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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
KA
101
Kerrisdale Advisers
Florida
$3.73M +$294K +1,238 +8%
BAAM
102
Baker Avenue Asset Management
California
$3.57M -$195K -821 -5%
EI
103
EFG International
$3.29M +$3.36M +14,145 New
BCI
104
Brinker Capital Investments
Pennsylvania
$3.29M -$192K -806 -5%
Citigroup
105
Citigroup
New York
$3.07M -$577K -2,429 -16%
AM
106
AGF Management
Ontario, Canada
$3.01M +$229K +965 +8%
Teacher Retirement System of Texas
107
Teacher Retirement System of Texas
Texas
$2.95M +$323K +1,361 +12%
MIM
108
MetLife Investment Management
New Jersey
$2.87M -$111K -465 -4%
YIH
109
Y-Intercept (HK)
Hong Kong
$2.85M +$2.52M +10,619 +644%
CB
110
Commerce Bank
Missouri
$2.67M +$2.27M +9,553 +492%
BNP Paribas Financial Markets
111
BNP Paribas Financial Markets
France
$2.64M +$2.12M +8,939 +373%
IMRF
112
Illinois Municipal Retirement Fund
Illinois
$2.6M +$469K +1,972 +21%
AB
113
Amalgamated Bank
New York
$2.55M -$29.7K -125 -1%
VRS
114
Virginia Retirement Systems
Virginia
$2.43M +$335K +1,410 +16%
JAM
115
Jupiter Asset Management
United Kingdom
$2.4M +$157K +659 +7%
JIC
116
Johnson Investment Counsel
Ohio
$2.28M – – –
MOACM
117
Mutual of America Capital Management
New York
$2.23M -$228K -961 -9%
Prudential Financial
118
Prudential Financial
New Jersey
$2.22M -$2.51M -10,549 -53%
PFSRSONJ
119
Police & Firemen's Retirement System of New Jersey
New Jersey
$2.2M -$28.5K -120 -1%
State of New Jersey Common Pension Fund D
120
State of New Jersey Common Pension Fund D
New Jersey
$2.2M +$375K +1,578 +20%
New York State Teachers Retirement System (NYSTRS)
121
New York State Teachers Retirement System (NYSTRS)
New York
$2.17M +$47.5K +200 +2%
Treasurer of the State of North Carolina
122
Treasurer of the State of North Carolina
North Carolina
$2.14M -$160K -673 -7%
Luther King Capital Management (LKCM)
123
Luther King Capital Management (LKCM)
Texas
$2.14M +$342K +1,440 +19%
DKCM
124
Davidson Kahn Capital Management
California
$2.13M -$2.14K -9 -0.1%
VA
125
Vident Advisory
Georgia
$2.02M +$26.1K +110 +1%
3 4
5
6 7

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.