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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

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

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
AIM
76
AXA Investment Managers
France
$7.74M +$7.59M +28,084 New
Retirement Systems of Alabama
77
Retirement Systems of Alabama
Alabama
$7.62M -$139K -516 -2%
Citadel Advisors
78
Citadel Advisors
Florida
$7.44M +$7.05M +26,091 +2,945%
JF
79
Jump Financial
Illinois
$7.2M +$7.06M +26,134 New
Wealth Enhancement Advisory Services
80
Wealth Enhancement Advisory Services
Minnesota
$7.19M +$8.11M +30,020 New
AQR Capital Management
81
AQR Capital Management
Connecticut
$7.12M +$4.67M +17,297 +203%
Victory Capital Management
82
Victory Capital Management
Texas
$6.69M -$10.2M -37,819 -61%
Thrivent Financial for Lutherans
83
Thrivent Financial for Lutherans
Minnesota
$6.68M +$5.08M +18,822 +347%
ZCI
84
Zevenbergen Capital Investments
Washington
$6.56M +$1.03M +3,800 +19%
Ameriprise
85
Ameriprise
Minnesota
$6.43M -$625K -2,315 -9%
QCM
86
Quantinno Capital Management
New York
$6.3M +$272K +1,008 +5%
Barclays
87
Barclays
United Kingdom
$5.96M +$2.96M +10,946 +103%
California State Teachers Retirement System (CalSTRS)
88
California State Teachers Retirement System (CalSTRS)
California
$5.7M -$172K -635 -3%
IIM
89
INTECH Investment Management
Florida
$5.59M +$3.2M +11,862 +141%
LSCM
90
Light Street Capital Management
California
$5.51M +$5.4M +20,000 New
Prudential Financial
91
Prudential Financial
New Jersey
$5.51M +$4.89M +18,121 +971%
ACM
92
Advisors Capital Management
New Jersey
$5.39M +$94.3K +349 +2%
Franklin Resources
93
Franklin Resources
California
$5.08M -$858K -3,176 -15%
ACM
94
Alamar Capital Management
California
$5.01M -$29.7K -110 -0.6%
State Board of Administration of Florida Retirement System
95
State Board of Administration of Florida Retirement System
Florida
$4.87M +$241K +894 +5%
Tudor Investment Corp
96
Tudor Investment Corp
Connecticut
$4.68M +$4.59M +16,984 New
Manulife (Manufacturers Life Insurance)
97
Manulife (Manufacturers Life Insurance)
Ontario, Canada
$4.67M -$206K -761 -4%
CW
98
Channel Wealth
California
$4.55M -$3.51K -13 -0.1%
BAAM
99
Baker Avenue Asset Management
California
$4.45M -$77.3K -286 -2%
Citigroup
100
Citigroup
New York
$4.31M +$2.47M +9,132 +140%
2 3
4
5 6

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.