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SBA Communications
SBAC

679 hedge funds and large institutions have $19.7B invested in SBA Communications in 2025 Q3 according to their latest regulatory filings, with 99 funds opening new positions, 213 increasing their positions, 291 reducing their positions, and 118 closing their positions.

New
Increased
Maintained
Reduced
Closed

67% more funds holding in top 10

Funds holding in top 10: 6 → 10 (+4)

10% more call options, than puts

Call options by funds: $38.8M | Put options by funds: $35.4M

3.72% less ownership

Funds ownership: 98.88% → 95.16% (-3.7%)

4% less funds holding

Funds holding: 707 → 679 (-28)

16% less first-time investments, than exits

New positions opened: 99 | Existing positions closed: 118

21% less capital invested

Capital invested by funds: $24.9B → $19.7B (-$5.19B)

27% less repeat investments, than reductions

Existing positions increased: 213 | Existing positions reduced: 291

Holders
679
Holders Change
-28
Holders Change %
-3.96%
% of All Funds
8.91%
Holding in Top 10
10
Holding in Top 10 Change
+4
Holding in Top 10 Change %
+66.67%
% of All Funds
0.13%
New
99
Increased
213
Reduced
291
Closed
118
Calls
$38.8M
Puts
$35.4M
Net Calls
+$3.44M
Net Calls Change
+$11.8M

Top Buyers

1
Dodge & Cox
Dodge & Cox
California
+$229M
2
Canada Pension Plan Investment Board
Canada Pension Plan Investment Board
Ontario, Canada
+$132M
3
RIM
Rush Island Management
New York
+$126M
4
Nordea Investment Management
Nordea Investment Management
Sweden
+$101M
5
Vanguard Group
Vanguard Group
Pennsylvania
+$87.3M

Top Sellers

1
Barrow, Hanley, Mewhinney & Strauss
Barrow, Hanley, Mewhinney & Strauss
Texas
-$299M
2
Cohen & Steers
Cohen & Steers
New York
-$273M
3
UBS AM
UBS AM
Illinois
-$258M
4
Massachusetts Financial Services
Massachusetts Financial Services
Massachusetts
-$173M
5
Victory Capital Management
Victory Capital Management
Texas
-$158M
Name Holding Trade Value Shares
Change 		Change in
Stake
Canada Pension Plan Investment Board
26
Canada Pension Plan Investment Board
Ontario, Canada
$131M +$132M +609,049 +868%
Amundi
27
Amundi
France
$131M -$36.1M -166,629 -19%
Bank of New York Mellon
28
Bank of New York Mellon
New York
$131M -$3.17M -14,621 -2%
SEI Investments
29
SEI Investments
Pennsylvania
$116M -$7.73M -35,716 -6%
UBS Group
30
UBS Group
Switzerland
$116M +$3.94M +18,179 +3%
PC
31
Permit Capital
Pennsylvania
$112M – – –
N
32
Nuveen
North Carolina
$101M -$22M -101,593 -16%
Balyasny Asset Management
33
Balyasny Asset Management
Illinois
$84.9M +$55.3M +255,424 +139%
Thrivent Financial for Lutherans
34
Thrivent Financial for Lutherans
Minnesota
$79.6M -$41.7M -192,748 -32%
WHRC
35
W.H. Reaves & Co
New Jersey
$78.7M -$5.59M -25,804 -6%
JWBC
36
John W. Bristol & Co
New York
$77.5M -$1.57M -7,266 -2%
DG
37
DigitalBridge Group
Florida
$77.4M +$23.5M +108,573 +37%
T. Rowe Price Associates
38
T. Rowe Price Associates
Maryland
$74.7M -$24.8M -114,327 -23%
AQR Capital Management
39
AQR Capital Management
Connecticut
$72.2M -$42.4M -195,599 -34%
EGM
40
Engineers Gate Manager
New York
$69.8M +$47.3M +218,460 +153%
RC
41
Rivulet Capital
New Jersey
$69.8M +$8.56M +39,530 +12%
California Public Employees Retirement System
42
California Public Employees Retirement System
California
$63.9M -$8.3M -38,334 -10%
JGC
43
J. Goldman & Co
New York
$62.2M +$69.6M +321,607 New
Swiss National Bank
44
Swiss National Bank
Switzerland
$59.9M -$3.72M -17,200 -5%
Arrowstreet Capital
45
Arrowstreet Capital
Massachusetts
$59.3M +$22.6M +104,201 +51%
Bessemer Group
46
Bessemer Group
New Jersey
$58M -$25.3M -116,861 -28%
Millennium Management
47
Millennium Management
New York
$57.7M +$9.14M +42,203 +16%
ClearBridge Investments
48
ClearBridge Investments
New York
$57.2M -$1.9M -8,785 -3%
Neuberger Berman Group
49
Neuberger Berman Group
New York
$57.2M -$13.8M -63,552 -18%
Russell Investments Group
50
Russell Investments Group
United Kingdom
$57M -$34.1M -157,268 -35%
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SBAC Hedge Fund Activity: Q3 2025 in Review

679 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in SBA Communications (SBAC) for Q3 2025, worth a combined $19.7B — down 21% from $24.9B a quarter earlier.

Sellers outnumbered buyers: 118 funds closed out of SBAC and 99 opened new positions — a net loss of 19 holders — while 291 trimmed existing stakes and 213 added.

The largest buyer was Dodge & Cox, adding an estimated $229M. The largest seller was Barrow, Hanley, Mewhinney & Strauss, cutting an estimated $299M.

  • 679 institutional investors held SBA Communications (SBAC) as of Q3 2025, down from 707 in Q2 2025.
  • Funds reported $19.7B of SBA Communications stock for Q3 2025, down 21% quarter-over-quarter.
  • 99 funds opened new SBA Communications positions in Q3 2025 and 118 closed out, a net change of -19 holders.
  • The largest SBA Communications buyer in Q3 2025 was Dodge & Cox, an estimated $229M added.
  • The largest SBA Communications seller in Q3 2025 was Barrow, Hanley, Mewhinney & Strauss, an estimated $299M sold.

Based on aggregated 13F filings for Q3 2025.