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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
Vanguard Group
1
Vanguard Group
Pennsylvania
$596M +$24.1M +101,466 +4%
BlackRock
2
BlackRock
New York
$551M -$10.6M -44,599 -2%
Principal Financial Group
3
Principal Financial Group
Iowa
$290M +$18.8M +79,197 +7%
ACM
4
Ashe Capital Management
New Jersey
$251M -$60.2M -253,345 -19%
State Street
5
State Street
Massachusetts
$160M +$1.8M +7,585 +1%
T. Rowe Price Associates
6
T. Rowe Price Associates
Maryland
$156M +$23.3M +98,230 +17%
William Blair Investment Management
7
William Blair Investment Management
Illinois
$148M +$20.5M +86,272 +16%
NCM
8
Nellore Capital Management
California
$123M +$13M +54,732 +12%
Kayne Anderson Rudnick Investment Management
9
Kayne Anderson Rudnick Investment Management
California
$121M -$22.6M -95,117 -15%
Geode Capital Management
10
Geode Capital Management
Massachusetts
$110M +$2.75M +11,588 +3%
GGHC
11
Gilder Gagnon Howe & Co
New York
$97.6M -$23.4M -98,319 -19%
Invesco
12
Invesco
Georgia
$96.8M +$4.9M +20,609 +5%
DDC
13
DF Dent & Co
Maryland
$93.4M -$6.2M -26,104 -6%
LWM
14
Long Walk Management
Connecticut
$88.8M +$22.2M +93,250 +32%
Arrowstreet Capital
15
Arrowstreet Capital
Massachusetts
$84M +$10.4M +43,688 +14%
Citadel Advisors
16
Citadel Advisors
Florida
$83.5M +$78.9M +331,938 +1,230%
CIA
17
Caledonia Investments (Australia)
Australia
$77.4M +$24.9M +104,609 +46%
Dimensional Fund Advisors
18
Dimensional Fund Advisors
Texas
$66.8M +$2.01M +8,466 +3%
Bank of America
19
Bank of America
North Carolina
$66.1M +$21.3M +89,837 +46%
Millennium Management
20
Millennium Management
New York
$65.5M +$41M +172,627 +159%
Morgan Stanley
21
Morgan Stanley
New York
$64.1M +$7.45M +31,369 +13%
Fidelity Investments
22
Fidelity Investments
Massachusetts
$60.4M -$55.9M -235,321 -48%
Fiera Capital (Canada)
23
Fiera Capital (Canada)
Quebec, Canada
$49.6M +$11.9M +50,275 +31%
Northern Trust
24
Northern Trust
Illinois
$49.4M -$7.99M -33,642 -14%
HWCM
25
Hudson Way Capital Management
Texas
$47.2M +$2.2M +9,257 +5%
1
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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.