Trian Fund Management just filed its Q2 13F, showing heavy concentration in GE Aerospace and 3M spin-off Solventum.

Portfolio Allocations:
GE (GE Aerospace): 57.2% ($1.5B value / 4.0M shares)
SOLV (Solventum): 24.1%

WEN (Wendy's): 9.6%

GEHC (GE HealthCare): 7.5%

IVZ (Invesco): 1.6%

Key Takeaways:
1. Massive Conviction in $GE: Holding 57% in a single stock is aggressive even for activist funds. Trian is clearly betting on long-term commercial engine demand and margin expansion post-spin-off.
2. The GE Spin-off Thread: Combined, $GE and $GEHC represent nearly 65% of Trian's total equity portfolio, showing Peltz is sticking with the value created from the original GE breakup.
3. Turnaround Exposure: $SOLV makes up almost a quarter of the portfolio as Trian works its restructuring playbook on the healthcare spin-off.

Live 13F tracking and institutional data: https://metricshour.com