Dutch Bros

BROS • NYSE

Dutch Bros is a restaurants company in the consumer cyclical sector on NYSE, led by Christine Barone, with a market cap of $7.7B. As of Q3 2025, 90% of shares are held by 438 institutional investors, with VANGUARD GROUP INC as the largest holder at 8.85%.

Chief Executive OfficerChristine Barone

Market Cap$7.7B

Restaurants

Consumer Cyclical

Employees24.0K

Websitedutchbros.com

Country

United States of America

Overview

Overview of institutional ownership in BROS as of Q3 2025 with a market cap of $6.6B

All Institutions

Institutions: 438
Value Held: $6.0B
Shares Held: 114.4M
Avg Position: $13.7M
Median Position: $748.6K

Hedge Funds

Hedge Funds: 59
Value Held: $822.5M
Shares Held: 15.7M
Avg Position: $13.9M
Median Position: $3.3M

Ownership Breakdown

Institutional (non-HF)

77.62%

$5.2B

Hedge Funds

12.38%

$822.5M

Retail & Other

10.0%

$664.4M

Based on market cap of $6.6B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in BROS as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$588.4M 0.01% of portfolio	8.85% 11.2M shares	Q3 2021 Held for 4y 2m	$6.69T
FMR LLC Institution	-	$381.5M 0.02% of portfolio	5.74% 7.3M shares	Q3 2021 Held for 4y 2m	$1.92T
B BlackRock, Inc. Institution	-	$366.2M 0.01% of portfolio	5.51% 7.0M shares	Q3 2021 Held for 4y 2m	$5.67T
B BAILLIE GIFFORD & CO Institution	-	$183.0M 0.14% of portfolio	2.75% 3.5M shares	Q3 2024 Held for 1y 2m	$134.80B
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	Robert W Sharps President	$180.6M 0.02% of portfolio	2.72% 3.5M shares	Q3 2021 Held for 4y 2m	$912.31B
G GCIC Ltd. Institution	-	$148.8M 0.25% of portfolio	2.24% 2.8M shares	Q2 2024 Held for 1y 5m	$58.8B
Marshall Wace LLP Institution	Diana Lj Harrison President	$140.8M 0.16% of portfolio	2.12% 2.7M shares	Q4 2021 Held for 3y 11m	$90.3B
I Investec Asset Management LTD Long Only Manager	Hendrik Jacobus Du Toit CEO	$135.3M 0.29% of portfolio	2.04% 2.6M shares	Q3 2025 Held for 2 months	$46.3B
Invesco Ltd. ETF Provider	Brian Christopher Hartigan CEO	$127.0M 0.02% of portfolio	1.91% 2.4M shares	Q3 2023 Held for 2y 2m	$633.08B
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	Kenneth Cordele Griffin CEO	$119.6M 0.10% of portfolio	1.80% 2.3M shares	Q3 2021 Held for 4y 2m	$122.08B

Net Capital Flow

Institutional buying and selling activity for BROS in Q3 2025

Net Flow: +$236.5M
Buyers: 199
Sellers: 220
Total Bought: +$916.3M
Total Sold: −$679.7M
Avg Position: $11.9M

Biggest Buyers

Institution	Net Bought	Current Position
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	+$166.7M +3.2M shares	$180.6M 3.5M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$103.0M +2.0M shares	$119.6M 2.3M shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$63.0M +1.2M shares	$95.1M 1.8M shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$37.1M +708.3K shares	$105.9M 2.0M shares
A Amundi Institution	+$32.4M +660.0K shares	$68.2M 1.4M shares
B BNP PARIBAS ARBITRAGE, SA Institution	+$30.1M +574.8K shares	$73.5M 1.4M shares
UBS Group AG Institution	+$30.0M +572.3K shares	$117.6M 2.2M shares
B BlackRock, Inc. Institution	+$24.7M +471.3K shares	$366.2M 7.0M shares
T TEACHER RETIREMENT SYSTEM OF TEXAS Institution	+$24.2M +461.6K shares	$25.7M 490.2K shares
SCHWAB CHARLES INVESTMENT MANAGEMENT INC Long Only Manager	+$21.6M +411.8K shares	$61.5M 1.2M shares

Biggest Sellers

Institution	Net Sold	Current Position
D D. E. Shaw & Co., Inc. Institution	−$132.3M −2.5M shares	$89.0M 1.7M shares
DRIEHAUS CAPITAL MANAGEMENT LLC Hedge Fund•Event Driven	−$37.5M −716.0K shares	$38.9M 743.8K shares
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	−$33.2M −485.3K shares	Sold Off 0 shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	−$27.8M −531.0K shares	$26.5M 506.1K shares
C Cubist Systematic Strategies, LLC Institution	−$24.9M −364.6K shares	Sold Off 0 shares
Bank of New York Mellon Corp Institution	−$24.3M −463.5K shares	$17.0M 323.9K shares
MORGAN STANLEY RIA/Wealth	−$21.1M −403.5K shares	$82.1M 1.6M shares
LORD, ABBETT & CO. LLC Long Only Manager	−$17.8M −339.6K shares	$28.5M 544.6K shares
F FIL Ltd Institution	−$17.6M −336.6K shares	$46.2M 882.3K shares
J JOHO CAPITAL LLC Institution	−$17.6M −336.4K shares	$74.2M 1.4M shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited BROS in Q3 2025

New Positions: 39
New Value: $242.6M
Exited Positions: 94
Exited Value: $157.9M

New Positions

Institution	Position Value
I Investec Asset Management LTD Long Only Manager	$135.3M 2.6M shares
F Freestone Grove Partners LP Hedge Fund•Multi-Strategy	$30.9M 590.8K shares
RIVERBRIDGE PARTNERS LLC Long Only Manager	$20.0M 382.9K shares
Loup Funds, LLC Hedge Fund•Sector	$12.2M 233.8K shares
CONGRESS ASSET MANAGEMENT CO /MA Long Only Manager	$11.1M 213.0K shares
ASHFORD CAPITAL MANAGEMENT INC Hedge Fund•Growth	$8.4M 161.4K shares
I Investec Asset Management Ltd Institution	$4.6M 87.8K shares
KEYSTONE INVESTORS PTE LTD RIA/Wealth	$4.0M 76.3K shares
C CAMELOT TECHNOLOGY ADVISORS, INC. Institution	$2.2M 42.0K shares
B Brevan Howard Capital Management LP Institution	$2.0M 37.5K shares

Exited Positions

Institution	Previous Position
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$33.2M 485.3K shares
C Cubist Systematic Strategies, LLC Institution	$24.9M 364.6K shares
CASTLEARK MANAGEMENT LLC Long Only Manager	$7.8M 114.3K shares
T TIAA TRUST, NATIONAL ASSOCIATION Institution	$6.5M 95.6K shares
A AGF MANAGEMENT LTD Institution	$6.2M 90.9K shares
EAM Investors, LLC Long Only Manager	$5.9M 87.0K shares
EAM Global Investors LLC Long Only Manager	$5.8M 84.4K shares
Kingstone Capital Partners Texas, LLC RIA/Wealth	$5.2M 76.7K shares
E EXCHANGE TRADED CONCEPTS, LLC Institution	$4.2M 61.8K shares
F FRED ALGER MANAGEMENT INC Long Only Manager	$4.0M 59.2K shares

Options Activity

Institutions with the largest Call and Put options positions in BROS as of Q3 2025

Call Positions: 22
Call Value: $135.4M
Put Positions: 18
Put Value: $126.3M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$34.7M 6.6K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$23.9M 4.6K contracts
J JANE STREET GROUP, LLC Institution	$10.7M 2.0K contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$10.0M 1.9K contracts
W WOLVERINE TRADING, LLC Institution	$9.9M 1.9K contracts
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$8.7M 1.7K contracts
WELLS FARGO & COMPANY/MN Institution	$7.9M 1.5K contracts
P PEAK6 LLC Institution	$7.7M 1.5K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$6.6M 1.3K contracts
Caption Management, LLC Hedge Fund•Long/Short	$5.2M 1.0K contracts

Put Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$44.0M 8.4K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$24.9M 4.8K contracts
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$18.8M 3.6K contracts
W WOLVERINE TRADING, LLC Institution	$9.7M 1.8K contracts
J JANE STREET GROUP, LLC Institution	$8.2M 1.6K contracts
Walleye Trading LLC RIA/Wealth	$7.0M 1.3K contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$3.0M 582.0 contracts
Hudson Bay Capital Management LP Hedge Fund•Multi-Strategy	$2.6M 500.0 contracts
WELLS FARGO & COMPANY/MN Institution	$2.4M 450.0 contracts
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$1.5M 296.0 contracts

Most Committed Institutions

Institutions with BROS as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
TSG Consumer Partners LP Private Equity	Charles Howard Esserman CEO	100.00% $119.3M	1.80% 2.3M shares	Q4 2021 Held for 3y 11m	$119.3M
J JOHO CAPITAL LLC Institution	-	13.19% $74.2M	1.12% 1.4M shares	Q1 2023 Held for 2y 8m	$563.0M
C Crestwood Capital Management, L.P. Hedge Fund•Long/Short	Michael Roy Weisberg Managing Partner	11.31% $16.2M	0.24% 310.4K shares	Q3 2023 Held for 2y 2m	$143.6M
Loup Funds, LLC Hedge Fund•Sector	Joseph Conroy Robillard Managing Partner	5.13% $12.2M	0.18% 233.8K shares	Q3 2025 Held for 2 months	$238.6M
Aperture Investors, LLC Hedge Fund•Multi-Strategy	Peter Steven Kraus CEO	3.24% $23.3M	0.35% 445.7K shares	Q1 2025 Held for 8 months	$719.9M
T Timelo Investment Management Inc. Institution	-	2.47% $1.5M	0.02% 28.0K shares	Q3 2025 Held for 2 months	$59.3M
MANE GLOBAL CAPITAL MANAGEMENT LP Hedge Fund•Long/Short	Rami R Abdel-Misih CIO	2.14% $45.7M	0.69% 873.1K shares	Q2 2025 Held for 5 months	$2.1B
Savoir Faire Capital Management, L.P. Hedge Fund•Long/Short	Brian Michael Crombie Managing Partner	2.12% $5.9M	0.09% 112.8K shares	Q2 2024 Held for 1y 5m	$278.8M
Cannon Global Investment Management, LLC Hedge Fund•Quant	Thomas Nmn Morphet CEO	1.95% $769.4K	0.01% 14.7K shares	Q3 2025 Held for 2 months	$39.5M
C CAMELOT TECHNOLOGY ADVISORS, INC. Institution	-	1.77% $2.2M	0.03% 42.0K shares	Q3 2025 Held for 2 months	$124.3M

Hedge Fund Spotlight

Discover hedge funds investing in BROS

RENAISSANCE TECHNOLOGIES LLC

Hedge Fund • Quant

Portfolio ManagerDavid Allen Lippe

Portfolio Value: $75.8B
Positions: 3,419
Last Reported: Q3 2025

Sector Allocation

Position in Dutch Bros

Market Value: $26.5M
Shares Held: 506.1K
Portfolio Weight: 0.03%
Owned Since: 2024-Q2

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