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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
WA
51
Wasatch Advisors
Utah
$5.78M +$316K +18,100 +5%
FAM
52
Fred Alger Management
New York
$5.71M +$6.36M +365,105 New
AC
53
Avory & Company
Florida
$5.55M +$40.9K +2,348 +0.7%
Russell Investments Group
54
Russell Investments Group
United Kingdom
$5.33M +$1.49M +85,280 +33%
Allspring Global Investments
55
Allspring Global Investments
North Carolina
$5.24M -$174K -9,976 -3%
Hudson Bay Capital Management
56
Hudson Bay Capital Management
Connecticut
$4.94M +$5.5M +315,597 New
KCM
57
Kornitzer Capital Management
Kansas
$4.84M -$105K -6,000 -2%
MHP
58
Manatuck Hill Partners
Connecticut
$4.61M +$1.66M +95,000 +48%
SEI Investments
59
SEI Investments
Pennsylvania
$2.54M +$414K +23,736 +17%
First Trust Advisors
60
First Trust Advisors
Illinois
$2.52M -$616K -35,351 -18%
GCM
61
Ghisallo Capital Management
Massachusetts
$2.52M +$2.8M +160,893 New
Ameriprise
62
Ameriprise
Minnesota
$2.36M -$2.56M -146,681 -49%
HCM
63
Hodges Capital Management
Texas
$2.24M +$2.49M +142,934 New
Raymond James Financial
64
Raymond James Financial
Florida
$2.12M -$39.3K -2,253 -2%
MNBTD
65
Moody National Bank Trust Division
Texas
$1.88M -$959 -55 -0%
RHJA
66
Rice Hall James & Associates
California
$1.73M -$12.1K -696 -0.6%
DC
67
Diametric Capital
Massachusetts
$1.71M +$1.02M +58,438 +115%
BMSSC
68
B. Metzler seel. Sohn & Co
Germany
$1.66M – – –
SCM
69
Sterling Capital Management
North Carolina
$1.64M +$1.15M +65,831 +167%
Barclays
70
Barclays
United Kingdom
$1.59M +$353K +20,265 +25%
Wells Fargo
71
Wells Fargo
California
$1.57M +$143K +8,226 +9%
GCP
72
GSA Capital Partners
United Kingdom
$1.56M -$595K -34,106 -26%
Royal Bank of Canada
73
Royal Bank of Canada
Ontario, Canada
$1.47M +$19K +1,088 +1%
American Century Companies
74
American Century Companies
Missouri
$1.43M +$340K +19,487 +27%
ECM
75
ExodusPoint Capital Management
New York
$1.41M +$1.58M +90,425 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.