What if you had copied Trian Fund Management?
Nelson Peltz
The verdict
Copying Trian Fund Management's 13F filings from Feb 2020 would have turned $10,000 into $16,197, less than the S&P 500 did.
The S&P 500 turned the same $10,000 into $24,639 over the same days. The copy returned +7.4% a year against +14.4% for the S&P 500, 6.9 points a year behind. Its worst fall was 34.9%, from Feb 21, 2020 to Mar 23, 2020. The S&P 500's worst fall over the test was 33.7%.
Copied Feb 18, 2020 to Nov 9, 2026 · SEC 13F filings and daily closes
What $10,000 became
- Copying Trian Fund Management$16,197
- S&P 500$24,639
- Bought their first portfolio and never traded$16,954
If you had bought their first portfolio and never traded, you would have ended at $16,954, so following every move cost $757.
- $10,000 copied
- $16,197
- +62.0%, +7.4% a year
- In the S&P 500
- $24,639
- +146.4%, +14.4% a year
- No trading
- $16,954
- Bought their first portfolio and never traded
- Worst fall
- −34.9%
- Feb 21, 2020 to Mar 23, 2020
- Trades
- 28
- 17 buys, 11 sales over 32 filings; about 61% of the copy traded a year
The moves that made the most
- GEGeneral Electric+$5,317
Held since Nov 2021, the stock up 418%
- SOLVSolventum+$1,272
Held since Aug 2024, the stock up 54%
- PGProcter & Gamble+$901
Held from Feb 2020 to Feb 2023, the stock up 20%
- IVZInvesco+$716
Held since Oct 2020, the stock up 210%
- SYYSysco+$412
Held from Feb 2020 to Aug 2024, the stock up 14%
Held from Feb 2020 to Nov 2023, the stock up 28%
The moves that cost the most
- WENWendy's−$1,410
Held since Feb 2020, the stock down 53%
- DISWalt Disney−$684
Held from Feb 2023 to Nov 2024
- CMCSAComcast−$426
Held from Sep 2020 to May 2022, the stock down 6%
Held from Feb 2020 to Nov 2020, the stock down 11%
Held from Aug 2024 to Nov 2025, the stock down 31%
- UHALU-Haul−$62
Held from Aug 2024 to Nov 2025, the stock down 29%
Year by year
| Year | Copy | S&P 500 | Gap, pts |
|---|---|---|---|
| 2020from Feb 2020 | +10.1% | +13.1% | −3.0 |
| 2021 | +8.4% | +28.7% | −20.4 |
| 2022 | −8.1% | −18.2% | +10.1 |
| 2023 | −2.2% | +26.2% | −28.3 |
| 2024 | +6.9% | +24.9% | −17.9 |
| 2025 | +25.5% | +17.7% | +7.8 |
| 2026to Nov 2026 | +12.5% | +11.5% | +1.0 |
A historical test on paper, before costs and taxes. It trades at the close of the first trading day after each filing comes out, up to 45 days after the quarter, and skips delisted companies, which flatters it.