Hedge fund of activist investor Nelson Peltz unveiled several new positions in a securities filing Wednesday. Trian Fund Management showed a $283 million stake in Solventum — a health care company spun off from 3M earlier this year — and a nearly $80 million stake in U-Haul Holding . Another new stake for Trian was British pest control company Rentokil Initial , a position valued at $14 million.
CNBC reported in June that Trian had bought a significant position in Rentokil, so the fund may have sold some shares during the quarter. The Solventum stake had previously been reported by Bloomberg News . While Peltz has a long history as an activist investor, it is not clear if Trian engaged directly with the companies in these new holdings.
The filing also shows that Peltz's fund exited a position in Sysco Corp. that had been worth than $99 million at the end of the first quarter. Trian also trimmed several its positions, including selling roughly one-fifth of its stake in both Invesco and Ferguson .
The filing also shows that Trian dumped nearly all of its Disney stock, presumably after Peltz lost a proxy battle for board changes at the entertainment giant. Quarterly hedge fund filings reflect the holdings at the end of the time period and do not show the timing of specific trades or whether the fund was moving in and out of a stock. They also do not show some derivatives that the hedge fund could hold in addition to its equity positions.
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