By Tess Stynes
Trian Fund Management LP said it increased its stake in PepsiCo
Inc. (PEP) by 517,107 shares, during the second quarter, bringing
its holdings to 12.9 million shares.
The activist investment fund has been waging a fight to split up
Pepsi's drinks and snack operations, but the company rejected the
call to break up and has argued it is a stronger company because it
makes both beverages and snacks.
Trian also said it further reduced its positions in
Ingersoll-Rand PLC (IR) and home and spinoff Allegion PLC (ALLE).
The investment fund slashed its stake in Allegion by 44%, or 1.3
million shares, to 1.7 million shares as of June 30. Trian cut its
position in Ingersoll-Rand by 1,144 shares to nearly 12 million
shares.
Trian had pressed for the spinoff of the building security
company. Trian co-founder Nelson Peltz in March had said he
wouldn't stand for reelection to the board at Ingersoll-Rand, after
announcing he would join the board at Mondelez International Inc.,
another large Trian holding. During the second quarter, Trian added
3,861 of that snack maker's shares to its holdings, bringing its
position to 41.7 million shares.
Trian previously had disclosed a small stake in Bank of New York
Mellon Corp. (BK). The investment fund on Thursday disclosed that
it had 19.1 million shares as of June 30.
Trian also exited its stake in nutritional -products retailer
GNC Holdings Inc. (GNC) , selling its remaining 359,254 shares.
Investors who manage more than $100 million are required to
disclose most securities holdings within a month and a half of the
end of a quarter. The filings give the public a relatively fresh
look at the portfolios of well-known investors. The second-quarter
deadline was Thursday.
Write to Tess Stynes at tess.stynes@wsj.com
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