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268 hedge funds and large institutions have $1.58B invested in Upwork in 2025 Q2 according to their latest regulatory filings, with 46 funds opening new positions, 105 increasing their positions, 84 reducing their positions, and 52 closing their positions.

New
Increased
Maintained
Reduced
Closed

25% more repeat investments, than reductions

Existing positions increased: 105 | Existing positions reduced: 84

2.81% more ownership

Funds ownership: 86.53%89.34% (+2.8%)

3% more capital invested

Capital invested by funds: $1.53B → $1.58B (+$50.3M)

0% more funds holding in top 10

Funds holding in top 10: 44 (0)

3% less funds holding

Funds holding: 277268 (-9)

12% less first-time investments, than exits

New positions opened: 46 | Existing positions closed: 52

31% less call options, than puts

Call options by funds: $12.8M | Put options by funds: $18.5M

Holders
268
Holders Change
-9
Holders Change %
-3.25%
% of All Funds
3.53%
Holding in Top 10
4
Holding in Top 10 Change
Holding in Top 10 Change %
% of All Funds
0.05%
New
46
Increased
105
Reduced
84
Closed
52
Calls
$12.8M
Puts
$18.5M
Net Calls
-$5.74M
Net Calls Change
+$2.21M
Name Holding Trade Value Shares
Change
Change in
Stake
MWM
301
Mindset Wealth Management
Indiana
-$148K -11,327 Closed
State of Tennessee, Department of Treasury
302
State of Tennessee, Department of Treasury
Tennessee
-$144K -11,022 Closed
MMA
303
Mizuho Markets Americas
New York
-$142K -10,893 Closed
CL
304
CSS LLC
Illinois
-$142K -10,870 Closed
AGM
305
Alpine Global Management
New York
-$131K -10,000 Closed
CCM
306
Coldstream Capital Management
Washington
-$18K -1,381 Closed
QCG
307
Quadrant Capital Group
Ohio
-$16.4K -1,255 Closed
SW
308
SVB Wealth
Massachusetts
-$16.2K -1,239 Closed
PC
309
Promethos Capital
Massachusetts
-$7.83K -600 Closed
AFG
310
Albion Financial Group
Utah
-$6.53K -500 Closed
SSG
311
Summit Securities Group
New York
-$3.58K -274 Closed
SIS
312
Sound Income Strategies
Florida
-$1.83K -140 Closed
Walleye Capital
313
Walleye Capital
New York
-$1.49K -114 Closed
CIBC Private Wealth Group
314
CIBC Private Wealth Group
Georgia
-$826 -70 Closed
CA
315
Continuum Advisory
Idaho
-$770 -59 Closed
AAP
316
Arax Advisory Partners
Colorado
-$744 -57 Closed
HCP
317
Hexagon Capital Partners
Arkansas
-$561 -43 Closed
SC
318
Stephens Consulting
Michigan
-$392 -30 Closed
WT
319
Washington Trust
Rhode Island
-$261 -20 Closed
ADL
320
Asset Dedication LLC
California
-$222 -17 Closed
Northwestern Mutual Wealth Management
321
Northwestern Mutual Wealth Management
Wisconsin
-$13 -1 Closed

UPWK Hedge Fund Activity: Q2 2025 in Review

268 of the 7,596 institutional investors tracked by Wall St. Rank reported a position in Upwork (UPWK) for Q2 2025, worth a combined $1.58B — up 3.3% from $1.53B a quarter earlier.

Sellers outnumbered buyers: 52 funds closed out of UPWK and 46 opened new positions — a net loss of 6 holders — while 84 trimmed existing stakes and 105 added.

The largest buyer was Morgan Stanley, adding an estimated $23.3M. The largest seller was T. Rowe Price Investment Management, cutting an estimated $41.6M.

  • 268 institutional investors held Upwork (UPWK) as of Q2 2025, down from 277 in Q1 2025.
  • Funds reported $1.58B of Upwork stock for Q2 2025, up 3.3% quarter-over-quarter.
  • 46 funds opened new Upwork positions in Q2 2025 and 52 closed out, a net change of -6 holders.
  • The largest Upwork buyer in Q2 2025 was Morgan Stanley, an estimated $23.3M added.
  • The largest Upwork seller in Q2 2025 was T. Rowe Price Investment Management, an estimated $41.6M sold.

Based on aggregated 13F filings for Q2 2025.