Trian boosts stake in Wendy’s, exits U-Haul and Allstate

Nelson Peltz’s Trian Fund Management disclosed in an SEC filing its holdings as of September 30, 2025. Trian exited three positions during the quarter, including by size of previous position, U-Haul (UHAL) and Allstate (ALL). Trian increased its stake in one holding, Wendy’s (WEN). Trian’s top holdings as of September 30, in order of size, were Janus Henderson (JHG), General Electric Aerospace (GE), Solventum (SOLV), Invesco (IVZ), and Wendy’s.