Trian Exits Legg Mason, Tiffany, Increases GE, Sysco Stakes

  • Activist hedge fund also decreased its DuPont investment
  • Second-quarter 13D filing shows shareholding changes

Trian Fund Management, the activist fund co-founded by Nelson Peltz, Peter May and Ed Garden, sold out of asset manager Legg Mason Inc. and jeweler Tiffany & Co. in the second quarter.

The New York-based fund decreased its holdings in active target DuPont Co., and upped its stakes in five other investments, including Sysco Corp., Mondelez International Inc., General Electric Co., Bank of New York Mellon Corp., and Pentair Plc, a regulatory filing showed Friday. Trian’s longstanding Wendy’s Co. investment was unchanged.

In May, Trian said it had sold its stake in PepsiCo Inc., years after agitating for the beverage-and-snack giant to separate the businesses. PepsiCo rejected the breakup proposal, but settled with the investor in January 2015 and added Trian adviser Bill Johnson to its board.

Trian, started in 2005, manages more than $11 billion and has focused its concentrated portfolio of active investments on consumer, industrial and financial companies, often targeting large conglomerates.

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