Trian Fund Management L.P. reported Tuesday the value of its holdings rose 37% in the first quarter to roughly $3.8 billion.

The New York firm, which is run by Nelson Peltz, appeared to have increased its holdings in fast-food chain Wendy's Co. (WEN), while decreasing its holdings in H.J. Heinz Co. (HNZ). The firm also cut its holdings in jewelry maker Tiffany & Co. (TIF) by more than 38% to 2.76 million shares.

Trian also reported new holdings in Dublin's Ingersoll-Rand Co. (IR), which makes tools, air pumps and materials-handling products. Last week, Trian said it planned to press the company for changes that would improve value for shareholders.

The firm also reported new holdings in United States Oil Fund LP (USO), as well as SPDR S&P 500 exchange-traded funds.

-By Ian Sherr, Dow Jones Newswires; 415-439-6455; ian.sherr@dowjones.com

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