{"url":"https://nivawealth.com/firms/trian-fund-management-154172","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/154172","regulatoryAum":10392850137,"crd":"154172","secFileNumber":"801-71968","legalName":"Trian Fund Management, L.P.","displayName":"Trian Fund Management","website":null,"linkedinUrl":"https://www.linkedin.com/company/trian-fund-management-l-p-","founded":null,"organization":"Delaware limited partnership","fiscalYearEnd":"December","headquarters":{"street":"280 Park Avenue","city":"New York","state":"NY","stateName":"New York","country":"United States","postalCode":"10017-1217"},"tradeNames":["Trian Partners"],"registration":{"secApproved":"23 November 2010","noticeFilings":null,"latestNoticeFiling":null},"staff":{"employees":34,"advisory":14,"brokerDealerReps":0,"insuranceAgents":0,"promoters":0},"aum":{"discretionary":8304891721,"discretionaryAccounts":25,"nonDiscretionary":2087958416,"nonDiscretionaryAccounts":4,"wrapProgram":null,"nonUsClientsPct":52,"nonAumClients":0},"clientTypes":[{"label":"High-net-worth individuals","clients":2,"regulatoryAum":387958416},{"label":"Pooled investment vehicles","clients":27,"regulatoryAum":10004891721}],"fees":[],"feeNotes":[],"custodians":[{"name":"Merrill Lynch, Pierce, Fenner & Smith Incorporated","shortName":"Merrill Lynch, Pierce, Fenner & Smith","location":"New York, NY","smaAssets":216075612},{"name":"Bank of America, N.A.","shortName":"Bank of America, N.A.","location":"New York, NY","smaAssets":126095683},{"name":"UBS Financial Services Inc.","shortName":"UBS Financial Services","location":"Weehawken, NJ","smaAssets":45787121}],"custodyNote":"Trian Fund Management has custody of $3.13B for 5 clients.","otherCustodians":[],"leadership":[{"name":"Nelson Peltz","title":"Chief Executive Officer, Limited Partner and Investment Committee Member","crd":"1934519"},{"name":"Peter May","title":"President, Limited Partner and Investment Committee Member","crd":"1934520"},{"name":"Leonard Weedman","title":"Chief Financial Officer","crd":"7129429"},{"name":"Mark Lavelle","title":"Chief Compliance Officer and Assistant General Counsel","crd":"8240777"},{"name":"Brian Baldwin","title":"Investment Committee Member","crd":"4972969"},{"name":"Joshua Frank","title":"Investment Committee Member","crd":"7358354"},{"name":"Daniel Marx","title":"General Counsel","crd":"5174363"},{"name":"Darren Peltz","title":"Investment Committee Member and Limited Partner","crd":"8057555"},{"name":"Brian Schorr","title":"Chief Legal Officer and Investment Committee Member","crd":"5862023"}],"ownership":[{"label":"Nelson Peltz","detail":"Chief executive officer, limited partner and investment committee member in the 50% to 75% ownership band and a control person, since September 2005. Also a member, chief executive officer and investment committee member of Trian Fund Management GP, LLC in the 25% to 50% band and a control person, since September 2005."},{"label":"Peter May","detail":"President, limited partner and investment committee member in the 5% to 10% ownership band and a control person, since September 2005. Also a member, president and investment committee member of Trian Fund Management GP, LLC in the 25% to 50% band and a control person, since September 2005."},{"label":"Darren Peltz","detail":"Investment committee member and limited partner in the 10% to 25% ownership band and a control person, since January 2025. Also member and investment committee member of Trian Fund Management GP, LLC and a control person, since January 2025."},{"label":"Joshua Frank","detail":"Indirect owner: investment committee member of Trian Fund Management GP, LLC and a control person, since May 2023.","parent":"Trian Fund Management GP, LLC"},{"label":"Brian Schorr","detail":"Indirect owner: chief legal officer and investment committee member of Trian Fund Management GP, LLC and a control person, since May 2023.","parent":"Trian Fund Management GP, LLC"},{"label":"Brian Baldwin","detail":"Indirect owner: investment committee member of Trian Fund Management GP, LLC and a control person, since May 2023.","parent":"Trian Fund Management GP, LLC"}],"branchOffices":null,"filedOffices":{"otherThanPrincipal":1,"privateResidences":0},"listedOfficeAddresses":2,"officesByState":[{"state":"Florida","offices":1,"addresses":[{"street":"223 Sunset Avenue","city":"Palm Beach"}]},{"state":"New York","offices":1,"addresses":[{"street":"280 Park Avenue","city":"New York","headquarters":true}]}],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"212-451-3000","stateRegisteredReps":0,"otherAdviserReps":0,"compensation":["A percentage of assets under management","Performance-based fees"],"activities":["Portfolio management for pooled investment vehicles (other than investment companies)","Other"],"financialPlanningClients":null,"assetMix":[{"label":"Exchange-traded equity securities","percent":19},{"label":"Non-exchange-traded equity securities","percent":81}],"privateFunds":22},"sources":{"adv1FilingDate":"31 July 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/154172/PDF/154172.pdf","brochureDate":null,"brochureUrl":null,"iapdCompiledDate":null,"retrievedDate":"15 October 2026","retrievedOn":"2026-10-15","adv1Pages":{},"brochurePages":{}},"otherBusiness":[],"faq":[{"question":"How many clients does Trian Fund Management have?","answer":"Trian Fund Management has 29 clients and manages $10.4 billion for them, as of July 2026. They include 27 pooled investment vehicles and 2 high-net-worth individuals.","source":"Form ADV Part 1A, Items 5.D and 5.F, filed 31 July 2026","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does Trian Fund Management offer?","answer":"Trian Fund Management provides portfolio management for pooled vehicles and other activities.","source":"Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Which custodians does Trian Fund Management use?","answer":"Trian Fund Management’s separately managed account assets are held at Merrill Lynch, Pierce, Fenner & Smith Incorporated (New York, NY), with $216,075,612, Bank of America, N.A. (New York, NY), with $126,095,683 and UBS Financial Services Inc. (Weehawken, NJ), with $45,787,121. Only custodians holding at least a tenth of those assets are named.","source":"Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 31 July 2026","sourceRef":{"doc":"adv1","section":"custodians"}},{"question":"How many financial advisors does Trian Fund Management have?","answer":"Trian Fund Management has 0 investment adviser representatives registered with state securities authorities, out of 34 employees, and 14 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.","source":"Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What does Trian Fund Management invest in?","answer":"At the end of its last fiscal year, Trian Fund Management’s separately managed accounts held 81% non-exchange-traded equities and 19% exchange-traded equities. It advises 22 private funds.","source":"Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Who owns Trian Fund Management?","answer":"Trian Fund Management’s direct owners are Nelson Peltz (50% to 75%), Peter May (5% to 10%) and Darren Peltz (10% to 25%).","source":"Form ADV Part 1A, Schedules A and B, filed 31 July 2026","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does Trian Fund Management get paid?","answer":"Trian Fund Management is paid through a percentage of assets under management and performance-based fees. Its Form ADV lists no commissions among how it is paid.","source":"Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}}],"holdings":{"url":"https://nivawealth.com/firms/trian-fund-management-154172/holdings","form":"13F-HR","periodOfReport":"2026-06-30","filedOn":"2026-08-12","filingIndexUrl":"https://www.sec.gov/Archives/edgar/data/1345471/000134547126000035/0001345471-26-000035-index.html","totalValue":4230905202,"positionCount":8,"top10Share":1,"top10":[{"issuer":"GE Aerospace","titleOfClass":"COM NEW","cusip":"369604301","value":1506417803,"shares":4030765,"shareType":"SH","priorValue":1143810184,"priorShares":4030765},{"issuer":"Janus Henderson Group plc","titleOfClass":"ORD SHS","cusip":"G4474Y214","value":1334027864,"shares":25654382,"shareType":"SH","priorValue":1637048886,"priorShares":31867800},{"issuer":"Solventum Corporation","titleOfClass":"COM SHS","cusip":"83444M101","value":635465494,"shares":8236753,"shareType":"SH","priorValue":537859971,"priorShares":8236753},{"issuer":"Ferguson Plc New","titleOfClass":"SHS","cusip":"G3421J106","value":257825107,"shares":1086357,"shareType":"SH","priorValue":253403634,"priorShares":1086357},{"issuer":"Wendys Co.","titleOfClass":"COM","cusip":"95058W100","value":252583318,"shares":30468434,"shareType":"SH","priorValue":211599853,"priorShares":30446022},{"issuer":"GE HealthCare Technologies Inc.","titleOfClass":"COM","cusip":"36266G107","value":197492869,"shares":3085344,"shareType":"SH","priorValue":287852,"priorShares":4044},{"issuer":"Invesco Ltd.","titleOfClass":"SHS","cusip":"G491BT108","value":42896206,"shares":1625472,"shareType":"SH","priorValue":72164230,"priorShares":2970944},{"issuer":"Magnum Ice Cream Co NV","titleOfClass":"ORD SHS","cusip":"N5505D105","value":4196541,"shares":241042,"shareType":"SH","priorValue":3603578,"priorShares":241042}],"positionsListed":8,"positions":[{"issuer":"GE Aerospace","titleOfClass":"COM NEW","cusip":"369604301","value":1506417803,"shares":4030765,"shareType":"SH","priorValue":1143810184,"priorShares":4030765},{"issuer":"Janus Henderson Group plc","titleOfClass":"ORD SHS","cusip":"G4474Y214","value":1334027864,"shares":25654382,"shareType":"SH","priorValue":1637048886,"priorShares":31867800},{"issuer":"Solventum Corporation","titleOfClass":"COM SHS","cusip":"83444M101","value":635465494,"shares":8236753,"shareType":"SH","priorValue":537859971,"priorShares":8236753},{"issuer":"Ferguson Plc New","titleOfClass":"SHS","cusip":"G3421J106","value":257825107,"shares":1086357,"shareType":"SH","priorValue":253403634,"priorShares":1086357},{"issuer":"Wendys Co.","titleOfClass":"COM","cusip":"95058W100","value":252583318,"shares":30468434,"shareType":"SH","priorValue":211599853,"priorShares":30446022},{"issuer":"GE HealthCare Technologies Inc.","titleOfClass":"COM","cusip":"36266G107","value":197492869,"shares":3085344,"shareType":"SH","priorValue":287852,"priorShares":4044},{"issuer":"Invesco Ltd.","titleOfClass":"SHS","cusip":"G491BT108","value":42896206,"shares":1625472,"shareType":"SH","priorValue":72164230,"priorShares":2970944},{"issuer":"Magnum Ice Cream Co NV","titleOfClass":"ORD SHS","cusip":"N5505D105","value":4196541,"shares":241042,"shareType":"SH","priorValue":3603578,"priorShares":241042}]},"notice":"Compiled from public SEC Form ADV filings on the dates in `sources`. Facts as filed; not a rating, ranking, or recommendation. Niva Wealth is not affiliated with this firm. Disciplinary history is deliberately not included here or on the page; the SEC publishes the complete record at the `iapdUrl` above."}