A new filing with the SEC revealed that Nelson Peltz sold a significant portion of his Mondelez International, Inc. (Nasdaq: MDLZ) stake on Tuesday. The filing footnotes also stated that the sale was made “in connection with the liquidation of a fund managed by Trian.” Could this signal more selling activity moving forward?

Nelson Peltz Cuts Mondelez Stake

On February 14th, Nelson Peltz’s firm Trian Fund Management filed its quarterly Form 13F regulatory filing. The filing showed that the investment firm held 42,504,701 shares of Mondelez worth $1.8 billion as of December 31st. This was also Trian’s third largest stock position which represented 15.4% of its listed holdings.

The following table summarizes the firm’s listed holdings as of December 31st:

Trian Partners Largest Holdings Ticker Name Holding ($mil) % Of Portfolio PG Procter and Gamble Co. $3,483.0 29.5% SYY Sysco Corp. $2,702.4 22.9% MDLZ Mondelez Intl Inc. $1,819.2 15.4% GE General Electric Co. $1,236.4 10.5% PNR Pentair PLC $1,088.4 9.2% BK Bank New York Mellon Corp. $849.7 7.2% WEN Wendys Co. $641.0 5.4%

source: Nelson Peltz’s

However, a new filing yesterday revealed that Mr. Peltz sold 6,523,275 shares worth a total of $284.9 million on Tuesday, February 27th. This reduced his position in the company by 15%.

Why Should Investors Care?

Although the filing stated that the transaction was made for portfolio management purposes, the sale could signal that Trian will continue to exit its position moving forward.

Shares of Mondelez have generally underperformed the market over the last year (down -1%) which have traded in a range of $39.19 to $47.23 per share. The S&P 500 increased by 11.6% over the same time period.