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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
Public Sector Pension Investment Board (PSP Investments)
201
Public Sector Pension Investment Board (PSP Investments)
Quebec, Canada
$4.47M +$221K +1,023 +5%
NIM
202
NEOS Investment Management
Connecticut
$4.47M +$2.05M +9,474 +70%
SLAM
203
Swiss Life Asset Management
$4.35M +$147K +680 +3%
UIM
204
USS Investment Management
United Kingdom
$4.34M – – –
Skandinaviska Enskilda Banken (SEB)
205
Skandinaviska Enskilda Banken (SEB)
Sweden
$4.32M -$114K -527 -2%
Luther King Capital Management (LKCM)
206
Luther King Capital Management (LKCM)
Texas
$4.31M -$314K -1,449 -6%
Daiwa Securities Group
207
Daiwa Securities Group
Japan
$4.24M -$108M -500,295 -96%
AB
208
Amalgamated Bank
New York
$4.1M -$92.2K -426 -2%
FDCDDQ
209
Federation des caisses Desjardins du Quebec
Quebec, Canada
$3.89M +$354K +1,636 +9%
DnB Asset Management
210
DnB Asset Management
Norway
$3.82M +$37.2K +172 +0.9%
Osaic Holdings
211
Osaic Holdings
Arizona
$3.8M +$1.05M +4,836 +34%
IC
212
IEQ Capital
California
$3.63M -$5.75M -26,574 -59%
LPL Financial
213
LPL Financial
California
$3.56M -$606K -2,799 -13%
RAM
214
Resona Asset Management
Japan
$3.45M -$182K -842 -5%
URS
215
Utah Retirement Systems
Utah
$3.42M – – –
Cetera Investment Advisers
216
Cetera Investment Advisers
Illinois
$3.4M +$2M +9,253 +111%
PFSRSONJ
217
Police & Firemen's Retirement System of New Jersey
New Jersey
$3.34M +$220K +1,017 +6%
CFG
218
Citizens Financial Group
Rhode Island
$3.34M -$224K -1,033 -6%
US Bancorp
219
US Bancorp
Minnesota
$3.29M -$262K -1,211 -7%
Mirae Asset Global Investments
220
Mirae Asset Global Investments
South Korea
$3.05M +$405K +1,869 +13%
NYLIM
221
New York Life Investment Management
New York
$3.03M -$94.8K -438 -3%
YCM
222
Yousif Capital Management
Michigan
$3M -$116K -537 -3%
BCIM
223
British Columbia Investment Management
British Columbia, Canada
$2.99M -$337K -1,557 -9%
Corient Private Wealth
224
Corient Private Wealth
Florida
$2.99M -$717K -3,310 -18%
EMPI
225
Elo Mutual Pension Insurance
Finland
$2.95M +$498K +2,298 +18%
7 8
9
10 11

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.