Trian Cuts Stock Portfolio

Feb 16 2010 | 3:35am ET

Activist hedge fund manager Nelson Peltz sold off almost $400 million in stocks in the fourth quarter, according to a regulatory filing.

Peltz’s Trian Partners owned stocks worth nearly $1.66 billion on Dec. 31, down 18% from the $2.03 billion in stocks it owned three months earlier. The hedge fund sold off its stakes in such companies as Chemtura Corp., Kraft Foods, Philip Morris International, Lorillard Inc., Career Education Corp., General Mills and Willis Group Holdings, although it replaced some of those shares with call options, the New York-based firm said in a Securities and Exchange Commission filing.

Trian also cut its stake in Dr Pepper Snapple Group, and bought shares of Banco Santander, Boise Inc. and Dollar Tree. It also bought options on 1.43 million shares of Safeway Inc.

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