The fund, which often seeks changes to strategy or corporate structure, believes that Honeywell should break apart into two companies, one serving the aerospace market and another

The push comes as new Honeywell CEO Vimal Kapur has led an aggressive repositioning with mergers, acquisitions and spinoffs.

Shares of Honeywell International Inc. rallied into record territory Tuesday after activist investor Elliott Investment Management L.P. disclosed a large stake and said it was pushing for a breakup of the company.