Investing

Billionaire Nelson Peltz Has 67% of His Hedge Fund’s $3.9 Billion Portfolio Invested in Just 3 Stocks

Will Ashworth

Published: March 8, 2025 9:02 am

Last Updated: March 8, 2025 9:39 am

2024 was quite a year for Nelson Peltz’s hedge fund, Trian Fund Management. 

Not only did the billionaire sell his firm’s stake in Disney (NYSE:DIS) for a significant profit, he also stepped down as chair of the Wendy’s (NYSE:WEN) board in September, after 17 years involved with the fast food burger chain. 

Peltz, who remains involved as chairman emeritus, stepped out of the limelight so that CEO Kirk Tanner, who was recruited from PepsiCo (NASDAQ:PEP) in January of last year, could take complete control of the chain’s operations as it works to turnaround its business. This move also allows Peltz, no spring chicken at 82, to attend to other commitments. 

The hedge fund finished 2024 with just 11 stocks (9 companies) worth $3.9 billion, an average of $353 million per stock. That’s down slightly from the average of $354 million at the end of September. 

Amazingly, despite owning only nine names as of Dec. 31, Peltz made six moves in the fourth quarter. 

However, the most crucial fact about Trian’s portfolio is that the hedge fund has 67% invested in three stocks. 

Here’s why.

Key Points About This Article:

• Billionaire hedge fund investor Nelson Peltz has 67% of his hedge fund’s.9 billion in assets invested in three stocks. 
• While you would think Wendy’s (NYSE:WEN) would be Trian Fund Management’s largest holding, that designation goes to Janus Henderson Group (NYSE:JHG).
• Investments in two industrial conglomerate-related businesses account for nearly 32% of the hedge fund’s net assets. 
• Sit back and let dividends do the heavy lifting for a simple, steady path to serious wealth creation over time. Grab a free copy of “2 Legendary High-Yield Dividend Stocks” now.

Wendy’s Isn’t in the Top 3

However, despite the slight drop in weight during the quarter, Trian purchased an additional 12,434 shares in the burger chain, bringing its ownership stake to 14.97%.

According to WhaleWisdom.com, the hedge fund first acquired shares in the company in Q1 2011. It’s estimated that it paid an average price per share of $11.39. The company trades around $15.10, which suggests that the hedge fund likely moved its stake up and down over the years, generating profits when the price was high and buying more when it was low.  

For example, the hedge fund sold 1.88 million shares in Q4 2023, representing a 5.7% reduction in its position. Wendy’s shares traded over $20 at the time, and Disney accounted for nearly 42% of the hedge fund’s assets. 

The Big Kahuna in Q4 2024

Trian’s largest position at the end of 2024 was in Janus Henderson Group (NYSE:JHG), a struggling asset management firm whose share price dropped from nearly $50 in late 2021 to $20 a year later. 

The hedge fund first acquired shares in the company in Q3 2020. Peltz is estimated to have paid $29.20 a share. They’re about 30% higher today. 

When Peltz first became involved with Janus Henderson in 2020, it acquired a nearly 10% stake in Invesco (NYSE:IVZ), a rival asset manager. SEC filings at the time clearly show that the billionaire wanted the two firms to merge, delivering substantial cost savings while scaling their asset management business. 

As of Sept. 30, 2020, Trian owned 17.67 million of Janus Henderson and 36.74 million shares of Invesco. Today, the hedge fund owns 20.04% of the former (31.87 million shares), making it Peltz’s largest holding, accounting for 34.93% of net assets. Invesco is the hedge fund’s fifth-largest position, accounting for 10.44% of its portfolio (23.17 million shares), down about 37% from 2020.

Peltz has a higher opinion of Janus Henderson than Invesco, but a merger could benefit his hedge fund investors. Although Peltz doesn’t serve on Janus’s board, two of his colleagues at Trian do.

Trian last bought JHG stock in Q1 2022, acquiring 3.6 million shares in the quarter, bringing its holdings to 31.87 million, where it sits today.

The Other Two Significant Positions

Trian’s second and third-largest positions at the end of 2024 were GE Aerospace (NYSE:GE) and Solventum (NYSE:SOLV), the 3M (NYSE:MMM) health care spinoff. 

Given the slicing and dicing that GE CEO Larry Culp has done in the last few years to deliver additional shareholder value, it’s not a quick calculation to figure out how much Peltz has made of the former conglomerate, whose shares he first acquired in Q2 2015, over three years before Culp would be lured out of retirement–he joined the GE board in April 2015–to become its savior. 

Today, Trian owns 4.03 million shares, accounting for 17.32% of its portfolio. 

In the fourth quarter, the hedge fund purchased an additional 1.34 million shares of Solventum, bringing its ownership stake to 4.9% of the company, and accounting for 14.41% of its portfolio, up 164 basis points from Q3 2024. 

Peltz has continued to advocate for the company’s simplification. On that front, Solventum announced on Feb. 25 that it would sell its Purification & Filtration business to Thermo Fisher Scientific (NYSE:TMO) for $4.1 billion, generating $3.4 billion in net proceeds. 

“Inside of 3M, Solventum averaged 3-4% organic growth and a 26-27% EBIT margin,” Trian stated in its Feb. 26 press release. “Trian believes that Solventum should be able to deliver faster organic growth and higher margins as a focused, standalone company. Trian looks forward to the Company delivering a Long Range Plan that reflects the business’ potential when it hosts its investor day in March.”    

While the hedge fund has yet to hit a home run on Solventum—Trian first acquired shares in Q2 2024—it looks like the squeaky wheel is getting grease.