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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
Vanguard Group
1
Vanguard Group
Pennsylvania
$3.51B +$87.3M +403,285 +2%
BlackRock
2
BlackRock
New York
$1.94B +$38.9M +179,495 +2%
Dodge & Cox
3
Dodge & Cox
California
$1.87B +$229M +1,058,803 +12%
JP Morgan Chase
4
JP Morgan Chase
New York
$959M -$122M -563,163 -10%
State Street
5
State Street
Massachusetts
$919M +$30.2M +139,696 +3%
Cohen & Steers
6
Cohen & Steers
New York
$731M -$273M -1,259,980 -25%
Geode Capital Management
7
Geode Capital Management
Massachusetts
$591M +$7.53M +34,793 +1%
Deutsche Bank
8
Deutsche Bank
Germany
$373M +$58.1M +268,109 +16%
Diamond Hill Capital Management
9
Diamond Hill Capital Management
Ohio
$359M +$79.4M +366,491 +25%
Invesco
10
Invesco
Georgia
$349M +$50.2M +231,838 +15%
Dimensional Fund Advisors
11
Dimensional Fund Advisors
Texas
$303M +$12.7M +58,449 +4%
Principal Financial Group
12
Principal Financial Group
Iowa
$293M +$153K +707 +0%
Charles Schwab
13
Charles Schwab
California
$281M +$9.2M +42,468 +3%
Legal & General Group
14
Legal & General Group
United Kingdom
$275M +$17.2M +79,572 +6%
Morgan Stanley
15
Morgan Stanley
New York
$262M -$43.6M -201,278 -13%
Ameriprise
16
Ameriprise
Minnesota
$245M +$72.8M +336,071 +36%
Nordea Investment Management
17
Nordea Investment Management
Sweden
$229M +$101M +465,558 +65%
Northern Trust
18
Northern Trust
Illinois
$204M -$5.74M -26,516 -2%
Goldman Sachs
19
Goldman Sachs
New York
$198M +$29M +133,866 +15%
Fidelity Investments
20
Fidelity Investments
Massachusetts
$196M +$69.5M +321,124 +46%
RIM
21
Rush Island Management
New York
$182M +$126M +582,862 +162%
Victory Capital Management
22
Victory Capital Management
Texas
$174M -$158M -727,869 -45%
Mitsubishi UFJ Trust & Banking
23
Mitsubishi UFJ Trust & Banking
Japan
$162M +$57.5M +265,648 +46%
EARNEST Partners
24
EARNEST Partners
Georgia
$156M +$693K +3,199 +0.4%
Bank of America
25
Bank of America
North Carolina
$151M -$53M -244,560 -24%
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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.