Trian reports new position in Allstate, increased stake in Disney By Reuters

© Reuters. FILE PHOTO: The Times Square Disney store logo is seen in Times Square, New York, U.S. December 5, 2019. REUTERS/Nick Pfosi/File Photo/File Photo

By Svéa 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 has increased its stake in Walt. Disney (NYSE:) Co by 412%, to hold 32.8 million shares.

Reuters exclusively reported last month that activist investor Nelson Peltz’s Trian had acquired a stake in Allstate Corp at a time when insurers are struggling to cope with the fallout from natural disasters such as the Maui fire in Hawaii.

On Tuesday, Allstate’s position was listed as a new entry in the company’s 13-F filing, which details what money managers held at the end of the third quarter. Trian also invested in consumer staples company Sysco (NYSE:) Co, holding 1.2 million shares.

Also last month, sources close to Peltz said Trian planned to push for multiple seats on Disney’s board after dropping a proxy fight for a seat earlier in the year.

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

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