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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
Baird Financial Group
201
Baird Financial Group
Wisconsin
$577K +$3.09K +13 +0.5%
American Century Companies
202
American Century Companies
Missouri
$571K +$48.2K +203 +9%
Neuberger Berman Group
203
Neuberger Berman Group
New York
$565K -$872K -3,671 -60%
Lazard Asset Management
204
Lazard Asset Management
New York
$557K -$80.8K -340 -12%
US Bancorp
205
US Bancorp
Minnesota
$550K +$30.2K +127 +6%
Carson Wealth (CWM LLC)
206
Carson Wealth (CWM LLC)
Nebraska
$549K +$285K +1,200 +104%
Public Employees Retirement Association of Colorado
207
Public Employees Retirement Association of Colorado
Colorado
$548K – – –
XT
208
XTX Topco
Cayman Islands
$544K +$377K +1,588 +212%
CAPTRUST Financial Advisors
209
CAPTRUST Financial Advisors
North Carolina
$528K +$42.3K +178 +9%
LAM
210
LECAP Asset Management
United Kingdom
$520K +$531K +2,233 New
BAM
211
Blueshift Asset Management
New Jersey
$509K -$130K -545 -20%
DFCM
212
Dark Forest Capital Management
Puerto Rico
$503K +$514K +2,163 New
VOYA Investment Management
213
VOYA Investment Management
Georgia
$501K -$53.9K -227 -10%
M1FG
214
Mach-1 Financial Group
Arkansas
$500K +$510K +2,148 New
ATPW
215
Ashton Thomas Private Wealth
Arizona
$500K +$77.5K +326 +18%
CJ
216
Caitlin John
Michigan
$499K +$510K +2,145 New
Aviva
217
Aviva
United Kingdom
$492K +$91.5K +385 +22%
Mercer Global Advisors
218
Mercer Global Advisors
Colorado
$490K +$200K +842 +67%
VCM
219
Virtue Capital Management
Tennessee
$487K -$6.63M -27,879 -97%
STA
220
Summit Trail Advisors
New York
$476K +$154K +649 +47%
NYLIM
221
New York Life Investment Management
New York
$475K -$53K -223 -10%
GPGA
222
Grandeur Peak Global Advisors
Utah
$472K -$80.1K -337 -14%
Federated Hermes
223
Federated Hermes
Pennsylvania
$451K -$44.9K -189 -9%
BPA
224
Beacon Pointe Advisors
California
$443K – – –
JFG
225
Jefferies Financial Group
New York
$436K +$445K +1,874 New
7 8
9
10 11

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.