Trian Fund Invests in U-Haul and Sells Sysco Stake

In a recent securities filing, Trian Fund Management, led by activist investor Nelson Peltz, disclosed several new positions, highlighting a strategic expansion in its investment portfolio. The fund has acquired a $283 million stake in Solventum, a healthcare company that was spun off from 3M earlier this year. Additionally, Trian has invested nearly $80 million in U-Haul Holding and established a $14 million position in British pest control firm Rentokil Initial, which had been previously reported in June. While Peltz is known for his activist approach, it remains uncertain whether Trian has engaged directly with the management of these newly acquired companies. The filing also reveals that Trian has exited its position in Sysco Corp., which was valued at over $99 million at the end of the first quarter. Furthermore, the fund has reduced its stakes in several other companies, including a significant cut of approximately 20% in its holdings of both Invesco and Ferguson. Notably, Trian has nearly divested its entire stake in Disney, likely a consequence of Peltz's recent defeat in a proxy battle aimed at instigating board changes at the entertainment giant. These quarterly hedge fund filings provide a snapshot of holdings at the end of the reporting period but do not detail the timing of specific trades or any derivative positions that may exist alongside equity investments.