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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
SAM
176
Smartleaf Asset Management
Massachusetts
$1.11K +$610 +35 +100%
RIL
177
Rothschild Investment LLC
Illinois
$1.09K – – –
Northwestern Mutual Wealth Management
178
Northwestern Mutual Wealth Management
Wisconsin
$516 +$575 +33 New
FFO
179
Fortitude Family Office
Arizona
$266 – – –
ASN
180
Advisory Services Network
Georgia
$125 +$139 +8 New
AF
181
Allworth Financial
California
$32 +$35 +2 New
SS
182
SBI Securities
Japan
$31 -$593 -34 -94%
EP
183
Essential Partners
California
$16 +$17 +1 New
AC
184
Armistice Capital
New York
– -$5.61M -350,000 Closed
VI
185
Versor Investments
New York
– -$757K -47,200 Closed
CFM
186
Catalyst Funds Management
Australia
– -$306K -19,100 Closed
WG
187
Winton Group
United Kingdom
– -$298K -18,593 Closed
VOYA Investment Management
188
VOYA Investment Management
Georgia
– -$178K -11,090 Closed
WA
189
Wealth Alliance
New York
– -$162K -10,093 Closed
Stifel Financial
190
Stifel Financial
Missouri
– -$161K -10,043 Closed
ACM
191
Accent Capital Management
Ohio
– -$24.1K -1,500 Closed
BFP
192
Briaud Financial Planning
Texas
– -$6K -395 Closed
PPC
193
Park Place Capital
Alabama
– -$6.71K -390 Closed
GWM
194
Geneos Wealth Management
Colorado
– -$1.25K -78 Closed
4 5 6 7
8

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.