Activist investor Nelson Peltz has continued his buying spree of Legg Mason stock, increasing his ownership stake in the Baltimore money manager to 5.6 percent, according to a Securities and Exchange Commission filing late Monday. That makes him the company's largest shareholder, surpassing fund manager Dodge & Cox, at least according to the most recent government filings. Peltz owns just over 9 million shares through funds connected with his Trian Fund Management LP, spending $213.8 million - including commissions - to acquire them. Peltz, known for targeting good but underperforming brands, joined Legg Mason's board in the fall after earlier big-ticket purchases of the company's stock.

- Jamie Smith Hopkins | The Baltimore Sun