272 hedge funds and large institutions have $1.53B invested in Upwork in 2025 Q1 according to their latest regulatory filings, with 73 funds opening new positions, 77 increasing their positions, 82 reducing their positions, and 46 closing their positions.

New
Increased
Maintained
Reduced
Closed

more first-time investments, than exits

New positions opened: | Existing positions closed:

more funds holding

Funds holding:

more ownership

Funds ownership:

less repeat investments, than reductions

Existing positions increased: | Existing positions reduced:

15% less capital invested

Capital invested by funds: $1.79B → $1.53B (-$267M)

35% less call options, than puts

Call options by funds: $14.8M | Put options by funds: $22.8M

56% less funds holding in top 10

Funds holding in top 10: 94 (-5)

Holders
272
Holders Change
Holders Change %
% of All Funds
Holding in Top 10
4
Holding in Top 10 Change
Holding in Top 10 Change %
% of All Funds
New
Increased
Reduced
Closed
Calls
$14.8M
Puts
$22.8M
Net Calls
Net Calls Change
Name Holding Trade Value Shares
Change
Change in
Stake
Qube Research & Technologies (QRT)
26
Qube Research & Technologies (QRT)
United Kingdom
$10.6M
Pacer Advisors
27
Pacer Advisors
Pennsylvania
$10.5M
Millennium Management
28
Millennium Management
New York
$10.3M
Voloridge Investment Management
29
Voloridge Investment Management
Florida
$9.65M
PCM
30
Portolan Capital Management
Massachusetts
$8.41M
Bank of America
31
Bank of America
North Carolina
$7.48M
CSS
32
Cubist Systematic Strategies
Connecticut
$7.08M
CG
33
Circumference Group
Arkansas
$6.2M
KIM
34
Kestrel Investment Management
California
$6.16M
ICM
35
Invenomic Capital Management
Massachusetts
$6.06M
Assenagon Asset Management
36
Assenagon Asset Management
Luxembourg
$5.66M
Lazard Asset Management
37
Lazard Asset Management
New York
$5.46M
Bank of New York Mellon
38
Bank of New York Mellon
New York
$5.38M
Susquehanna International Group
39
Susquehanna International Group
Pennsylvania
$5.23M
PM
40
Plustick Management
Virginia
$5.22M
UBS Group
41
UBS Group
Switzerland
$5.19M
SIA
42
SkyView Investment Advisors
New Jersey
$5.04M
Point72 Asset Management
43
Point72 Asset Management
Connecticut
$5M
AllianceBernstein
44
AllianceBernstein
Tennessee
$4.94M
GPGA
45
Grandeur Peak Global Advisors
Utah
$4.76M
HIM
46
Hillsdale Investment Management
Ontario, Canada
$4.72M
FGAM
47
Financial Gravity Asset Management
Texas
$4.61M
UBS AM
48
UBS AM
Illinois
$4.42M
New York State Common Retirement Fund
49
New York State Common Retirement Fund
New York
$3.89M
PCM
50
Penserra Capital Management
California
$3.74M