Nelson Peltz took a big share in Procter & Gamble -- and P&G's stock is soaring

Trian Fund Management, the activist hedge fund cofounded by billionaire Nelson Peltz, has taken a stake in Procter & Gamble, The Wall Street Journal reports.

P&G’s stock was up 4% in after-hours trading on the news.

Trian is the second activist hedge fund to invest in P&G in recent years. In 2012, Bill Ackman’s Pershing Square invested, leading to then-CEO Robert McDonald to step down within a year, the Journal reported.

P&G is the maker of everything from Gillette to Crest to Pantene to Tampax.

Peltz said in December that he had taken a new position but did not disclose which company it was in. His firm raised a special fund in recent months exclusively for its P&G position, according to the Journal report.

A number of other hedge funds disclosed new positions in 13-F filings on Tuesday.

Read the full story in The Wall Street Journal»

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