TRIAN FUND MANAGEMENT, L.P.
Long book
$3.86B
Q1 2026
Positions
8
Top-10 weight
100%
concentration
Last quarter
+27.7%
SPY +14.8%
Turnover
13%
of book per quarter
Strategy in plain words
auto-generated from filingsTRIAN FUND MANAGEMENT, L.P. is an activist investor that takes positions to influence management, running a $3.86B US long book across 8 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: Janus Hendersongroup Pl, GENERAL ELECTRIC, SOLVENTUM CORP, FERGUSON PLC, WENDY'S CO/THE.
Over the last 9 quarters its long book ran on average 0.5pp per quarter behind the S&P 500, beating the index in 5 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-12.9%
Q2 2024
+14.8%
Q3 2024
-6.6%
Q4 2024
+5.3%
Q1 2025
+6.2%
Q2 2025
+8.5%
Q3 2025
+4.7%
Q4 2025
-11.4%
Q1 2026
+27.7%
Sector allocation
Industrials 51%
Healthcare 24%
Other 11%
Consumer discretionary 10%
Financials 3%
Consumer staples 0%
Long book by quarter
What does TRIAN FUND own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| GE GENERAL ELECTRIC | Industrials | 4.0M | $1.14B | 29.6% | Held |
| SOLV SOLVENTUM CORP | Healthcare | 8.2M | $537.9M | 13.9% | Held |
| FERG1GBX FERGUSON PLC | — | 1.1M | $253.4M | 6.6% | Held |
| WEN WENDY'S CO/THE | Consumer discretionary | 30.4M | $211.6M | 5.5% | 0.0% |
| IVZ INVESCO LTD | Financials | 3.0M | $72.2M | 1.9% | Held |
| MICC MAGNUM ICE CREAM CO NV/THE | Consumer staples | 241.0K | $3.6M | 0.1% | New |
| GEHC GE HEALTHCARE TECHNOLOGY | Healthcare | 4.0K | $288K | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 9 | $3.86B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 8 | $3.98B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 8 | $4.11B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 11 | $3.79B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 11 | $3.74B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 11 | $3.88B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 11 | $3.89B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 14 | $4.10B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 12 | $8.02B | canonical | SEC ↗ |