A related question is here.
Let $\Pi$ be a symmetric positive semidefinite projection i.e. $\Pi^2 = \Pi$ and $0\leq \Pi\leq I$ where the inequalities are meant in a positive semidefinite sense. Let $X$ and $A$ be arbitrary symmetric positive definite matrices. Is it true that
$$\text{tr}(X\Pi A\Pi)\leq \text{tr}(XA)?$$
I think it's false but I'm unable to construct a counterexample.