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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
AAM
176
Azzad Asset Management
Virginia
$863K -$27.1K -114 -3%
MAM
177
Martingale Asset Management
Massachusetts
$831K -$97.2K -409 -10%
Los Angeles Capital Management
178
Los Angeles Capital Management
California
$830K +$292K +1,230 +54%
Pacer Advisors
179
Pacer Advisors
Pennsylvania
$830K +$127K +536 +18%
GCM
180
Graham Capital Management
Connecticut
$827K +$307K +1,291 +57%
Truist Financial
181
Truist Financial
North Carolina
$814K -$102K -429 -11%
P
182
&Partners
Tennessee
$805K -$13.1K -55 -2%
Pictet Asset Management
183
Pictet Asset Management
Switzerland
$790K +$52K +219 +7%
LI
184
LVZ Inc
Michigan
$771K +$105K +442 +15%
SG Americas Securities
185
SG Americas Securities
New York
$765K -$471K -1,982 -38%
SAM
186
Stansberry Asset Management
Texas
$737K +$753K +3,168 New
TSW
187
Three Seasons Wealth
Utah
$730K +$746K +3,138 New
ET
188
Entropy Technologies
New York
$724K +$739K +3,110 New
SOW
189
State of Wyoming
Wyoming
$717K +$448K +1,886 +158%
Cerity Partners
190
Cerity Partners
New York
$713K +$402K +1,691 +123%
Bank of Montreal
191
Bank of Montreal
Ontario, Canada
$705K +$4.75K +20 +0.7%
Ensign Peak Advisors
192
Ensign Peak Advisors
Utah
$699K -$346K -1,457 -33%
DCM
193
DGS Capital Management
New Jersey
$634K -$4.04K -17 -0.6%
AAM
194
AMI Asset Management
California
$631K +$238 +1 +0%
Deutsche Bank
195
Deutsche Bank
Germany
$630K +$12.6K +53 +2%
CFO
196
Callan Family Office
Pennsylvania
$624K +$444K +1,870 +231%
Simplex Trading
197
Simplex Trading
Illinois
$612K +$522K +2,198 +506%
Cetera Investment Advisers
198
Cetera Investment Advisers
Illinois
$599K -$28K -118 -4%
PNC Financial Services Group
199
PNC Financial Services Group
Pennsylvania
$587K -$35.4K -149 -6%
Bessemer Group
200
Bessemer Group
New Jersey
$580K +$18.1K +76 +3%
6 7
8
9 10

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.