TRTRIAN FUND MANAGEMENT, L.P.

Institutional investor · Portfolio as of Q2 2024

Top Holdings12 positions

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Activity:
JHGJHGDelisted

JANUS HENDERSON GROUP PLC

31.9M$1.1B26.2%——
11 qtrssince 2021-Q4
Unchanged
0
GEGE

GE AEROSPACE

4M$640.7M15.6%$62.62+150.14%
12 qtrssince 2021-Q3
Unchanged
0
WENWEN

WENDYS CO

31.5M$534.4M13.0%$15.95-6.84%
20 qtrssince 2019-Q3
Increased
64
IVZIVZ

INVESCO LTD

27.2M$407.3M9.9%$11.92+14.75%
17 qtrssince 2020-Q2
Decreased
0
2M$378.4M9.2%——
14 qtrssince 2021-Q1
Decreased
0
??The Allstate CorporationTicker Changed
2M$321.5M7.8%———
—
SOLVSOLV

SOLVENTUM CORP

5.4M$283.5M6.9%$52.880.00%
1 qtr
New
98
DISDIS

DISNEY WALT CO

2.6M$262.7M6.4%$79.72+17.90%
7 qtrssince 2022-Q4
Decreased
0
GEHCGEHC

GE HEALTHCARE TECHNOLOGIES I

1.3M$104.6M2.6%$81.54-4.82%
6 qtrssince 2023-Q1
Unchanged
0
UHAL/BUHAL/B

U HAUL HOLDING COMPANY

909,300$54.6M1.3%$59.530.00%
1 qtr
New
70
UHUHAL

U-HAUL HOLDING CO

389,700$24.1M0.6%$61.730.00%
1 qtr
New
59
RTORTO
ADR

RENTOKIL INITIAL PLC

470,000$13.9M0.3%$28.03-15.35%
1 qtr
New
49
$4.1B
AUM
12
Positions
Q2 2024
Filing
HI score · 4.0/5
Quarterly 13F Value Change
-23%Q1'23$3.8B+3%Q2'23$3.9B+69%Q3'23$6.6B+7%Q4'23$7B+14%Q1'24$8B-49%Q2'24$4.1B
Activity profile
$ moved · Q2'24
New8%Increased1%Decreased88%Exited2%
Composition
Equity vs derivatives
Equity100%Puts0%Calls0%
Holding period
Avg 1.9 years
<1Q33%1-4Q8%1-2Y17%2Y+42%

TRIAN FUND MANAGEMENT, L.P. manages $4.1B across 12 positions as of Q2 2024. Top holdings: JHG (26.2%), GE (15.6%), WEN (13.0%). Fund DNA: Concentrated Value. HoldingsIntel Score: 4/5.0.

Q2 2024 Summary

Added 4 new positions, exited 1, increased 1, trimmed 4. Top move: SOLV (NEW, conviction 98). Portfolio: $4.1B across 12 positions.

Portfolio Allocation

Top holdings by portfolio weight

Total AUM$4B
JHG26.20%
GE15.63%
WEN13.03%
IVZ9.93%
FERGL9.23%
ALL7.84%
SOLV6.91%
DIS6.41%
GEHC2.55%
UHAL/B1.33%
Other0.59%
Sector Breakdown

Portfolio allocation by GICS sector

Sectors6
Financial Services39.21%
Industrials19.41%
Consumer Cyclical14.14%
Healthcare10.27%
Unknown10.01%
Communication Services6.95%
Fund DNA

Behavioral investing profile

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Concentrated Value- primarily Financial Services, Industrials, Consumer Cyclical
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HoldingsIntel Score
7-dimension, SEC 13F-derived research score
Strong(4.0 / 5.0)
Holdings P&L80
Conviction44
Concentration100
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Position Outcomes

Best and worst performing positions by estimated return

Top Losers

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Cost basis estimates based on full filing history using quarter-end prices. Actual transaction prices are not disclosed in 13F filings.

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Accumulation Streaks

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Security
5Q
WENWENWENDYS CO
Q2 2025 → Q2 2026+44,751 shares-$192.5M
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Data sourced from SEC EDGAR 13F filings. Not financial advice. Full disclaimer

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