SCHEDULE: AQR Capital Reduces Wendy's Stake Below 5%

AQR Capital Management, LLC and its parent company have reported a reduced beneficial ownership in Wendy's Co, now holding 4.45% of common stock as of September 30, 2025.

Summary

• AQR Capital Management, LLC and AQR Capital Management Holdings, LLC collectively beneficially own 8,478,244 shares of Wendy's Co common stock.
• This represents 4.45% of Wendy's Co's outstanding common stock.
• The filing is an Amendment No. 2 to a Schedule 13G, indicating a change from a previous filing, specifically a reduction below the 5% beneficial ownership threshold.
• AQR Capital Management, LLC is classified as an Investment Adviser (IA), and AQR Capital Management Holdings, LLC is a Parent Holding Company (HC).
• The shares are held with shared voting power and shared dispositive power.
• The reporting persons certify that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Wendy's Co.
• The reporting date for this ownership is September 30, 2025.

Sentiment

Score: 5

Explanation: The filing is a factual report of beneficial ownership and does not inherently convey positive or negative sentiment regarding the company's performance or prospects. The reduction in stake below 5% could be interpreted neutrally as portfolio rebalancing, or slightly negatively by some investors.

Future Outlook

NA

Industry Context

This filing reflects a change in institutional investor AQR Capital Management's stake in Wendy's Co, a major player in the quick-service restaurant industry. Such changes in significant ownership can be observed by other institutional investors and market participants as they assess their own positions within the sector.

Stakeholder Impact

• Shareholders: A reduction in a significant institutional investor's stake could be interpreted by other shareholders as a signal regarding the stock's future performance or AQR's portfolio strategy, potentially influencing their own investment decisions.

Key Dates

Keywords

Wendy's Co, WEN, AQR Capital Management, Schedule 13G, Beneficial Ownership, Institutional Investor, Common Stock, Fast Food Industry