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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
VA
126
Vident Advisory
Georgia
$2.36M +$1.45M +5,352 +166%
Wolverine Trading
127
Wolverine Trading
Illinois
$2.31M +$2.2M +8,162 New
D.E. Shaw & Co
128
D.E. Shaw & Co
New York
$2.28M -$1.48M -5,485 -40%
BC
129
Burney Company
Virginia
$2.2M +$77.8K +288 +4%
Handelsbanken Fonder
130
Handelsbanken Fonder
Sweden
$2.18M +$729K +2,700 +52%
State of New Jersey Common Pension Fund D
131
State of New Jersey Common Pension Fund D
New Jersey
$2.17M -$314K -1,162 -13%
Luther King Capital Management (LKCM)
132
Luther King Capital Management (LKCM)
Texas
$2.13M – – –
Parnassus Investments
133
Parnassus Investments
California
$2.04M +$143K +530 +8%
Ohio Public Employees Retirement System (OPERS)
134
Ohio Public Employees Retirement System (OPERS)
Ohio
$2.03M +$9.45K +35 +0.5%
YCM
135
Yousif Capital Management
Michigan
$1.97M -$157K -580 -7%
State of Wisconsin Investment Board
136
State of Wisconsin Investment Board
Wisconsin
$1.89M -$200K -740 -10%
Walleye Capital
137
Walleye Capital
New York
$1.89M +$1.85M +6,852 New
Universal-Beteiligungs- und Servicegesellschaft
138
Universal-Beteiligungs- und Servicegesellschaft
Germany
$1.88M -$1.13M -4,183 -38%
Comerica Bank
139
Comerica Bank
Texas
$1.85M -$127K -471 -7%
AssetMark Inc
140
AssetMark Inc
California
$1.83M -$14.6K -54 -0.8%
ASRS
141
Arizona State Retirement System
Arizona
$1.78M -$8.64K -32 -0.5%
LSERS
142
Louisiana State Employees Retirement System
Louisiana
$1.76M -$27K -100 -2%
TRSOTSOK
143
Teachers Retirement System of the State of Kentucky
Kentucky
$1.71M – – –
Neuberger Berman Group
144
Neuberger Berman Group
New York
$1.68M -$1.1M -4,057 -40%
EAM
145
Evanson Asset Management
California
$1.65M – – –
ZBNA
146
Zions Bancorporation, National Association
Utah
$1.62M -$242K -896 -13%
COPPSERS
147
Commonwealth of Pennsylvania Public School Employees Retirement System
Pennsylvania
$1.62M -$13.8K -51 -0.9%
Envestnet Portfolio Solutions
148
Envestnet Portfolio Solutions
Illinois
$1.53M -$23.8K -88 -2%
M&T Bank
149
M&T Bank
New York
$1.52M -$88.6K -328 -6%
Qube Research & Technologies (QRT)
150
Qube Research & Technologies (QRT)
United Kingdom
$1.51M +$1.48M +5,490 New
4 5
6
7 8

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.