Trian Fund Management, L.P. holds a concentrated book of 8 reported positions worth $4.2B as of Q2 2026 (disclosed Aug 12, 2026, a ~43-day 13F lag). This quarter they trimmed Janus Henderson Group PLC. Their largest long position is General Electric at 36% of the reported non-option book. Cloning the disclosed picks since 2013 would be +251% (+10.3%/yr). That is a simulation of the disclosed long book, not audited returns.
The reported book (valued from quarter-end) returned +391.2%, a 140.2-point gap that is the cost of the ~43-day 13F disclosure lag a real follower can't avoid.
Growth of $10,000 cloning Trian Fund Management, L.P.'s disclosed long 13F book, rebalanced on each filing date (so it reflects each quarter's actual reporting lag, ~43 days for the latest filing, with no look-ahead), total-return basis (dividends reinvested), derived from end-of-day prices. “Their reported book” values the same picks from quarter-end, before they were public. S&P 500 is SPY total return over the same window. Excludes shorts, cash, options and non-13F holdings. Not investment advice.
Top-heavy: concentrated book
Share of the disclosed book in its largest positions. A higher top-5 share means a more concentrated, higher-conviction portfolio.
94% mapped to company sectors
+1 sector below the cut, under 0.5% together
Direct operating-company sectors from our SIC-based security master. ETF/fund and unclassified holdings stay visible separately; this is not ETF look-through exposure.
Estimated $ traded · quarter-end prices (an exit at the prior quarter-end), no cost basis
Other tracked managers holding the same core names as Trian Fund Management, L.P.
| Manager / fund | Shared names | Their $ in those |
|---|---|---|
| Madison Avenue Partners, LP | 2 / 8 | $324.0M |
| Newport Trust Company, LLC | 2 / 8 | $3.5B |
| Night Owl Capital Management, LLC | 2 / 8 | $77.2M |
| Codex Capital Asset Management L.L.C. | 2 / 8 | $21.8M |
| Credit Industriel Et Commercial | 2 / 8 | $109.8M |
| Terril Brothers, Inc. | 2 / 8 | $27.3M |
| Tandem Capital Management Corp | 2 / 8 | $14.8M |
| Grandfield & Dodd, LLC | 3 / 8 | $107.3M |
Ranked by the share of each fund's own book sitting in the names it shares with Trian Fund Management, L.P.: only funds sharing at least a tenth of the book qualify. Index giants, bank custody books and market makers are excluded. They hold everything, so their overlap says nothing.
Bars show each position's share of the portfolio. Click a row for its position history.
| # | Security | Value | Shares | % Port | Last move | History |
|---|---|---|---|---|---|---|
| 1 | GE Aerospace COM NEW | $1.5B | 4.03M | 35.6% | —Held | |
| 2 | Janus Henderson Group plc ORD SHS | $1.3B | 25.65M | 31.5% | ▼−19% Reduced · −6.2M sh | |
| 3 | Solventum Corporation COM SHS | $635.5M | 8.24M | 15.0% | —Held | |
| 4 | Ferguson Plc New SHS | $257.8M | 1.09M | 6.1% | —Held | |
| 5 | Wendys Co. COM | $252.6M | 30.47M | 6.0% | ▲+0.1% Added · +22K sh | |
| 6 | GE HealthCare Technologies Inc. COM | $197.5M | 3.09M | 4.7% | ▲763× Added · +3.1M sh | |
| 7 | Invesco Ltd. SHS | $42.9M | 1.63M | 1.0% | ▼−45% Reduced · −1.3M sh | |
| 8 | Magnum Ice Cream Co NV ORD SHS | $4.2M | 241.0K | 0.1% | —Held |
This fund page is the Follow view. The Build view lets your agent pull holdings, quarter changes, overlap, and source filings through API or MCP.
curl -H "Authorization: Bearer YOUR_API_KEY" \ "https://arkolith.com/api/v1/funds/1345471/holdings"
Use Arkolith to show TRIAN FUND MANAGEMENT, L.P.'s latest holdings, largest changes, and filing provenance.
As-of date vs the date the SEC received each filing
Reported 13F total per quarter. Raw filing totals can include option notional.
| Quarter | As of | Filed | Lag | Positions | Value | Form |
|---|---|---|---|---|---|---|
| Q2 2026 | Jun 30, 2026 | Aug 12, 2026 | 43d | 9 | $4.2B | 13F-HR |
| Q1 2026 | Mar 31, 2026 | May 15, 2026 | 45d | 9 | $3.9B | 13F-HR |
| Q4 2025 | Dec 31, 2025 | Feb 17, 2026 | 48d | 8 | $4.0B | 13F-HR |
| Q3 2025 | Sep 30, 2025 | Nov 14, 2025 | 45d | 8 | $4.1B | 13F-HR |
| Q2 2025 | Jun 30, 2025 | Aug 14, 2025 | 45d | 11 | $3.8B | 13F-HR |
| Q1 2025 | Mar 31, 2025 | May 15, 2025 | 45d | 11 | $3.7B | 13F-HR |
| Q4 2024 | Dec 31, 2024 | Feb 14, 2025 | 45d | 11 | $3.9B | 13F-HR |
| Q3 2024 | Sep 30, 2024 | Nov 13, 2024 | 44d | 11 | $3.9B | 13F-HR |
| Q2 2024 | Jun 30, 2024 | Aug 14, 2024 | 45d | 14 | $4.1B | 13F-HR |
| Q1 2024 | Mar 31, 2024 | May 15, 2024 | 45d | 12 | $8.0B | 13F-HR |
| Q4 2023 | Dec 31, 2023 | Feb 14, 2024 | 45d | 12 | $7.0B | 13F-HR |
| Q3 2023 | Sep 30, 2023 | Nov 14, 2023 | 45d | 12 | $6.6B | 13F-HR |
| Q2 2023 | Jun 30, 2023 | Aug 15, 2023 | 46d | 8 | $3.9B | 13F-HR/A |
| Q1 2023 | Mar 31, 2023 | May 15, 2023 | 45d | 8 | $3.8B | 13F-HR |
| Q4 2022 | Dec 31, 2022 | Feb 15, 2023 | 46d | 9 | $4.9B | 13F-HR/A |
| Q3 2022 | Sep 30, 2022 | Nov 14, 2022 | 45d | 9 | $3.8B | 13F-HR |
| Q2 2022 | Jun 30, 2022 | Aug 12, 2022 | 43d | 9 | $4.5B | 13F-HR |
| Q1 2022 | Mar 31, 2022 | May 13, 2022 | 43d | 9 | $6.0B | 13F-HR |
| Q4 2021 | Dec 31, 2021 | Feb 11, 2022 | 42d | 10 | $7.5B | 13F-HR |
| Q3 2021 | Sep 30, 2021 | Nov 12, 2021 | 43d | 10 | $8.0B | 13F-HR |
| Q2 2021 | Jun 30, 2021 | Aug 13, 2021 | 44d | 10 | $8.6B | 13F-HR |
Founding Partner and CEO of Trian Fund Management.
Holdings from SEC EDGAR 13F-HR filings, updated quarterly, filed up to 45 days after quarter-end. Public domain. Book totals and portfolio weights cover reported non-option positions, which can include notes and warrants. Disclosed put/call options are listed separately and excluded from those totals. The performance line is a simulation of the disclosed long book, not an audited return.