Potbelly
PBPB
PBPB was delisted on the 22nd of October, 2025.
74 hedge funds and large institutions have $141M invested in Potbelly in 2023 Q1 according to their latest regulatory filings, with 26 funds opening new positions, 26 increasing their positions, 6 reducing their positions, and 6 closing their positions.
595% more call options, than puts
Call options by funds: $667K | Put options by funds: $96K
333% more first-time investments, than exits
New positions opened: 26 | Existing positions closed: 6
333% more repeat investments, than reductions
Existing positions increased: 26 | Existing positions reduced: 6
74% more capital invested
Capital invested by funds: $80.9M → $141M (+$59.7M)
35% more funds holding
Funds holding: 55 → 74 (+19)
6.28% more ownership
Funds ownership: 51.9% → 58.18% (+6.3%)
0% more funds holding in top 10
Funds holding in top 10: 3 → 3 (0)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Millennium Management
New York
|
+$2.56M |
| 2 |
Vanguard Group
Malvern,
Pennsylvania
|
+$2.09M |
| 3 |
HIM
Hillsdale Investment Management
Toronto,
Ontario, Canada
|
+$1.97M |
| 4 |
EI
EAM Investors
Solana Beach,
California
|
+$1.54M |
| 5 |
Marshall Wace
London,
United Kingdom
|
+$1.45M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
AA
Ancora Advisors
Cleveland,
Ohio
|
-$3.52M |
| 2 |
Russell Investments Group
London,
United Kingdom
|
-$1.06M |
| 3 |
Boston Partners
Boston,
Massachusetts
|
-$342K |
| 4 |
Victory Capital Management
San Antonio,
Texas
|
-$276K |
| 5 |
TRCT
Tower Research Capital (TRC)
New York
|
-$199K |
PBPB Hedge Fund Activity: Q1 2023 in Review
74 of the 6,275 institutional investors tracked by Wall St. Rank reported a position in Potbelly (PBPB) for Q1 2023, worth a combined $141M — up 74% from $80.9M a quarter earlier.
Buyers outnumbered sellers: 26 funds opened new PBPB positions and 6 closed out — a net gain of 20 holders — while 26 added to existing stakes and 6 trimmed.
The largest buyer was Millennium Management, adding an estimated $2.56M. The largest seller was Ancora Advisors, exiting entirely with an estimated $3.52M sold.
- 74 institutional investors held Potbelly (PBPB) as of Q1 2023, up from 55 in Q4 2022.
- Funds reported $141M of Potbelly stock for Q1 2023, up 74% quarter-over-quarter.
- 26 funds opened new Potbelly positions in Q1 2023 and 6 closed out, a net change of +20 holders.
- The largest Potbelly buyer in Q1 2023 was Millennium Management, an estimated $2.56M added.
- The largest Potbelly seller in Q1 2023 was Ancora Advisors, an estimated $3.52M sold.
Based on aggregated 13F filings for Q1 2023.