Trian Fund Management LP, a hedge fund known for pushing big companies to make operational and other changes, has launched an activist campaign against Comcast Corp. in a bet that the cable-TV and entertainment giant’s stock is undervalued.

Trian has accumulated about 20 million shares in Philadelphia-based Comcast, for a roughly $900 million stake or about 0.4% of the company, a person familiar with the matter said. Comcast’s market value is about $200 billion.

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