New Investment Thesis: Fund Picks Optical Retailer Stock

Bain Capital Public Equity, LP disclosed a new position in National Vision Holdings (NASDAQ:EYE), adding 199,934 shares—an estimated $5.84 million—per the November 13, 2025, SEC filing.

What Happened

According to a filing with the Securities and Exchange Commission dated November 13, 2025, Bain Capital Public Equity, LP initiated a new position in National Vision Holdings, acquiring 199,934 shares during the third quarter. The stake was valued at $5.84 million at quarter end, marking the firm’s entry into the optical retail sector for this reporting period.

What Else to Know

This is a new position in EYE, now accounting for 3.7% of the fund’s 13F reportable AUM as of September 30, 2025.

Top holdings after the filing:

• NASDAQ: FWON.K: $19.55 million (12.4% of AUM)
• NYSE: PFGC: $12.59 million (8.0% of AUM)
• NYSE: CR: $11.22 million (7.1% of AUM)
• NASDAQ: CDNS: $10.68 million (6.8% of AUM)
• NYSE: EVR: $9.76 million (6.2% of AUM)

As of November 13, 2025, shares of EYE were priced at $23.67, up 113.82% over the past year; shares have outperformed the S&P 500 by 97.06 percentage points.

Company Overview

Company Snapshot

• Offers eyeglasses, contact lenses, optical accessories, and eye exams through retail stores and e-commerce platforms.
• Generates revenue from direct retail sales and optometric services, operating under brands such as America's Best, Eyeglass World, and Vista Optical.
• Serves value-focused consumers across the United States, including military and health maintenance organization customers.

As of January 1, 2022, National Vision Holdings operated over 1,200 stores and had a significant e-commerce presence.

Foolish Take

According to recent filings, Bain Capital, a Boston-based private investment management firm, has acquired nearly 200,000 shares of National Vision Holdings stock. Here's what investors need to know.

To start, National Vision stock has performed very well year-to-date. Shares have advanced by 136%, besting the S&P 500, which has only generated a total return of 12% over the same period. However, National Vision's long-term performance is more checkered. Over the last five years, shares have declined in value by 43%, resulting in a compound annual growth rate (CAGR) of -10.8%. Meanwhile, the S&P 500 is up 98% over the same period, with a CAGR of 14.6%.

At any rate, the company is aiming to build on its excellent 2025 with some key initiatives. First, National Vision has announced a cost cutting plan designed to deliver up to $20 million in annual savings. Next, the company is focused on driving growth through expansion in both its physical stores and online footprint.

In recent weeks, the company delivered solid quarterly results which topped analysts' expectations for revenue and earnings -- demonstrating that the new strategy appears to be paying off.

In summary, retail investors may want to follow Bain Capital's lead and keep a close eye on National Vision stock.

Glossary

AUM: Assets Under Management – The total market value of investments managed by a fund or firm.
13F reportable: Securities that institutional investment managers must disclose quarterly to the SEC if they exceed certain thresholds.
Trailing twelve-month (TTM): The 12-month period ending with the most recent quarterly report.
Position: The amount of a particular security or asset held by an investor or fund.
Optical retail sector: Industry segment focused on selling eyeglasses, contact lenses, and related vision products.
Net loss: When a company's total expenses exceed its total revenues over a given period.
Stake: The ownership interest or investment a person or entity holds in a company.
Fund holding: A specific investment or asset owned by an investment fund.
E-commerce presence: The extent to which a company conducts business and sales online.

Jake Lerch has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Cadence Design Systems and Evercore. The Motley Fool has a disclosure policy.