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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
BF
276
BOK Financial
Oklahoma
$241K -$51.8K -218 -17%
DO
277
denkapparat Operations
Germany
$241K – – –
PCM
278
Penserra Capital Management
California
$235K +$241K +1,014 New
SLAM
279
Swiss Life Asset Management
$233K – – –
NA
280
Navellier & Associates
Nevada
$233K – – –
RMDI
281
R.M. Davis Inc
Maine
$233K – – –
SW
282
SteelPeak Wealth
California
$233K – – –
C
283
Covestor
United Kingdom
$224K -$18.8K -79 -8%
ProShare Advisors
284
ProShare Advisors
Maryland
$223K -$8.55K -36 -4%
AFA
285
Arlington Financial Advisors
California
$221K – – –
SA
286
Sanctuary Advisors
Indiana
$220K +$20.4K +86 +10%
Connor, Clark & Lunn Investment Management (CC&L)
287
Connor, Clark & Lunn Investment Management (CC&L)
British Columbia, Canada
$218K +$222K +936 New
GC
288
Gilbert & Cook
Iowa
$210K +$214K +901 New
KIC
289
Kensington Investment Counsel
California
$209K – – –
TRCT
290
Tower Research Capital (TRC)
New York
$208K -$80.6K -339 -27%
ECSS
291
Eurizon Capital SGR SpA
$207K +$211K +887 New
CA
292
Cache Advisors
California
$205K – – –
QCG
293
Quadrant Capital Group
Ohio
$190K +$3.33K +14 +2%
VEA
294
Virtus ETF Advisers
New York
$172K – – –
HI
295
Horizon Investments
North Carolina
$168K -$2.04M -8,573 -92%
SA
296
Strategic Advocates
Utah
$158K -$105K -443 -40%
IA
297
IFP Advisors
Florida
$149K +$3.33K +14 +2%
BC
298
Bayforest Capital
United Kingdom
$139K -$210K -882 -60%
KBC Group
299
KBC Group
Belgium
$135K – – –
GI
300
GAMMA Investing
California
$133K +$23.5K +99 +21%
10 11
12
13 14

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.