TRIAN FUND MANAGEMENT L P
Q1 2023 Form 13-F
NEW YORK, NEW YORK
CIK 0001345471
· CRD 154172
· SEC-registered investment adviser
Consolidated report · includes
3 managers
since Q2 2013
$3.8B Reported Value Total
TRIAN FUND MANAGEMENT, L.P. reports 25 total accounts under management (AUM). There are 24 discretionary accounts valued at $7,149,364,432, and 1 non-discretionary accounts valued at $491,410.
Source: Form ADV filed * Note that certain holdings are exempt from Form 13-F reporting, so the AUM totals may be greater than the Form 13-F total.
Private funds (Form ADV)
46 funds
· $15.2B gross asset value
Hedge Fund: $12.6B · Private Equity Fund: $2.7B
Source: Form ADV filed 2026-07-31
Reported value
$3.8B
Quarter over quarter
+4.8%
Holdings
8
Top-10 concentration
100.0%
Filing Structure
Reports holdings for
- MAY PETER W · File #028-11640 · since Q2 2013
- PELTZ NELSON · File #028-11639 · since Q2 2013
- Trian Fund Management GP LLC · File #028-12040 · since Q2 2013
- Trian Investors Management LLC · File #028-21228 · Q1 2021 – Q4 2023 · declared by one filing
- GARDEN EDWARD P · File #028-11641 · Q2 2013 – Q1 2023 · declared by one filing
- CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM · File #028-04855 · Q2 2013 – Q1 2015 · declared by one filing
Key People
Form ADV owners & control persons
Nelson ("nmn") Peltz
CHIEF EXECUTIVE OFFICER, LIMITED PARTNER AND INVESTMENT COMMITTEE MEMBER
Peter William May
MEMBER, PRESIDENT AND INVESTMENT COMMITTEE MEMBER
Darren Joseph Peltz
INVESTMENT COMMITTEE MEMBER AND LIMITED PARTNER
Filing Navigation
Coverage begins with the second quarter of 2013. Earlier quarters are not shown while their accuracy is being verified.
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Q1 2023 13F record
Q1 2023 13F filing summary
| Period of report | March 31, 2023 |
|---|---|
| Filed | May 15, 2023 |
| Form | 13F-HR |
| Reported value | $3.8B |
| Positions | 8 |
| Change in reported value | -23.0% |
| New positions | 1 |
| Exited positions | 1 |
| Position turnover | 22.2% |
| Top-10 concentration | 100.0% |
13F filings by quarter
| Quarter | Positions | Value |
|---|---|---|
|
Q2 2026 13F
Filed Aug 12, 2026
|
8 | $4.2B |
|
Q1 2026 13F
Filed May 15, 2026
|
8 | $3.9B |
|
Q4 2025 13F
Filed Feb 17, 2026
|
7 | $4.0B |
|
Q3 2025 13F
Filed Nov 14, 2025
|
7 | $4.1B |
|
Q2 2025 13F
Filed Aug 14, 2025
|
10 | $3.8B |
|
Q1 2025 13F
Filed May 15, 2025
|
10 | $3.7B |
|
Q4 2024 13F
Filed Feb 14, 2025
|
10 | $3.9B |
|
Q3 2024 13F
Filed Nov 13, 2024
|
10 | $3.9B |
|
Q2 2024 13F
Filed Aug 14, 2024
|
12 | $4.1B |
|
Q1 2024 13F
Filed May 15, 2024
|
9 | $8.0B |
|
Q4 2023 13F
Filed Feb 14, 2024
|
9 | $7.0B |
|
Q3 2023 13F
Filed Nov 14, 2023
|
9 | $6.6B |
|
Q2 2023 13F
Filed Aug 14, 2023
|
8 | $3.9B |
|
Q1 2023 13F
Filed May 15, 2023
|
8 | $3.8B |
|
Q4 2022 13F
Filed Feb 14, 2023
|
8 | $4.9B |
|
Q3 2022 13F
Filed Nov 14, 2022
|
8 | $3.8B |
|
Q2 2022 13F
Filed Aug 12, 2022
|
8 | $4.5B |
|
Q1 2022 13F
Filed May 13, 2022
|
8 | $6.0B |
|
Q4 2021 13F
Filed Feb 11, 2022
|
9 | $7.5B |
|
Q3 2021 13F
Filed Nov 12, 2021
|
9 | $8.0B |
33 earlier quarters on file — choose one from the quarter menu above.
Top 8 holdings · Q1 2023
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | JHG Janus Henderson Group plc | $849.0M | 22.63% |
| 2 | FERG Ferguson Plc New | $784.3M | 20.91% |
| 3 | DIS The Walt Disney Company | $592.4M | 15.79% |
| 4 | IVZ Invesco Ltd. | $556.6M | 14.84% |
| 5 | WEN Wendys Co. | $472.8M | 12.6% |
| 6 | GE General Electric Co. | $385.2M | 10.27% |
| 7 | GEHC GE HealthCare Technologies Inc. | $110.2M | 2.94% |
| 8 | MDLZ Mondelez Intl Inc. | $1.2M | 0.03% |
Values as reported on the Q1 2023 Form 13F. Every position is in the holdings table below.