Expensify
EXFY
109 hedge funds and large institutions have $45M invested in Expensify in 2025 Q4 according to their latest regulatory filings, with 16 funds opening new positions, 36 increasing their positions, 38 reducing their positions, and 12 closing their positions.
1,613% more call options, than puts
Call options by funds: $137K | Put options by funds: $8K
33% more first-time investments, than exits
New positions opened: 16 | Existing positions closed: 12
4% more funds holding
Funds holding: 105 → 109 (+4)
5% less repeat investments, than reductions
Existing positions increased: 36 | Existing positions reduced: 38
2.82% less ownership
Funds ownership: 39.69% → 36.87% (-2.8%)
24% less capital invested
Capital invested by funds: $59.1M → $45M (-$14.1M)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
PVM
Palogic Value Management
Dallas,
Texas
|
+$745K |
| 2 |
Mackenzie Financial
Toronto Ontario,
Ontario, Canada
|
+$254K |
| 3 |
Vanguard Group
Malvern,
Pennsylvania
|
+$209K |
| 4 |
Two Sigma Investments
New York
|
+$155K |
| 5 |
Marshall Wace
London,
United Kingdom
|
+$122K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
CI
Ceera Investments
Bellaire,
Texas
|
-$821K |
| 2 |
CM
CastleKnight Management
New York
|
-$683K |
| 3 |
GCP
GSA Capital Partners
London,
United Kingdom
|
-$457K |
| 4 |
FG
Formula Growth
Montreal,
Quebec, Canada
|
-$396K |
| 5 |
Victory Capital Management
San Antonio,
Texas
|
-$355K |
EXFY Hedge Fund Activity: Q4 2025 in Review
109 of the 8,224 institutional investors tracked by Wall St. Rank reported a position in Expensify (EXFY) for Q4 2025, worth a combined $45M — down 24% from $59.1M a quarter earlier.
Buyers outnumbered sellers: 16 funds opened new EXFY positions and 12 closed out — a net gain of 4 holders — while 36 added to existing stakes and 38 trimmed.
The largest buyer was Palogic Value Management, adding an estimated $745K. The largest seller was Ceera Investments, exiting entirely with an estimated $821K sold.
- 109 institutional investors held Expensify (EXFY) as of Q4 2025, up from 105 in Q3 2025.
- Funds reported $45M of Expensify stock for Q4 2025, down 24% quarter-over-quarter.
- 16 funds opened new Expensify positions in Q4 2025 and 12 closed out, a net change of +4 holders.
- The largest Expensify buyer in Q4 2025 was Palogic Value Management, an estimated $745K added.
- The largest Expensify seller in Q4 2025 was Ceera Investments, an estimated $821K sold.
Based on aggregated 13F filings for Q4 2025.