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First Watch Restaurant Group
FWRG

184 hedge funds and large institutions have $1.14B invested in First Watch Restaurant Group in 2025 Q3 according to their latest regulatory filings, with 31 funds opening new positions, 80 increasing their positions, 46 reducing their positions, and 11 closing their positions.

New
Increased
Maintained
Reduced
Closed

182% more first-time investments, than exits

New positions opened: 31 | Existing positions closed: 11

181% more call options, than puts

Call options by funds: $3.64M | Put options by funds: $1.3M

74% more repeat investments, than reductions

Existing positions increased: 80 | Existing positions reduced: 46

12% more funds holding

Funds holding: 165 → 184 (+19)

4.76% more ownership

Funds ownership: 114.2% → 118.96% (+4.8%)

2% more capital invested

Capital invested by funds: $1.12B → $1.14B (+$18.2M)

0% more funds holding in top 10

Funds holding in top 10: 2 → 2 (0)

Holders
184
Holders Change
+19
Holders Change %
+11.52%
% of All Funds
2.41%
Holding in Top 10
2
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.03%
New
31
Increased
80
Reduced
46
Closed
11
Calls
$3.64M
Puts
$1.3M
Net Calls
+$2.35M
Net Calls Change
+$3.68M

Top Buyers

Rank Fund Capital Flow
1
Bank of New York Mellon
Bank of New York Mellon
New York
+$26.7M
2
Citadel Advisors
Citadel Advisors
Florida
+$25.7M
3
WP
Woodline Partners
California
+$22.6M
4
Goldman Sachs
Goldman Sachs
New York
+$20M
5
Balyasny Asset Management
Balyasny Asset Management
Illinois
+$13.7M

Top Sellers

Rank Fund Capital Flow
1
AI
Advent International
Massachusetts
-$164M
2
Manulife (Manufacturers Life Insurance)
Manulife (Manufacturers Life Insurance)
Ontario, Canada
-$10.2M
3
UBS AM
UBS AM
Illinois
-$6.25M
4
AC
Armistice Capital
New York
-$5.61M
5
JP Morgan Chase
JP Morgan Chase
New York
-$4.12M
Name Holding Trade Value Shares
Change 		Change in
Stake
MIM
26
MetLife Investment Management
New Jersey
$16.6M +$3.34M +191,647 +22%
Federated Hermes
27
Federated Hermes
Pennsylvania
$15.6M +$702K +40,300 +4%
Franklin Resources
28
Franklin Resources
California
$14.9M +$1.23M +70,449 +8%
State Street
29
State Street
Massachusetts
$14.8M +$446K +25,590 +3%
SIMG
30
Stephens Investment Management Group
Texas
$14.6M +$2.84M +163,102 +21%
Brown Advisory
31
Brown Advisory
Maryland
$14.5M -$3.12M -179,195 -16%
PA
32
Paralel Advisors
Colorado
$14.1M – – –
Bank of America
33
Bank of America
North Carolina
$13.4M +$6.34M +363,536 +74%
UBS Group
34
UBS Group
Switzerland
$13M +$1.04M +59,419 +8%
EA
35
Emerald Advisers
Pennsylvania
$12.8M +$7.6M +436,252 +113%
Balyasny Asset Management
36
Balyasny Asset Management
Illinois
$12.7M +$13.7M +784,979 +2,796%
WCM Investment Management
37
WCM Investment Management
California
$11.7M -$4.64K -266 -0%
DAM
38
Deepwater Asset Management
Minnesota
$11.3M +$1.63M +93,662 +15%
Millennium Management
39
Millennium Management
New York
$10.9M +$11.6M +668,019 +2,383%
New York State Common Retirement Fund
40
New York State Common Retirement Fund
New York
$10.4M +$887K +50,873 +8%
ACH
41
ArrowMark Colorado Holdings
Colorado
$9.51M +$625K +35,860 +6%
MC
42
Maverick Capital
Texas
$8.04M +$4.12M +236,184 +85%
EMFAT
43
Emerald Mutual Fund Advisers Trust
Pennsylvania
$7.79M +$4.18M +239,688 +93%
ClearBridge Investments
44
ClearBridge Investments
New York
$7.42M +$227K +13,040 +3%
Northern Trust
45
Northern Trust
Illinois
$7.39M +$270K +15,462 +3%
Morgan Stanley
46
Morgan Stanley
New York
$7.12M +$2.84M +163,210 +56%
Squarepoint
47
Squarepoint
New York
$6.12M +$5.31M +304,681 +352%
Charles Schwab
48
Charles Schwab
California
$6.06M +$905K +51,910 +15%
MOACM
49
Mutual of America Capital Management
New York
$5.94M -$379K -21,736 -5%
JG
50
Jain Global
New York
$5.79M +$6.45M +370,274 New
1
2
3 4 5

FWRG Hedge Fund Activity: Q3 2025 in Review

184 of the 7,620 institutional investors tracked by Wall St. Rank reported a position in First Watch Restaurant Group (FWRG) for Q3 2025, worth a combined $1.14B — up 1.6% from $1.12B a quarter earlier.

Buyers outnumbered sellers: 31 funds opened new FWRG positions and 11 closed out — a net gain of 20 holders — while 80 added to existing stakes and 46 trimmed.

The largest buyer was Bank of New York Mellon, adding an estimated $26.7M. The largest seller was Advent International, cutting an estimated $164M.

  • 184 institutional investors held First Watch Restaurant Group (FWRG) as of Q3 2025, up from 165 in Q2 2025.
  • Funds reported $1.14B of First Watch Restaurant Group stock for Q3 2025, up 1.6% quarter-over-quarter.
  • 31 funds opened new First Watch Restaurant Group positions in Q3 2025 and 11 closed out, a net change of +20 holders.
  • The largest First Watch Restaurant Group buyer in Q3 2025 was Bank of New York Mellon, an estimated $26.7M added.
  • The largest First Watch Restaurant Group seller in Q3 2025 was Advent International, an estimated $164M sold.

Based on aggregated 13F filings for Q3 2025.