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TRIAN FUND MANAGEMENT, L.P.

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13F filer, CIK 1345471, NEW YORK, NY

TRIAN FUND MANAGEMENT, L.P. reported $3,735,730,306 across 10 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-15.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001345471-25-000018

Period
2025-03-31
Reported value
$3.74B
Holdings
10
Top 10 weight
100%
New
0
Sold out
0

Part of the filer group TRIAN FUND MANAGEMENT, L.P.

How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
The Allstate Corporationadded+10,928$2.26M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
FERGUSON PLCreduced-228,509-$36.6M
WENreduced-101,346-$1.48M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0001345471-25-000018, largest first. % of portfolio is the value over $3,735,730,306, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
JHGJANUS HENDERSON GROUP PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 31,867,800 shares; 2024Q4: 31,867,800 shares; 2025Q1: 31,867,800 shares 31,867,800$1.15B30.84%0Timeline
GEGE AEROSPACEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,030,213 shares; 2024Q4: 4,030,213 shares; 2025Q1: 4,030,213 shares 4,030,213$807M21.59%0Timeline
SOLVSOLVENTUM CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,126,255 shares; 2024Q4: 8,462,819 shares; 2025Q1: 8,462,819 shares 8,462,819$644M17.23%0Timeline
WENWENDYS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,512,595 shares; 2024Q4: 30,525,029 shares; 2025Q1: 30,423,683 shares 30,423,683$445M11.91%-101,346Timeline
IVZINVESCO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 23,173,442 shares; 2024Q4: 23,173,442 shares; 2025Q1: 23,173,442 shares 23,173,442$352M9.41%0Timeline
FERGUSON PLCFERGUSON PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,270,810 shares; 2024Q4: 1,237,274 shares; 2025Q1: 1,008,765 shares 1,008,765$162M4.33%-228,509
UHAL-BU HAUL HOLDING COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,049,055 shares; 2024Q4: 1,124,700 shares; 2025Q1: 1,124,700 shares 1,124,700$66.6M1.78%0Timeline
The Allstate CorporationThe Allstate CorporationQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 613,447 shares; 2024Q4: 306,722 shares; 2025Q1: 317,650 shares 317,650$65.8M1.76%+10,928
UHALU HAUL HOLDING COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 449,595 shares; 2024Q4: 652,000 shares; 2025Q1: 652,000 shares 652,000$42.6M1.14%0Timeline
GEHCGE HEALTHCARE TECHNOLOGIES IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,029 shares; 2024Q4: 4,029 shares; 2025Q1: 4,029 shares 4,029$325K0.01%0Timeline

How Q1 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001345471-25-000018 base2025-05-15acceptance time not in the bulk data set