Trian Fund Management Takes New Stake In Undisclosed Company

(Bloomberg) -- Trian Fund Management said it had omitted confidential information from its quarterly filings that would indicate it has a new active position in a company that it didn’t identify.

The New York-based hedge fund said in a regulatory filing Tuesday that “confidential information has been omitted” from its quarterly report for investors and would be “filed separately with the U.S. Securities and Exchange Commission.”

A representative for Trian declined to comment on the matter.

Trian disclosed the following portfolio changes in its filing:

  • Added a stake worth $441 million in nVent Electric Plc.
  • Increased its positions in Bank of New York Mellon Corp., General Electric Co. and Mondelez International Inc.
  • Sold down positions in Pentair Plc, Wendy’s Co. and Sysco Corp.

Two of Trian’s largest positions continued to be works in progress during the quarter. Shares in GE, where Trian co-founder Ed Garden has a board seat, have fallen about 49 percent since Trian first disclosed its position in 2015. The declines continued in the second quarter despite the company announcing an ambitious plan in June that included separating its health-care unit and selling a stake in Baker Hughes.

Trian’s investment in Procter & Gamble Co. has also fallen 5.5 percent since it launched a proxy fight at the consumer goods giant in July 2017. Trian co-founder Nelson Peltz eventually won a seat on the company’s board. But P&G has continued to struggle in the face of new competition and tighter ordering from traditional retailers.

Trian, which was co-founded by Peltz, Garden and Peter May in 2005, has typically focused its investments on consumer, industrial and financial companies, often targeting large conglomerates. It has more than $10 billion in assets under management.

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