RinoCdZ
Billionaire investor Nelson Peltz’s Trian Fund Management raised its stake in movie and theme park giant Walt Disney (NYSE:DIS) in Q2 2023, while trimming its position in restaurant chain Wendy’s (WEN).
Trian Fund disclosed the information in its latest 13F filing for the three months ended June 30, 2023, published on Monday.
According to the filing, Trian held 6.43M shares of Disney (DIS) at the end of Q2, compared to 5.92M in Q1 2023. Trian earlier this year had tried to get Peltz added to Disney’s board, but gave up the proxy fight following the entertainment behemoth’s restructuring efforts announced in February that included eliminating 7K jobs.
Trian cut its stake in Wendy’s (WEN) to 20.3M shares in Q2 from 21.71M in Q1. Additionally, Trian reduced its position in plumbing and appliances distributor Ferguson plc (FERG) to 5.49M shares from 5.86M.
The fund kept its other stakes unchanged.
Nelson Peltz is well-known as an activist investor, having won a board seat at Tide and Gillette owner Procter & Gamble (PG) back in 2018 after a months-long proxy fight. According to Forbes, Peltz’s real time net worth is $1.5B.
