Nelson Peltz – Trian Fund Management Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Trian Fund Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 14, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q2 2025, the filing reported:

New Buys –

None reported

Increases – Ferguson, Wendy's Company (The)

Reductions – Allstate, Invesco, U-Haul Holding Company, U-Haul Holding Company Series N

Complete Exits –

None reported

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q2 2025	ALL Allstate	Allstate	Sell	-217,695	-68.5%	$20.12M	99,955
Q2 2025	FERG Ferguson	Ferguson	Buy	+77,592	+7.7%	$236.55M	1,086,357
Q2 2025	IVZ Invesco	Invesco	Sell	-8,544,987	-36.9%	$230.69M	14,628,455
Q2 2025	UHAL U-Haul Holding Company	U-Haul Holding Company	Sell	-298,665	-45.8%	$21.40M	353,335
Q2 2025	UHAL-B U-Haul Holding Company Series N	U-Haul Holding Company Series N	Sell	-786,669	-69.9%	$18.38M	338,031
Q2 2025	WEN Wendy's Company (The)	Wendy's Company (The)	Buy	+11,111	+0.0%	$347.57M	30,434,794
Q1 2025	ALL Allstate	Allstate	Buy	+10,928	+3.6%	$65.78M	317,650
Q1 2025	FERG Ferguson	Ferguson	Sell	-228,509	-18.5%	$161.63M	1,008,765
Q1 2025	WEN Wendy's Company (The)	Wendy's Company (The)	Sell	-101,346	-0.3%	$445.10M	30,423,683
Q4 2024	ALL Allstate	Allstate	Sell	-306,725	-50.0%	$59.13M	306,722
Q4 2024	FERG Ferguson	Ferguson	Sell	-33,536	-2.6%	$214.75M	1,237,274
Q4 2024	SOLV Solventum Corporation	Solventum Corporation	Buy	+1,336,564	+18.8%	$559.05M	8,462,819
Q4 2024	UHAL U-Haul Holding Company	U-Haul Holding Company	Buy	+202,405	+45.0%	$45.05M	652,000
Q4 2024	UHAL-B U-Haul Holding Company Series N	U-Haul Holding Company Series N	Buy	+75,645	+7.2%	$72.04M	1,124,700
Q4 2024	WEN Wendy's Company (The)	Wendy's Company (The)	Buy	+12,434	+0.0%	$497.56M	30,525,029
Q3 2024	ALL Allstate	Allstate	Sell	-1,400,061	-69.5%	$116.34M	613,447
Q3 2024	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell - Position Exit	-2,645,583	-100.0%	$0.00	-
Q3 2024	FERG Ferguson	Ferguson	Sell	-683,053	-35.0%	$252.34M	1,270,810
Q3 2024	GEHC GE HealthCare Technologies Inc.	GE HealthCare Technologies Inc.	Sell	-1,338,804	-99.7%	$378.12K	4,029
Q3 2024	IVZ Invesco	Invesco	Sell	-4,050,292	-14.9%	$406.93M	23,173,442
Q3 2024	RTO Rentokil Initial plc	Rentokil Initial plc	Sell - Position Exit	-470,000	-100.0%	$0.00	-
Q3 2024	SOLV Solventum Corporation	Solventum Corporation	Buy	+1,765,676	+32.9%	$496.84M	7,126,255
Q3 2024	UHAL U-Haul Holding Company	U-Haul Holding Company	Buy	+59,895	+15.4%	$34.83M	449,595
Q3 2024	UHAL-B U-Haul Holding Company Series N	U-Haul Holding Company Series N	Buy	+139,755	+15.4%	$75.53M	1,049,055
Q3 2024	WEN Wendy's Company (The)	Wendy's Company (The)	Sell	-995,273	-3.2%	$534.58M	30,512,595
Q2 2024	ALL Allstate	Allstate	Sell	-223,761	-10.0%	$321.48M	2,013,508
Q2 2024	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-29,692,273	-91.8%	$262.68M	2,645,583
Q2 2024	FERG Ferguson	Ferguson	Sell	-539,824	-21.6%	$378.37M	1,953,863
Q2 2024	IVZ Invesco	Invesco	Sell	-6,716,362	-19.8%	$407.27M	27,223,734
Q2 2024	RTO Rentokil Initial plc	Rentokil Initial plc	Buy - Position Entry	+470,000	-	$13.94M	470,000