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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
CA
376
CoreCap Advisors
Michigan
$1.4K -$6.89K -29 -83%
PTC
377
Private Trust Company
Ohio
$1.4K – – –
AIS
378
Advocate Investing Services
Maryland
$1.16K +$1.19K +5 New
Toronto Dominion Bank
379
Toronto Dominion Bank
Ontario, Canada
$1.15K +$1.19K +5 New
SWM
380
Spire Wealth Management
Virginia
$1.01K – – –
AWM
381
Abound Wealth Management
Tennessee
$931 – – –
TWD
382
True Wealth Design
Ohio
$931 +$238 +1 +33%
SS
383
Sunbelt Securities
Texas
$931 +$951 +4 New
SC
384
SouthState Corp
Florida
$698 – – –
CFM
385
Cornerstone Financial Management
Massachusetts
$698 +$713 +3 New
PWA
386
Physician Wealth Advisors
Utah
$466 – – –
LFG
387
Larson Financial Group
Missouri
$465 -$1.19K -5 -71%
WA
388
WPG Advisers
Maryland
$465 – – –
RS
389
Rakuten Securities
Japan
$465 +$238 +1 +100%
AWM
390
Activest Wealth Management
Florida
$465 +$475 +2 New
OC
391
Optima Capital
Oregon
$465 +$475 +2 New
RF
392
Rossby Financial
Florida
$465 +$475 +2 New
AF
393
Advisornet Financial
Minnesota
$233 – – –
CH
394
Cromwell Holdings
Wyoming
$233 – – –
HIA
395
HFM Investment Advisors
New Jersey
$233 – – –
MCM
396
Manchester Capital Management
Vermont
$233 – – –
RWM
397
Rialto Wealth Management
New York
$233 – – –
SIC
398
SJS Investment Consulting
Ohio
$233 – – –
SWM
399
SHP Wealth Management
Massachusetts
$233 +$238 +1 New
TPBG
400
Turning Point Benefit Group
Maryland
$232 -$951 -4 -80%
14 15
16
17 18

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.