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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
Swedbank
101
Swedbank
Sweden
$17M +$53.7K +248 +0.3%
Toronto Dominion Bank
102
Toronto Dominion Bank
Ontario, Canada
$16.8M +$1.02M +4,717 +6%
Jane Street
103
Jane Street
New York
$16.6M +$18.6M +85,998 New
SI
104
Sora Investors
Pennsylvania
$16.6M +$18.6M +85,715 New
Point72 Asset Management
105
Point72 Asset Management
Connecticut
$16.4M +$18.3M +84,688 New
SC
106
Skylands Capital
Wisconsin
$16.3M +$7.61M +35,135 +72%
Retirement Systems of Alabama
107
Retirement Systems of Alabama
Alabama
$16.3M -$32.5K -150 -0.2%
Raymond James Financial
108
Raymond James Financial
Florida
$16.1M +$995K +4,596 +6%
Allspring Global Investments
109
Allspring Global Investments
North Carolina
$15.5M -$883K -4,079 -5%
PP
110
Prudential plc
United Kingdom
$15.2M -$10.6K -49 -0.1%
APG Asset Management
111
APG Asset Management
Netherlands
$14.8M – – –
Universal-Beteiligungs- und Servicegesellschaft
112
Universal-Beteiligungs- und Servicegesellschaft
Germany
$14.6M -$1.88M -8,695 -10%
State of Wisconsin Investment Board
113
State of Wisconsin Investment Board
Wisconsin
$14.1M +$1.54M +7,116 +11%
William Blair & Company
114
William Blair & Company
Illinois
$13.9M -$81.2K -375 -0.5%
FAF
115
Första AP-fonden
Sweden
$13.3M +$1.41M +6,500 +10%
Handelsbanken Fonder
116
Handelsbanken Fonder
Sweden
$13.2M -$324K -1,498 -2%
Lido Advisors
117
Lido Advisors
California
$13M +$14.6M +67,377 New
Pictet Asset Management
118
Pictet Asset Management
Switzerland
$12.9M +$519K +2,397 +4%
National Bank of Canada
119
National Bank of Canada
Quebec, Canada
$12.8M -$1.88M -8,705 -12%
Hudson Bay Capital Management
120
Hudson Bay Capital Management
Connecticut
$12.4M +$13.9M +64,124 New
SOADOR
121
State of Alaska Department of Revenue
Alaska
$12.4M -$124K -574 -0.9%
CCM
122
Chilton Capital Management
Texas
$12.2M +$95.3K +440 +0.7%
Macquarie Group
123
Macquarie Group
Australia
$12.1M -$414K -1,911 -3%
AC
124
Avenir Corporation
Virginia
$11.9M -$211K -973 -2%
Prudential Financial
125
Prudential Financial
New Jersey
$11.9M -$821K -3,791 -6%
3 4
5
6 7

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.