By Liz Moyer
Activist investor Nelson Peltz's Trian Fund Management L.P.
reported a $669.4 million position in put options in the SPDR
S&P 500 ETF, and reduced stakes in H.J. Heinz & Co. (HNZ),
Kraft Foods Inc. (KRFT), Family Dollar Stores Inc. (FDO) for the
third quarter.
In a securities filing on Wednesday, Trian reported holding put
options in the SPDR S&P 500 ETF for 4,650,000 shares. A put
option allows the owner to sell the underyling security at a
specific price within a specified date.
Trian reported holding 106,500 shares of Heinz, compared to
603,250 at the end of June. In Kraft shares, the fund reported
holding 8,131,787 shares, compared to 10.5 million shares in the
second quarter. In Family Dollar Stores, Trian reported 8,967,564
in the third quarter compared to 9.9 million at the end of
June.
Mr. Peltz has several campaigns going on at once, pressing
executives and the boards at Lazard Ltd. (LAZ), State Street Corp.
(STT), and Legg Mason Inc. (LM) to improve shareholder returns.
Trian Fund Management reported overall holdings of $3.5 billion
at the end of September, up from $3.1 billion at the end of
June.
Earlier this year, Trian took a 7% stake in Ingersoll-Rand (IR).
Trian's reported holdings of Ingersoll did not change from the
second quarter. Mr. Peltz joined that company's board in August. He
also sits on the boards of Heinz and Legg Mason and is the
nonexecutive chairman at Wendy's Co. (WEN).
In September, Trian reported it had trimmed its stake in Legg
Mason to about 12.9 million shares, or 9.5%, from a holding of
10.5%.
Write to Liz Moyer at liz.moyer@dowjones.com
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