Insight into the Strategic Moves of a Veteran Investor

Nelson Peltz (Trades, Portfolio), renowned for his strategic investment approaches through Trian Fund Management, has made significant changes to his portfolio in the third quarter of 2024. As CEO and a Founding Partner since November 2005, Peltz has a reputation for selecting undervalued and underperforming companies where he can drive value through operational and strategic improvements. His investment philosophy focuses on long-term, operational engagement, and he is known for his roles at major companies like The Wendys Company and Procter & Gamble.

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Key Position Increases

Nelson Peltz (Trades, Portfolio) has strategically increased his stakes in several companies during this quarter:

• Solventum Corp (NYSE:SOLV) saw an addition of 1,765,676 shares, bringing the total to 7,126,255 shares. This adjustment marks a significant 32.94% increase in share count and a 3.16% impact on the current portfolio, totaling a value of $496,842,500.

• U-Haul Holding Co (NYSE:UHAL.B) also experienced an increase with an additional 139,755 shares, bringing the total to 1,049,055. This represents a 15.37% increase in share count, with a total value of $75,531,960.

Summary of Sold Out Positions

In a notable portfolio adjustment, Nelson Peltz (Trades, Portfolio) exited positions in two companies:

• The Walt Disney Co (NYSE:DIS): All 2,645,583 shares were sold, resulting in a -6.41% impact on the portfolio.

• Rentokil Initial PLC (NYSE:RTO): The complete liquidation of 470,000 shares caused a -0.34% impact on the portfolio.

Key Position Reductions

Reductions were also prominent in Peltz's Q3 portfolio adjustments:

• Allstate Corp (NYSE:ALL) saw a reduction of 1,400,061 shares, a -69.53% decrease, impacting the portfolio by -5.45%. The stock traded at an average price of $177.59 during the quarter and has returned 15.30% over the past three months and 43.26% year-to-date.

• Ferguson Enterprises Inc (NYSE:FERG) was reduced by 683,053 shares, a -34.96% decrease, impacting the portfolio by -3.23%. The stock traded at an average price of $202.58 during the quarter and has returned 1.61% over the past three months and 7.68% year-to-date.

Portfolio Overview

As of the third quarter of 2024, Nelson Peltz (Trades, Portfolio)'s portfolio included 10 stocks. The top holdings were 31.18% in Janus Henderson Group PLC (NYSE:JHG), 19.53% in GE Aerospace (NYSE:GE), 13.74% in The Wendys Co (NASDAQ:WEN), 12.77% in Solventum Corp (NYSE:SOLV), and 10.46% in Invesco Ltd (NYSE:IVZ). The holdings are mainly concentrated in four industries: Financial Services, Industrials, Consumer Cyclical, and Healthcare.