Trian Fund Management, L.P. 13F holdings, Q4 2012
Trian Fund Management, L.P. disclosed 11 US equity positions worth $3.1bn in its Q4 2012 13F filing. Its largest position is IR at 20.6% of the reported book, followed by FAMILY DLR STORES INC and MDLZ. Versus Q3 2012 it opened 3 new positions, added to 0, reduced 1 and exited 2.
- $3.1bn
- Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
- 11
- Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
- 20.6%
- Largest position The largest single position as a share of the reported equity book.
- 99.8%
- Top 10 weight The ten largest positions together, as a share of the reported equity book.
- 7
- Effective positions 1 / HHI of portfolio weights: the number of equal-weight positions the book behaves like.
- 62
- Quarters on file since Q1 2011 Quarters for which this manager's 13F holdings are on record.
Holdings
Against Q3 2012: 3 new, 0 added, 1 reduced, 2 exited
| IR INGERSOLL-RAND PLC | 20.6% | 0.0% | held |
| FAMILY DLR STORES INC no ticker | 18.2% | 0.0% | held |
| MDLZ MONDELEZ INTL INC | 15.8% | – | new |
| WEN The Wendy's Co | 12.5% | 0.0% | held |
| LMEUR LEGG MASON INC | 10.6% | 0.0% | held |
| PEP PEPSICO INC | 8.6% | – | new |
| LAZ LAZARD LTD | 5.3% | 0.0% | held |
| STT STATE STR CORP | 4.7% | −66% | reduced |
| TIFEUR TIFFANY & CO NEW | 1.8% | 0.0% | held |
| MEADWESTVACO CORP no ticker | 1.6% | – | new |
| Heinz HJ Co no ticker | 0.2% | 0.0% | held |
Exited since Q3 2012
| SPY SPDR S&P 500 ETF Trust | 19.1% | $669m |
| Kraft Foods Inc no ticker | 9.6% | $336m |
Sector mix
Book over time
Every quarter on file (62)
| Quarter | Positions | Equity book |
|---|---|---|
| Q2 2026 | 8 | $4.2bn |
| Q1 2026 | 8 | $3.9bn |
| Q4 2025 | 7 | $4.0bn |
| Q3 2025 | 7 | $4.1bn |
| Q2 2025 | 10 | $3.8bn |
| Q1 2025 | 10 | $3.7bn |
| Q4 2024 | 10 | $3.9bn |
| Q3 2024 | 10 | $3.9bn |
| Q2 2024 | 12 | $4.1bn |
| Q1 2024 | 9 | $8.0bn |
| Q4 2023 | 9 | $7.0bn |
| Q3 2023 | 9 | $6.6bn |
| Q2 2023 | 8 | $3.9bn |
| Q1 2023 | 8 | $3.8bn |
| Q4 2022 | 8 | $4.9bn |
| Q3 2022 | 8 | $3.8bn |
| Q2 2022 | 8 | $4.5bn |
| Q1 2022 | 8 | $6.0bn |
| Q4 2021 | 9 | $7.5bn |
| Q3 2021 | 9 | $8.0bn |
| Q2 2021 | 9 | $8.6bn |
| Q1 2021 | 9 | $8.5bn |
| Q4 2020 | 8 | $6.8bn |
| Q3 2020 | 9 | $6.1bn |
| Q2 2020 | 10 | $5.5bn |
| Q1 2020 | 8 | $6.9bn |
| Q4 2019 | 8 | $9.5bn |
| Q3 2019 | 8 | $9.6bn |
| Q2 2019 | 9 | $9.5bn |
| Q1 2019 | 8 | $9.3bn |
| Q4 2018 | 9 | $9.2bn |
| Q3 2018 | 9 | $10.3bn |
| Q2 2018 | 9 | $10.3bn |
| Q1 2018 | 7 | $9.9bn |
| Q4 2017 | 7 | $11.8bn |
| Q3 2017 | 8 | $13.0bn |
| Q2 2017 | 8 | $13.3bn |
| Q1 2017 | 8 | $13.3bn |
| Q4 2016 | 8 | $11.1bn |
| Q3 2016 | 7 | $10.2bn |
| Q2 2016 | 7 | $10.5bn |
| Q1 2016 | 9 | $10.4bn |
| Q4 2015 | 10 | $12.3bn |
| Q3 2015 | 12 | $11.7bn |
| Q2 2015 | 12 | $10.4bn |
| Q1 2015 | 10 | $8.6bn |
| Q4 2014 | 11 | $9.4bn |
| Q3 2014 | 11 | $7.6bn |
| Q2 2014 | 11 | $6.8bn |
| Q1 2014 | 12 | $6.1bn |
| Q4 2013 | 11 | $5.9bn |
| Q3 2013 | 10 | $5.5bn |
| Q2 2013 | 12 | $5.1bn |
| Q1 2013 | 10 | $4.7bn |
| Q4 2012 | 11 | $3.1bn |
| Q3 2012 | 10 | $3.5bn |
| Q2 2012 | 9 | $3.1bn |
| Q1 2012 | 12 | $3.9bn |
| Q4 2011 | 8 | $2.7bn |
| Q3 2011 | 16 | $2.7bn |
| Q2 2011 | 20 | $2.8bn |
| Q1 2011 | 16 | $2.1bn |
Where Trian Fund Management, L.P. was early
| DPZ Dominos Pizza Inc | Q2 2011 | 1 of 173 | 5.4% | Exited by Q2 2012 | +44% |
| WEN Wendys Co. | Q3 2011 | 1 of 127 | 12.9% | Held at last filing, Q2 2026 | +81% |
| PEP PepsiCo Inc. | Q3 2011 | 13 of 139 | 5.3% | Exited by Q1 2016 | +61% |
| IR Ingersoll-Rand PLC | Q1 2012 | 1 of 131 | 6.3% | Exited by Q4 2015 | +23% |
| LAZ Lazard Ltd | Q1 2012 | 2 of 106 | 4.1% | Exited by Q1 2015 | +75% |
| MDLZ Mondelez Intl Inc. | Q4 2012 | 2 of 145 | 15.8% | Exited by Q3 2023 | +187% |
| ALLE Allegion Pub Ltd Co | Q4 2013 | 2 of 141 | 3.0% | Exited by Q2 2015 | +38% |
| BNY Bank New York Mellon Corp. | Q1 2014 | 9 of 154 | 5.4% | Exited by Q3 2020 | +9.5% |
| SYY Sysco Corporation | Q2 2015 | 5 of 141 | 3.6% | Exited by Q2 2024 | +125% |
| GE GE Aerospace | Q2 2015 | 10 of 242 | 12.7% | Held at last filing, Q2 2026 | +194% |
| PNR Pentair PLC | Q4 2016 | 7 of 127 | 7.2% | Exited by Q1 2019 | +0.3% |
| NVT nVent Electric Plc | Q2 2018 | 2 of 157 | 4.3% | Exited by Q4 2020 | −30% |
| PPG PPG Inds Inc. | Q2 2018 | 13 of 138 | 2.6% | Exited by Q3 2019 | +13% |
| GEHC GE HealthCare Technologies Inc. | Q1 2023 | 5 of 158 | 2.9% | Held at last filing, Q2 2026 | −22% |
| SOLV Solventum Corporation | Q2 2024 | 4 of 109 | 6.9% | Held at last filing, Q2 2026 | +46% |
Concentration and tenure
- 24.7%
- Median largest position, all quarters The largest single position as a share of the reported equity book.
- 100%
- Median top 10 weight, all quarters The ten largest positions together, as a share of the reported equity book.
- Concentrated
- Style, by median largest position
- 4
- Median completed holding, quarters