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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 $3,791,909,471 across 10 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001345471-25-000028

Period
2025-06-30
Reported value
$3.79B
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
FERGUSON PLCadded+77,592$16.9M
WENadded+11,111$127K

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
IVZreduced-8,544,987-$135M
The Allstate Corporationreduced-217,695-$43.8M
UHAL-Breduced-786,669-$42.8M
UHALreduced-298,665-$18.1M

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, Q2 2025

Share positions as resolved from 13F-HR 0001345471-25-000028, largest first. % of portfolio is the value over $3,791,909,471, 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; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 31,867,800 shares; 2024Q4: 31,867,800 shares; 2025Q1: 31,867,800 shares; 2025Q2: 31,867,800 shares 31,867,800$1.24B32.64%0Timeline
GEGE AEROSPACEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,030,213 shares; 2024Q4: 4,030,213 shares; 2025Q1: 4,030,213 shares; 2025Q2: 4,030,213 shares 4,030,213$1.04B27.36%0Timeline
SOLVSOLVENTUM CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,126,255 shares; 2024Q4: 8,462,819 shares; 2025Q1: 8,462,819 shares; 2025Q2: 8,462,819 shares 8,462,819$642M16.93%0Timeline
WENWENDYS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,512,595 shares; 2024Q4: 30,525,029 shares; 2025Q1: 30,423,683 shares; 2025Q2: 30,434,794 shares 30,434,794$348M9.17%+11,111Timeline
FERGUSON PLCFERGUSON PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,270,810 shares; 2024Q4: 1,237,274 shares; 2025Q1: 1,008,765 shares; 2025Q2: 1,086,357 shares 1,086,357$237M6.24%+77,592
IVZINVESCO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 23,173,442 shares; 2024Q4: 23,173,442 shares; 2025Q1: 23,173,442 shares; 2025Q2: 14,628,455 shares 14,628,455$231M6.08%-8,544,987Timeline
UHALU HAUL HOLDING COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 449,595 shares; 2024Q4: 652,000 shares; 2025Q1: 652,000 shares; 2025Q2: 353,335 shares 353,335$21.4M0.56%-298,665Timeline
The Allstate CorporationThe Allstate CorporationQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 613,447 shares; 2024Q4: 306,722 shares; 2025Q1: 317,650 shares; 2025Q2: 99,955 shares 99,955$20.1M0.53%-217,695
UHAL-BU HAUL HOLDING COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,049,055 shares; 2024Q4: 1,124,700 shares; 2025Q1: 1,124,700 shares; 2025Q2: 338,031 shares 338,031$18.4M0.48%-786,669Timeline
GEHCGE HEALTHCARE TECHNOLOGIES IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,029 shares; 2024Q4: 4,029 shares; 2025Q1: 4,029 shares; 2025Q2: 4,029 shares 4,029$298K0.01%0Timeline

How Q2 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 0001345471-25-000028 base2025-08-14acceptance time not in the bulk data set