Disney Still Makes Up A Chunk Of Peltz's Trian Fund Despite $4B Exit, Records Show

Trian Fund Management, an activist investor hedge fund co-founded by billionaire Nelson Peltz, still owns a piece of Walt Disney Company DIS after reportedly selling its entire position in late May, according to regulatory filings.

A quarterly 13-F report filed with the Securities and Exchange Commission on May 15 shows that New York-based Trian had 32.4 million shares in the company worth a total of $3.96 billion during the first quarter.

A Thursday filing revealed that Trian sold 29.7 million shares worth $3.69 billion at some point in the second quarter. But the hedge fund still owns almost 2.65 million shares worth nearly $263 million.

Trian reportedly sold its entire stake in Disney at $120 a share as of May 29. The sale came after Peltz unsuccessfully tried to oust Disney CEO Bob Iger at an April shareholder meeting.

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Investors voted against Peltz’s board nominees and moved to keep the entire board in place, including Iger.

Peltz reportedly made $1 billion from the divestment, despite losing the activist battle against Disney.

The two 13-Fs also showed that Trian sold 539,884 shares of Ferguson Plc FERG that were worth more than $166 million during the second quarter. The deal left the firm with 1.95 million shares worth $378 million.

Trian also bought 3.55 million shares of UHaul for $78.6 million, 5.36 million shares of Solventum Corporation SOLV for $284 million and 470,000 shares of Rentokil Initial plc RTO for $13.9 million. It sold 1.22 million shares of Sysco Corp. SYY for $99.3 million.

Price Action: Disney gained 2.66% to $88.60 by Thursday’s late-afternoon trading. Exchange-traded funds that track the stock also trended upward.

• First Trust S-Network Streaming & Gaming ETF BNGE gained 1.34%
• ALPS Global Travel Beneficiaries ETF JRNY edged up 0.02%
• Vanguard Communication Services ETF VOX ticked up 1.18%
• iShares Global Comm Services ETF IXP went up 0.79%
• AdvisorShares Gerber Kawasaki ETF GK improved 1.72%

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