First Watch Restaurant Group
FWRG
165 hedge funds and large institutions have $1.12B invested in First Watch Restaurant Group in 2025 Q2 according to their latest regulatory filings, with 34 funds opening new positions, 70 increasing their positions, 45 reducing their positions, and 25 closing their positions.
56% more repeat investments, than reductions
Existing positions increased: 70 | Existing positions reduced: 45
36% more first-time investments, than exits
New positions opened: 34 | Existing positions closed: 25
5% more funds holding
Funds holding: 157 → 165 (+8)
2.17% less ownership
Funds ownership: 116.38% → 114.2% (-2.2%)
5% less capital invested
Capital invested by funds: $1.18B → $1.12B (-$59M)
33% less funds holding in top 10
Funds holding in top 10: 3 → 2 (-1)
59% less call options, than puts
Call options by funds: $920K | Put options by funds: $2.25M
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
RP
Riverbridge Partners
Minneapolis,
Minnesota
|
+$21.5M |
| 2 |
Loomis, Sayles & Company
Boston,
Massachusetts
|
+$19.2M |
| 3 |
Manulife (Manufacturers Life Insurance)
Canada,
Ontario, Canada
|
+$13.4M |
| 4 |
Neuberger Berman Group
New York
|
+$9.46M |
| 5 |
EA
Emerald Advisers
Leola,
Pennsylvania
|
+$6.46M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
AI
Advent International
Boston,
Massachusetts
|
-$75.5M |
| 2 |
FAM
Foxhaven Asset Management
Charlottesville,
Virginia
|
-$30.8M |
| 3 |
Balyasny Asset Management
Chicago,
Illinois
|
-$9.74M |
| 4 |
Brown Advisory
Baltimore,
Maryland
|
-$5.18M |
| 5 |
Bank of America
Charlotte,
North Carolina
|
-$5.04M |
FWRG Hedge Fund Activity: Q2 2025 in Review
165 of the 7,595 institutional investors tracked by Wall St. Rank reported a position in First Watch Restaurant Group (FWRG) for Q2 2025, worth a combined $1.12B — down 5% from $1.18B a quarter earlier.
Buyers outnumbered sellers: 34 funds opened new FWRG positions and 25 closed out — a net gain of 9 holders — while 70 added to existing stakes and 45 trimmed.
The largest buyer was Riverbridge Partners, opening a new position worth an estimated $21.5M. The largest seller was Advent International, cutting an estimated $75.5M.
- 165 institutional investors held First Watch Restaurant Group (FWRG) as of Q2 2025, up from 157 in Q1 2025.
- Funds reported $1.12B of First Watch Restaurant Group stock for Q2 2025, down 5% quarter-over-quarter.
- 34 funds opened new First Watch Restaurant Group positions in Q2 2025 and 25 closed out, a net change of +9 holders.
- The largest First Watch Restaurant Group buyer in Q2 2025 was Riverbridge Partners, an estimated $21.5M added.
- The largest First Watch Restaurant Group seller in Q2 2025 was Advent International, an estimated $75.5M sold.
Based on aggregated 13F filings for Q2 2025.