Trian Fund Management, L.P.

Period:: Q1 2026
Portfolio date:: Mar 31, 2026
No. of stocks:: 8
Portfolio value:: $3,859,779,000
Filed:: May 15, 2026
CIK:: 1345471

Hist	Stock	Activity	Share change	% change to portfolio
Q4 2025filed Feb 17, 261 reduced
≡	IVZ – Invesco Ltd.	Reduce 80.00%	−11,657,511	−6.21
Q3 2025filed Nov 14, 253 exited
≡	UHAL – U-Haul Holding Company	Sell	−353,335	−0.56
≡	ALL – The Allstate Corporation	Sell	−99,955	−0.53
≡	UHAL.B – U-Haul Holding Company - B	Sell	−338,031	−0.48
Q2 2025filed Aug 14, 251 added4 reduced
≡	IVZ – Invesco Ltd.	Reduce 37.00%	−8,544,987	−3.33
≡	UHAL.B – U-Haul Holding Company - B	Reduce 70.00%	−786,669	−1.30
≡	ALL – The Allstate Corporation	Reduce 69.00%	−217,695	−1.23
≡	UHAL – U-Haul Holding Company	Reduce 46.00%	−298,665	−0.58
Q1 2025filed May 15, 251 reduced
≡	FERG – Ferguson Plc New	Reduce 18.00%	−228,509	−1.21
Q4 2024filed Feb 14, 253 added1 reduced
≡	ALL – The Allstate Corporation	Reduce 50.00%	−306,725	−1.47
Q3 2024filed Nov 13, 243 added3 reduced2 exited
≡	DIS – The Walt Disney Company	Sell	−2,645,583	−6.41
≡	ALL – The Allstate Corporation	Reduce 70.00%	−1,400,061	−4.85
≡	GEHC – GE HealthCare Technologies Inc.	Reduce 100.00%	−1,338,804	−2.54
≡	IVZ – Invesco Ltd.	Reduce 15.00%	−4,050,292	0.52
Q2 2024filed Aug 14, 244 new1 added4 reduced1 exited
≡	DIS – The Walt Disney Company	Reduce 90.00%	−22,923,476	−32.60
≡	ALL – The Allstate Corporation	Reduce 10.00%	−223,761	3.02
≡	IVZ – Invesco Ltd.	Reduce 20.00%	−6,716,362	2.91
≡	SYY – Sysco Corporation	Sell	−1,223,500
Q1 2024filed May 15, 241 added2 reduced
≡	DIS – The Walt Disney Company	Reduce 74.00%	−18,800,262	−22.62
≡	ALL – The Allstate Corporation	Reduce 20.00%	−555,829	−0.75