Trian Fund Management said in a filing on Tuesday that it owns 3.6 million shares in insurance company Allstate Corp and increased its stake in Walt Disney Co. by 412% to 32.8 million shares.
Reuters exclusively reported last month that activist investor Nelson Peltz’s Trian firm built its stake in Allstate Corp at a time when insurers grapple with the fallout from natural disasters such as the Maui wildfires in Hawaii.
On Tuesday, Allstate’s position was listed as a new line item in the company’s 13-F filing, which details what fund managers owned at the end of the third quarter. Trian has also invested in consumer goods company Sysco Co and owns 1.2 million shares.
Last month, sources familiar with Peltz also said Trian planned to seek multiple seats on Disney’s board after abandoning a proxy fight for one seat earlier this year.
At the end of the second quarter, Trian owned 6.4 million Disney shares, up from 1 million at the end of the first quarter. At the end of the fourth quarter of 2022, Trian owned 9 million shares of Disney stock.
