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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
BHWM
401
Bay Harbor Wealth Management
Maryland
$232 – – –
DF
402
Dunhill Financial
United Kingdom
$124 +$238 +1 New
MI
403
Motiv8 Investments
Florida
$3 +$3.09K +13 New
1832 Asset Management
404
1832 Asset Management
Ontario, Canada
– -$24.4M -88,500 Closed
DCM
405
Driehaus Capital Management
Illinois
– -$14.7M -53,256 Closed
WA
406
Watchtower Advisors
Connecticut
– -$11M -40,000 Closed
Brown Advisory
407
Brown Advisory
Maryland
– -$10.5M -38,071 Closed
IIM
408
INTECH Investment Management
Florida
– -$5.59M -20,277 Closed
LSCM
409
Light Street Capital Management
California
– -$5.51M -20,000 Closed
Tudor Investment Corp
410
Tudor Investment Corp
Connecticut
– -$4.68M -16,984 Closed
ACM
411
Aquatic Capital Management
Illinois
– -$3.54M -12,844 Closed
Walleye Capital
412
Walleye Capital
New York
– -$1.89M -6,852 Closed
Qube Research & Technologies (QRT)
413
Qube Research & Technologies (QRT)
United Kingdom
– -$1.51M -5,490 Closed
HCMT
414
Highland Capital Management (Tennessee)
Tennessee
– -$1.43M -5,204 Closed
Zurich Cantonal Bank
415
Zurich Cantonal Bank
Switzerland
– -$1.06M -4,465 Closed
BCM
416
Barrier Capital Management
California
– -$1.07M -3,883 Closed
ES
417
Element Squared
Minnesota
– -$810K -2,939 Closed
Allianz Asset Management
418
Allianz Asset Management
Germany
– -$779K -2,827 Closed
PMAM
419
Picton Mahoney Asset Management
Ontario, Canada
– -$775K -2,814 Closed
VI
420
Versor Investments
New York
– -$772K -2,801 Closed
CFMC
421
Curbstone Financial Management Corp
New Hampshire
– -$703K -2,550 Closed
Walleye Trading
422
Walleye Trading
New York
– -$514K -2,161 Closed
AG
423
Algert Global
California
– -$584K -2,120 Closed
UWS
424
Unique Wealth Strategies
Illinois
– -$566K -2,054 Closed
NPT
425
National Philanthropic Trust
Pennsylvania
– -$510K -1,850 Closed
15 16
17
18 19

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.