Nelson Peltz Is Betting Big on These Stocks in 2026
Wednesday, February 4, 2026 · Johnny Hopkins
Nelson Peltz’s latest 13F includes a highly concentrated activist portfolio totaling approximately $4.1 billion in equity holdings. True to his strategy, the fund remains focused on a small number of large, mature companies where operational improvements and strategic influence can unlock shareholder value. With its top positions dominating overall exposure and minimal turnover outside of a few small exits, the portfolio reflects a disciplined and long-term approach centered on financials, industrials, and consumer-facing businesses.
Total Portfolio Value: ~$4.11B
Top 10 Weight: 100% (fully concentrated)
This is a highly concentrated portfolio—classic Trian style—focused on a small number of large activist positions in mature businesses.
Here’s our analysis of the portfolio:
Top Holdings & Weights
| Company | Ticker | Value | Portfolio % |
|---|---|---|---|
| Janus Henderson Group | JHG | ~$1.42B | 34.5% |
| General Electric | GE | ~$1.21B | 29.5% |
| Solventum Corp | SOLV | ~$0.62B | 15.1% |
| Invesco | IVZ | ~$0.34B | 8.2% |
| Wendy’s Co | WEN | ~$0.28B | 6.8% |
| Ferguson | FERG | ~$0.24B | 5.9% |
| GE Healthcare | GEHC | ~$0.30B | 0.0% (rounding effect) |
Key highlights:
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Top 2 positions (JHG + GE) make up ~64% of the fund.
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Consumer + Industrials dominate the exposure.
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No options exposure (0% Put/Call).
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No meaningful position turnover this quarter except exits (below).
Full Exits This Quarter
The fund completely closed out positions in:
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U-Haul Holding (UHAL)
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Allstate (ALL)
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U-Haul Holding B (UHAL.B)
These were small positions (~0.5% each) and trimming them did not materially change the portfolio structure.
Portfolio Characteristics
Style: Activist / Concentrated / Value-oriented
Sectors represented:
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Industrials (GE, GEHC, FERG)
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Financials (IVZ, JHG)
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Consumer discretionary (WEN)
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Healthcare (SOLV)
Risk profile:
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Low diversification
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Large-cap focus
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U.S.-centric holdings
Summary
Nelson Peltz continues to run a tight activist portfolio dominated by a handful of significant positions, especially JHG and GE, which represent nearly two-thirds of capital. The fund made no major new buys this quarter but exited three small positions, further concentrating capital into core holdings. Overall allocation remains consistent with Trian’s historical playbook: operational turnarounds in mature businesses.
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