Trian Fund Management, the US-based activist hedge fund firm led by Nelson Peltz, has cut its stake in British consumer goods giant Unilever, selling approximately 3.8m shares for nearly £181m ($232m), according to a report by Reuters.PARA_BREAK_SENTINEL_9f8e7d6cThe report cites a regulatory filing released on Wednesday as revealing that the fund, which as previously Unilever’s fifth-largest shareholder with a 1.47% stake, or 36.6m shares, valued at about $1.8bn, now holds around 32.6m shares following the sale.PARA_BREAK_SENTINEL_9f8e7d6cTrian Fund Management began investing in Unilever in early 2022, and Peltz joined the company's board in May of that year. Since Trian's initial investment was disclosed in January 2022, Unilever's shares have risen by nearly 30%, having increased more than 23% this year alone, bolstered by strong performance in the first half and a recent share price surge following positive earnings results.PARA_BREAK_SENTINEL_9f8e7d6cThe recent stake sales occurred on Friday, Monday, and Tuesday, and were executed for "portfolio management purposes," according to the filing.PARA_BREAK_SENTINEL_9f8e7d6cIn 2023, Peltz supported the appointment of Hein Schumacher as CEO. Schumacher has since initiated a strategic overhaul, including plans to spin off Unilever’s ice cream business, reduce the workforce by up to 7,500 employees, and concentrate on 30 key brands to address past performance issues.