© Reuters. FILE PHOTO: The brand of the Times Square Disney retailer is seen in Times Square, New York City, U.S. December 5, 2019. REUTERS/Nick Pfosi/File Photo/File Photo
By Svea Herbst-Bayliss
NEW YORK (Reuters) – Trian Fund Management mentioned in a regulatory submitting 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 personal 32.8 million shares.
Reuters reported completely final month that activist investor Nelson Peltz’s Trian constructed the Allstate Corp stake at a time insurers are struggling to deal with the fallout of pure disasters such because the Maui wildfire in Hawaii.
On Tuesday the Allstate place was listed as a brand new entry on the corporate’s 13-F submitting, which particulars what fund managers owned on the finish of the third quarter. Trian additionally invested in client staples firm Sysco (NYSE:) Co, proudly owning 1.2 million shares.
Also final month, sources conversant in Peltz mentioned that Trian deliberate to push for a number of board seats at Disney after having deserted a proxy combat for one seat earlier within the yr.
At the top of the second quarter Trian owned 6.4 million Disney shares, up from the 1 million it owned on the finish of the primary quarter. At the top of the fourth quarter of 2022, it owned 9 million Disney shares.