First Watch Restaurant Group, Inc.

FWRG • NASDAQ

First Watch Restaurant Group, Inc. is a restaurants company in the consumer cyclical sector on NASDAQ, led by Christopher A. Tomasso, with a market cap of $998.5M. As of Q3 2025, 119% of shares are held by 182 institutional investors, with ADVENT INTERNATIONAL CORP/MA as the largest holder at 8.67%.

President and Chief Executive OfficerChristopher A. Tomasso

Market Cap$998.5M

Restaurants

Consumer Cyclical

Employees14.0K

Websiteinvestors.firstwatch.com

Country

United States of America

Overview

Overview of institutional ownership in FWRG as of Q3 2025 with a market cap of $954.4M

All Institutions

Institutions: 182
Value Held: $1.1B
Shares Held: 72.6M
Avg Position: $6.2M
Median Position: $1.0M

Hedge Funds

Hedge Funds: 27
Value Held: $153.1M
Shares Held: 9.8M
Avg Position: $5.7M
Median Position: $1.7M

Ownership Breakdown

Institutional (non-HF)

102.95%

$982.6M

Hedge Funds

16.04%

$153.1M

Retail & Other

Based on market cap of $954.4M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in FWRG as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
ADVENT INTERNATIONAL CORP/MA Private Equity	Susan Anne Gentile CFO	$82.7M 1.67% of portfolio	8.67% 5.3M shares	Q4 2021 Held for 3y 11m	$5.0B
B BlackRock, Inc. Institution	-	$48.8M 0.00% of portfolio	5.11% 3.1M shares	Q4 2021 Held for 3y 11m	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$45.2M 0.00% of portfolio	4.73% 2.9M shares	Q4 2021 Held for 3y 11m	$6.69T
FMR LLC Institution	-	$39.8M 0.00% of portfolio	4.17% 2.5M shares	Q4 2021 Held for 3y 11m	$1.92T
DIMENSIONAL FUND ADVISORS LP Long Only Manager	David Paul Butler CEO	$38.2M 0.01% of portfolio	4.00% 2.4M shares	Q1 2023 Held for 2y 8m	$466.32B
GILDER GAGNON HOWE & CO LLC RIA/Wealth	James Michael Deutsch CEO	$33.6M 0.34% of portfolio	3.52% 2.1M shares	Q1 2023 Held for 2y 8m	$9.8B
LAZARD ASSET MANAGEMENT LLC Long Only Manager	Evan Lawrence Russo CEO	$33.3M 0.04% of portfolio	3.49% 2.1M shares	Q4 2024 Held for 11 months	$74.1B
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$30.9M 0.00% of portfolio	3.24% 2.0M shares	Q4 2021 Held for 3y 11m	$1.56T
C Champlain Investment Partners, LLC Long Only Manager	Judith Wilkinson O'Connell CEO	$30.1M 0.23% of portfolio	3.15% 1.9M shares	Q2 2024 Held for 1y 5m	$13.3B
Bank of New York Mellon Corp Institution	Robin Vince CEO	$29.3M 0.01% of portfolio	3.07% 1.9M shares	Q4 2021 Held for 3y 11m	$556.34B

Net Capital Flow

Institutional buying and selling activity for FWRG in Q3 2025

Traded: +$45.8M
Buyers: 112
Sellers: 58
Total Bought: +$237.6M
Total Sold: −$191.9M
Avg Position: $5.8M

Biggest Buyers

Institution	Net Bought	Current Position
Bank of New York Mellon Corp Institution	+$24.0M +1.5M shares	$29.3M 1.9M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$23.1M +1.5M shares	$23.1M 1.5M shares
Woodline Partners LP Hedge Fund•Long/Short	+$20.3M +1.3M shares	$20.3M 1.3M shares
GOLDMAN SACHS GROUP INC Institution	+$17.9M +1.1M shares	$21.8M 1.4M shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$12.3M +785.0K shares	$12.7M 813.1K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$10.4M +668.0K shares	$10.9M 696.1K shares
SILVERCREST ASSET MANAGEMENT GROUP LLC RIA/Wealth	+$9.6M +614.3K shares	$20.0M 1.3M shares
LOOMIS SAYLES & CO L P Long Only Manager	+$9.1M +582.4K shares	$27.0M 1.7M shares
VANGUARD GROUP INC Institution	+$6.9M +443.8K shares	$45.2M 2.9M shares
Marshall Wace LLP Institution	+$6.9M +438.1K shares	$25.7M 1.6M shares

Biggest Sellers

Institution	Net Sold	Current Position
ADVENT INTERNATIONAL CORP/MA Private Equity	−$147.0M −9.4M shares	$82.7M 5.3M shares
M MANUFACTURERES LIFE INSURANCE CO Institution	−$9.1M −583.5K shares	$27.4M 1.8M shares
ARMISTICE CAPITAL, LLC Hedge Fund•Long/Short	−$5.6M −350.0K shares	Sold Off 0 shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	−$5.6M −358.6K shares	$1.0M 64.0K shares
JPMORGAN CHASE & CO Institution	−$3.7M −236.5K shares	$30.9M 2.0M shares
B BROWN ADVISORY INC RIA/Wealth	−$2.8M −179.2K shares	$14.5M 928.8K shares
LAZARD ASSET MANAGEMENT LLC Long Only Manager	−$2.4M −151.6K shares	$33.3M 2.1M shares
AMERIPRISE FINANCIAL INC Institution	−$2.3M −146.7K shares	$2.4M 150.8K shares
GANNETT WELSH & KOTLER Long Only Manager	−$1.7M −105.6K shares	$26.9M 1.7M shares
RIVERBRIDGE PARTNERS LLC Long Only Manager	−$1.4M −91.0K shares	$18.6M 1.2M shares

Entry and Exit Activity

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

New Positions: 14
New Value: $19.8M
Exited Positions: 13
Exited Value: $7.6M

New Positions

Institution	Position Value
Jain Global LLC Hedge Fund•Multi-Strategy	$5.8M 370.3K shares
F FRED ALGER MANAGEMENT INC Long Only Manager	$5.7M 365.1K shares
Hudson Bay Capital Management LP Hedge Fund•Multi-Strategy	$4.9M 315.6K shares
Hodges Capital Management Inc. Long Only Manager	$2.2M 142.9K shares
Magnetar Financial LLC Hedge Fund•Multi-Strategy	$295.3K 18.9K shares
BOOTHBAY FUND MANAGEMENT, LLC Fund of Funds	$276.9K 17.7K shares
P ProShare Advisors LLC Institution	$242.8K 15.5K shares
C CAXTON ASSOCIATES LLP Institution	$189.0K 12.1K shares
NBC SECURITIES, INC. RIA/Wealth	$60.0K 3.8K shares
J JONES FINANCIAL COMPANIES LLLP Institution	$29.6K 1.9K shares

Exited Positions

Institution	Previous Position
ARMISTICE CAPITAL, LLC Hedge Fund•Long/Short	$5.6M 350.0K shares
ARP AMERICAS LLC Hedge Fund•Multi-Strategy	$757.1K 47.2K shares
C Catalyst Funds Management Pty Ltd Institution	$306.4K 19.1K shares
W Winton Capital Group Ltd Institution	$298.2K 18.6K shares
ING INVESTMENT MANAGEMENT LLC Insurance Manager	$177.9K 11.1K shares
W Wealth Alliance Institution	$161.9K 10.1K shares
S STIFEL FINANCIAL CORP Long Only Manager	$161.1K 10.0K shares
McElhenny Sheffield Capital Management, LLC Long Only Manager	$47.7K 48.0K shares
A Accent Capital Management, LLC RIA/Wealth	$24.1K 1.5K shares
Park Place Capital Corp RIA/Wealth	$6.7K 390.0 shares

Options Activity

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

Call Positions: 4
Call Value: $3.4M
Put Positions: 2
Put Value: $958.7K

Call Positions

Institution	Position Value
Hudson Bay Capital Management LP Hedge Fund•Multi-Strategy	$2.3M 1.5K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$509.9K 326.0 contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$434.8K 278.0 contracts
W WOLVERINE TRADING, LLC Institution	$185.8K 117.0 contracts

Put Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$559.9K 358.0 contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$398.8K 255.0 contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Loup Funds, LLC Hedge Fund•Sector	Douglas J Clinton Managing Partner	4.75% $11.3M	1.19% 724.7K shares	Q4 2023 Held for 1y 11m	$238.6M
Avory & Company, LLC RIA/Wealth	Sean Nmn Emory Managing Partner	3.34% $5.5M	0.58% 354.7K shares	Q1 2025 Held for 8 months	$166.0M
1 12 West Capital Management LP Hedge Fund•Long/Short	Joel Nmn Ramin Managing Partner	2.42% $23.3M	2.44% 1.5M shares	Q3 2023 Held for 2y 2m	$964.1M
ADVENT INTERNATIONAL CORP/MA Private Equity	Susan Anne Gentile CFO	1.67% $82.7M	8.67% 5.3M shares	Q4 2021 Held for 3y 11m	$5.0B
M Manatuck Hill Partners, LLC Hedge Fund•Long/Short	Mark Allen Broach Managing Partner	1.63% $4.6M	0.48% 295.0K shares	Q2 2025 Held for 5 months	$282.7M
PENN CAPITAL MANAGEMENT CO INC Long Only Manager	Pamela Marie Lawrence President	1.36% $17.6M	1.84% 1.1M shares	Q1 2024 Held for 1y 8m	$1.3B
GRANAHAN INVESTMENT MANAGEMENT INC/MA Long Only Manager	Jane Moran White CEO	1.07% $26.1M	2.73% 1.7M shares	Q4 2021 Held for 3y 11m	$2.4B
Diametric Capital, LP Hedge Fund•Long/Short	David Richard Salvietti COO	0.64% $1.7M	0.18% 109.1K shares	Q1 2025 Held for 8 months	$264.8M
P Paralel Advisors LLC Institution	-	0.56% $14.1M	1.47% 900.0K shares	Q1 2024 Held for 1y 8m	$2.5B
EMERALD MUTUAL FUND ADVISERS TRUST Long Only Manager	Stacey Lynn Sears President	0.41% $7.8M	0.82% 498.2K shares	Q2 2025 Held for 5 months	$1.9B

Hedge Fund Spotlight

Discover hedge funds investing in FWRG

Jain Global LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerRobert Nmn Jain

Portfolio Value: $7.1B
Positions: 839
Last Reported: Q3 2025

Sector Allocation

Position in First Watch Restaurant Group, Inc.

Market Value: $5.8M
Shares Held: 370.3K
Portfolio Weight: 0.08%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 iShares Core S&P 500 ETF IVV	ETF ETF	$663.4M	9.30%
2 GLD SPDR Gold Trust GLD	Unknown Unknown	$530.3M	7.44%
3 Tesla, Inc. TSLA	Auto - Manufacturers Consumer Cyclical	$371.5M	5.21%

View full profile

First Watch Restaurant Group, Inc.

Overview

All Institutions

Hedge Funds

Ownership Breakdown

Biggest Investors

Net Capital Flow

Biggest Buyers

Biggest Sellers

Entry and Exit Activity

New Positions

Exited Positions

Options Activity

Call Positions

Put Positions

Most Committed Institutions

Hedge Fund Spotlight

Position in First Watch Restaurant Group, Inc.

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