Trim MCD to 50-70% of benchmark weight over 1-3 months as the stock navigates a confirmed downtrend from the February high at $337.17, with a hard stop at the 52-week low of $260.96 and staged entry points at $287 and $297.03 on expanding volume. The underweight reflects multi-vector fundamental damage—clean YoY revenue decline, dividend yield 201bps underwater to the 10-year Treasury, brand-specific U.S. weakness confirmed by UBS, and management's own acknowledgment of execution gaps—while preserving optionality given MCD's $7B+ FCF, 46%+ operating margins, and 49-year dividend growth streak.