13F filer · CIK 1345471 ↗
Trian Partners
You are looking at Q2 2025. See the latest, Q2 2026 →
Reported value
$3.79B
+1.5% on the quarter before
Positions
10
0 new · 0 sold out
Top 10
100.0%
of the value
Est. gain
+$279.9M
on stocks held all quarter
Est. return
+8.0%
on those stocks since Q1 2025
Positions as of Jun 30, 2025, 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 Q1 2025. Striped tiles are options.
Largest buys
Since Q1 2025, 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~$16.9MAdded · 4.3% → 6.2%+77,592 shares
- Wendys Co.~$126,888Added · 11.9% → 9.2%+11,111 shares
Largest sells
Since Q1 2025, 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.
- Invesco Ltd.~$134.8MCut · 9.4% → 6.1%−8,544,987 shares
- The Allstate Corporation~$43.8MCut · 1.8% → 0.5%−217,695 shares
- U-Haul Holding Company - B~$42.8MCut · 1.8% → 0.5%−786,669 shares
- U-Haul Holding Company~$18.1MCut · 1.1% → 0.6%−298,665 shares
Holdings
As of Jun 30, 2025. Changes are in shares against Mar 31, 2025, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Janus Henderson Group PlcORD SHS · shares 0% · price +7.4% | 32.6% | $1.24B | +$85.7M | ||||||||
| Ge AerospaceCOM NEW · shares 0% · price +28.6% | 27.4% | $1.04B | +$230.7M | ||||||||
| Solventum CorporationCOM SHS · shares 0% · price −0.3% | 16.9% | $641.8M | −$1.7M | ||||||||
| Wendys Co.COM · shares +0.04% · price −21.9% | 9.2% | $347.6M | −$97.7M | ||||||||
| Ferguson Plc NewSHS · shares +7.7% · price +35.9% | 6.2% | $236.6M | +$58.0M | ||||||||
| Invesco Ltd.SHS · shares −37% · price +4.0% | 6.1% | $230.7M | +$8.8M | ||||||||
| U-Haul Holding CompanyCOM · shares −46% · price −7.3% | 0.56% | $21.4M | −$1.7M | ||||||||
| The Allstate CorporationCOM · shares −69% · price −2.8% | 0.53% | $20.1M | −$575,741 | ||||||||
| U-Haul Holding Company - BCOM SER N · shares −70% · price −8.1% | 0.48% | $18.4M | −$1.6M | ||||||||
| GE HealthCareCOM · shares 0% · price −8.2% | 0.01% | $298,428 | −$26,753 | ||||||||
| Total · 10 positions | 100% | $3.79B | +$279.9M |
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 Q1 2025 to Q2 2025: 10 stocks held throughout, up $279.9M (+8.0%).
- Ge Aerospace+$230.7M+29%
- Janus Henderson Group Plc+$85.7M+7%
- Ferguson Plc New+$58.0M+36%
- Invesco Ltd.+$8.8M+4%
- The Allstate Corporation−$575,741−3%
- U-Haul Holding Company - B−$1.6M−8%
- Solventum Corporation−$1.7M−0%
- U-Haul Holding Company−$1.7M−7%
- Wendys Co.−$97.7M−22%
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 ↗ |