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.
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)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Dodge & Cox
San Francisco,
California
|
+$450M |
| 2 |
Arrowstreet Capital
Boston,
Massachusetts
|
+$152M |
| 3 |
Millennium Management
New York
|
+$99.1M |
| 4 |
Two Sigma Investments
New York
|
+$54.7M |
| 5 |
Citadel Advisors
Miami,
Florida
|
+$54.1M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Principal Financial Group
Des Moines,
Iowa
|
-$262M |
| 2 |
Victory Capital Management
San Antonio,
Texas
|
-$168M |
| 3 |
JP Morgan Chase
New York
|
-$84.3M |
| 4 |
RC
Rivulet Capital
Summit,
New Jersey
|
-$69.8M |
| 5 |
Deutsche Bank
Frankfurt Am Main Ge,
Germany
|
-$65.9M |
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.