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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
CI Investments Inc
51
CI Investments Inc
Ontario, Canada
$56.9M +$445K +2,056 +0.7%
Barclays
52
Barclays
United Kingdom
$50.7M +$10.3M +47,549 +22%
COPPSERS
53
Commonwealth of Pennsylvania Public School Employees Retirement System
Pennsylvania
$49.2M +$16.2M +74,639 +42%
RhumbLine Advisers
54
RhumbLine Advisers
Massachusetts
$47.7M +$246K +1,138 +0.5%
Sumitomo Mitsui Trust Group
55
Sumitomo Mitsui Trust Group
Japan
$43.5M +$140K +646 +0.3%
Mitsubishi UFJ Asset Management
56
Mitsubishi UFJ Asset Management
Japan
$41.2M +$958K +4,425 +2%
SIC
57
Schwartz Investment Counsel
Michigan
$40.4M -$14.1M -65,000 -24%
Citigroup
58
Citigroup
New York
$39.3M +$26.5M +122,344 +151%
Royal Bank of Canada
59
Royal Bank of Canada
Ontario, Canada
$38.4M +$27.4M +126,422 +176%
Capital International Investors
60
Capital International Investors
California
$38M -$36.9M -170,442 -46%
Lazard Asset Management
61
Lazard Asset Management
New York
$37.7M +$10.8M +49,947 +34%
QCM
62
Quantinno Capital Management
New York
$37.2M +$3.28M +15,147 +9%
Caisse de Depot et Placement du Quebec (CDPQ)
63
Caisse de Depot et Placement du Quebec (CDPQ)
Quebec, Canada
$36.9M +$23.8M +109,874 +136%
National Pension Service
64
National Pension Service
South Korea
$36.3M +$1.44M +6,672 +4%
Envestnet Asset Management
65
Envestnet Asset Management
Illinois
$35.4M -$2.16M -9,966 -5%
Aberdeen Group
66
Aberdeen Group
United Kingdom
$34.8M +$4.47M +20,648 +13%
California State Teachers Retirement System (CalSTRS)
67
California State Teachers Retirement System (CalSTRS)
California
$33.6M -$606K -2,801 -2%
BNP Paribas Financial Markets
68
BNP Paribas Financial Markets
France
$31.7M -$3.56M -16,427 -9%
HSBC Holdings
69
HSBC Holdings
United Kingdom
$31.5M -$6.91M -31,935 -16%
Canada Life
70
Canada Life
Manitoba, Canada
$31.1M +$1.94M +8,966 +6%
T. Rowe Price Investment Management
71
T. Rowe Price Investment Management
Maryland
$30.9M -$56.8M -262,251 -62%
CIM
72
Centersquare Investment Management
Pennsylvania
$29.8M -$1.65M -7,622 -5%
Man Group
73
Man Group
United Kingdom
$29.6M +$9.02M +41,673 +37%
UM
74
UniSuper Management
Australia
$29.5M +$15.9M +73,504 +93%
Wells Fargo
75
Wells Fargo
California
$28.5M +$2.58M +11,894 +9%
1 2
3
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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.