Ranked by reported Q2 2026 13F market value
Share of total reported institutional value in FWRG held by the largest 10 / 25 filers.
| # | Institution | Shares Held | Market Value | QoQ Change | Ownership % | % of Fund |
|---|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 4.5M | $58.4M | +11.4% | 7.347% | 0.00% |
| 2 | MANUFACTURERS LIFE INSURANCE COMPANY, THE | 3.8M | $49.3M | +13.9% | 6.197% | 0.02% |
| 3 | Bank of New York Mellon Corp | 3.7M | $47.9M | -6.0% | 6.026% | 0.01% |
| 4 | DIMENSIONAL FUND ADVISORS LP | 2.6M | $33.5M | -15.8% | 4.208% | 0.01% |
| 5 | VANGUARD CAPITAL MANAGEMENT LLC | 2.5M | $31.6M | +2.1% | 3.976% | 0.00% |
| 6 | MILLENNIUM MANAGEMENT LLC | 2.2M | $28.3M | -32.2% | 3.553% | 0.01% |
| 7 | Neuberger Berman Group LLC | 2.1M | $26.7M | -42.1% | 3.353% | 0.01% |
| 8 | Stephens Investment Management Group LLC | 2.0M | $25.2M | +17.7% | 3.166% | 0.27% |
| 9 | Hodges Capital Management Inc. | 1.6M | $20.5M | +7.5% | 2.580% | 1.36% |
| 10 | EMERALD ADVISERS, LLC | 1.5M | $19.7M | +61.2% | 2.474% | 0.46% |
| 11 | BWCP, LP | 1.5M | $19.4M | +10.6% | 2.435% | 2.77% |
| 12 | Penn Capital Management Company, LLC | 1.5M | $19.0M | +29.1% | 2.387% | 1.21% |
| 13 | GEODE CAPITAL MANAGEMENT, LLC | 1.4M | $18.6M | +10.6% | 2.340% | 0.00% |
| 14 | STATE STREET CORP | 1.4M | $18.1M | +17.7% | 2.276% | 0.00% |
| 15 | Granahan Investment Management, LLC | 1.4M | $17.6M | +25.4% | 2.210% | 0.63% |
| 16 | RIVERBRIDGE PARTNERS LLC | 1.3M | $17.4M | -35.5% | 2.185% | 0.49% |
| 17 | BALYASNY ASSET MANAGEMENT L.P. | 1.2M | $15.6M | +331.2% | 1.963% | 0.02% |
| 18 | BANK OF AMERICA CORP /DE/ | 1.1M | $13.8M | +1.6% | 1.733% | 0.00% |
| 19 | Qube Research & Technologies Ltd | 982K | $12.7M | +100.9% | 1.591% | 0.01% |
| 20 | Paralel Advisors LLC | 900K | $11.6M | 0.0% | 1.458% | 0.45% |
| 21 | LAZARD ASSET MANAGEMENT LLC | 846K | $10.9M | -52.5% | 1.371% | 0.02% |
| 22 | EMERALD MUTUAL FUND ADVISERS TRUST | 824K | $10.6M | +44.7% | 1.335% | 0.37% |
| 23 | NOMURA HOLDINGS INC | 821K | $10.6M | +114.5% | 1.330% | 0.01% |
| 24 | Woodline Partners LP | 817K | $10.5M | — | 1.323% | 0.03% |
| 25 | NEW YORK STATE COMMON RETIREMENT FUND | 780K | $10.1M | +10.4% | 1.264% | 0.01% |
denotes a marquee investor (Buffett, Burry, ARK, Tiger Global, Pershing Square, Baupost and other widely-followed managers). “% of Fund” shows how much of that investor’s total 13F portfolio is invested in FWRG — a direct measure of their conviction.
Filings activity in FWRG during Q2 2026, grouped by how each filer changed its position.
Institutions that opened a new FWRG position in Q2 2026
Institutions that fully closed their FWRG position in Q2 2026
8 quarters of 13F filings · Δ columns show change vs prior quarter
| Quarter | Inst. Holders | Δ Holders | Ownership % | Δ Ownership | Total 13F Value | Δ Value |
|---|---|---|---|---|---|---|
| Q2 2026 | 206 | 1.9% | 106.14% | 4.04 pp | $814M | +18% |
| Q1 2026 | 210 | +2.4% | 110.18% | 5.70 pp | $687M | 33% |
| Q4 2025 | 205 | +13% | 115.88% | 3.29 pp | $1.03B | 7.1% |
| Q3 2025 | 181 | +7.7% | 119.17% | +4.73 pp | $1.11B | +6.6% |
| Q2 2025 | 168 | +9.1% | 114.44% | 1.14 pp | $1.04B | 5.6% |
| Q1 2025 | 154 | +2.0% | 115.58% | +4.20 pp | $1.10B | 6.2% |
| Q4 2024 | 151 | +14% | 111.38% | +3.17 pp | $1.17B | +18% |
| Q3 2024 | 133 | — | 108.21% | — | $992M | — |
Source: SEC 13F institutional filings. Ownership % requires market cap data and will show once linked. Δ columns compare to the immediately prior filed quarter.
Quick answers to the most common questions about buying FWRG stock.
Based on Q2 2026 13F filings, institutional ownership of First Watch Restaurant Group, Inc. stands at 106.1%, held across 206 reporting institutions.
BlackRock, Inc. is the largest reported institutional holder of FWRG, with approximately 4,534,132 shares worth $0.06B as of Q2 2026.
Yes — 1 widely-followed marquee investor appear among the top 25 institutional holders of FWRG, including MILLENNIUM MANAGEMENT LLC.
Our composite Smart Money Score for FWRG is 35 out of 100 (Bearish). It combines net institutional buying activity, ownership shift, marquee investor presence, and holder-count growth.
30 institutions opened new positions in FWRG during Q2 2026, while 32 fully exited. 137 added to existing positions and 35 trimmed.
FWRG institutional ownership fell by 4.04 percentage points quarter-over-quarter, with a net change of -4 holders.
The top 10 institutions account for 41.9% of all reported 13F value in FWRG, and the top 25 account for 68.5%.
All data is sourced from SEC Form 13F filings, which institutional investment managers with at least $100M in assets are required to file each quarter. We process every 13F filing from EDGAR and recompute the aggregates after each cycle. Insider transactions are sourced from Form 4 filings.
First Watch Restaurant Group, Inc. (FWRG) Institutional Ownership