First Watch Restaurant Group
FWRG
208 hedge funds and large institutions have $1.06B invested in First Watch Restaurant Group in 2025 Q4 according to their latest regulatory filings, with 45 funds opening new positions, 93 increasing their positions, 58 reducing their positions, and 21 closing their positions.
114% more first-time investments, than exits
New positions opened: 45 | Existing positions closed: 21
60% more repeat investments, than reductions
Existing positions increased: 93 | Existing positions reduced: 58
40% more call options, than puts
Call options by funds: $1.91M | Put options by funds: $1.37M
13% more funds holding
Funds holding: 184 → 208 (+24)
3.64% less ownership
Funds ownership: 118.96% → 115.32% (-3.6%)
7% less capital invested
Capital invested by funds: $1.14B → $1.06B (-$74.2M)
100% less funds holding in top 10
Funds holding in top 10: 2 → 0 (-2)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Fidelity Investments
Boston,
Massachusetts
|
+$48.1M |
| 2 |
Neuberger Berman Group
New York
|
+$26.6M |
| 3 |
WP
Woodline Partners
San Francisco,
California
|
+$14.1M |
| 4 |
FAM
Fred Alger Management
New York
|
+$11.3M |
| 5 |
BlackRock
New York
|
+$10.3M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
AI
Advent International
Boston,
Massachusetts
|
-$82.7M |
| 2 |
Marshall Wace
London,
United Kingdom
|
-$18.8M |
| 3 |
CIP
Champlain Investment Partners
Burlington,
Vermont
|
-$13.2M |
| 4 |
Balyasny Asset Management
Chicago,
Illinois
|
-$12.7M |
| 5 |
Brown Advisory
Baltimore,
Maryland
|
-$11.8M |
FWRG Hedge Fund Activity: Q4 2025 in Review
208 of the 8,267 institutional investors tracked by Wall St. Rank reported a position in First Watch Restaurant Group (FWRG) for Q4 2025, worth a combined $1.06B — down 6.5% from $1.14B a quarter earlier.
Buyers outnumbered sellers: 45 funds opened new FWRG positions and 21 closed out — a net gain of 24 holders — while 93 added to existing stakes and 58 trimmed.
The largest buyer was Fidelity Investments, adding an estimated $48.1M. The largest seller was Advent International, exiting entirely with an estimated $82.7M sold.
- 208 institutional investors held First Watch Restaurant Group (FWRG) as of Q4 2025, up from 184 in Q3 2025.
- Funds reported $1.06B of First Watch Restaurant Group stock for Q4 2025, down 6.5% quarter-over-quarter.
- 45 funds opened new First Watch Restaurant Group positions in Q4 2025 and 21 closed out, a net change of +24 holders.
- The largest First Watch Restaurant Group buyer in Q4 2025 was Fidelity Investments, an estimated $48.1M added.
- The largest First Watch Restaurant Group seller in Q4 2025 was Advent International, an estimated $82.7M sold.
Based on aggregated 13F filings for Q4 2025.