What smart money is saying about Birkenstock Holding plc
6 funds in our archive have pitched Birkenstock Holding plc, most recently Riverwater Partners Sustainable Value Strategy in September 2026.
Birkenstock Holding plc specializes in the creation and distribution of various foot-related products. While renowned for its extensive collection of footwear, which includes sandals, shoes, and closed-toe designs, the company also expands its offerings to encompass skincare items and accessories. These products are made available to customers through a diverse range of channels, including its own online retail platforms, a network of company-owned physical stores, and wholesale partnerships with other businesses. The company maintains a broad international footprint, conducting operations in significant markets such as the United States, Brazil, Canada, Mexico, Europe, and the APMA (Asia Pacific, Middle East, Africa) region. Established in 1774, Birkenstock Holding plc is headquartered in London, United Kingdom, and functions as a subsidiary of BK LC Lux MidCo S.à r.l.
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Fund signal · last 12 months
13 lettersFunds are split between buying and selling
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q2 2025 and Q3 2026, 13 fund letters reported a position in Birkenstock Holding plc, with 3 buys (opened or added) and 2 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 4 | 1 | 1 | 1 |
| Q2 2026 | 8 | 2 | 1 | 3 |
| Q4 2025 | 1 | 0 | 0 | 0 |
| Q3 2025 | 0 | 0 | 0 | 1 |
| Q2 2025 | 0 | 0 | 0 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 13 positions · 6 moves
- September 2026
“Birkenstock is a heritage footwear brand with a supply-constrained model designed to support high levels of full-price sell-through. Our thesis centered on the company’s ability to underproduce demand, preserve pricing discipline and drive steady unit growth alongside higher average selling prices. During the quarter, however, we saw increased promotional activity and discounting, particularly among more price-sensitive consumers, counter to the thesis we initially underwrote. We exited the position given a potentially more promotional demand environment.”
Birkenstock Holding plc - September 2026
Listed in Platinium AM Platinum Asia Fund’s reported holdings.
Birkenstock Holding plc - September 2026
“Premium footwear brand Birkenstock Holding plc detracted from performance as macroeconomic concerns and broader weakness across the footwear industry weighed on shares, with investors selling the category regardless of company-specific execution. Despite the share price decline, fundamentals remain strong. Fiscal third-quarter revenue rose 15% year-over-year in constant currency, with double-digit growth across every region and channel, and management raised its full-year revenue outlook. The company continues to expand its store base and direct-to-consumer business while managing wholesale supply to protect brand scarcity. We believe the market is mispricing Birkenstock and retain strong conviction in its durable brand equity and long-term earnings power.”
Birkenstock Holding plc - New positionRiverwater Partners Sustainable Value StrategySeptember 2026
“We also initiated a position in Birkenstock (BIRK).”
Birkenstock Holding plc - ExitedBaron Discovery FundJune 2026
“While we remain long-term believers in the brand, we exited our position in Birkenstock Holding plc in order to raise capital for new ideas that we felt had higher return potential.”
Birkenstock Holding plc - June 2026
Listed in Baron First Principles ETF’s reported holdings.
Birkenstock Holding plc - June 2026
“As a result, this past quarter we began to see companies allocating capital towards accelerated share repurchases such as at Verisk Analytics, Inc. and Birkenstock Holding plc with others accelerating their public market quarterly share repurchases such as at Las Vegas Sands Corporation , Gartner, Inc. , FactSet Research Systems Inc. , Morningstar, Inc. , and Arch Capital Group Ltd . When we see these purchases, it gives us further confidence in our investment theses for these growth businesses and reinforces our belief that valuations remain attractive. As a result, during the quarter we increased our positions in many of these stocks.”
Birkenstock Holding plc - HoldsBaron Partners FundJune 2026
Listed in Baron Partners Fund’s reported holdings.
Birkenstock Holding plc - ExitedBaron Discovery StrategyJune 2026
“While we remain long-term believers in the brand, we exited our position in Birkenstock Holding plc in order to raise capital for new ideas that we felt had higher return potential.”
Birkenstock Holding plc - HoldsBaron Partners FundJune 2026
Listed in Baron Partners Fund’s reported holdings.
Birkenstock Holding plc - HoldsBaron CapitalJune 2026
Listed in Baron Capital’s reported holdings.
Birkenstock Holding plc - June 2026
“We initiated the following position(s) during the pe- riod: • Birkenstock Holding is a Germany-headquar- tered premium footwear company that de- signs, manufactures, and distributes sandals and closed-toe footwear globally, anchored by a proprietary cork-and-latex footbed with doc- umented orthopedic function.”
Birkenstock Holding plc - HoldsPlatinium Asset ManagementDecember 2025
“Amongst our detractors, SAP suffered a 9% decline. Despite robust cloud revenue growth of +27%¹ in Q3, SAP suffered as the software sector grappled with the risk of AI disruption. We view this as a temporary issue, with SAP’s own AI-integrated ERP solutions a potential medium-term upside. Birkenstock’s share price fell 12%, following weaker-than- expected guidance and concerns the brand’s momentum is weaking due to underwhelming direct sales through Birkenstock stores and their online shop.”
Birkenstock Holding plc
Fund coverage · 6 theses
- Riverwater Partners Sustainable Value StrategySeptember 2026
Birkenstock is a vertically integrated, supply-constrained footwear brand with above-peer margins, mid-teens growth, ROIC above 20%, and a valuation the manager believes understates its durable earnings power.
Read the full thesis - Oakmark International Small Cap FundJune 2026
Birkenstock Holding is a premium footwear company whose proprietary footbed, vertical integration, and brand strength support durable growth and margins.
Read the full thesis - Platinium AM Platinum TrustJune 2026
Birkenstock is a heritage footwear brand with strong margins, high returns on capital, capable management and brand-led growth.
Read the full thesis Birkenstock is a premium footwear brand with structural barriers, vertical integration, and durable growth and margin potential.
Read the full thesis- Baron Discovery FundSeptember 2025
Birkenstock is a globally recognized footwear brand with a rich history, experiencing significant growth and profitability under new management since 2009, and poised for continued expansion in revenue and geographic reach.
Read the full thesis - Artisan US Small Cap Growth StrategyJune 2025
Birkenstock is a heritage footwear brand with a hybrid distribution model and supply-constrained strategy that supports sustainable growth, positioning it well for long-term revenue expansion despite recent market challenges.
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