Trian Fund Management 13F: Q2 2026 Portfolio — $4.23B Across 8 Positions

In Q2 2026, the portfolio remained fully concentrated in its eight reported holdings, with the top 10 weight at 100.0%. The largest positions were unchanged on balance: Ge Aerospace at 35.61% and Solventum at 15.02% both show hold actions with 0.0% reported share change, keeping the core largely intact.

The quarter’s most notable shift was the trim in Janus Henderson Group, which fell from its prior share level (trim action with -19.5 change), taking weight down from the prior ranking. Against that, Trian added to Ge Healthcare Technologies, moving it into a more meaningful role with an add action and a very large share count increase (change of 76194.4). The remaining smaller holdings were largely steady, including Ferguson (hold, 0.0) and Wendys (hold, 0.1), reinforcing a theme of consolidating conviction in the biggest names rather than broadening.

Overall, with 1 add and 2 trims alongside 5 holds, the filing reads as a rotation within a concentrated framework: trimming one large external exposure (Janus Henderson Group) while increasing another (Ge Healthcare Technologies) while maintaining the heavyweights at the top.

A Form 13F is a quarterly snapshot institutional managers with over $100M in US-listed assets must file within 45 days of quarter end. It shows long equity positions only: no short book, no cash, no non-US listings, no timing inside the quarter. Treat it as a delayed map of where the manager's conviction sat on the reporting date — not a live portfolio, and not a buy list.