Billionaire Nelson Peltz Dumps Legg Mason (LM), Tiffany (TIF); Boosts Top Holdings

Still Hungry For What Mondelez Is Cooking

Now we’ll take a look at some of Trian’s bullish moves and first up is Mondelez International Inc (NASDAQ:MDLZ), Trian’s third-most valuable position at the end of June. During the second quarter, the fund acquired 3,740 shares of the company, lifting its tally to 48.03 million shares worth an estimated $2.18 billion. When Nelson Peltz first took a position in Mondelez International Inc (NASDAQ:MDLZ), he said PepsiCo, Inc. (NYSE:PEP) could benefit greatly from taking over the company. Although a merger did not come to fruition, speculation about a potential bid has resurfaced after Mondelez’s recent $23 billion bid for Hershey Co (NYSE:HSY) was promptly dismissed, as some traders believe this was a move to entice a buyout offer for Mondelez itself. In the second quarter, Mondelez International Inc (NASDAQ:MDLZ) managed to stave off currency headwinds with a mix of higher volumes and prices in some markets. The company posted adjusted earnings of $0.35 per share and $6.46 billion in revenue, the latter figure down by 17% year-over-year.

Still Bullish On Sysco

Trian Partners’ stake in SYSCO Corporation (NYSE:SYY) was increased by roughly 1% during the quarter, amassing 43.9 million shares valued at $2.23 billion at the end of the period. Nelson Peltz became involved with the food distribution giant in August 2015, becoming its largest shareholder and immediately gaining two Board seats. SYSCO Corporation (NYSE:SYY) has had a stellar year so far, as it’s currently up by 32%. The company released its fourth quarter of fiscal year 2016 results earlier today, posting adjusted earnings of $0.64 per share, topping analysts’ forecasts of $0.61. Revenue came in at $13.65 billion, just shy of analysts’ consensus target of $13.71 billion. Although sales were weaker than expected, the company said its efforts to keep costs low have helped bolster its quarterly profit. Donald Yacktman and his fund, Yacktman Asset Management, chose to cut their exposure to SYSCO Corporation (NYSE:SYY) during the second quarter, reducing their stake by 15% to 14.8 million shares.

GE Is Golden

General Electric Company (NYSE:GE) has maintained its status as Trian’s top dog, after the fund added 521,321 shares to its position during the second quarter, taking it to 74.7 million shares worth $2.35 billion. In an interview in July, Mr. Peltz said that GE is “great long-term investment,” stating that the company has “probably the best collection of industrial assets on the planet.” Mr. Peltz also said that he was happy with the way General Electric Company (NYSE:GE) CEO Jeff Immelt and his team have gone about turning the company around, stripping it of all of its financial assets and re-focusing its operations on the industrial sector. Currently up by 2.3% for the year, the stock took a tumble at the end of July after General Electric Company (NYSE:GE) released its second quarter results. Although it managed to surpass analysts’ estimates, the company faced reduced demand for locomotives and oil-field equipment amid global economic uncertainty. GE posted $33.3 billion in sales and earnings of $0.51 per share, helped by higher profits in its power and renewable energy businesses. Ken Griffin’s Citadel Investment hiked its GE stake by 1,648% during the second quarter, to 7.04 million shares.

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