Activist investor Nelson Peltz is planning a new board challenge at Walt Disney less than 10 months after Disney addressed his previous criticism of the company's performance and strategy. Peltz's hedge fund Trian Fund Management has grown its ownership of Disney shares five-fold recently and holds over 6 million shares currently. Trian wants Peltz and possibly another individual to join the Disney board. If Disney rejects this, Trian could nominate its own director candidates between December and January. In previous criticism, Peltz said Disney had lost its way in recent years and its financial performance and free cash flow had deteriorated.