Trian reports new position in Allstate, increased stake in Disney
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2023-11-15 08:53
By Svea Herbst-Bayliss NEW YORK Trian Fund Management said in a regulatory filing on Tuesday that it owns

By Svea Herbst-Bayliss

NEW YORK Trian Fund Management said in a regulatory filing on Tuesday that it owns 3.6 million shares in insurer Allstate Corp and had raised its stake in Walt Disney Co by 412%, to own 32.8 million shares.

Reuters reported exclusively last month that activist investor Nelson Peltz's Trian built the Allstate Corp stake at a time insurers are struggling to cope with the fallout of natural disasters such as the Maui wildfire in Hawaii.

On Tuesday the Allstate position was listed as a new entry on the company's 13-F filing, which details what fund managers owned at the end of the third quarter. Trian also invested in consumer staples company Sysco Co, owning 1.2 million shares.

Also last month, sources familiar with Peltz said that Trian planned to push for several board seats at Disney after having abandoned a proxy fight for one seat earlier in the year.

At the end of the second quarter Trian owned 6.4 million Disney shares, up from the 1 million it owned at the end of the first quarter. At the end of the fourth quarter of 2022, it owned 9 million Disney shares.

(Reporting by Svea Herbst-Bayliss; Editing by Leslie Adler)

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