SEC 13F Intelligence

Managers / Q2 2025 · view latest →

TRIAN FUND MANAGEMENT, L.P.

CIK 0001345471 · 280 PARK AVENUE, 41ST FLOOR, NEW YORK, NY, 10017 · 212-451-3000

Reported Value
$3.8B
Q2 2025
Positions
11
Filings on Record
35
2019–present window
Filed
Aug 14, 2025
original filing

Summary

Trian Fund Management, L.P. reported $3.8B in U.S.-listed holdings across 11 positions for Q2 2025.

The portfolio is heavily concentrated: Janus Henderson alone accounts for 32.6% of reported value.

The book was largely unchanged from Q1 2025.

Portfolio Metrics

Turnover
+8.9%
vs prior filed quarter
Top-10 Concentration
+100.0%
share of reported value
Largest Position
+32.6%
Janus Henderson

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $9.2BQ4 ’18Q1 ’19: $9.3BQ2 ’19: $9.5BQ3 ’19: $9.6BQ4 ’19: $9.5BQ4 ’19Q1 ’20: $6.9BQ2 ’20: $4.8BQ3 ’20: $6.1BQ4 ’20: $6.8BQ4 ’20Q1 ’21: $8.5BQ2 ’21: $8.6BQ3 ’21: $8.0BQ4 ’21: $7.5BQ4 ’21Q1 ’22: $6.0BQ2 ’22: $4.5BQ3 ’22: $3.8BQ4 ’22: $4.9BQ4 ’22Q1 ’23: $3.8BQ2 ’23: $3.9BQ3 ’23: $6.6BQ4 ’23: $7.0BQ4 ’23Q1 ’24: $8.0BQ2 ’24: $4.1BQ3 ’24: $3.9BQ4 ’24: $3.9BQ4 ’24Q1 ’25: $3.7BQ2 ’25: $3.8BQ3 ’25: $4.1BQ4 ’25: $4.0BQ4 ’25Q1 ’26: $3.9Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 54.5%Other: 45.5%
  • Common Stock · 54.5% · $2.1B
  • Other · 45.5% · $1.7B

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
UHAL/BU-Haul Holding Company - BTRIMMED−786.7K338.0K−$48M$18M
The Allstate CorporationTRIMMED−217.7K100.0K−$46M$20M
UHALU-Haul Holding CompanyTRIMMED−298.7K353.3K−$21M$21M
Invesco Ltd.TRIMMED−8.54M14.63M−$121M$231M
Ferguson Plc NewADDED+77.6K1.09M+$75M$237M
WENWendys Co.HELD+11.1K30.43M−$98M$348M
GE AerospaceHELD+04.03M+$231M$1.0B
Janus Henderson Group plcHELD+031.87M+$86M$1.2B

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q2 2025

10 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1Janus Henderson Group plcORD SHS32.64%$1.2B31.87M
2GE AerospaceCOM NEW27.36%$1.0B4.03M
3SOLVSolventum Corporationhistory →COM SHS16.93%$642M8.46M
4WENWendys Co.history →COM9.17%$348M30.43M
5Ferguson Plc NewSHS6.24%$237M1.09M
6Invesco Ltd.SHS6.08%$231M14.63M
7UHALU-Haul Holding Companyhistory →COM0.56%$21M353.3K
8The Allstate CorporationCOM0.53%$20M100.0K
9UHAL/BU-Haul Holding Company - Bhistory →COM SER N0.48%$18M338.0K
10GEHCGE HealthCare Technologies Inc.history →COM0.01%$298,4284.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$3.9B9May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$4.0B8Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$4.1B8Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$3.8B11Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$3.7B11May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$3.9B11Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$3.9B11Nov 13, 202413F-HRchanges · EDGAR ↗
Q2 2024$4.1B14Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$8.0B12May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$7.0B12Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$6.6B12Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$3.9B8Aug 15, 2023RESTATEMENTchanges · EDGAR ↗
Q1 2023$3.8B8May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$4.9B9Feb 15, 2023RESTATEMENTchanges · EDGAR ↗
Q3 2022$3.8B9Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$4.5B9Aug 12, 202213F-HRchanges · EDGAR ↗
Q1 2022$6.0B9May 13, 202213F-HRchanges · EDGAR ↗
Q4 2021$7.5B10Feb 11, 202213F-HRchanges · EDGAR ↗
Q3 2021$8.0B10Nov 12, 202113F-HRchanges · EDGAR ↗
Q2 2021$8.6B10Aug 13, 202113F-HRchanges · EDGAR ↗
Q1 2021$8.5B10May 14, 202113F-HRchanges · EDGAR ↗
Q4 2020$6.8B8Feb 12, 202113F-HRchanges · EDGAR ↗
Q3 2020$6.1B9Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$4.8B7Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$6.9B8May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$9.5B8Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$9.6B8Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$9.5B9Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$9.3B8May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$9.2B9Feb 14, 201913F-HRchanges · EDGAR ↗

Other Included Managers

This filing reports holdings on behalf of 3 additional managers.

  • PELTZ NELSON028-11639
  • MAY PETER W028-11640
  • Trian Fund Management GP, LLC028-12040

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.