Trian Fund Increases Stake in PepsiCo

   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 [e-mail]

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