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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 $4,107,246,762 across 7 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001345471-25-000051

Period
2025-09-30
Reported value
$4.11B
Holdings
7
Top 10 weight
100%
New
0
Sold out
3

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

How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
WENadded+2,229$20.4K

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
UHALexited-353,335-$21.4M
The Allstate Corporationexited-99,955-$20.1M
UHAL-Bexited-338,031-$18.4M

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, Q3 2025

Share positions as resolved from 13F-HR 0001345471-25-000051, largest first. % of portfolio is the value over $4,107,246,762, 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; 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; 2025Q3: 31,867,800 shares 31,867,800$1.42B34.53%0Timeline
GEGE AEROSPACEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 4,030,213 shares 4,030,213$1.21B29.52%0Timeline
SOLVSOLVENTUM CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 8,462,819 shares 8,462,819$618M15.04%0Timeline
IVZINVESCO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 14,628,455 shares 14,628,455$336M8.17%0Timeline
WENWENDYS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 30,437,023 shares 30,437,023$279M6.79%+2,229Timeline
FERGUSON PLCFERGUSON PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,086,357 shares 1,086,357$244M5.94%0
GEHCGE HEALTHCARE TECHNOLOGIES IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,029 shares; 2024Q4: 4,029 shares; 2025Q1: 4,029 shares; 2025Q2: 4,029 shares; 2025Q3: 4,029 shares 4,029$303K0.01%0Timeline

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
UHALU HAUL HOLDING COMPANY353,335$21.4Mshares
The Allstate CorporationThe Allstate Corporation99,955$20.1Mshares
UHAL-BU HAUL HOLDING COMPANY338,031$18.4Mshares

How Q3 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 0001345471-25-000051 base2025-11-14acceptance time not in the bulk data set