Nelson Peltz
Trian Fund Management
Nelson Peltz (Trian Fund Management) discloses a $3.86B portfolio across 8 US-listed positions in the latest 13F filing (2026Q1, filed May 15, 2026). The largest holding is JHG at 42.4% of the book. Latticework's clone backtest puts this 13F book at -2.4%/yr vs SPY over 12.0 years.
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.
2026Q1 brief
Trian Fund Management's $3.86B book is among the most concentrated portfolios tracked, with just 8 positions and the top 5 consuming 98% of assets — classic activist-investor architecture where Peltz bets large on a handful of operational-turnaround theses. The sole new position is Magnum Ice Cream C (0.09%), likely a post-spinout stake following Unilever's ice cream separation, which fits Trian's pattern of acquiring footholds in freshly carved-out consumer businesses to push for further value-creation steps. No other adds, trims, or exits occurred, signaling patience across existing core theses: JHG (Janus Henderson, 42.4%) remains a bet on asset-manager consolidation and margin improvement, GE (29.6%) on aerospace cycle strength, SOLV (Solventum, 13.9%) on a 3M healthcare spinout re-rating, and FERG (6.6%) and WEN (5.5%) on franchise and distribution value. The unchanged positioning suggests Trian's activist engagement timelines are mid-cycle across the board. Watch for any 13D/G amendments or proxy filings around JHG or SOLV, which would signal that Trian is escalating pressure ahead of potential strategic changes.
AI-generated. Not investment advice.
In the news
all news →- Matthew Peltz: Age, Wife, Family, Career and Net Worth 2026!elevatenew.co.uk ·
- Janus Henderson shareholders approve Trian/General Catalyst dealMSN ·
- Janus Henderson delisted as Nelson Peltz takeover is completedPortfolio Adviser ·
- Janus Henderson goes private as deal with Nelson Peltz’s Trian completesInvestment Week ·
- 4 Key Traits: How a Reddit Inside Joke Sent Wendy’s Stock Skyrocketing 28 Percentinc.com ·
- Wendy's stock swept up in meme-like rally after viral Reddit post, leadership hireYahoo Finance ·
Headlines via Google News. Links open in a new tab.
Holdings (8) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | JHG | 42.4% | $1.64B | |||
| 2 | GE | 29.6% | $1.14B | |||
| 3 | SOLV | 13.9% | $538M | |||
| 4 | FERG | 6.6% | $253M | |||
| 5 | WEN | 5.5% | $212M | |||
| 6 | G491BT108 | 1.9% | $72M | |||
| 7 | N5505D105 | 0.1% | $4M | |||
| 8 | GEHC | <0.1% | $288K |
- 1JHGport42.4%val$1.64BJanus Henderson Group Plcthis Q hold·19q
- 2GEport29.6%val$1.14BGeneral Electricthis Q hold·19q
- 3SOLVport13.9%val$538MSolventum Corpthis Q hold·8q
- 4FERGport6.6%val$253MFerguson Plc Newthis Q hold·21q
- 5WENport5.5%val$212MWendy's Co/thethis Q hold·40q
- 6G491BT108port1.9%val$72MInvesco Ltd.this Q hold·24q
- 7N5505D105port0.1%val$4MMagnum Ice Cream CO NVthis Q New·—1q
- 8GEHCport<0.1%val$288KGE Healthcare Technologythis Q hold·13q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| N5505D105 | Magnum Ice Cream CO NV | NEW | 0.1% | +100% | $4M |
- NEWN5505D1050.1%Magnum Ice Cream CO NVΔ +100%·$4M
Frequently asked questions
- What stocks does Nelson Peltz own?
- As of 2026Q1, Nelson Peltz's 13F discloses 8 positions worth $3.86B. The top five holdings: JHG (42.4%), GE (29.6%), SOLV (13.9%), FERG (6.6%), WEN (5.5%). 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?
- The 2026Q1 filing shows no new purchases — no new positions were opened and no existing holdings were added to this quarter.
- How big is Nelson Peltz's portfolio?
- $3.86B across 8 positions per the latest 13F (filed May 15, 2026). The top five holdings account for 98% of the disclosed book.
Explore more
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001345471). Not investment advice.