Trian Fund Management Boosts Stakes in Ferguson and Wendy's, Reduces Holdings in Invesco, Allstate, and U-Haul.

Trian Fund Management, led by Nelson Peltz, increased its stakes in Ferguson and Wendy's during the second quarter. The fund reduced its stakes in Invesco, Allstate, and U-Haul. As of June 30, Trian's top holdings were Janus Henderson, GE Aerospace, Solventum, Wendy's, and Ferguson.

In the second quarter of 2025, Trian Fund Management, led by billionaire activist investor Nelson Peltz, made significant adjustments to its portfolio. According to an SEC filing, Trian increased its stakes in Ferguson Enterprises (FERG) and Wendy's (WEN), while reducing its holdings in Invesco (IVZ), Allstate (ALL), and U-Haul (UHAL) [1].

As of June 30, 2025, Trian's top holdings were Janus Henderson (JHG), GE Aerospace (GE), Solventum (SOLV), Wendy's, and Ferguson. The fund's increase in stakes in Ferguson and Wendy's suggests a bullish outlook on these companies. Conversely, the reduction in stakes in Invesco, Allstate, and U-Haul indicates a potential bearish stance on these entities [2].

The changes in Trian's portfolio reflect a strategic shift, aligning with the fund's active investment approach. Nelson Peltz's Trian Fund Management is known for its activist investing style, often taking significant stakes in companies to influence management decisions and drive value creation.

Trian's increased stake in Wendy's (WEN) is particularly notable. Wendy's recently revised its 2025 outlook, projecting a global sales decline of 3% to 5% amid U.S. headwinds [3]. Despite this, Trian's confidence in Wendy's potential for growth is evident in the fund's increased stake.

The fund's reduction in stakes in Invesco, Allstate, and U-Haul suggests a reassessment of these companies' growth prospects. However, Trian's decision to reduce stakes does not necessarily indicate a lack of confidence in these companies but rather a realignment of its investment strategy.

Overall, Trian Fund Management's Q2 2025 portfolio adjustments reflect a strategic and active approach to investing. The fund's increased stakes in Ferguson and Wendy's, coupled with its reduced stakes in Invesco, Allstate, and U-Haul, demonstrate a nuanced understanding of the market and a commitment to value creation.

References:
[1] https://www.tipranks.com/news/the-fly/trian-takes-boosts-stakes-in-ferguson-wendys-thefly
[2] https://seekingalpha.com/news/4485773-nelson-peltzs-trian-fund-boosts-wendys-cuts-invesco-in-q2
[3] https://seekingalpha.com/news/4485739-cdp-holdings-declares-0_305-dividend