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Dutch Bros

492 hedge funds and large institutions have $7.23B invested in Dutch Bros in 2025 Q2 according to their latest regulatory filings, with 92 funds opening new positions, 188 increasing their positions, 145 reducing their positions, and 64 closing their positions.

New
Increased
Maintained
Reduced
Closed

44% more first-time investments, than exits

New positions opened: 92 | Existing positions closed: 64

30% more repeat investments, than reductions

Existing positions increased: 188 | Existing positions reduced: 145

15% more capital invested

Capital invested by funds: $6.28B → $7.23B (+$951M)

6% more funds holding

Funds holding: 466492 (+26)

4.19% less ownership

Funds ownership: 87.57%83.38% (-4.2%)

15% less call options, than puts

Call options by funds: $177M | Put options by funds: $209M

25% less funds holding in top 10

Funds holding in top 10: 43 (-1)

Holders
492
Holders Change
+26
Holders Change %
+5.58%
% of All Funds
6.48%
Holding in Top 10
3
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-25%
% of All Funds
0.04%
New
92
Increased
188
Reduced
145
Closed
64
Calls
$177M
Puts
$209M
Net Calls
-$32.3M
Net Calls Change
-$116M
Name Holding Trade Value Shares
Change
Change in
Stake
Vanguard Group
1
Vanguard Group
Pennsylvania
$775M +$92.2M +1,413,195 +14%
Fidelity Investments
2
Fidelity Investments
Massachusetts
$496M +$68.7M +1,053,811 +17%
BlackRock
3
BlackRock
New York
$446M +$93.6M +1,434,186 +28%
D.E. Shaw & Co
4
D.E. Shaw & Co
New York
$289M -$69.9M -1,071,793 -20%
Baillie Gifford & Co
5
Baillie Gifford & Co
United Kingdom
$248M -$11.7M -179,028 -5%
1832 Asset Management
6
1832 Asset Management
Ontario, Canada
$212M -$20.4M -312,900 -9%
Marshall Wace
7
Marshall Wace
United Kingdom
$172M +$95.3M +1,460,376 +139%
TCP
8
TSG Consumer Partners
California
$160M
Invesco
9
Invesco
Georgia
$160M +$63.1M +967,861 +71%
T. Rowe Price Investment Management
10
T. Rowe Price Investment Management
Maryland
$156M +$6.81M +104,396 +5%
Geode Capital Management
11
Geode Capital Management
Massachusetts
$149M +$17.4M +267,074 +14%
State Street
12
State Street
Massachusetts
$135M +$7.94M +121,683 +7%
Morgan Stanley
13
Morgan Stanley
New York
$135M +$28.3M +434,313 +28%
JC
14
Joho Capital
New York
$120M -$10.7M -164,725 -9%
Qube Research & Technologies (QRT)
15
Qube Research & Technologies (QRT)
United Kingdom
$119M -$2.42M -37,121 -2%
UBS Group
16
UBS Group
Switzerland
$115M +$34.1M +522,692 +45%
Raymond James Financial
17
Raymond James Financial
Florida
$109M +$21.2M +324,936 +26%
Bank of America
18
Bank of America
North Carolina
$108M +$10.7M +163,725 +12%
Squarepoint
19
Squarepoint
New York
$103M +$57M +873,306 +139%
DCM
20
Driehaus Capital Management
Illinois
$99.8M +$9.07M +138,995 +11%
Norges Bank
21
Norges Bank
Norway
$93.5M -$5.95M -91,143 -6%
Millennium Management
22
Millennium Management
New York
$90M -$52.3M -801,694 -38%
Fuller & Thaler Asset Management
23
Fuller & Thaler Asset Management
California
$87.9M -$2.56M -39,253 -3%
Fidelity International
24
Fidelity International
Bermuda
$83.3M -$25.5M -391,138 -24%
AllianceBernstein
25
AllianceBernstein
Tennessee
$79.1M +$8.21M +125,865 +12%

BROS Hedge Fund Activity: Q2 2025 in Review

492 of the 7,595 institutional investors tracked by Wall St. Rank reported a position in Dutch Bros (BROS) for Q2 2025, worth a combined $7.23B — up 15% from $6.28B a quarter earlier.

Buyers outnumbered sellers: 92 funds opened new BROS positions and 64 closed out — a net gain of 28 holders — while 188 added to existing stakes and 145 trimmed.

The largest buyer was Marshall Wace, adding an estimated $95.3M. The largest seller was Balyasny Asset Management, cutting an estimated $100M.

  • 492 institutional investors held Dutch Bros (BROS) as of Q2 2025, up from 466 in Q1 2025.
  • Funds reported $7.23B of Dutch Bros stock for Q2 2025, up 15% quarter-over-quarter.
  • 92 funds opened new Dutch Bros positions in Q2 2025 and 64 closed out, a net change of +28 holders.
  • The largest Dutch Bros buyer in Q2 2025 was Marshall Wace, an estimated $95.3M added.
  • The largest Dutch Bros seller in Q2 2025 was Balyasny Asset Management, an estimated $100M sold.

Based on aggregated 13F filings for Q2 2025.