AllianceBernstein Discloses 5.78M-Share Position in Portillo's (PTLO)

Rhea-AI Filing Summary

AllianceBernstein L.P. reports beneficial ownership of 5,777,921 shares of Portillo's Inc common stock, representing 9.0% of the class. The filing shows sole voting power over 5,590,151 shares and sole dispositive power over 5,698,439 shares, with 79,482 shares of shared dispositive power.

The stake is held solely for investment purposes on behalf of discretionary client accounts. AllianceBernstein identifies as an investment adviser (Type IA) and notes it is majority owned by Equitable Holdings but operates under independent management and reports ownership separately.

Positive

• Material institutional holding: AllianceBernstein reports 5,777,921 shares (9.0%) of Portillo's common stock.
• Clear voting/dispositive breakdown: 5,590,151 shares with sole voting power and 5,698,439 shares with sole dispositive power are disclosed.
• Held for investment purposes: The filing states shares are acquired and held solely for investment purposes on behalf of discretionary client accounts.
• Regulatory classification disclosed: AllianceBernstein is identified as an investment adviser (Type IA) and confirms operational independence from its parent.

Negative

• None.

Insights

Securities Analyst

TL;DR: A material 9.0% institutional stake disclosed with detailed voting and dispositive power; held for discretionary clients.

AllianceBernstein's reported 5.78 million-share (9.0%) position in Portillo's is a material disclosure under the securities rules because it exceeds the 5% threshold. The filing clarifies exact voting and dispositive counts, which aids shareholders' understanding of who controls voting rights versus disposition. The statement that holdings are for investment purposes and not intended to influence control reduces immediate governance concerns. Overall, this is a significant institutional holding but the filing contains no indication of activist intent.

Portfolio Manager

TL;DR: Significant institutional exposure reported; position appears to be managed on behalf of clients under discretionary mandates.

The disclosure of 5,777,921 shares held by an established investment adviser signals notable institutional interest in Portillo's. The breakdown showing slightly different voting versus dispositive power is helpful for assessing potential trading or voting flows. The explicit statement that the shares were acquired for discretionary client accounts frames this as portfolio management activity rather than a strategic control play. Investors should view this as increased ownership concentration by a large adviser, reported in accordance with disclosure rules.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Portillo's Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

73642K106

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 73642K106

1

Names of Reporting Persons

AllianceBernstein L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,590,151.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,698,439.00
8	Shared Dispositive Power 79,482.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,777,921.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.0 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Portillo's Inc
(b)	Address of issuer's principal executive offices: C/O THE PORTILLO RESTAURANT GROUP, 2001 SPRING ROAD, SUITE 400, OAK BROOK, IL 60523-1903
Item 2.
(a)	Name of person filing: AllianceBernstein L.P. ("AllianceBernstein L.P.")
(b)	Address or principal business office or, if none, residence: 501 Commerce Street, Nashville, TN 37203 All media outlets, please contact Jennifer Will at AllianceBernstein (212-969-1157) with any questions. All other questions can be directed to Section13USFilings@alliancebernstein.com.
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 73642K106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 5,777,921 shares acquired solely for investment purposes on behalf of client discretionary investment advisory accounts.* *AllianceBernstein L.P. is a majority owned subsidiary of Equitable Holdings, Inc. ("EQH"). AllianceBernstein operates under independent management and makes independent decisions from EQH and its respective subsidiaries, and EQH calculates and reports beneficial ownership separately from AllianceBernstein pursuant to guidance provided by the Securities and Exchange Commission in Release Number 34-39538 (January 12, 1998).
(b)	Percent of class: 9.0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 5,590,151
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 5,698,439
	(iv) Shared power to dispose or to direct the disposition of: 79,482
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

AllianceBernstein L.P.

Signature:	Melissa Guerra
Name/Title:	VP/Director of Compliance
Date:	08/13/2025

FAQ

How many Portillo's (PTLO) shares does AllianceBernstein hold?

AllianceBernstein reports beneficial ownership of 5,777,921 shares of Portillo's common stock.

What percentage of PTLO does AllianceBernstein own?

The reported holding represents 9.0% of the outstanding common stock of Portillo's.

Does AllianceBernstein have voting power over the PTLO shares it holds?

Yes. The filing reports sole voting power over 5,590,151 shares and sole dispositive power over 5,698,439 shares.

Was the PTLO stake acquired to influence control of the company?

The filer certifies the securities were acquired and are held in the ordinary course of business for investment purposes and not to change or influence control.

Who filed the Schedule 13G/A for Portillo's (PTLO)?

The Schedule was filed by AllianceBernstein L.P., identified as an investment adviser organized in Delaware.