TRTRIAN FUND MANAGEMENT, L.P.

Institutional investor · Portfolio as of Q3 2025

Top Holdings7 positions

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Activity:
JHGJHGDelisted

JANUS HENDERSON GROUP PLC

31.9M$1.4B34.5%——
16 qtrssince 2021-Q4
Unchanged
0
GEGE

GE AEROSPACE

4M$1.2B29.5%$62.62+377.78%
17 qtrssince 2021-Q3
Unchanged
0
SOLVSOLV

SOLVENTUM CORP

8.5M$617.8M15.0%$58.48+24.84%
6 qtrssince 2024-Q2
Unchanged
0
IVZIVZ

INVESCO LTD

14.6M$335.6M8.2%$11.92+86.55%
22 qtrssince 2020-Q2
Unchanged
0
WENWEN

WENDYS CO

30.4M$278.8M6.8%$15.94-46.00%
25 qtrssince 2019-Q3
Increased
63
1.1M$244M5.9%——
19 qtrssince 2021-Q1
Unchanged
0
GEHCGEHC

GE HEALTHCARE TECHNOLOGIES I

4,029$302,5780.0%$81.54-8.08%
11 qtrssince 2023-Q1
Unchanged
0
$4.1B
AUM
7
Positions
Q3 2025
Filing
HI score · 4.0/5
Quarterly 13F Value Change
-49%Q2'24$4.1B-5%Q3'24$3.9B-0%Q4'24$3.9B-4%Q1'25$3.7B+2%Q2'25$3.8B+8%Q3'25$4.1B
Activity profile
$ moved · Q3'25
New0%Increased53%Decreased0%Exited47%
Composition
Equity vs derivatives
Equity100%Puts0%Calls0%
Holding period
Avg 4.1 years
<1Q0%1-4Q0%1-2Y14%2Y+86%

TRIAN FUND MANAGEMENT, L.P. manages $4.1B across 7 positions as of Q3 2025. Top holdings: JHG (34.5%), GE (29.5%), SOLV (15.0%). Fund DNA: Concentrated Value. HoldingsIntel Score: 4/5.0.

Q3 2025 Summary

Exited 3, increased 1. Top move: WEN (INCREASED, conviction 63). Portfolio: $4.1B across 7 positions.

Portfolio Allocation

Top holdings by portfolio weight

Total AUM$4B
JHG34.53%
GE29.52%
SOLV15.04%
IVZ8.17%
WEN6.79%
FERGL5.94%
GEHC0.01%
UHAL/B0.00%
UHAL0.00%
ALL0.00%
Sector Breakdown

Portfolio allocation by GICS sector

Sectors5
Financial Services42.71%
Industrials29.52%
Healthcare15.05%
Consumer Cyclical6.79%
Unknown5.94%
Fund DNA

Behavioral investing profile

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Concentrated Value- primarily Financial Services, Industrials, Healthcare
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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

Positions with 2+ consecutive quarters of increases - persistent directional conviction.

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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