First Watch Restaurant Group
FWRG
210 hedge funds and large institutions have $709M invested in First Watch Restaurant Group in 2026 Q1 according to their latest regulatory filings, with 51 funds opening new positions, 79 increasing their positions, 61 reducing their positions, and 45 closing their positions.
30% more repeat investments, than reductions
Existing positions increased: 79 | Existing positions reduced: 61
13% more first-time investments, than exits
New positions opened: 51 | Existing positions closed: 45
1% more funds holding
Funds holding: 208 → 210 (+2)
4.71% less ownership
Funds ownership: 115.32% → 110.61% (-4.7%)
33% less capital invested
Capital invested by funds: $1.06B → $709M (-$353M)
64% less call options, than puts
Call options by funds: $1.37M | Put options by funds: $3.79M
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Millennium Management
New York
|
+$45.9M |
| 2 |
Bank of New York Mellon
New York
|
+$28.1M |
| 3 |
Manulife (Manufacturers Life Insurance)
Canada,
Ontario, Canada
|
+$21.8M |
| 4 |
BL
BWCP LP
Dallas,
Texas
|
+$19.6M |
| 5 |
RP
Riverbridge Partners
Minneapolis,
Minnesota
|
+$14.4M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Fidelity Investments
Boston,
Massachusetts
|
-$49.2M |
| 2 |
WP
Woodline Partners
San Francisco,
California
|
-$32.2M |
| 3 |
JP Morgan Chase
New York
|
-$26.6M |
| 4 |
Loomis, Sayles & Company
Boston,
Massachusetts
|
-$22.3M |
| 5 |
GGHC
Gilder Gagnon Howe & Co
New York
|
-$19.4M |
FWRG Hedge Fund Activity: Q1 2026 in Review
210 of the 8,187 institutional investors tracked by Wall St. Rank reported a position in First Watch Restaurant Group (FWRG) for Q1 2026, worth a combined $709M — down 33% from $1.06B a quarter earlier.
Buyers outnumbered sellers: 51 funds opened new FWRG positions and 45 closed out — a net gain of 6 holders — while 79 added to existing stakes and 61 trimmed.
The largest buyer was Millennium Management, adding an estimated $45.9M. The largest seller was Fidelity Investments, cutting an estimated $49.2M.
- 210 institutional investors held First Watch Restaurant Group (FWRG) as of Q1 2026, up from 208 in Q4 2025.
- Funds reported $709M of First Watch Restaurant Group stock for Q1 2026, down 33% quarter-over-quarter.
- 51 funds opened new First Watch Restaurant Group positions in Q1 2026 and 45 closed out, a net change of +6 holders.
- The largest First Watch Restaurant Group buyer in Q1 2026 was Millennium Management, an estimated $45.9M added.
- The largest First Watch Restaurant Group seller in Q1 2026 was Fidelity Investments, an estimated $49.2M sold.
Based on aggregated 13F filings for Q1 2026.