TRIAN FUND MANAGEMENT, L.P.: WENDYS CO (WEN): Quarterly 13F Position History
As of Q1 2026, TRIAN FUND MANAGEMENT, L.P. reported 30,446,022 shares of WENDYS CO (WEN), worth $211.6M and representing 5.5% of its 13F equity book. Quarter-over-quarter share count change: + 5,704 (+0.0%) . The position first appeared in Q1 2016 and has been disclosed across 41 13F-HR filings in Pactolio's tracked window.
- 30,446,022Shares Held (Latest Filing)
- $211.6MReported Market Value (Latest Filing)
- 5.5%Portfolio Weight (% of 13F Equity Book)
- +5,704Quarter-over-Quarter Share Change
- -$42.0MQuarter-over-Quarter Value Change
- 44,535,921Peak Reported Shares (Historical)
Quarterly 13F-HR Disclosure History Source: SEC 13F-HR filings, 41 quarter s
| Quarter | Shares | QoQ Share Change | Share Change (%) | Market Value | Weight | Implied Price |
|---|---|---|---|---|---|---|
| Q1 2026 | 30,446,022 | +5,704 | +0.0% | $211.6M | 5.5% | $7.0 |
| Q4 2025 | 30,440,318 | +3,295 | +0.0% | $253.6M | 6.4% | $8.3 |
| Q3 2025 | 30,437,023 | +2,229 | +0.0% | $278.8M | 6.8% | $9.2 |
| Q2 2025 | 30,434,794 | +11,111 | +0.0% | $347.6M | 9.2% | $11.4 |
| Q1 2025 | 30,423,683 | 101,346 | -0.3% | $445.1M | 11.9% | $14.6 |
| Q4 2024 | 30,525,029 | +12,434 | +0.0% | $497.6M | 12.8% | $16.3 |
| Q3 2024 | 30,512,595 | 995,273 | -3.2% | $534.6M | 13.7% | $17.5 |
| Q2 2024 | 31,507,868 | +40,718 | +0.1% | $534.4M | 13.0% | $17.0 |
| Q1 2024 | 31,467,150 | 0 | — | $592.8M | 7.4% | $18.8 |
| Q4 2023 | 31,467,150 | 1,883,593 | -5.6% | $613.0M | 8.7% | $19.5 |
| Q3 2023 | 33,350,743 | +12,618,115 | +60.9% | $680.7M | 10.4% | $20.4 |
| Q2 2023 | 20,732,628 | 973,142 | -4.5% | $450.9M | 11.6% | $21.8 |
| Q1 2023 | 21,705,770 | 3,627,569 | -14.3% | $472.8M | 12.6% | $21.8 |
| Q4 2022 | 25,333,339 | 0 | — | $573.3M | 14.8% | $22.6 |
| Q3 2022 | 25,333,339 | 0 | — | $473.5M | 12.5% | $18.7 |
| Q2 2022 | 25,333,339 | 0 | — | $478.3M | 10.5% | $18.9 |
| Q1 2022 | 25,333,339 | 0 | — | $556.6M | 9.3% | $22.0 |
| Q4 2021 | 25,333,339 | 0 | — | $604.2M | 8.1% | $23.9 |
| Q3 2021 | 25,333,339 | 1,297,290 | -4.9% | $549.2M | 6.8% | $21.7 |
| Q2 2021 | 26,630,629 | 0 | — | $623.7M | 7.3% | $23.4 |
| Q1 2021 | 26,630,629 | 0 | — | $539.5M | 6.4% | $20.3 |
| Q4 2020 | 26,630,629 | 0 | — | $583.7M | 8.6% | $21.9 |
| Q3 2020 | 26,630,629 | 0 | — | $593.9M | 9.8% | $22.3 |
| Q2 2020 | 26,630,629 | 0 | — | $580.0M | 12.0% | $21.8 |
| Q1 2020 | 26,630,629 | 0 | — | $396.3M | 5.7% | $14.9 |
| Q4 2019 | 26,630,629 | 0 | — | $591.5M | 6.2% | $22.2 |
| Q3 2019 | 26,630,629 | 2,000,000 | -7.0% | $532.1M | 5.6% | $20.0 |
| Q2 2019 | 28,630,629 | 0 | — | $560.6M | 5.9% | $19.6 |
| Q1 2019 | 28,630,629 | 3,000,000 | -9.5% | $512.2M | 5.5% | $17.9 |
| Q4 2018 | 31,630,629 | 0 | — | $493.8M | 5.3% | $15.6 |
| Q3 2018 | 31,630,629 | 0 | — | $542.1M | 5.2% | $17.1 |
| Q2 2018 | 31,630,629 | 2,405,292 | -7.1% | $543.4M | 5.4% | $17.2 |
| Q1 2018 | 34,035,921 | 5,000,000 | -12.8% | $597.3M | 6.0% | $17.6 |
| Q4 2017 | 39,035,921 | 0 | — | $641.0M | 5.4% | $16.4 |
| Q3 2017 | 39,035,921 | 0 | — | $606.2M | 4.7% | $15.5 |
| Q2 2017 | 39,035,921 | 5,500,000 | -12.3% | $605.4M | 4.6% | $15.5 |
| Q1 2017 | 44,535,921 | 0 | — | $606.1M | 4.5% | $13.6 |
| Q4 2016 | 44,535,921 | +3,743,384 | +9.2% | $602.1M | 5.4% | $13.5 |
| Q3 2016 | 40,792,537 | 0 | — | $440.6M | 4.3% | $10.8 |
| Q2 2016 | 40,792,537 | 0 | — | $392.4M | 3.7% | $9.6 |
| Q1 2016 | 40,792,537 | — | — | $444.2M | 4.3% | $10.9 |
Methodology & FAQ
How This Position History Is Sourced
Each row is one SEC Form 13F-HR filing disclosing this position. Share count, market value, and reported quarter are taken verbatim from the filing; portfolio weight is recomputed against the same filing's total reported equity book. Implied price-per-share is market value divided by shares — a quarter-end mark, not the manager's cost basis. See the full methodology document for the normalization rules.
When did TRIAN FUND MANAGEMENT, L.P. first disclose a WEN position in 13F-HR filings?
TRIAN FUND MANAGEMENT, L.P. first reported WENDYS CO (WEN) on its 13F-HR filing for the period ending 2016-03-31 (Q1 2016). The position has appeared on 41 reported quarters within Pactolio's tracked window.
What was TRIAN FUND MANAGEMENT, L.P.'s most recent quarter-over-quarter share-count change in WEN?
Between Q4 2025 and Q1 2026, TRIAN FUND MANAGEMENT, L.P. added 5,704 shares of WEN (+0.0%), bringing the total reported position to 30,446,022 shares at a market value of $211.6M.
Does the implied price-per-share represent TRIAN FUND MANAGEMENT, L.P.'s cost basis in WEN?
No. The implied price-per-share column is the 13F-HR reported market value divided by reported share count on the filing date (end of quarter). It is a quarter-end mark, not a cost basis or transaction price. Use it as a sanity check on the value column, not as an indicator of the manager's entry or exit price.