Nelson Peltz did not make a dramatic overhaul of his stock portfolio in the second quarter of 2026. Instead, the veteran activist investor moved money around a handful of companies, cutting some positions and also made a sharp new bet on GE HealthCare Technologies.
As per Dataroma, Peltz’s investment firm, Trian Fund Management, ended the quarter with eight stocks worth about $4.23 billion, according to its portfolio as of June 30, 2026. The biggest change came in GE HealthCare, where Trian increased its holding from just 4,044 shares to more than 3 million shares during the quarter.
At the same time, Trian reduced its holdings in Janus Henderson Group and Invesco. It also made a small addition to Wendy’s, and leaving its positions in GE Aerospace, Solventum, Ferguson Enterprises and Magnum Ice Cream unchanged.
Peltz, the founder of Trian Fund Management, has built a reputation as an activist investor who takes sizeable positions in companies and pushes for changes that he believes can improve shareholder value. Trian now has about $8.5 billion in assets under management; Forbes estimates Peltz’s net worth at around $1.5 billion. The latest portfolio shows that Peltz continues to keep a large part of his disclosed stock investments concentrated in a few companies.
GE Aerospace remains the biggest holding
GE Aerospace remained the largest position in Trian’s portfolio at the end of June. Trian held 4,030,765 shares of GE Aerospace, worth about $1.51 billion based on the reported price at the end of the quarter. Reported Price is the price of the security as of the portfolio date. The stock accounted for 35.61% of the portfolio.
The size of the position means GE Aerospace alone made up more than a third of Trian’s disclosed portfolio. It was followed by Janus Henderson Group, which accounted for another 31.53%. Trian’s large holding in GE Aerospace comes after the company was separated from General Electric as part of GE’s restructuring. GE Aerospace now focuses on aircraft engines and related systems. With more than $1.5 billion invested in the company, GE Aerospace remains a central part of Peltz’s public equity portfolio.
| Rank | Company | Value | Portfolio share |
| 1 | GE Aerospace | $1.51 billion | 35.61% |
| 2 | Janus Henderson | $1.33 billion | 31.53% |
| 3 | Solventum | $635.5 million | 15.02% |
| 4 | Ferguson Enterprises | $257.8 million | 6.09% |
| 5 | Wendy’s | $252.6 million | 5.97% |
| 6 | GE HealthCare | $197.5 million | 4.67% |
| 7 | Invesco | $42.9 million | 1.01% |
| 8 | Magnum Ice Cream | $4.2 million | 0.10% |
The biggest new move was GE HealthCare
Trian sharply increased its position in GE HealthCare Technologies. The investment firm held only 4,044 shares at the end of the previous quarter. By June 30, its holding had risen to 3,085,344 shares, which means Trian added 3,081,300 shares during the quarter.
The increase was reported as 76,194.36%, a huge percentage change largely because the original position was extremely small. At the end of June, the GE HealthCare holding was worth about $197.5 million and accounted for 4.67% of Trian’s portfolio.
This gives healthcare a bigger place in Peltz’s portfolio. Trian already had a much larger investment in Solventum, which accounted for 15.02% of its holdings.
Janus Henderson sees a big reduction
Trian reduced its stake in Janus Henderson Group by 6,213,418 shares, or 19.50%, during the quarter. It still held 25,654,382 shares at the end of June. The remaining position was worth about $1.33 billion. This mafe Janus Henderson the second-largest holding in the portfolio.
The reduction, however, was one of the most significant portfolio moves during the quarter. Janus Henderson is a global asset management company. Trian has been an investor in the company for several years.
Invesco stake almost cut in half
Trian also reduced its position in Invesco by nearly half. The investment firm sold 1,345,472 shares, reducing its holding by 45.29%. It ended June with about 1.63 million shares of Invesco. The remaining stake was worth approximately $42.9 million and accounted for only 1.01% of the portfolio.
Wendy’s gets a small addition
Trian made a much smaller move in Wendy’s. The firm added 22,412 shares to its position, taking its total holding to 30,468,434 shares. The increase was only 0.07%, so it did not significantly change the size of the position. Wendy’s remained one of Trian’s larger holdings, accounting for 5.97% of the portfolio. The position was worth approximately $252.6 million at the end of June. Trian has had a long association with Wendy’s. Peltz was involved with the fast-food company years ago and served as its chairman before eventually stepping away.
Solventum and Ferguson remain unchanged
Trian did not make changes to some of its other major positions. The firm continued to hold 8,236,753 shares of Solventum, worth around $635.5 million. The position represented 15.02% of the portfolio. Trian also held 1,086,357 shares of Ferguson Enterprises, worth about $257.8 million. Ferguson accounted for 6.09% of the portfolio. The firm also continued to hold 241,042 shares of Magnum Ice Cream, although this was a much smaller position. It was worth about $4.2 million and represented only 0.10% of the portfolio.
A concentrated portfolio
At the end of June, Trian’s disclosed portfolio was still heavily concentrated in a small number of companies. GE Aerospace was the largest holding at 35.61%, followed by Janus Henderson at 31.53%. Solventum accounted for another 15.02%. The three companies made up more than 82% of the $4.23 billion portfolio.
The remaining five companies made up less than 18% of the portfolio. The most notable move was the jump in GE HealthCare. Trian went from holding almost no shares to owning more than three million shares.
Janus Henderson remained a major holding despite the 19.50% reduction, while Invesco became a much smaller part of the portfolio after the 45.29% cut.
What Peltz changed in Q2
Trian did not sell out of any of its eight disclosed holdings. It also did not add a completely new company to the portfolio. Instead, it increased its exposure to GE HealthCare and, to a much smaller extent, Wendy’s. The firm raised cash or reduced exposure by selling shares of Janus Henderson and Invesco.
The biggest change was clearly GE HealthCare. The company moved from an almost negligible position to a holding worth close to $200 million. GE Aerospace alone represents more than a third of the disclosed holdings; Janus Henderson and Solventum take the other two major positions. The portfolio as of June 30, 2026 shows eight stocks with a combined reported value of $4.23 billion.
Disclaimer: This article provides factual analysis only and is not, and should not be construed as, an offer, solicitation, or recommendation to buy or sell securities. Investors must conduct their own independent due diligence and seek advice from a registered financial advisor in the respective jurisdiction.