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AppFolio
APPF

120 hedge funds and large institutions have $620M invested in AppFolio in 2018 Q4 according to their latest regulatory filings, with 25 funds opening new positions, 33 increasing their positions, 45 reducing their positions, and 41 closing their positions.

New
Increased
Maintained
Reduced
Closed

100% more funds holding in top 10

Funds holding in top 10: 2 → 4 (+2)

2.41% less ownership

Funds ownership: 67.37% → 64.96% (-2.4%)

12% less funds holding

Funds holding: 136 → 120 (-16)

25% less capital invested

Capital invested by funds: $827M → $620M (-$207M)

27% less repeat investments, than reductions

Existing positions increased: 33 | Existing positions reduced: 45

39% less first-time investments, than exits

New positions opened: 25 | Existing positions closed: 41

97% less call options, than puts

Call options by funds: $11K | Put options by funds: $324K

Holders
120
Holders Change
-16
Holders Change %
-11.76%
% of All Funds
2.67%
Holding in Top 10
4
Holding in Top 10 Change
+2
Holding in Top 10 Change %
+100%
% of All Funds
0.09%
New
25
Increased
33
Reduced
45
Closed
41
Calls
$11K
Puts
$324K
Net Calls
-$313K
Net Calls Change
-$313K

Top Buyers

1
CRCM
Cat Rock Capital Management
Connecticut
+$14.1M
2
ACM
Ashe Capital Management
New Jersey
+$14M
3
Brown Advisory
Brown Advisory
Maryland
+$10.7M
4
Vanguard Group
Vanguard Group
Pennsylvania
+$9.1M
5
WEO
William E. Oberndorf
+$8.36M

Top Sellers

1
DIG
Dragoneer Investment Group
California
-$10.5M
2
Invesco
Invesco
Georgia
-$9.97M
3
OCM
Osterweis Capital Management
California
-$6.98M
4
DBG
De Burlo Group
Massachusetts
-$5.03M
5
BIM
Bogle Investment Management
Massachusetts
-$4.34M
Name Holding Trade Value Shares
Change 		Change in
Stake
Manulife (Manufacturers Life Insurance)
26
Manulife (Manufacturers Life Insurance)
Ontario, Canada
$4.91M +$2.83M +46,573 +128%
Wells Fargo
27
Wells Fargo
California
$4.84M -$3.71M -61,147 -43%
Bank of New York Mellon
28
Bank of New York Mellon
New York
$4.48M -$2.33M -38,309 -34%
Charles Schwab
29
Charles Schwab
California
$4.25M -$833K -13,724 -16%
GAM
30
Gotham Asset Management
New York
$4.03M +$299K +4,928 +8%
First Trust Advisors
31
First Trust Advisors
Illinois
$3.64M +$3.73M +61,532 New
PAM
32
Panagora Asset Management
Massachusetts
$3.64M -$374K -6,154 -9%
Arrowstreet Capital
33
Arrowstreet Capital
Massachusetts
$3.03M -$3.72M -61,361 -54%
AllianceBernstein
34
AllianceBernstein
Tennessee
$2.91M – – –
NA
35
Navellier & Associates
Nevada
$2.43M +$4.79K +79 +0.2%
CEP
36
Chicago Equity Partners
Illinois
$2.42M -$885K -14,585 -26%
Deutsche Bank
37
Deutsche Bank
Germany
$2.14M -$1.72M -28,359 -44%
Bank of America
38
Bank of America
North Carolina
$2.09M +$1.31M +21,504 +156%
New York State Common Retirement Fund
39
New York State Common Retirement Fund
New York
$2.02M -$97.1K -1,600 -4%
Prudential Financial
40
Prudential Financial
New Jersey
$2.02M -$3.56M -58,604 -63%
CIA
41
Capital Impact Advisors
Massachusetts
$1.77M +$110K +1,806 +6%
TCIM
42
TIAA CREF Investment Management
New York
$1.63M -$1.54M -25,445 -48%
Acadian Asset Management
43
Acadian Asset Management
Massachusetts
$1.59M -$4.19M -69,032 -72%
MAM
44
Martingale Asset Management
Massachusetts
$1.55M -$650K -10,707 -29%
Millennium Management
45
Millennium Management
New York
$1.49M -$2.44M -40,268 -62%
OSAM
46
O'Shaughnessy Asset Management
Connecticut
$1.46M -$133K -2,193 -8%
California State Teachers Retirement System (CalSTRS)
47
California State Teachers Retirement System (CalSTRS)
California
$1.45M +$75.3K +1,241 +5%
RhumbLine Advisers
48
RhumbLine Advisers
Massachusetts
$1.22M +$427K +7,040 +52%
CI
49
Cavalier Investments
Georgia
$1.14M – – –
Invesco
50
Invesco
Georgia
$1.14M -$9.97M -164,248 -90%
1
2
3 4 5

APPF Hedge Fund Activity: Q4 2018 in Review

120 of the 4,488 institutional investors tracked by Wall St. Rank reported a position in AppFolio (APPF) for Q4 2018, worth a combined $620M — down 25% from $827M a quarter earlier.

Sellers outnumbered buyers: 41 funds closed out of APPF and 25 opened new positions — a net loss of 16 holders — while 45 trimmed existing stakes and 33 added.

The largest buyer was Cat Rock Capital Management, opening a new position worth an estimated $14.1M. The largest seller was Dragoneer Investment Group, exiting entirely with an estimated $10.5M sold.

  • 120 institutional investors held AppFolio (APPF) as of Q4 2018, down from 136 in Q3 2018.
  • Funds reported $620M of AppFolio stock for Q4 2018, down 25% quarter-over-quarter.
  • 25 funds opened new AppFolio positions in Q4 2018 and 41 closed out, a net change of -16 holders.
  • The largest AppFolio buyer in Q4 2018 was Cat Rock Capital Management, an estimated $14.1M added.
  • The largest AppFolio seller in Q4 2018 was Dragoneer Investment Group, an estimated $10.5M sold.

Based on aggregated 13F filings for Q4 2018.