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Trian, founded by Nelson Peltz, Ed Garden and Peter May, held 8.9 million shares in P&G at the end of the first quarter, down 9.6% from the 9.8 million shares it owned at the end of the fourth quarter, according to a regulatory filing.
Peltz joined the P&G board in 2018 after a bitter proxy contest.
The firm also cut its stake in Mondelez by 23% to hold 9.4 million shares.
The so-called 13F filings show what fund managers owned at the end of the first quarter and while they are backward-looking, they are closely watched for clues on trends and what stocks certain fund managers are favoring.
New York-based Trian is known for proposing operational fixes at its portfolio companies, often through white papers. The activist firm presents itself as a partner that can offer constructive advice rather than the corporate raider intent on breaking companies apart.
