Ranked by reported Q1 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. | 4.1M | $42.7M | +9.2% | 6.605% | 0.00% |
| 2 | Bank of New York Mellon Corp | 4.0M | $41.5M | +96.7% | 6.420% | 0.01% |
| 3 | Neuberger Berman Group LLC | 3.6M | $37.5M | +14.9% | 5.798% | 0.03% |
| 4 | MANUFACTURERS LIFE INSURANCE COMPANY, THE | 3.4M | $35.2M | +81.4% | 5.447% | 0.03% |
| 5 | MILLENNIUM MANAGEMENT LLC | 3.2M | $33.9M | +5545.1% | 5.243% | 0.02% |
| 6 | DIMENSIONAL FUND ADVISORS LP | 3.1M | $32.3M | +19.8% | 5.004% | 0.01% |
| 7 | VANGUARD CAPITAL MANAGEMENT LLC | 2.4M | $25.2M | — | 3.897% | 0.00% |
| 8 | RIVERBRIDGE PARTNERS LLC | 2.1M | $21.9M | +90.8% | 3.393% | 0.54% |
| 9 | FMR LLC | 2.0M | $20.9M | -63.0% | 3.236% | 0.00% |
| 10 | LAZARD ASSET MANAGEMENT LLC | 1.8M | $18.7M | +9.5% | 2.889% | 0.03% |
| 11 | Stephens Investment Management Group LLC | 1.7M | $17.4M | +21.4% | 2.692% | 0.24% |
| 12 | Hodges Capital Management Inc. | 1.5M | $15.5M | +113.7% | 2.404% | 1.29% |
| 13 | MORGAN STANLEY | 1.5M | $15.3M | +175.1% | 2.369% | 0.00% |
| 14 | BWCP, LP | 1.4M | $14.2M | — | 2.203% | 2.17% |
| 15 | GEODE CAPITAL MANAGEMENT, LLC | 1.3M | $13.7M | +8.6% | 2.118% | 0.00% |
| 16 | STATE STREET CORP | 1.2M | $12.5M | +9.2% | 1.936% | 0.00% |
| 17 | Penn Capital Management Company, LLC | 1.1M | $12.0M | +0.9% | 1.851% | 0.93% |
| 18 | GRANAHAN INVESTMENT MANAGEMENT INC/MA | 1.1M | $11.4M | -25.0% | 1.765% | 0.55% |
| 19 | BANK OF AMERICA CORP /DE/ | 1.1M | $11.0M | +76.7% | 1.707% | 0.00% |
| 20 | SILVERCREST ASSET MANAGEMENT GROUP LLC | 1.0M | $11.0M | -11.3% | 1.701% | 0.08% |
| 21 | FRED ALGER MANAGEMENT, LLC | 957K | $10.0M | -7.7% | 1.552% | 0.04% |
| 22 | UBS Group AG | 954K | $10.0M | +4.9% | 1.548% | 0.00% |
| 23 | EMERALD ADVISERS, LLC | 947K | $9.9M | -3.2% | 1.536% | 0.31% |
| 24 | Paralel Advisors LLC | 900K | $9.4M | 0.0% | 1.460% | 0.39% |
| 25 | SUSQUEHANNA INTERNATIONAL GROUP, LLP | 776K | $8.1M | +308.4% | 1.258% | 0.00% |
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 Q1 2026, grouped by how each filer changed its position.
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 |
|---|---|---|---|---|---|---|
| Q1 2026 | 204 | +0.0% | 89.39% | 44.52 pp | $683M | 33% |
| Q4 2025 | 204 | +14% | 133.91% | 9.94 pp | $1.02B | 6.9% |
| Q3 2025 | 179 | +6.5% | 143.85% | +7.95 pp | $1.10B | +5.9% |
| Q2 2025 | 168 | +9.1% | 135.90% | 8.02 pp | $1.04B | 5.6% |
| Q1 2025 | 154 | +2.0% | 143.92% | 9.51 pp | $1.10B | 6.2% |
| Q4 2024 | 151 | +14% | 153.43% | +23.50 pp | $1.17B | +18% |
| Q3 2024 | 133 | 2.9% | 129.93% | 15.17 pp | $992M | 10% |
| Q2 2024 | 137 | — | 145.10% | — | $1.11B | — |
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 Q1 2026 13F filings, institutional ownership of First Watch Restaurant Group, Inc. stands at 89.4%, held across 204 reporting institutions.
BlackRock, Inc. is the largest reported institutional holder of FWRG, with approximately 4,071,745 shares worth $0.04B as of Q1 2026.
Yes — 2 widely-followed marquee investors appear among the top 25 institutional holders of FWRG, including MILLENNIUM MANAGEMENT LLC, SUSQUEHANNA INTERNATIONAL GROUP, LLP.
Our composite Smart Money Score for FWRG is 45 out of 100 (Neutral). It combines net institutional buying activity, ownership shift, marquee investor presence, and holder-count growth.
49 institutions opened new positions in FWRG during Q1 2026, while 49 fully exited. 37 added to existing positions and 116 trimmed.
FWRG institutional ownership fell by 44.52 percentage points quarter-over-quarter, with a net change of +0 holders.
The top 10 institutions account for 45.4% of all reported 13F value in FWRG, and the top 25 account for 71.9%.
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