Procter & Gamble ( NYSE: PG ) finally has an activist investor -- another one, that is -- its second in just five years. Bill Ackman's Pershing Square Capital had showed up in 2012 pushing for a new CEO. He sold his underperforming stake in 2014. Since then, PG has been its own activist of sorts. But, for a $200+ billion market cap company, growth remains hard to come by. Nelson Peltz and his Trian Fund only found one stock worth buying last quarter, PG. Trian now has a $3.5 billion stake in PG -- its biggest stake in any company ever. It's been a gross laggard and Trian could be just what PG shareholder need/hoping for. The return for PG shares over the last three years has been half (+15%) of what the Consumer Staples Select Sector SPDR ETF ( XLP ) has managed, a 29% return. Already Making Moves PG has already become its own activist of sorts. A big part of that being its own initiative to sell off 40 beauty brands last year that had been underperforming.