Nelson Peltz
Trian Fund Management
Nelson Peltz (Trian Fund Management) discloses a $4.23B portfolio across 8 US-listed positions in the latest 13F filing (2026Q2, filed Aug 12, 2026). The largest holding is GE at 35.6% of the book. The biggest move of the quarter: added 76194% to the GEHC share count (position now $197M). Mechanically cloning this 13F returned 12.2%/yr over the past 12.2 years, versus 13.8%/yr for the S&P 500 across that identical 12.2-year window.
Holdings (8) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | GE | 35.6% | $1.51B | |||
| 2 | JHG | 31.5% | $1.33B | |||
| 3 | SOLV | 15.0% | $635M | |||
| 4 | FERG | 6.1% | $258M | |||
| 5 | WEN | 6.0% | $253M | |||
| 6 | GEHC | 4.7% | $197M | |||
| 7 | G491BT108 | 1.0% | $43M | |||
| 8 | N5505D105 | 0.1% | $4M |
- 1GEport35.6%val$1.51BGeneral Electricthis Q hold·20q
- 2JHGport31.5%val$1.33BJanus Henderson Group Plcthis Q hold·20q
- 3SOLVport15.0%val$635MSolventum Corpthis Q hold·9q
- 4FERGport6.1%val$258MFerguson Plc Newthis Q hold·22q
- 5WENport6.0%val$253MWendy's Co/thethis Q hold·40q
- 6GEHCport4.7%val$197MGE Healthcare Technologythis Q +76194%·14q
- 7G491BT108port1.0%val$43MInvesco Ltd.this Q -45%·25q
- 8N5505D105port0.1%val$4MMagnum Ice Cream CO NVthis Q hold·2q
2026Q2 moves, by size (2)(expand ↓)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| GEHC | GE Healthcare Technology | ADD | 4.7% | +76194% | $197M |
| G491BT108 | Invesco Ltd. | TRIM | 1.0% | -45% | $43M |
- ADDGEHC4.7%GE Healthcare TechnologyΔ +76194%·$197M
- TRIMG491BT1081.0%Invesco Ltd.Δ -45%·$43M
About Nelson Peltz
Nelson Peltz co-founded Trian Fund Management in 2005 alongside Ed Garden and Peter May, running a concentrated activist strategy that sits closer to private-equity engagement than conventional long-only management. Trian's edge — to the extent it exists — is operational: Peltz takes board seats, pushes for cost restructuring, and holds positions for years while the thesis plays out, which makes his 13F an unusually faithful snapshot of his equity book. The current eight-position portfolio, with roughly 98% in five names, reflects that style precisely. What a 13F reader should understand is that the entry price and board-level access matter far more than the disclosed weight — Trian's positions in companies like Wendy's (a long-running engagement dating to the mid-2000s) and Janus Henderson are active relationships, not passive allocations. The clone backtest underperformance versus SPY is consistent with activist strategies generally: returns are lumpy, often accruing in private negotiation before any public catalyst appears.
2026Q2 brief
Trian's $4.23B book remains one of the most concentrated among super-investors, with just eight positions and the top five comprising 94% of the portfolio. The headline move this quarter is a near-complete rebuild of GEHC (GE HealthCare), which jumped to 4.7% of the portfolio on a staggering delta — essentially a new position re-entered from scratch, consistent with Trian's history of revisiting spinoff stories after initial digestion. The rest of the book is static: GE (35.6%) and JHG (31.5%) dominate, leaving almost no room for maneuvering. The only trim was Invesco (−45%, now just 1.0%), a long-struggling activist target where Trian's patience appears to be thinning. SOLV (15.0%) and FERG (6.1%) remain untouched, suggesting ongoing engagement without public catalysts yet. The extreme concentration in GE and JHG means Trian's P&L is almost entirely a two-stock story. Watch the JHG position — any reduction would signal either a successful engagement exit or loss of conviction in the asset-management turnaround narrative.
AI-generated. Not investment advice.
Filing history
Nelson Peltz's disclosed 13F portfolio value and position count by quarter — the trajectory across every SEC filing.
| Quarter | Positions | Portfolio value |
|---|---|---|
| Q2 2026 — what changed → | 8 | $4.23B |
| Q1 2026 holdings | 8 | $3.86B |
| Q4 2025 holdings | 7 | $3.98B |
| Q3 2025 — what changed → | 7 | $4.11B |
| Q2 2025 — what changed → | 10 | $3.79B |
| Q1 2025 holdings | 10 | $3.74B |
| Q4 2024 holdings | 10 | $3.88B |
| Q3 2024 holdings | 10 | $3.89B |
| Q2 2024 holdings | 12 | $4.10B |
| Q1 2024 holdings | 9 | $8.02B |
| Q4 2023 holdings | 9 | $7.01B |
| Q3 2023 holdings | 9 | $6.57B |
Values as disclosed at each quarter end. Older filings on EDGAR.
Multibaggers Nelson Peltz held
Stocks up 5x or more since Nelson Peltz first held them at conviction size — the holding record behind the returns. Longest unbroken run and largest book weight are shown for each.
- GE5.6xGENERAL ELECTRIC19q straight · peak 31.16% · still holds
Price multiple since the first quarter we observed a conviction holding (2014Q1 at the earliest), not Nelson Peltz's realized return — entry price and trades between filings aren't disclosed. Peak weight is share of disclosed US 13F book. All 129 multibaggers the cohort held →
Frequently asked questions
- What stocks does Nelson Peltz own?
- As of 2026Q2, Nelson Peltz's 13F discloses 8 positions worth $4.23B. The top five holdings: GE (35.6%), JHG (31.5%), SOLV (15.0%), FERG (6.1%), WEN (6.0%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did Nelson Peltz buy this quarter?
- In 2026Q2, the filing shows 0 new positions and 1 addition to existing holdings. The largest positions touched by buying: GEHC.
- How big is Nelson Peltz's portfolio?
- $4.23B across 8 positions per the latest 13F (filed Aug 12, 2026). The top five holdings account for 94% of the disclosed book.
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Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001345471). Not investment advice.