Activist hedge fund Trian Partners, led by billionaire investor Nelson Peltz, has sold £25.6m worth of Unilever shares as part of a “portfolio management” move, while maintaining a significant stake in the consumer goods giant, according to a report by the Financial Times.

The sale, disclosed this month, involved 579,000 shares - less than 2% of Trian’s remaining 32.2 million-share holding. Peltz, who began building a position in Unilever in late 2021, has since seen the share price rise by around 11%, with total returns near 10% annually, including dividends.

Since Trian’s involvement, Unilever has undergone major changes, including two CEO transitions, several non-core brand divestitures, and a planned spin-off of its ice cream division later this year via a listing in Amsterdam.

Despite only modest earnings progress over the past three years, Trian reiterated its commitment to Unilever, saying Peltz “looks forward to continuing to work with the company’s board and management team to create long-term shareholder value.”