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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
RIAS
351
Rachor Investment Advisory Services
Michigan
$5.82K +$5.94K +25 New
ADL
352
Asset Dedication LLC
California
$5.35K – – –
SAG
353
SageView Advisory Group
California
$4.65K +$4.75K +20 New
FMII
354
Farmers & Merchants Investments Inc
Nebraska
$4.65K – – –
SS
355
SBI Securities
Japan
$4.65K +$475 +2 +11%
JFGIW
356
Johnson Financial Group Inc (Wisconsin)
Wisconsin
$4.42K – – –
FFO
357
Fortitude Family Office
Arizona
$4.42K +$951 +4 +27%
EP
358
Essential Partners
California
$4.42K +$4.28K +18 +1,800%
Optiver Holding
359
Optiver Holding
Netherlands
$4.19K -$5.94K -25 -58%
MAM
360
Marquette Asset Management
Minnesota
$3.96K +$2.14K +9 +113%
AS
361
Altshuler Shaham
Israel
$3.96K +$475 +2 +13%
RIL
362
Rothschild Investment LLC
Illinois
$3.96K +$2.61K +11 +183%
BWL
363
Bogart Wealth LLC
Virginia
$3.49K -$475 -2 -12%
HCM
364
Hollencrest Capital Management
California
$3.49K – – –
CIA
365
Cape Investment Advisory
Georgia
$3.02K +$238 +1 +8%
T. Rowe Price Investment Management
366
T. Rowe Price Investment Management
Maryland
$3K – – –
WTC
367
WhitTier Trust Company
Nevada
$2.82K – – –
GSWM
368
Golden State Wealth Management
California
$2.79K +$2.85K +12 New
KFG
369
Kingdom Financial Group
Arizona
$2.79K +$2.85K +12 New
KFAS
370
Keating Financial Advisory Services
Kansas
$2.56K +$2.61K +11 New
CIAM
371
Caitong International Asset Management
Hong Kong
$2.33K -$1.9K -8 -44%
ACM
372
Anfield Capital Management
California
$2.09K – – –
JWA
373
JFS Wealth Advisors
Pennsylvania
$2.09K +$1.19K +5 +125%
CAL
374
Capital Advisors Ltd
Ohio
$2K – – –
SEP
375
Signature Equity Partners
Ohio
$1.63K +$1.66K +7 New
13 14
15
16 17

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.