Institutional Manager · CIK 0001345471

TRIAN FUND MANAGEMENT, L.P.

NEW YORK, NY · File #028-12039

Latest AUM

$3.98B

Positions

Top-10 Concentration

100.0%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
REDUCE	Invesco Ltd.	IVZ	-11,657,511	-$306.2M	+$48.7M
REDUCE	Solventum Corporation	SOLV	-226,066	-$17.9M	+$52.8M
ADD	GE Aerospace	369604301	+552	+$170,033	+$29.1M
ADD	Wendys Co.	95058W100	+3,295	+$27,447	-$12.9M
ADD	GE HealthCare Technologies Inc.	GEHC	+15	+$1,230	+$27,881
REDUCE	Ferguson Plc New	G3421J106	0	$0	-$2.1M
REDUCE	Janus Henderson Group plc	JHG	0	$0	+$97.5M

Sector Allocation

Financials

40.0%$1.59B

Healthcare

16.4%$653.0M

Filing History

Feb 17, 202613F HOLDINGS REPORTQ/E Dec 20258 pos · $3.98B
Nov 14, 202513F HOLDINGS REPORTQ/E Sep 20258 pos · $4.11B
Aug 14, 202513F HOLDINGS REPORTQ/E Jun 202511 pos · $3.79B
May 15, 202513F HOLDINGS REPORTQ/E Mar 202511 pos · $3.74B
Feb 14, 202513F HOLDINGS REPORTQ/E Dec 202411 pos · $3.88B
Nov 13, 202413F HOLDINGS REPORTQ/E Sep 202411 pos · $3.89B
Aug 14, 202413F HOLDINGS REPORTQ/E Jun 202414 pos · $4.10B
May 15, 202413F HOLDINGS REPORTQ/E Mar 202412 pos · $8.02B
Nov 14, 202313F HOLDINGS REPORTQ/E Dec 202312 pos · $6.57B

Top 8 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	Janus Henderson Group plc	JHG	31,867,800	$1.52B	38.05%
2	GE Aerospace	369604301	4,030,765	$1.24B	31.16%
3	Solventum Corporation	SOLV	8,236,753	$652.7M	16.38%
4	Ferguson Plc New	G3421J106	1,086,357	$241.9M	6.07%
5	Wendys Co.	95058W100	15,496,852	$129.1M	3.24%
6	Wendys Co.	95058W100	14,943,466	$124.5M	3.12%
7	Invesco Ltd.	IVZ	2,970,944	$78.0M	1.96%
8	GE HealthCare Technologies Inc.	GEHC	4,044	$331,689	0.01%