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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
Q1WB
676
Quest 10 Wealth Builders
Virginia
$201 – – –
WW
677
Winnow Wealth
Texas
$194 +$193 +1 New
DCM
678
Davis Capital Management
Florida
$193 – – –
PWAM
679
Private Wealth Asset Management
Iowa
$193 – – –
CFD
680
Creative Financial Designs
Indiana
$193 +$193 +1 New
WTC
681
WhitTier Trust Company
Nevada
$188 -$193 -1 -50%
RC
682
Rivulet Capital
New Jersey
– -$69.8M -361,000 Closed
JGC
683
J. Goldman & Co
New York
– -$62.2M -321,607 Closed
ICP
684
Ilex Capital Partners
United Kingdom
– -$25.6M -132,622 Closed
Wellington Management Group
685
Wellington Management Group
Massachusetts
– -$24.6M -127,181 Closed
Tudor Investment Corp
686
Tudor Investment Corp
Connecticut
– -$23.1M -119,420 Closed
Hudson Bay Capital Management
687
Hudson Bay Capital Management
Connecticut
– -$12.4M -64,124 Closed
CPM
688
Crescent Park Management
California
– -$11.7M -60,700 Closed
LA
689
LBP AM
France
– -$8.45M -43,705 Closed
LWL
690
Leo Wealth LLC
Texas
– -$7M -36,223 Closed
JSP
691
Jackson Square Partners
California
– -$6.93M -35,850 Closed
TC
692
TwinBeech Capital
New York
– -$6.53M -33,748 Closed
CFG
693
Citizens Financial Group
Rhode Island
– -$3.34M -17,256 Closed
EMPI
694
Elo Mutual Pension Insurance
Finland
– -$2.95M -15,275 Closed
SW
695
SteelPeak Wealth
California
– -$2.62M -13,540 Closed
FC
696
Farringdon Capital
United Kingdom
– -$2.5M -12,916 Closed
DGM
697
Delta Global Management
New York
– -$2.43M -12,557 Closed
LT
698
Legacy Trust
Michigan
– -$2.12M -10,949 Closed
FGP
699
Freestone Grove Partners
California
– -$1.78M -9,203 Closed
RWM
700
Ritholtz Wealth Management
New York
– -$1.74M -9,016 Closed
26 27
28
29 30

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.