Trian Fund Management said on Friday that it sold stakes in three of its biggest holdings, including Procter & Gamble Company , in the second quarter for portfolio management reasons and to free up cash to make new investments.
The firm held 10.8 million shares in P&G at the end of the second quarter, down 65per cent from the 31 million shares it owned at the end of the first quarter, according to a regulatory filing.Trian made the sales in April and May and made them public at the time, assuring investors that it still supports the company's management and will continue to sit on its board.
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