Bridger Management, LLC, has emptied its pockets of Bath & Body Works stock. All of it. 300,619 shares, gone. A transaction valued at roughly $7.74 million. So it goes.
What Happened
The fund, in the fourth quarter, decided it had seen enough of hand soaps and wallflowers. They sold it all. Not a share lingered. It’s a clean break, really. A decisive severing of ties. The market, of course, barely noticed. It rarely does, except when it’s convenient to notice.
What Else To Know
- Top holdings, as of February 17, 2026: MS ($24.27 million, 15.6% of assets), AMZN ($15.30 million, 9.8%), TEVA ($11.47 million, 7.4%), NKE ($11.45 million, 7.4%), and ALC ($8.53 million, 5.5%). Just a collection of things people buy.
- The stock, as of that same date, was trading at $24.67. Down 32.3% year-over-year. Underperforming the S&P 500 by a rather gloomy 38.07 percentage points. Numbers. They’re just numbers, really.
- Bridger’s total assets under management shrank 16% quarter-over-quarter. A small contraction in the grand scheme of things. Everything contracts, eventually.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $7.35 billion |
| Net Income (TTM) | $699.00 million |
| Dividend Yield | 3.24% |
| Price (as of 2/17/26) | $24.67 |
Company Snapshot
- Bath & Body Works sells things that smell nice. Home fragrance, body care, soaps, sanitizer. A perfectly reasonable business, if you think about it.
- They sell it mostly in stores and online. Direct to consumer. A modern marvel.
- Target customers are in the US and Canada. And anyone else with a credit card, really.
It’s a retail operation. A network of stores. A web of transactions. A small part of the larger, utterly baffling human enterprise.
What This Transaction Means For Investors
Bridger Management decided to bail out. At a time when Bath & Body Works could probably use a friend. They held the stock since Q2 2023. Watched it struggle. Watched it decline. And finally said, “No thank you.”
The company used to be a standout. Brand loyalty, a reliable supply chain, the ability to sell things both in stores and online. But then sales stalled. Buying patterns shifted. Gen Z lost interest. In the third quarter, they lowered their guidance. Analysts predicted further decline. A familiar story.
The stock did see a modest rebound in late 2025. Even with a P/E ratio under 8, Bridger decided to cut their losses. A clear signal. They didn’t believe in a turnaround. And who can blame them? Hope is a dangerous thing, after all.
So it goes.
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2026-02-25 02:52