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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
II
251
Inspire Investing
Idaho
$326K +$74.1K +312 +29%
SCA
252
Snowden Capital Advisors
New York
$322K -$36.8K -155 -10%
LAM
253
L2 Asset Management
Massachusetts
$321K +$328K +1,381 New
SFA
254
Sequoia Financial Advisors
Ohio
$316K +$323K +1,358 New
ETC
255
Exchange Traded Concepts
Oklahoma
$314K +$176K +742 +122%
EWA
256
EP Wealth Advisors
California
$313K +$320K +1,347 New
DWM
257
Diversify Wealth Management
Utah
$313K -$18.1K -76 -5%
A
258
AlphaQuest
New York
$308K -$70.1K -295 -18%
MA
259
Mutual Advisors
Nebraska
$300K +$4.75K +20 +2%
FCM
260
Fieldview Capital Management
Michigan
$298K +$304K +1,281 New
EF
261
Empowered Funds
Pennsylvania
$296K +$303K +1,273 New
PAS
262
Park Avenue Securities
New York
$286K -$7.84K -33 -3%
CA
263
Cullinan Associates
Kentucky
$279K – – –
CGH
264
Crossmark Global Holdings
Texas
$276K -$47.8K -201 -15%
ST
265
Somerset Trust
Pennsylvania
$274K +$14.5K +61 +5%
HSBC Holdings
266
HSBC Holdings
United Kingdom
$271K -$181K -760 -40%
URS
267
Utah Retirement Systems
Utah
$270K – – –
BC
268
Burney Company
Virginia
$267K -$1.63M -6,851 -86%
CIM
269
Cambria Investment Management
California
$261K +$266K +1,121 New
LAM
270
Lewis Asset Management
California
$259K +$475 +2 +0.2%
FFA
271
First Foundation Advisors
California
$255K – – –
MAP
272
Moody Aldrich Partners
Massachusetts
$252K -$148K -621 -36%
MFAM
273
Motley Fool Asset Management
Virginia
$249K +$2.61K +11 +1%
MSRPS
274
Maryland State Retirement & Pension System
Maryland
$246K – – –
IAA
275
Independent Advisor Alliance
North Carolina
$243K -$67.7K -285 -21%
9 10
11
12 13

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.