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Trian Fund Management, an activist investor hedge fund co-founded by billionaire Nelson Peltz, still owns a piece of Walt Disney Company (NYSE: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.
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 (NYSE: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 (NYSE:SOLV) for $284 million and 470,000 shares of Rentokil Initial plc (NYSE:RTO) for $13.9 million. It sold 1.22 million shares of Sysco Corp. (NYSE: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.
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