13F filer · CIK 1345471 ↗
Trian Partners
You are looking at Q3 2023. See the latest, Q2 2026 →
Reported value
$6.57B
+69% on the quarter before
Positions
9
2 new · 1 sold out
Top 10
100.0%
of the value
Est. gain
−$180.1M
on stocks held all quarter
Est. return
−4.7%
on those stocks since Q2 2023
Positions as of Sep 30, 2023, from Trian Partners's 13F filing with the SEC. A 13F lists a manager's US-listed stocks and options at a quarter end and is filed up to 45 days later, so the fund may hold something else today. It leaves out short positions, cash and holdings outside the US.
Portfolio at a glance
- New
- Added
- Cut
- Same
- Options
Each tile is a position, sized by its share, colored by what the fund did with it since Q2 2023. Striped tiles are options.
Largest buys
Since Q2 2023, by estimated size: the change in shares at the quarter-end price, since a 13F gives no trade prices. Percentages are the position's share of the portfolio, before and after.
- Walt Disney Company (The)~$2.14BAdded · 14.8% → 40.5%+26,443,257 shares
- The Allstate Corporation~$405.9MNew · 0.0% → 6.2%+3,643,618 shares
- Wendys Co.~$257.5MAdded · 11.6% → 10.4%+12,618,115 shares
- Sysco Corporation~$80.8MNew · 0.0% → 1.2%+1,223,500 shares
- General Electric Co.~$93,083Added · 11.4% → 6.8%+842 shares
Largest sells
Since Q2 2023, by estimated size: the change in shares at the quarter-end price, since a 13F gives no trade prices. Percentages are the position's share of the portfolio, before and after.
- Ferguson Plc New~$13.1MCut · 22.3% → 13.5%−79,482 shares
- Mondelez Intl Inc.~$1.2MSold out · 0.0% → 0.0%−16,530 shares
Holdings
As of Sep 30, 2023. Changes are in shares against Jun 30, 2023, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Walt Disney Company (The)COM · shares +412% · price −9.2% | 40.5% | $2.66B | −$52.9M | ||||||||
| Ferguson Plc NewSHS · shares −1.4% · price +4.6% | 13.5% | $890.6M | +$38.8M | ||||||||
| Janus Henderson Group PlcORD SHS · shares 0% · price −5.2% | 12.5% | $822.8M | −$45.6M | ||||||||
| Wendys Co.COM · shares +61% · price −6.2% | 10.4% | $680.7M | −$27.8M | ||||||||
| Invesco Ltd.SHS · shares 0% · price −13.6% | 7.5% | $492.8M | −$77.7M | ||||||||
| General Electric Co.COM NEW · shares +0.02% · price +0.6% | 6.8% | $445.5M | +$2.8M | ||||||||
| The Allstate CorporationCOM · shares New | 6.2% | $405.9M | — | ||||||||
| GE HealthCareCOM · shares 0% · price −16.2% | 1.4% | $91.4M | −$17.7M | ||||||||
| Sysco CorporationCOM · shares New | 1.2% | $80.8M | — | ||||||||
| Total · 9 positions | 100% | $6.57B | −$180.1M |
Price is a stock's reported value over its shares at the quarter end. The estimated gain is the shares held at both quarter ends times the change in that price: shares bought or sold during the quarter add nothing, options are left out, and a stock split is read into the earlier share count and price.
What made money
From Q2 2023 to Q3 2023: 7 stocks held throughout, down $180.1M (−4.7%).
- Ferguson Plc New+$38.8M+5%
- General Electric Co.+$2.8M+1%
- GE HealthCare−$17.7M−16%
- Wendys Co.−$27.8M−6%
- Janus Henderson Group Plc−$45.6M−5%
- Walt Disney Company (The)−$52.9M−9%
- Invesco Ltd.−$77.7M−14%
Estimated as in the holdings table: shares held at both quarter ends times the change in price; options left out.
Reported value by quarter
The total value of each quarter's 13F at that quarter end. It moves with prices as well as with buying and selling. Pick a quarter to see what the fund held then.
Every quarter's filing
| Quarter | Reported value | Filing | |
|---|---|---|---|
| Q2 2026 | Aug 12, 2026 | $4.23B+10% | SEC ↗ |
| Q1 2026 | May 15, 2026 | $3.86B−3% | SEC ↗ |
| Q4 2025 | Feb 17, 2026 | $3.98B−3% | SEC ↗ |
| Q3 2025 | Nov 14, 2025 | $4.11B+8% | SEC ↗ |
| Q2 2025 | Aug 14, 2025 | $3.79B+2% | SEC ↗ |
| Q1 2025 | May 15, 2025 | $3.74B−4% | SEC ↗ |
| Q4 2024 | Feb 14, 2025 | $3.88B−0% | SEC ↗ |
| Q3 2024 | Nov 13, 2024 | $3.89B−5% | SEC ↗ |
| Q2 2024 | Aug 14, 2024 | $4.10B−49% | SEC ↗ |
| Q1 2024 | May 15, 2024 | $8.02B+14% | SEC ↗ |
| Q4 2023 | Feb 14, 2024 | $7.01B+7% | SEC ↗ |
| Q3 2023 | Nov 14, 2023 | $6.57B+69% | SEC ↗ |
| Q2 2023 | Aug 14, 2023 (amended) | $3.88B+3% | SEC ↗ |
| Q1 2023 | May 15, 2023 | $3.75B−23% | SEC ↗ |
| Q4 2022 | Feb 15, 2023 (amended) | $4.87B+28% | SEC ↗ |
| Q3 2022 | Nov 14, 2022 | $3.80B−17% | SEC ↗ |
| Q2 2022 | Aug 12, 2022 | $4.55B−24% | SEC ↗ |
| Q1 2022 | May 13, 2022 | $5.97B−20% | SEC ↗ |
| Q4 2021 | Feb 11, 2022 | $7.46B−7% | SEC ↗ |
| Q3 2021 | Nov 12, 2021 | $8.04B−6% | SEC ↗ |
| Q2 2021 | Aug 13, 2021 | $8.55B+1% | SEC ↗ |
| Q1 2021 | May 14, 2021 | $8.46B+25% | SEC ↗ |
| Q4 2020 | Feb 12, 2021 | $6.76B+12% | SEC ↗ |
| Q3 2020 | Nov 16, 2020 | $6.05B+9% | SEC ↗ |
| Q2 2020 | Aug 14, 2020 (amended) | $5.53B−20% | SEC ↗ |
| Q1 2020 | May 15, 2020 | $6.94B−27% | SEC ↗ |
| Q4 2019 | Feb 14, 2020 | $9.48B−1% | SEC ↗ |
| Q3 2019 | Nov 14, 2019 | $9.58B+1% | SEC ↗ |
| Q2 2019 | Aug 14, 2019 | $9.48B+1% | SEC ↗ |
| Q1 2019 | May 15, 2019 | $9.34B+1% | SEC ↗ |
| Q4 2018 | Feb 14, 2019 | $9.24B−11% | SEC ↗ |
| Q3 2018 | Nov 14, 2018 | $10.34B+0% | SEC ↗ |
| Q2 2018 | Aug 14, 2018 (amended) | $10.30B+4% | SEC ↗ |
| Q1 2018 | May 15, 2018 | $9.91B−16% | SEC ↗ |
| Q4 2017 | Feb 14, 2018 | $11.82B−9% | SEC ↗ |
| Q3 2017 | Nov 14, 2017 | $12.98B−2% | SEC ↗ |
| Q2 2017 | Aug 11, 2017 | $13.27B−0% | SEC ↗ |
| Q1 2017 | May 12, 2017 | $13.33B+20% | SEC ↗ |
| Q4 2016 | Feb 14, 2017 | $11.09B+8% | SEC ↗ |
| Q3 2016 | Nov 14, 2016 | $10.24B−2% | SEC ↗ |
| Q2 2016 | Aug 12, 2016 | $10.50B+1% | SEC ↗ |
| Q1 2016 | May 13, 2016 | $10.38B | SEC ↗ |