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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
AAM
176
Azzad Asset Management
Virginia
$1.05M -$3.27M -12,110 -76%
NAM
177
NorthCrest Asset Manangement
Minnesota
$1.05M +$422K +1,561 +55%
GAM
178
Gotham Asset Management
New York
$987K +$463K +1,713 +92%
SOADOR
179
State of Alaska Department of Revenue
Alaska
$983K +$263K +975 +38%
P
180
&Partners
Tennessee
$971K +$90.2K +334 +10%
VPIM
181
Vanguard Personalized Indexing Management
California
$911K +$247K +914 +38%
Pictet Asset Management
182
Pictet Asset Management
Switzerland
$875K -$51.1K -189 -6%
NG
183
Norden Group
Utah
$875K -$169K -627 -16%
VCM
184
Virtue Capital Management
Tennessee
$852K +$7.74M +28,667 New
Pacer Advisors
185
Pacer Advisors
Pennsylvania
$835K +$818K +3,030 New
Bank of Montreal
186
Bank of Montreal
Ontario, Canada
$829K -$54.3K -201 -6%
ES
187
Element Squared
Minnesota
$810K +$794K +2,939 New
LI
188
LVZ Inc
Michigan
$791K +$116K +429 +18%
Allianz Asset Management
189
Allianz Asset Management
Germany
$779K -$27K -100 -3%
PMAM
190
Picton Mahoney Asset Management
Ontario, Canada
$775K +$760K +2,814 New
VI
191
Versor Investments
New York
$772K -$624K -2,310 -45%
DCM
192
DGS Capital Management
New Jersey
$756K -$79.4K -294 -10%
Lazard Asset Management
193
Lazard Asset Management
New York
$754K +$83.7K +310 +13%
BAM
194
Blueshift Asset Management
New Jersey
$753K +$738K +2,733 New
AAM
195
AMI Asset Management
California
$747K -$1.89K -7 -0.3%
Cetera Investment Advisers
196
Cetera Investment Advisers
Illinois
$742K +$127K +470 +21%
PNC Financial Services Group
197
PNC Financial Services Group
Pennsylvania
$737K +$127K +471 +21%
Deutsche Bank
198
Deutsche Bank
Germany
$732K +$223K +825 +45%
PWG
199
Portside Wealth Group
Utah
$730K -$319K -1,180 -31%
CFMC
200
Curbstone Financial Management Corp
New Hampshire
$703K -$146K -540 -17%
6 7
8
9 10

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.