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SBA Communications
SBAC

682 hedge funds and large institutions have $20B invested in SBA Communications in 2025 Q4 according to their latest regulatory filings, with 101 funds opening new positions, 238 increasing their positions, 256 reducing their positions, and 82 closing their positions.

New
Increased
Maintained
Reduced
Closed

42% more call options, than puts

Call options by funds: $19.7M | Put options by funds: $13.9M

23% more first-time investments, than exits

New positions opened: 101 | Existing positions closed: 82

1.77% more ownership

Funds ownership: 95.16% → 96.92% (+1.8%)

1% more capital invested

Capital invested by funds: $19.7B → $20B (+$205M)

0% more funds holding

Funds holding: 679 → 682 (+3)

7% less repeat investments, than reductions

Existing positions increased: 238 | Existing positions reduced: 256

30% less funds holding in top 10

Funds holding in top 10: 10 → 7 (-3)

Holders
682
Holders Change
+3
Holders Change %
+0.44%
% of All Funds
8.29%
Holding in Top 10
7
Holding in Top 10 Change
-3
Holding in Top 10 Change %
-30%
% of All Funds
0.09%
New
101
Increased
238
Reduced
256
Closed
82
Calls
$19.7M
Puts
$13.9M
Net Calls
+$5.78M
Net Calls Change
+$2.34M

Top Buyers

1
Dodge & Cox
Dodge & Cox
California
+$450M
2
Arrowstreet Capital
Arrowstreet Capital
Massachusetts
+$152M
3
Millennium Management
Millennium Management
New York
+$99.1M
4
Two Sigma Investments
Two Sigma Investments
New York
+$54.7M
5
Citadel Advisors
Citadel Advisors
Florida
+$54.1M

Top Sellers

1
Principal Financial Group
Principal Financial Group
Iowa
-$262M
2
Victory Capital Management
Victory Capital Management
Texas
-$168M
3
JP Morgan Chase
JP Morgan Chase
New York
-$84.3M
4
RC
Rivulet Capital
New Jersey
-$69.8M
5
Deutsche Bank
Deutsche Bank
Germany
-$65.9M
Name Holding Trade Value Shares
Change 		Change in
Stake
SCM
226
Sophron Capital Management
New Jersey
$2.77M -$4.3M -22,255 -61%
US Bancorp
227
US Bancorp
Minnesota
$2.77M -$523K -2,706 -16%
STA
228
Summit Trail Advisors
New York
$2.76M +$321K +1,664 +13%
YCM
229
Yousif Capital Management
Michigan
$2.73M -$154K -798 -5%
RIM
230
Rakuten Investment Management
Japan
$2.72M -$2.96M -15,328 -52%
SMDAM
231
Sumitomo Mitsui DS Asset Management
Japan
$2.71M -$150K -775 -5%
Rafferty Asset Management
232
Rafferty Asset Management
New York
$2.66M -$128K -664 -5%
IG
233
ING Group
Netherlands
$2.66M -$21.6K -112 -0.8%
NAM
234
Nissay Asset Management
Japan
$2.66M +$36.7K +190 +1%
Mariner
235
Mariner
Kansas
$2.64M +$535K +2,769 +25%
VPIM
236
Vanguard Personalized Indexing Management
California
$2.6M +$390K +2,021 +18%
Janus Henderson Group
237
Janus Henderson Group
United Kingdom
$2.52M +$40.8K +211 +2%
BCV
238
Banque Cantonale Vaudoise
Switzerland
$2.51M +$567K +2,934 +29%
PCM
239
Prelude Capital Management
New York
$2.5M +$813K +4,210 +48%
CS
240
Candriam SCA
Luxembourg
$2.49M +$448K +2,319 +22%
Envestnet Portfolio Solutions
241
Envestnet Portfolio Solutions
Illinois
$2.47M +$1.96M +10,139 +387%
FAN
242
Financial Advisors Network
California
$2.45M +$73.4K +380 +3%
Focus Partners Wealth
243
Focus Partners Wealth
Massachusetts
$2.41M +$1.91M +9,911 +385%
OAM
244
OP Asset Management
$2.36M -$2.71K -14 -0.1%
OPERF
245
Oregon Public Employees Retirement Fund
Oregon
$2.35M -$19.3K -100 -0.8%
AF
246
Avanza Fonder
Sweden
$2.35M +$654K +3,385 +39%
Commonwealth Equity Services
247
Commonwealth Equity Services
Massachusetts
$2.33M +$103K +531 +5%
FCBT
248
First Citizens Bank & Trust
North Carolina
$2.3M +$2.29M +11,877 New
VU
249
Vanderbilt University
Tennessee
$2.29M +$16K +83 +0.7%
IGAM
250
iA Global Asset Management
Quebec, Canada
$2.27M +$143K +742 +7%
8 9
10
11 12

SBAC Hedge Fund Activity: Q4 2025 in Review

682 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in SBA Communications (SBAC) for Q4 2025, worth a combined $20B — up 1% from $19.7B a quarter earlier.

Buyers outnumbered sellers: 101 funds opened new SBAC positions and 82 closed out — a net gain of 19 holders — while 238 added to existing stakes and 256 trimmed.

The largest buyer was Dodge & Cox, adding an estimated $450M. The largest seller was Principal Financial Group, cutting an estimated $262M.

  • 682 institutional investors held SBA Communications (SBAC) as of Q4 2025, up from 679 in Q3 2025.
  • Funds reported $20B of SBA Communications stock for Q4 2025, up 1% quarter-over-quarter.
  • 101 funds opened new SBA Communications positions in Q4 2025 and 82 closed out, a net change of +19 holders.
  • The largest SBA Communications buyer in Q4 2025 was Dodge & Cox, an estimated $450M added.
  • The largest SBA Communications seller in Q4 2025 was Principal Financial Group, an estimated $262M sold.

Based on aggregated 13F filings for Q4 2025.