SPS Commerce
SPSC
403 hedge funds and large institutions have $4.04B invested in SPS Commerce in 2025 Q3 according to their latest regulatory filings, with 45 funds opening new positions, 153 increasing their positions, 161 reducing their positions, and 86 closing their positions.
248% more call options, than puts
Call options by funds: $10.6M | Put options by funds: $3.05M
1.53% more ownership
Funds ownership: 100.54% → 102.07% (+1.5%)
5% less repeat investments, than reductions
Existing positions increased: 153 | Existing positions reduced: 161
11% less funds holding
Funds holding: 451 → 403 (-48)
22% less capital invested
Capital invested by funds: $5.19B → $4.04B (-$1.15B)
48% less first-time investments, than exits
New positions opened: 45 | Existing positions closed: 86
100% less funds holding in top 10
Funds holding in top 10: 1 → 0 (-1)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
VBA
Van Berkom & Associates
Montreal,
Quebec, Canada
|
+$59.3M |
| 2 |
UBS Group
Zurich,
Switzerland
|
+$48.6M |
| 3 |
BNP Paribas Asset Management
Paris,
France
|
+$44.4M |
| 4 |
DGI
Disciplined Growth Investors
Minneapolis,
Minnesota
|
+$43.7M |
| 5 |
CIP
Champlain Investment Partners
Burlington,
Vermont
|
+$42M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Fidelity Investments
Boston,
Massachusetts
|
-$72.2M |
| 2 |
FAM
Fred Alger Management
New York
|
-$37.1M |
| 3 |
Kayne Anderson Rudnick Investment Management
Los Angeles,
California
|
-$33.3M |
| 4 |
Fiera Capital (Canada)
Montreal,
Quebec, Canada
|
-$31.3M |
| 5 |
Wellington Management Group
Boston,
Massachusetts
|
-$25.3M |
SPSC Hedge Fund Activity: Q3 2025 in Review
403 of the 7,638 institutional investors tracked by Wall St. Rank reported a position in SPS Commerce (SPSC) for Q3 2025, worth a combined $4.04B — down 22% from $5.19B a quarter earlier.
Sellers outnumbered buyers: 86 funds closed out of SPSC and 45 opened new positions — a net loss of 41 holders — while 161 trimmed existing stakes and 153 added.
The largest buyer was Van Berkom & Associates, opening a new position worth an estimated $59.3M. The largest seller was Fidelity Investments, cutting an estimated $72.2M.
- 403 institutional investors held SPS Commerce (SPSC) as of Q3 2025, down from 451 in Q2 2025.
- Funds reported $4.04B of SPS Commerce stock for Q3 2025, down 22% quarter-over-quarter.
- 45 funds opened new SPS Commerce positions in Q3 2025 and 86 closed out, a net change of -41 holders.
- The largest SPS Commerce buyer in Q3 2025 was Van Berkom & Associates, an estimated $59.3M added.
- The largest SPS Commerce seller in Q3 2025 was Fidelity Investments, an estimated $72.2M sold.
Based on aggregated 13F filings for Q3 2025.