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AppFolio
APPF

403 hedge funds and large institutions have $4.88B invested in AppFolio in 2025 Q4 according to their latest regulatory filings, with 61 funds opening new positions, 155 increasing their positions, 132 reducing their positions, and 64 closing their positions.

New
Increased
Maintained
Reduced
Closed

430% more call options, than puts

Call options by funds: $61.4M | Put options by funds: $11.6M

17% more repeat investments, than reductions

Existing positions increased: 155 | Existing positions reduced: 132

2.64% more ownership

Funds ownership: 88.2% → 90.83% (+2.6%)

5% less first-time investments, than exits

New positions opened: 61 | Existing positions closed: 64

2% less funds holding

Funds holding: 412 → 403 (-9)

12% less capital invested

Capital invested by funds: $5.55B → $4.88B (-$676M)

36% less funds holding in top 10

Funds holding in top 10: 11 → 7 (-4)

Holders
403
Holders Change
-9
Holders Change %
-2.18%
% of All Funds
4.9%
Holding in Top 10
7
Holding in Top 10 Change
-4
Holding in Top 10 Change %
-36.36%
% of All Funds
0.09%
New
61
Increased
155
Reduced
132
Closed
64
Calls
$61.4M
Puts
$11.6M
Net Calls
+$49.8M
Net Calls Change
+$576K

Top Buyers

1
Citadel Advisors
Citadel Advisors
Florida
+$78.9M
2
Millennium Management
Millennium Management
New York
+$41M
3
CIA
Caledonia Investments (Australia)
Australia
+$24.9M
4
Vanguard Group
Vanguard Group
Pennsylvania
+$24.1M
5
T. Rowe Price Associates
T. Rowe Price Associates
Maryland
+$23.3M

Top Sellers

1
ACM
Ashe Capital Management
New Jersey
-$60.2M
2
Fidelity Investments
Fidelity Investments
Massachusetts
-$55.9M
3
BCM
Brown Capital Management
Maryland
-$45.1M
4
IHG
Insight Holdings Group
New York
-$25.7M
5
1832 Asset Management
1832 Asset Management
Ontario, Canada
-$24.4M
Name Holding Trade Value Shares
Change 		Change in
Stake
MFS
226
Mirabella Financial Services
United Kingdom
$434K +$443K +1,866 New
VI
227
Vestcor Inc
New Brunswick, Canada
$431K +$308K +1,298 +235%
HighTower Advisors
228
HighTower Advisors
Illinois
$419K -$96.7K -407 -18%
TVPW
229
Third View Private Wealth
Connecticut
$419K +$428K +1,799 New
Bank of Nova Scotia
230
Bank of Nova Scotia
Ontario, Canada
$418K +$91K +383 +27%
FDCDDQ
231
Federation des caisses Desjardins du Quebec
Quebec, Canada
$403K +$59.4K +250 +17%
DekaBank Deutsche Girozentrale
232
DekaBank Deutsche Girozentrale
Germany
$393K – – –
SAM
233
Securian Asset Management
Minnesota
$393K – – –
AA
234
ALPS Advisors
Colorado
$387K +$1.9K +8 +0.5%
Amundi
235
Amundi
France
$374K +$382K +1,608 New
PWG
236
Portside Wealth Group
Utah
$374K -$248K -1,042 -39%
GEM
237
Global Endowment Management
North Carolina
$373K -$160K -674 -30%
BPC
238
Banque Pictet & Cie
Switzerland
$371K -$89.8K -378 -19%
CCM
239
Coldstream Capital Management
Washington
$371K +$149K +628 +65%
State of Wisconsin Investment Board
240
State of Wisconsin Investment Board
Wisconsin
$360K -$1.26M -5,310 -77%
GC
241
Guggenheim Capital
Illinois
$353K -$63.2K -266 -15%
LTAS
242
Linden Thomas Advisory Services
North Carolina
$351K -$1.43K -6 -0.4%
HCM
243
HMS Capital Management
Tennessee
$347K -$2.61K -11 -0.7%
NG
244
Norden Group
Utah
$344K -$403K -1,694 -53%
TSS
245
Two Sigma Securities
New York
$343K +$351K +1,476 New
FT
246
Fiduciary Trust
Massachusetts
$341K -$713 -3 -0.2%
MML Investors Services
247
MML Investors Services
Massachusetts
$339K -$1.19K -5 -0.3%
Janney Montgomery Scott
248
Janney Montgomery Scott
Pennsylvania
$333K -$4.51K -19 -1%
KIM
249
Kestra Investment Management
Texas
$329K +$337K +1,416 New
FBT
250
First Bank & Trust
South Dakota
$329K +$27.1K +114 +9%
8 9
10
11 12

APPF Hedge Fund Activity: Q4 2025 in Review

403 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in AppFolio (APPF) for Q4 2025, worth a combined $4.88B — down 12% from $5.55B a quarter earlier.

Sellers outnumbered buyers: 64 funds closed out of APPF and 61 opened new positions — a net loss of 3 holders — while 132 trimmed existing stakes and 155 added.

The largest buyer was Citadel Advisors, adding an estimated $78.9M. The largest seller was Ashe Capital Management, cutting an estimated $60.2M.

  • 403 institutional investors held AppFolio (APPF) as of Q4 2025, down from 412 in Q3 2025.
  • Funds reported $4.88B of AppFolio stock for Q4 2025, down 12% quarter-over-quarter.
  • 61 funds opened new AppFolio positions in Q4 2025 and 64 closed out, a net change of -3 holders.
  • The largest AppFolio buyer in Q4 2025 was Citadel Advisors, an estimated $78.9M added.
  • The largest AppFolio seller in Q4 2025 was Ashe Capital Management, an estimated $60.2M sold.

Based on aggregated 13F filings for Q4 2025.