Advent International’s First Watch Restaurant Group FWRG Stock Holding History

Advent International’s Portfolio FWRG Stock Details FWRG Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2025 Q4	–	Sell	-5,289,784	Closed	-$82.7M	–	26
2025 Q3	$82.7M	Sell	5,289,784 -9,400,000	-64%	-$164M	1.67%	10
2025 Q2	$236M	Sell	14,689,784 -4,500,000	-23%	-$75.5M	7.64%	5
2025 Q1	$320M	Hold	19,189,784	–	–	10.11%	3
2024 Q4	$357M	Sell	19,189,784 -8,000,000	-29%	-$141M	8.34%	3
2024 Q3	$424M	Hold	27,189,784	–	–	8.98%	3
2024 Q2	$477M	Hold	27,189,784	–	–	11.41%	3
2024 Q1	$669M	Sell	27,189,784 -6,900,000	-20%	-$156M	11.75%	3
2023 Q4	$685M	Hold	34,089,784	–	–	9.18%	4
2023 Q3	$589M	Sell	34,089,784 -450,000	-1%	-$8.3M	7.03%	4
2023 Q2	$584M	Sell	34,539,784 -7,025,000	-17%	-$116M	6.76%	5
2023 Q1	$668M	Hold	41,564,784	–	–	8.13%	4
2022 Q4	$562M	Sell	41,564,784 -675,000	-2%	-$10.3M	6.56%	5
2022 Q3	$612M	Sell	42,239,784 -4,500,000	-10%	-$73.1M	5.44%	5
2022 Q2	$674M	Hold	46,739,784	–	–	4.71%	5
2022 Q1	$610M	Hold	46,739,784	–	–	3.74%	5
2021 Q4	$783M	Buy	+46,739,784	New	+$931M	3.26%	5

Other funds holding FWRG

Fidelity Investments Boston, Massachusetts $2.3T AUM 54.33% 1-Year Est. Return

BlackRock New York $6.73T AUM 46.02% 1-Year Est. Return

Vanguard Group Malvern, Pennsylvania $6.9T AUM 27.45% 1-Year Est. Return

Neuberger Berman Group New York $150B AUM 40.08% 1-Year Est. Return

Dimensional Fund Advisors Austin, Texas $552B AUM 44.19% 1-Year Est. Return

Woodline Partners San Francisco, California $32.4B AUM 58.5% 1-Year Est. Return

GGHC

Gilder Gagnon Howe & Co New York $9.69B AUM 55.7% 1-Year Est. Return

GKIM

GW&K Investment Management Boston, Massachusetts $12.8B AUM 48.82% 1-Year Est. Return

Bank of New York Mellon New York $609B AUM 40.19% 1-Year Est. Return

JP Morgan Chase New York $1.81T AUM 41.13% 1-Year Est. Return

Advent International's FWRG Position: Q4 2025 in Review

Advent International sold out of First Watch Restaurant Group (FWRG) in Q4 2025, closing a stake of 5,289,784 shares — an estimated $82.7M sold.

Advent International first reported a position in FWRG in Q4 2021 and held it in 16 quarters. The position peaked at $783M in Q4 2021. 208 funds tracked by Wall St. Rank hold FWRG as of Q4 2025.

Advent International reported no remaining First Watch Restaurant Group position as of Q4 2025 after selling out during the quarter.
Advent International sold 5,289,784 First Watch Restaurant Group shares in Q4 2025, an estimated $82.7M.
Advent International first reported a position in First Watch Restaurant Group in Q4 2021 and held it in 16 quarters.
Advent International's First Watch Restaurant Group position peaked at $783M in Q4 2021.
208 funds tracked by Wall St. Rank held First Watch Restaurant Group as of Q4 2025.

Based on Advent International's 13F filing for Q4 2025, filed 17 Feb 2026.