Docebo
DCBO
83 hedge funds and large institutions have $265M invested in Docebo in 2025 Q4 according to their latest regulatory filings, with 14 funds opening new positions, 22 increasing their positions, 31 reducing their positions, and 18 closing their positions.
50% more funds holding in top 10
Funds holding in top 10: 2 → 3 (+1)
2.19% less ownership
Funds ownership: 43.53% → 41.34% (-2.2%)
7% less funds holding
Funds holding: 89 → 83 (-6)
22% less first-time investments, than exits
New positions opened: 14 | Existing positions closed: 18
23% less capital invested
Capital invested by funds: $343M → $265M (-$77.8M)
29% less repeat investments, than reductions
Existing positions increased: 22 | Existing positions reduced: 31
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
TCM
Topline Capital Management
Santa Monica,
California
|
+$13.1M |
| 2 |
BGC
Beutel, Goodman & Co
Toronto,
Ontario, Canada
|
+$10.7M |
| 3 |
Millennium Management
New York
|
+$2.95M |
| 4 |
Morgan Stanley
New York
|
+$1.66M |
| 5 |
Acadian Asset Management
Boston,
Massachusetts
|
+$1.34M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
CIBC Asset Management
Toronto,
Ontario, Canada
|
-$11.8M |
| 2 |
Royal Bank of Canada
Toronto,
Ontario, Canada
|
-$8.67M |
| 3 |
Connor, Clark & Lunn Investment Management (CC&L)
Vancouver,
British Columbia, Canada
|
-$7.1M |
| 4 |
Mackenzie Financial
Toronto Ontario,
Ontario, Canada
|
-$6.72M |
| 5 |
Man Group
London,
United Kingdom
|
-$1.89M |
| Name | Holding | Trade Value |
Shares Change |
Change in Stake |
|
|---|---|---|---|---|---|
101
BlackRock
New York
| – | -$202 | -7 | Closed |
|
DCBO Hedge Fund Activity: Q4 2025 in Review
83 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in Docebo (DCBO) for Q4 2025, worth a combined $265M — down 23% from $343M a quarter earlier.
Sellers outnumbered buyers: 18 funds closed out of DCBO and 14 opened new positions — a net loss of 4 holders — while 31 trimmed existing stakes and 22 added.
The largest buyer was Topline Capital Management, adding an estimated $13.1M. The largest seller was CIBC Asset Management, exiting entirely with an estimated $11.8M sold.
- 83 institutional investors held Docebo (DCBO) as of Q4 2025, down from 89 in Q3 2025.
- Funds reported $265M of Docebo stock for Q4 2025, down 23% quarter-over-quarter.
- 14 funds opened new Docebo positions in Q4 2025 and 18 closed out, a net change of -4 holders.
- The largest Docebo buyer in Q4 2025 was Topline Capital Management, an estimated $13.1M added.
- The largest Docebo seller in Q4 2025 was CIBC Asset Management, an estimated $11.8M sold.
Based on aggregated 13F filings for Q4 2025.