Nelson Peltz, the manager of activist hedge fund Trian Fund Management announced November 14 that it purchased 2.36 million shares of PepsiCo (PEP), in a position worth roughly $146 million. PEP recently traded at $64.50 a share, down from a 52-week high of $71.89. Analysts estimate the stock will reach $71.08 in the next year.
...Nelson Peltz is also pushing for changes in State Street Corp (STT). He has admonished the board there “over poor performance and urged it to adopt a multi-step plan for raising the custody bank’s profit” (read about it here). Peltz outlined recommendations in a statement he made in mid-October, including, “a call for a clearer commitment to cost-cutting, prioritizing the return of capital to shareholders over acquisitions, and considering selling off the bank’s asset management unit.” Nelson Peltz’s Trian Fund Management owns roughly 3.3% of the company.
The largest positions in Nelson Peltz's portfolio are Kraft (KFT), Legg Mason (LM), Wendys (WEN), Family Dollar Stores (FDO), Tiffany & Co (TIF), State Street (STT), and Dominos Pizza (DPZ).
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