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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
Universal-Beteiligungs- und Servicegesellschaft
151
Universal-Beteiligungs- und Servicegesellschaft
Germany
$1.26M -$333K -1,402 -21%
SOADOR
152
State of Alaska Department of Revenue
Alaska
$1.25M +$430K +1,809 +51%
NAM
153
NorthCrest Asset Manangement
Minnesota
$1.24M +$215K +905 +21%
CM
154
Caption Management
Oklahoma
$1.23M +$1.26M +5,300 New
NAAA
155
New Age Alpha Advisors
New York
$1.23M +$73K +307 +6%
Twin Tree Management
156
Twin Tree Management
Texas
$1.22M +$1.25M +5,244 New
NMIMC
157
Northwestern Mutual Investment Management Company
Wisconsin
$1.2M +$15.2K +64 +1%
FCBT
158
First Citizens Bank & Trust
North Carolina
$1.19M +$27.8K +117 +2%
QC
159
Quent Capital
New York
$1.17M +$1.19M +5,008 +22,764%
SDIC
160
South Dakota Investment Council
South Dakota
$1.13M -$105K -440 -8%
VPIM
161
Vanguard Personalized Indexing Management
California
$1.08M +$317K +1,336 +40%
OPERF
162
Oregon Public Employees Retirement Fund
Oregon
$1.07M -$4.28K -18 -0.4%
X
163
Xponance
Pennsylvania
$1.06M -$64.4K -271 -6%
VCA
164
Verdence Capital Advisors
Maryland
$1.03M +$8.55K +36 +0.8%
Commonwealth Equity Services
165
Commonwealth Equity Services
Massachusetts
$1M +$36.6K +154 +4%
OAM
166
Oppenheimer Asset Management
New York
$994K -$103K -432 -9%
AIP
167
Ameritas Investment Partners
Nebraska
$984K -$13.8K -58 -1%
NMERB
168
New Mexico Educational Retirement Board
New Mexico
$977K – – –
Susquehanna International Group
169
Susquehanna International Group
Pennsylvania
$970K +$991K +4,170 New
ITG
170
Index Technologies Group
New York
$938K +$958K +4,030 New
AWF
171
Alpha Wealth Funds
Utah
$921K +$23.8K +100 +3%
M&T Bank
172
M&T Bank
New York
$915K -$376K -1,581 -29%
AC
173
AXQ Capital
New Jersey
$893K +$913K +3,840 New
AI
174
Atria Investments
North Carolina
$889K -$49.7K -209 -5%
RAM
175
Resona Asset Management
Japan
$870K -$31.4K -132 -3%
5 6
7
8 9

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.