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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
GIA
126
Gateway Investment Advisers
Ohio
$11.9M -$9.85M -45,514 -43%
CPM
127
Crescent Park Management
California
$11.7M -$816K -3,768 -6%
Stifel Financial
128
Stifel Financial
Missouri
$11.6M +$1.61M +7,423 +14%
New York State Common Retirement Fund
129
New York State Common Retirement Fund
New York
$11.4M -$173K -800 -1%
VanEck Associates
130
VanEck Associates
New York
$11.3M +$1.17M +5,386 +10%
Mackenzie Financial
131
Mackenzie Financial
Ontario, Canada
$10.8M +$8.96M +41,390 +290%
MFAM
132
Motley Fool Asset Management
Virginia
$10.7M -$541K -2,500 -4%
Chevy Chase Trust
133
Chevy Chase Trust
Maryland
$10.6M -$465K -2,147 -4%
Brown Advisory
134
Brown Advisory
Maryland
$10.2M -$679K -3,138 -6%
TG
135
TCW Group
California
$10.1M +$11.4M +52,431 New
Royal London Asset Management
136
Royal London Asset Management
United Kingdom
$10.1M -$453K -2,092 -4%
ECM
137
ExodusPoint Capital Management
New York
$10.1M +$6.9M +31,865 +157%
DB
138
Danske Bank
Denmark
$10M -$281K -1,300 -2%
KBC Group
139
KBC Group
Belgium
$9.69M -$16.5M -76,423 -60%
NTIC
140
Napean Trading & Investment Company
Singapore
$9.41M +$1.64M +7,592 +18%
Treasurer of the State of North Carolina
141
Treasurer of the State of North Carolina
North Carolina
$9.34M -$408K -1,884 -4%
Susquehanna International Group
142
Susquehanna International Group
Pennsylvania
$9.31M +$7M +32,313 +204%
American Century Companies
143
American Century Companies
Missouri
$9.06M -$81.9M -378,229 -89%
DPIM
144
Duff & Phelps Investment Management
Illinois
$8.97M – – –
NIG
145
NFJ Investment Group
Texas
$8.95M -$11.5M -52,998 -53%
Asset Management One
146
Asset Management One
Japan
$8.91M +$166K +765 +2%
SAM
147
Storebrand Asset Management
Norway
$8.78M +$106K +489 +1%
UIC
148
Uniplan Investment Counsel
Wisconsin
$8.76M -$8.88K -41 -0.1%
LA
149
LBP AM
France
$8.45M – – –
HighTower Advisors
150
HighTower Advisors
Illinois
$8.4M -$309K -1,428 -3%
4 5
6
7 8

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.