Shares of beverage and snack giant PepsiCo fell about 2 percent Friday afternoon after Trian Fund Management revealed it had sold its stake in the company.
PepsiCo said its policy is not to comment on individual shareholders.
"In March 2016, Trian sold its stake in PepsiCo, which it held for over three years," Trian said in a statement to CNBC. "Trian believes PepsiCo has addressed many operational issues identified by Trian – management has increased productivity efforts, reduced overhead, increased advertising investment, and delivered consistent earnings growth on a constant currency basis."
The elimination was revealed in Trian's latest 13-F filing, released Friday.
Despite Friday's fall, PepsiCo shares are up 8 percent in the past 12 months and have gained 4 percent in 2016.
PEP in past year