Nelson Peltz Is A Consistent Man: A Look At His Almost Unchanged Q1 Portfolio

Activist hedge fund Trian Fund Management, run by Nelson Peltz, recently filed its Form 13F for the first quarter of the year. According to the document, the portfolio’s market value fell by 9 percent over the period, to $8.56 billion.

The equity portfolio is highly concentrated, comprising only 10 stocks. The top four holdings remained the same (in rank) as in the previous quarter:

1)   E I Du Pont De Nemours And Co DD: the fund acquired a quarter of a million shares over the quarter, taking its holdings to 24,563,084 shares, worth roughly $1.75 billion.

2)   PepsiCo, Inc. PEP: Trian boosted its stake by 2 percent over the quarter, to 18,316,211 shares, worth also about $1.75 billion, which account for more than 20 percent of the portfolio’s total value.

3)   Mondelez International Inc MDLZ: Peltz’s fund augmented its bet on the company by 3 percent. It disclosed ownership of 48,024,117 shares, worth $1.73 billion as of March 31.

4)   Bank of New York Mellon Corp BK: the firm increased its exposure by 4 percent, to 30,225,639 shares, valued at approximately $1.21 billion.

It should be also noted that the portfolio saw no newcomers this quarter. However, one position was closed: Lazard Ltd LAZ. Trian held 4,973,851 shares of the company (worth almost a quarter of a billion dollars) as of the end of the fourth quarter of 2014, all of which were sold over the first quarter of 2015.

Another company that felt Peltz’s bearishness is Family Dollar Stores, Inc. FDO, which witnessed a 99 percent reduction in the fund’s stake. The firm now owns barely 3,679 shares (down from 8,366,386 shares), worth $292,000 (down from $662 million).