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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
PA
301
Parallel Advisors
California
$131K -$90.1K -379 -40%
Jones Financial Companies
302
Jones Financial Companies
Missouri
$124K +$18.3K +77 +17%
SO
303
STRS Ohio
Ohio
$123K +$238 +1 +0.2%
FFA
304
Farther Finance Advisors
California
$120K +$79.1K +333 +181%
AAM
305
Advisors Asset Management
Colorado
$119K +$16.2K +68 +15%
HFS
306
Hantz Financial Services
Michigan
$109K +$77.9K +328 +231%
HIA
307
Harbor Investment Advisory
Maryland
$109K – – –
Osaic Holdings
308
Osaic Holdings
Arizona
$101K -$47.5K -200 -32%
HNB
309
Huntington National Bank
Ohio
$94K +$15.7K +66 +20%
SPIA
310
Steward Partners Investment Advisory
New York
$81.2K – – –
KAS
311
Kestra Advisory Services
Texas
$72.4K +$73.9K +311 New
BNP Paribas Asset Management
312
BNP Paribas Asset Management
France
$71K +$19.5K +82 +36%
UB
313
UMB Bank
Missouri
$70.3K +$475 +2 +0.7%
RFA
314
Reyes Financial Architecture
California
$66.3K -$24.5K -103 -27%
BTI
315
Blue Trust Inc
Georgia
$64.4K -$48.7K -205 -43%
Canada Pension Plan Investment Board
316
Canada Pension Plan Investment Board
Ontario, Canada
$60.5K -$9.51K -40 -13%
AAP
317
Arax Advisory Partners
Colorado
$54.9K +$9.74K +41 +21%
Northwestern Mutual Wealth Management
318
Northwestern Mutual Wealth Management
Wisconsin
$54.2K +$9.74K +41 +21%
VCM
319
Versant Capital Management
Arizona
$51.2K +$16.6K +70 +47%
ERSOT
320
Employees Retirement System of Texas
Texas
$49K – – –
Fifth Third Bancorp
321
Fifth Third Bancorp
Ohio
$44.9K -$15K -63 -25%
S
322
SignatureFD
Georgia
$44.7K -$15.7K -66 -26%
TPCW
323
TD Private Client Wealth
New York
$43.7K +$13.1K +55 +41%
AF
324
Allworth Financial
California
$38.4K -$1.19K -5 -3%
SCM
325
Sterling Capital Management
North Carolina
$36.5K +$29.5K +124 +376%
11 12
13
14 15

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.