 14, 202510$3.88BJHGGESOLVvs. Q3 2024SEC
Q3 2024Nov 13, 202410$3.89BJHGGEWENvs. Q2 2024SEC
Q2 2024Aug 14, 202412$4.10BJHGGEWENvs. Q1 2024SEC
Q1 2024May 15, 20249$8.02BDISJHGGEvs. Q4 2023SEC
Q4 2023Feb 14, 20249$7.01BDISJHGFERGvs. Q3 2023SEC
Q3 2023Nov 14, 20239$6.57BDISFERGJHGvs. Q2 2023SEC
Q2 2023Aug 15, 2023Amended8$3.88BJHGFERGDISvs. Q1 2023SEC
Q1 2023May 15, 20238$3.75BJHGFERGDISvs. Q4 2022SEC
Q4 2022Feb 15, 2023Amended8$4.87BFERGIVZDISvs. Q3 2022SEC
Q3 2022Nov 14, 20228$3.80BFERGIVZJHGvs. Q2 2022SEC
Q2 2022Aug 12, 20228$4.55BFERGIVZJHGvs. Q1 2022SEC
Q1 2022May 13, 20228$5.97BFERGIVZJHGvs. Q4 2021SEC
Q4 2021Feb 11, 20229$7.46BFERGJHGIVZvs. Q3 2021SEC
Q3 2021Nov 12, 20219$8.04BFERGCMCSASYYvs. Q2 2021SEC
Q2 2021Aug 13, 20219$8.55BFERGSYYCMCSAvs. Q1 2021SEC
Q1 2021May 14, 20219$8.46BSYYFERGPG–SEC

13D and 13G filings

Companies where Trian Fund Management reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

2 companies, largest stake first.

Companies where Trian Fund Management owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
WENWendy's Co13D/A16.24%30.9M shares+0.15 ppfrom 16.09%May 24, 20229 filingsFeb 18, 2026SEC
JHGJanus Henderson Group Ltd.13D/A13.00%0 shares−3.65 ppfrom 16.65%May 12, 202119 filingsJun 30, 2026SEC

Latest filings

41 filings on file made by Trian Fund Management or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by Trian Fund Management
CompanyFiled (ET)FormStakeChangeEvent dateFiling
JHGJanus Henderson Group Ltd.Jun 30, 20265:29 PM ET13D/A13.00%0 shares−3.65 ppfrom 16.65%Jun 30, 2026SEC
JHGJanus Henderson Group Ltd.Jun 18, 20268:57 AM ET13D/A16.65%25.7M shares0.00 ppfrom 16.65%Jun 16, 2026SEC
JHGJanus Henderson Group Ltd.May 14, 20267:37 PM ET13D/A16.65%25.7M shares−4.05 ppfrom 20.70%May 12, 2026SEC
JHGJanus Henderson Group Ltd.Mar 24, 20269:54 PM ET13D/A20.70%31.9M shares+0.10 ppfrom 20.60%Mar 24, 2026SEC
WENWendy's CoFeb 18, 20269:03 AM ET13D/A16.24%30.9M shares+0.15 ppfrom 16.09%Feb 18, 2026SEC
JHGJanus Henderson Group Ltd.Dec 22, 20259:56 PM ET13D/A20.60%31.9M shares+0.17 ppfrom 20.43%Dec 21, 2025SEC
JHGJanus Henderson Group Ltd.Oct 27, 20258:12 AM ET13D/A20.43%31.9M shares+0.20 ppfrom 20.23%Oct 26, 2025SEC
WENWendy's CoJul 8, 20259:16 AM ET13D/A16.09%30.9M shares–Jul 8, 2025SEC
IVZInvesco Ltd.May 22, 20257:00 PM ET13D/A4.62%20.7M shares–Below 5%May 20, 2025SEC
JHGJanus Henderson Group Ltd.May 2, 20255:02 PM ET13D/A20.23%31.9M shares–May 1, 2025SEC
WENWendy's CoSep 6, 202413D/AOld format–––SEC
WENWendy's CoAug 9, 202413D/AOld format–––SEC
IVZInvesco Ltd.Jun 14, 202413DOld format–––SEC
FERGFerguson Enterprises Inc.Feb 14, 202413G/AOld format–––SEC
WENWendy's CoAug 23, 202313D/AOld format–––SEC
WENWendy's CoJun 2, 202313D/AOld format–––SEC
IVZInvesco Ltd.Jun 2, 202313D/AOld format–––SEC
JHGJanus Henderson Group Ltd.Jun 2, 202313D/AOld format–––SEC
WENWendy's CoMar 3, 202313D/AOld format–––SEC
IVZInvesco Ltd.Feb 16, 202313D/AOld format–––SEC