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Legg Mason, Inc. (LM): Trian Partners Unloads Almost Entire Stake

Published on April 12, 2016 at 11:34 am by Insider Monkey Staff in Hedge Funds, News
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According to a recent 13D filing with the US SEC, billionaire Nelson Peltz‘s Trian Fund Management has sold 10.53 million shares of Legg Mason Inc (NYSE:LM) to Shanda Payment Investment Limited, at a purchase price of $32.00 per share, or for $336.8 million in total. This has left Trian Fund Management, L.P. holding 513,743 shares, which account for only 0.48% of the company’s outstanding stock.

At the end of the fourth quarter, a total of 33 of the hedge funds tracked by Insider Monkey were bullish on this stock. Trian Partners held the most valuable position in Legg Mason Inc (NYSE:LM). Billionaire Mario Gabelli’s GAMCO Investors was another investor bullish on the stock and reported a $155.7 million position in its last 13F filing. Other professional money managers that  reported long positions in Legg Mason Inc (NYSE:LM) at the end of December include Robert Pohly’s Samlyn Capital, Andreas Halvorsen’s Viking Global and Robert Rodriguez and Steven Romick’s First Pacific Advisors LLC.

On the other hand, David Harding’s Winton Capital Management dropped the biggest position in Legg Mason Inc (NYSE:LM) of the 700 funds followed by Insider Monkey, valued at about $25 million in stock, and James Parsons’s Junto Capital Management was right behind this move, as the fund dumped about $24.5 million worth of shares.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Nelson Peltz 0 513,743 0 513,743 513,743 0.48%
Peter W. May 0 513,743 0 513,743 513,743 0.48%
Edward P. Garden 0 513,743 0 513,743 513,743 0.48%
Trian Fund Management 0 513,743 0 513,743 513,743 0.48%
Trian Fund Management GP 0 513,743 0 513,743 513,743 0.48%
Trian Partners 0 109,428 0 109,428 109,428 0.10%
Trian Partners Master Fund 0 277,937 0 277,937 277,937 0.26%
Trian Partners Parallel Fund I 0 13,435 0 13,435 13,435 0.01%
Trian Partners Strategic Investment Fund 0 48,775 0 48,775 48,775 0.05%
Trian Partners Strategic Investment Fund-A 0 48,554 0 48,554 48,554 0.05%
Trian Partners Master Fund (ERISA) 0 14,626 0 14,626 14,626 0.01%

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Page 1 of 17 – SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 8)*
LEGG MASON, INC.
(Name of Issuer)
Common Stock, $0.10 par value
(Title of Class of Securities)
524901105
(CUSIP Number)
Brian L. Schorr, Esq.
Chief Legal Officer
Trian Fund Management, L.P.
280 Park Avenue, 41st Floor
New York, New York 10017
Tel. No.: (212) 451-3000
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
April 11, 2016
(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨.
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See Rule 13d-7 for other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The Information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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