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AppFolio
APPF

412 hedge funds and large institutions have $5.55B invested in AppFolio in 2025 Q3 according to their latest regulatory filings, with 78 funds opening new positions, 132 increasing their positions, 142 reducing their positions, and 47 closing their positions.

New
Increased
Maintained
Reduced
Closed

443% more call options, than puts

Call options by funds: $60.3M | Put options by funds: $11.1M

66% more first-time investments, than exits

New positions opened: 78 | Existing positions closed: 47

38% more funds holding in top 10

Funds holding in top 10: 8 → 11 (+3)

17% more capital invested

Capital invested by funds: $4.73B → $5.55B (+$820M)

7% more funds holding

Funds holding: 385 → 412 (+27)

0.96% less ownership

Funds ownership: 89.16% → 88.2% (-0.96%)

7% less repeat investments, than reductions

Existing positions increased: 132 | Existing positions reduced: 142

Holders
412
Holders Change
+27
Holders Change %
+7.01%
% of All Funds
5.41%
Holding in Top 10
11
Holding in Top 10 Change
+3
Holding in Top 10 Change %
+37.5%
% of All Funds
0.14%
New
78
Increased
132
Reduced
142
Closed
47
Calls
$60.3M
Puts
$11.1M
Net Calls
+$49.2M
Net Calls Change
+$29.7M

Top Buyers

Rank Fund Capital Flow
1
Principal Financial Group
Principal Financial Group
Iowa
+$90.2M
2
HWCM
Hudson Way Capital Management
Texas
+$52.3M
3
T. Rowe Price Associates
T. Rowe Price Associates
Maryland
+$31.5M
4
1832 Asset Management
1832 Asset Management
Ontario, Canada
+$23.9M
5
Invesco
Invesco
Georgia
+$22.1M

Top Sellers

Rank Fund Capital Flow
1
BCM
Brown Capital Management
Maryland
-$64M
2
Brown Advisory
Brown Advisory
Maryland
-$49.9M
3
William Blair Investment Management
William Blair Investment Management
Illinois
-$49M
4
New York State Common Retirement Fund
New York State Common Retirement Fund
New York
-$45.1M
5
Morgan Stanley
Morgan Stanley
New York
-$35.5M
Name Holding Trade Value Shares
Change 		Change in
Stake
HCM
376
Hollencrest Capital Management
California
$4.13K – – –
NC
377
North Capital
Utah
$4.13K +$270 +1 +7%
AS
378
Altshuler Shaham
Israel
$4.13K +$4.05K +15 New
CIA
379
Cape Investment Advisory
Georgia
$3.31K – – –
HWM
380
Hemington Wealth Management
Virginia
$3K +$270 +1 +10%
T. Rowe Price Investment Management
381
T. Rowe Price Investment Management
Maryland
$3K +$2.7K +10 New
WTC
382
WhitTier Trust Company
Nevada
$3K – – –
ACM
383
Anfield Capital Management
California
$2.48K – – –
CT
384
Clearstead Trust
Maine
$2.48K – – –
MAM
385
Marquette Asset Management
Minnesota
$2.21K +$2.16K +8 New
CAL
386
Capital Advisors Ltd
Ohio
$2K – – –
BFS
387
Bare Financial Services
Pennsylvania
$1.93K +$540 +2 +40%
LFG
388
Larson Financial Group
Missouri
$1.93K +$1.35K +5 +250%
PTC
389
Private Trust Company
Ohio
$1.65K – – –
RIL
390
Rothschild Investment LLC
Illinois
$1.65K +$1.62K +6 New
TPBG
391
Turning Point Benefit Group
Maryland
$1.28K +$1.35K +5 New
SWM
392
Spire Wealth Management
Virginia
$1.2K – – –
AWM
393
Abound Wealth Management
Tennessee
$1.1K – – –
JWA
394
JFS Wealth Advisors
Pennsylvania
$1.1K – – –
BAM
395
Bellevue Asset Management
Washington
$1.1K +$1.08K +4 New
SC
396
SouthState Corp
Florida
$827 – – –
TWD
397
True Wealth Design
Ohio
$827 – – –
TIM
398
Tortoise Investment Management
New York
$827 +$540 +2 +200%
PWA
399
Physician Wealth Advisors
Utah
$552 +$540 +2 New
WA
400
WPG Advisers
Maryland
$551 – – –
14 15
16
17 18

APPF Hedge Fund Activity: Q3 2025 in Review

412 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in AppFolio (APPF) for Q3 2025, worth a combined $5.55B — up 17% from $4.73B a quarter earlier.

Buyers outnumbered sellers: 78 funds opened new APPF positions and 47 closed out — a net gain of 31 holders — while 132 added to existing stakes and 142 trimmed.

The largest buyer was Principal Financial Group, adding an estimated $90.2M. The largest seller was Brown Capital Management, cutting an estimated $64M.

  • 412 institutional investors held AppFolio (APPF) as of Q3 2025, up from 385 in Q2 2025.
  • Funds reported $5.55B of AppFolio stock for Q3 2025, up 17% quarter-over-quarter.
  • 78 funds opened new AppFolio positions in Q3 2025 and 47 closed out, a net change of +31 holders.
  • The largest AppFolio buyer in Q3 2025 was Principal Financial Group, an estimated $90.2M added.
  • The largest AppFolio seller in Q3 2025 was Brown Capital Management, an estimated $64M sold.

Based on aggregated 13F filings for Q3 2025.