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← Trian Fund Management LP, latest filing

What Trian Fund Management LP changed, 2013 to 2026

53 quarterly 13F filings, from Q2 2013 to Q2 2026, each read from the filing itself. A quarter is compared only with the quarter before it, so a quarter with no filing is a gap in the record, not a sale.

Reported book

$4.2bn

$5.1bn at Q2 2013

Positions

8

12 at Q2 2013

Top ten weight

100%

99% at Q2 2013

Typical quarterly turnover

about 2%

Estimated from share changes

Reported book by quarter
$0$7bn$13bnQ2 2013: $5.1bnQ3 2013: $5.5bnQ4 2013: $5.9bnQ1 2014: $6.1bn14Q2 2014: $6.8bnQ3 2014: $7.6bnQ4 2014: $9.4bnQ1 2015: $8.6bn15Q2 2015: $10.4bnQ3 2015: $11.7bnQ4 2015: $12.3bnQ1 2016: $10.4bn16Q2 2016: $10.5bnQ3 2016: $10.2bnQ4 2016: $11.1bnQ1 2017: $13.3bn17Q2 2017: $13.3bnQ3 2017: $13.0bnQ4 2017: $11.8bnQ1 2018: $9.9bn18Q2 2018: $10.3bnQ3 2018: $10.3bnQ4 2018: $9.2bnQ1 2019: $9.3bn19Q2 2019: $9.5bnQ3 2019: $9.6bnQ4 2019: $9.5bnQ1 2020: $6.9bn20Q2 2020: $5.5bnQ3 2020: $6.1bnQ4 2020: $6.8bnQ1 2021: $8.5bn21Q2 2021: $8.6bnQ3 2021: $8.0bnQ4 2021: $7.5bnQ1 2022: $6.0bn22Q2 2022: $4.5bnQ3 2022: $3.8bnQ4 2022: $4.9bnQ1 2023: $3.8bn23Q2 2023: $3.9bnQ3 2023: $6.6bnQ4 2023: $7.0bnQ1 2024: $8.0bn24Q2 2024: $4.1bnQ3 2024: $3.9bnQ4 2024: $3.9bnQ1 2025: $3.7bn25Q2 2025: $3.8bnQ3 2025: $4.1bnQ4 2025: $4.0bnQ1 2026: $3.9bn26Q2 2026: $4.2bn
  • Q2 2013: $5.1bn
  • Q3 2013: $5.5bn
  • Q4 2013: $5.9bn
  • Q1 2014: $6.1bn
  • Q2 2014: $6.8bn
  • Q3 2014: $7.6bn
  • Q4 2014: $9.4bn
  • Q1 2015: $8.6bn
  • Q2 2015: $10.4bn
  • Q3 2015: $11.7bn
  • Q4 2015: $12.3bn
  • Q1 2016: $10.4bn
  • Q2 2016: $10.5bn
  • Q3 2016: $10.2bn
  • Q4 2016: $11.1bn
  • Q1 2017: $13.3bn
  • Q2 2017: $13.3bn
  • Q3 2017: $13.0bn
  • Q4 2017: $11.8bn
  • Q1 2018: $9.9bn
  • Q2 2018: $10.3bn
  • Q3 2018: $10.3bn
  • Q4 2018: $9.2bn
  • Q1 2019: $9.3bn
  • Q2 2019: $9.5bn
  • Q3 2019: $9.6bn
  • Q4 2019: $9.5bn
  • Q1 2020: $6.9bn
  • Q2 2020: $5.5bn
  • Q3 2020: $6.1bn
  • Q4 2020: $6.8bn
  • Q1 2021: $8.5bn
  • Q2 2021: $8.6bn
  • Q3 2021: $8.0bn
  • Q4 2021: $7.5bn
  • Q1 2022: $6.0bn
  • Q2 2022: $4.5bn
  • Q3 2022: $3.8bn
  • Q4 2022: $4.9bn
  • Q1 2023: $3.8bn
  • Q2 2023: $3.9bn
  • Q3 2023: $6.6bn
  • Q4 2023: $7.0bn
  • Q1 2024: $8.0bn
  • Q2 2024: $4.1bn
  • Q3 2024: $3.9bn
  • Q4 2024: $3.9bn
  • Q1 2025: $3.7bn
  • Q2 2025: $3.8bn
  • Q3 2025: $4.1bn
  • Q4 2025: $4.0bn
  • Q1 2026: $3.9bn
  • Q2 2026: $4.2bn
Share of the book in the ten largest positions
0%50%100%Q2 2013: 99%Q3 2013: 100%Q4 2013: 100%Q1 2014: 100%14Q2 2014: 100%Q3 2014: 100%Q4 2014: 100%Q1 2015: 100%15Q2 2015: 100%Q3 2015: 100%Q4 2015: 100%Q1 2016: 100%16Q2 2016: 100%Q3 2016: 100%Q4 2016: 100%Q1 2017: 100%17Q2 2017: 100%Q3 2017: 100%Q4 2017: 100%Q1 2018: 100%18Q2 2018: 100%Q3 2018: 100%Q4 2018: 100%Q1 2019: 100%19Q2 2019: 100%Q3 2019: 100%Q4 2019: 100%Q1 2020: 100%20Q2 2020: 100%Q3 2020: 100%Q4 2020: 100%Q1 2021: 100%21Q2 2021: 100%Q3 2021: 100%Q4 2021: 100%Q1 2022: 100%22Q2 2022: 100%Q3 2022: 100%Q4 2022: 100%Q1 2023: 100%23Q2 2023: 100%Q3 2023: 100%Q4 2023: 100%Q1 2024: 100%24Q2 2024: 99%Q3 2024: 100%Q4 2024: 100%Q1 2025: 100%25Q2 2025: 100%Q3 2025: 100%Q4 2025: 100%Q1 2026: 100%26Q2 2026: 100%
  • Q2 2013: 99%
  • Q3 2013: 100%
  • Q4 2013: 100%
  • Q1 2014: 100%
  • Q2 2014: 100%
  • Q3 2014: 100%
  • Q4 2014: 100%
  • Q1 2015: 100%
  • Q2 2015: 100%
  • Q3 2015: 100%
  • Q4 2015: 100%
  • Q1 2016: 100%
  • Q2 2016: 100%
  • Q3 2016: 100%
  • Q4 2016: 100%
  • Q1 2017: 100%
  • Q2 2017: 100%
  • Q3 2017: 100%
  • Q4 2017: 100%
  • Q1 2018: 100%
  • Q2 2018: 100%
  • Q3 2018: 100%
  • Q4 2018: 100%
  • Q1 2019: 100%
  • Q2 2019: 100%
  • Q3 2019: 100%
  • Q4 2019: 100%
  • Q1 2020: 100%
  • Q2 2020: 100%
  • Q3 2020: 100%
  • Q4 2020: 100%
  • Q1 2021: 100%
  • Q2 2021: 100%
  • Q3 2021: 100%
  • Q4 2021: 100%
  • Q1 2022: 100%
  • Q2 2022: 100%
  • Q3 2022: 100%
  • Q4 2022: 100%
  • Q1 2023: 100%
  • Q2 2023: 100%
  • Q3 2023: 100%
  • Q4 2023: 100%
  • Q1 2024: 100%
  • Q2 2024: 99%
  • Q3 2024: 100%
  • Q4 2024: 100%
  • Q1 2025: 100%
  • Q2 2025: 100%
  • Q3 2025: 100%
  • Q4 2025: 100%
  • Q1 2026: 100%
  • Q2 2026: 100%

The positions that defined it

Every position that was ever among the 25 largest: when it first appeared, when it was largest, and where it stands in Q2 2026. The line is its reported value each quarter.

PositionValue over timeFirst listedLargestQ2 2026
General Electric Co.(GE)Q3 2021$1.5bnQ2 2026$1.5bn
Janus Henderson Group PLC(JHG)Q2 2020$1.6bnQ1 2026$1.3bn
Solventum Corporation(SOLV)Q2 2024$653mQ4 2025$635m
Ferguson Plc NewQ1 2021$2.0bnQ4 2021$258m
Wendys Co.(WEN)Q2 2013$724mQ4 2013$253m
GE HealthCare Technologies Inc.(GEHC)Q1 2023$197mQ2 2026$197m
Invesco Ltd(IVZ)Q2 2020$1.4bnQ1 2022$43m
Magnum Ice Cream Co NV(MICC)Q1 2026$4.2mQ2 2026$4.2m
Procter and Gamble Co.(PG)Q4 2016$4.6bnQ3 2019Soldlast listed Q3 2022
The Walt Disney Company(DIS)Q4 2022$4.0bnQ1 2024Soldlast listed Q2 2024
Sysco Corp.(SYY)Q2 2015$2.9bnQ2 2018Soldlast listed Q1 2024
General Electric Co.Q2 2015$2.4bnQ4 2015Soldlast listed Q2 2021
Mondelez Intl Inc.(MDLZ)Class AQ2 2013$2.2bnQ2 2016Soldlast listed Q2 2023
PepsiCo Inc.(PEP)Q2 2013$1.8bnQ4 2015Soldlast listed Q4 2015
Du Pont E I De Nemours & Co.Q2 2013$1.8bnQ4 2014Soldlast listed Q2 2017
Bank New York Mellon Corp.(BNY)Q1 2014$1.7bnQ2 2017Soldlast listed Q2 2020

Quarter by quarter

2026Q1Q2
2025Q1Q2Q3Q4
2024Q1Q2Q3Q4
2023Q1Q2Q3Q4
2022Q1Q2Q3Q4
2021Q1Q2Q3Q4
2020Q1Q2Q3Q4
2019Q1Q2Q3Q4
2018Q1Q2Q3Q4
2017Q1Q2Q3Q4
2016Q1Q2Q3Q4
2015Q1Q2Q3Q4
2014Q1Q2Q3Q4
2013Q2Q3Q4

Q4 2018: $9.2bn across 9 positions

Against Q3 2018: 0 new, 5 added to, 2 trimmed, 0 sold out, across all 9 positions.

Turnover about 3% of the book, estimated from share changes at quarter-end prices.

Largest additions

  • Procter and Gamble Co. (PG)+$330m
  • PPG Inds Inc. (PPG)+$264m
  • Mondelez Intl Inc. (MDLZ)+-$55m
  • Bank New York Mellon Corp. (BNY)+-$63m
  • General Electric Co.+-$264m

Largest reductions

  • Sysco Corp. (SYY)-$985m
  • Pentair PLC (PNR)-$198m

Opened

Nothing new among the largest positions.

Sold out

No position was closed.

Largest positions, Q4 2018

PositionValueWeightOn the quarter
Procter and Gamble Co. (PG)$3.5bn37.7%Added
Sysco Corp. (SYY)$1.8bn19.2%Trimmed
Bank New York Mellon Corp. (BNY)$760m8.2%Added
Mondelez Intl Inc. (MDLZ)$754m8.2%Added
PPG Inds Inc. (PPG)$717m7.8%Added
General Electric Co.$536m5.8%Added
Wendys Co. (WEN)$494m5.3%Held
nVent Electric Plc (NVT)$394m4.3%Held
Pentair PLC (PNR)$324m3.5%Trimmed

The books most like this one

Among the managers whose filings are on file, at Q2 2026. Overlap is the share of the two books that is the same: for every stock both list, the smaller of its two weights, added up. Two books can overlap because both own the largest companies; it says nothing about whether the managers agree.

ManagerOverlapStocks in bothOverlap over time
TCI Fund Management Ltd34%1Compare
Polen Capital Management LLC2.2%1Compare
Holocene Advisors LPat least 1.7%2Compare
Capital Research Global Investors1.6%2Compare
Dodge & Cox1.4%2Compare
Harris Associates LP1.4%2Compare
Freestone Grove Partners LPat least 1.0%1Compare
T. Rowe Price Associates Incat least 0.9%3Compare

“At least” where either manager has more positions than are read each quarter: a stock both hold below that range is not counted.

The filings behind it

Every quarter above is one 13F holdings report, with any amendment the filer made to it applied in the order it was filed. Where the reporting entity changed, each quarter keeps the filer that actually reported it.

QuarterFilerBookAmendedFiling
Q2 2026Trian Fund Management LP$4.2bn13F-HR
Q1 2026Trian Fund Management LP$3.9bn13F-HR
Q4 2025Trian Fund Management LP$4.0bn13F-HR
Q3 2025Trian Fund Management LP$4.1bn13F-HR
Q2 2025Trian Fund Management LP$3.8bn13F-HR
Q1 2025Trian Fund Management LP$3.7bn13F-HR
Q4 2024Trian Fund Management LP$3.9bn13F-HR
Q3 2024Trian Fund Management LP$3.9bn13F-HR
Q2 2024Trian Fund Management LP$4.1bn13F-HR
Q1 2024Trian Fund Management LP$8.0bn13F-HR
Q4 2023Trian Fund Management LP$7.0bn13F-HR
Q3 2023Trian Fund Management LP$6.6bn13F-HR
Q2 2023Trian Fund Management LP$3.9bn13F-HR
Q1 2023Trian Fund Management LP$3.8bn13F-HR
Q4 2022Trian Fund Management LP$4.9bn13F-HR
Q3 2022Trian Fund Management LP$3.8bn13F-HR
Q2 2022Trian Fund Management LP$4.5bn13F-HR
Q1 2022Trian Fund Management LP$6.0bn13F-HR
Q4 2021Trian Fund Management LP$7.5bn13F-HR
Q3 2021Trian Fund Management LP$8.0bn13F-HR
Q2 2021Trian Fund Management LP$8.6bn13F-HR
Q1 2021Trian Fund Management LP$8.5bn13F-HR
Q4 2020Trian Fund Management LP$6.8bn13F-HR
Q3 2020Trian Fund Management LP$6.1bn13F-HR
Q2 2020Trian Fund Management LP$5.5bn213F-HR
Q1 2020Trian Fund Management LP$6.9bn13F-HR
Q4 2019Trian Fund Management LP$9.5bn13F-HR
Q3 2019Trian Fund Management LP$9.6bn13F-HR
Q2 2019Trian Fund Management LP$9.5bn13F-HR
Q1 2019Trian Fund Management LP$9.3bn13F-HR
Q4 2018Trian Fund Management LP$9.2bn13F-HR
Q3 2018Trian Fund Management LP$10.3bn13F-HR
Q2 2018Trian Fund Management LP$10.3bn113F-HR
Q1 2018Trian Fund Management LP$9.9bn13F-HR
Q4 2017Trian Fund Management LP$11.8bn13F-HR
Q3 2017Trian Fund Management LP$13.0bn13F-HR
Q2 2017Trian Fund Management LP$13.3bn13F-HR
Q1 2017Trian Fund Management LP$13.3bn13F-HR
Q4 2016Trian Fund Management LP$11.1bn13F-HR
Q3 2016Trian Fund Management LP$10.2bn13F-HR
Q2 2016Trian Fund Management LP$10.5bn13F-HR
Q1 2016Trian Fund Management LP$10.4bn13F-HR
Q4 2015Trian Fund Management LP$12.3bn13F-HR
Q3 2015Trian Fund Management LP$11.7bn13F-HR
Q2 2015Trian Fund Management LP$10.4bn113F-HR
Q1 2015Trian Fund Management LP$8.6bn13F-HR
Q4 2014Trian Fund Management LP$9.4bn13F-HR
Q3 2014Trian Fund Management LP$7.6bn13F-HR
Q2 2014Trian Fund Management LP$6.8bn13F-HR
Q1 2014Trian Fund Management LP$6.1bn113F-HR
Q4 2013Trian Fund Management LP$5.9bn13F-HR
Q3 2013Trian Fund Management LP$5.5bn13F-HR
Q2 2013Trian Fund Management LP$5.1bn13F-HR

Reading this record

A 13F lists US-listed long equity and options at the quarter end, filed up to 45 days later. It shows what was held, not when it was bought or at what price, and nothing short. Where a quarter lists only the largest positions, a name missing from it may still be held below that range; the counts of what was opened and sold always cover the whole filing.

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