Wendy's Co.'s largest shareholder, billionaire activist investor Nelson Peltz's Trian Fund Management, disclosed Tuesday that it owned 54.8 million shares, or 22.3% of the fast-food chain's shares outstanding. That's up from 44.5 million shares, or 18.1%, that Trian owned as of May 23, according to FactSet. Wendy's stock fell 0.7% in morning trade, and has now lost 3.4% since closing at a 10-year high of $16.57 on May 25. The stock has run up 18.5% year to date, while shares of rival McDonald's Corp. have rallied 25% and the S&P 500 has gained 8.6%.
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