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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
BCI
101
Brinker Capital Investments
Pennsylvania
$4.12M +$256K +949 +7%
KA
102
Kerrisdale Advisers
Florida
$4.07M +$496K +1,836 +14%
Two Sigma Investments
103
Two Sigma Investments
New York
$3.86M +$3.78M +14,009 New
ACM
104
Aquatic Capital Management
Illinois
$3.54M +$3.47M +12,844 New
MIM
105
MetLife Investment Management
New Jersey
$3.52M -$165K -612 -5%
AM
106
AGF Management
Ontario, Canada
$3.3M -$637K -2,359 -16%
LPL Financial
107
LPL Financial
California
$3.23M +$15.4K +57 +0.5%
EAM
108
EFG Asset Management
Oregon
$3.23M -$485K -1,795 -13%
Teacher Retirement System of Texas
109
Teacher Retirement System of Texas
Texas
$3.12M -$103K -381 -3%
AB
110
Amalgamated Bank
New York
$3.05M +$12.4K +46 +0.4%
Stifel Financial
111
Stifel Financial
Missouri
$2.92M -$333K -1,233 -10%
MOACM
112
Mutual of America Capital Management
New York
$2.91M -$243K -899 -8%
Nisa Investment Advisors
113
Nisa Investment Advisors
Missouri
$2.88M +$291K +1,076 +11%
CIS
114
Custom Index Systems
New York
$2.76M +$1.55M +5,739 +135%
Treasurer of the State of North Carolina
115
Treasurer of the State of North Carolina
North Carolina
$2.72M -$106K -392 -4%
JIC
116
Johnson Investment Counsel
Ohio
$2.71M -$926K -3,429 -26%
JAM
117
Jupiter Asset Management
United Kingdom
$2.66M -$5.16M -19,110 -66%
Daiwa Securities Group
118
Daiwa Securities Group
Japan
$2.65M -$215K -796 -8%
PFSRSONJ
119
Police & Firemen's Retirement System of New Jersey
New Jersey
$2.64M +$369K +1,365 +17%
HI
120
Horizon Investments
North Carolina
$2.56M +$2.51M +9,294 +929,400%
IMRF
121
Illinois Municipal Retirement Fund
Illinois
$2.53M +$832K +3,079 +50%
DKCM
122
Davidson Kahn Capital Management
California
$2.53M -$12.4K -46 -0.5%
New York State Teachers Retirement System (NYSTRS)
123
New York State Teachers Retirement System (NYSTRS)
New York
$2.52M +$54K +200 +2%
VRS
124
Virginia Retirement Systems
Virginia
$2.49M -$162K -600 -6%
State of Tennessee, Department of Treasury
125
State of Tennessee, Department of Treasury
Tennessee
$2.48M -$518K -1,918 -18%
3 4
5
6 7

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.