Trian reports new position in Allstate, increased stake in Disney

By Svea Herbst-Bayliss

NEW YORK (Reuters) – Trian Fund Management said in a regulatory filing on Tuesday that it owns 3.6 million shares in insurer Allstate Corp (NYSE:) and had raised its stake in Walt Disney (NYSE:) 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 (NYSE:) 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.