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Upwork
UPWK

276 hedge funds and large institutions have $2.27B invested in Upwork in 2025 Q3 according to their latest regulatory filings, with 50 funds opening new positions, 95 increasing their positions, 96 reducing their positions, and 39 closing their positions.

New
Increased
Maintained
Reduced
Closed

57% more call options, than puts

Call options by funds: $41.8M | Put options by funds: $26.6M

44% more capital invested

Capital invested by funds: $1.58B → $2.27B (+$693M)

28% more first-time investments, than exits

New positions opened: 50 | Existing positions closed: 39

25% more funds holding in top 10

Funds holding in top 10: 4 → 5 (+1)

3% more funds holding

Funds holding: 268 → 276 (+8)

2.98% more ownership

Funds ownership: 89.34% → 92.32% (+3%)

1% less repeat investments, than reductions

Existing positions increased: 95 | Existing positions reduced: 96

Holders
276
Holders Change
+8
Holders Change %
+2.99%
% of All Funds
3.62%
Holding in Top 10
5
Holding in Top 10 Change
+1
Holding in Top 10 Change %
+25%
% of All Funds
0.07%
New
50
Increased
95
Reduced
96
Closed
39
Calls
$41.8M
Puts
$26.6M
Net Calls
+$15.2M
Net Calls Change
+$21M

Top Buyers

1
Boston Partners
Boston Partners
Massachusetts
+$30.7M
2
BlackRock
BlackRock
New York
+$26.8M
3
ICM
Invenomic Capital Management
Massachusetts
+$19.9M
4
Allianz Asset Management
Allianz Asset Management
Germany
+$13.4M
5
Goldman Sachs
Goldman Sachs
New York
+$13M

Top Sellers

1
T. Rowe Price Investment Management
T. Rowe Price Investment Management
Maryland
-$26.2M
2
Capital International Investors
Capital International Investors
California
-$23.8M
3
Millennium Management
Millennium Management
New York
-$19.7M
4
Renaissance Technologies
Renaissance Technologies
New York
-$14.6M
5
Verition Fund Management
Verition Fund Management
Connecticut
-$13.7M
Name Holding Trade Value Shares
Change 		Change in
Stake
Barclays
26
Barclays
United Kingdom
$17.2M +$8.62M +578,903 +166%
Citadel Advisors
27
Citadel Advisors
Florida
$15.2M +$7.78M +522,109 +175%
JGC
28
J. Goldman & Co
New York
$14.3M +$11.5M +769,747 New
American Century Companies
29
American Century Companies
Missouri
$12.8M +$5.24M +351,616 +103%
BA
30
Bridgewater Associates
Connecticut
$11.9M +$9.55M +641,059 New
Wellington Management Group
31
Wellington Management Group
Massachusetts
$11.9M +$9.52M +639,006 New
Squarepoint
32
Squarepoint
New York
$11.3M +$4.28M +287,421 +89%
Millennium Management
33
Millennium Management
New York
$10.6M -$19.7M -1,323,489 -70%
Assenagon Asset Management
34
Assenagon Asset Management
Luxembourg
$9.98M +$411K +27,567 +5%
CSS
35
Cubist Systematic Strategies
Connecticut
$9.88M +$1.33M +89,351 +20%
Pacer Advisors
36
Pacer Advisors
Pennsylvania
$9.81M -$2.14M -143,733 -21%
Point72 Asset Management
37
Point72 Asset Management
Connecticut
$9.64M +$7.73M +518,954 New
JAM
38
Jupiter Asset Management
United Kingdom
$9.42M +$5.18M +348,127 +219%
HIM
39
Hillsdale Investment Management
Ontario, Canada
$9.38M +$833K +55,900 +12%
GPGA
40
Grandeur Peak Global Advisors
Utah
$9.35M +$592K +39,736 +9%
KLP
41
Kent Lake PR
Puerto Rico
$9.29M +$7.45M +500,000 New
PAMP
42
Polar Asset Management Partners
Ontario, Canada
$8.95M +$7.18M +481,772 New
Royal Bank of Canada
43
Royal Bank of Canada
Ontario, Canada
$8.45M +$3.51M +235,429 +107%
UBS Group
44
UBS Group
Switzerland
$8.44M +$2.23M +149,496 +49%
KIM
45
Kestrel Investment Management
California
$8.38M – – –
Two Sigma Advisers
46
Two Sigma Advisers
New York
$8.23M -$10.3M -694,289 -61%
Bank of New York Mellon
47
Bank of New York Mellon
New York
$7.96M +$173K +11,594 +3%
Jane Street
48
Jane Street
New York
$7.72M -$11.2M -754,524 -64%
SIA
49
SkyView Investment Advisors
New Jersey
$7.47M +$196K +13,157 +3%
PCM
50
Portolan Capital Management
Massachusetts
$7.32M +$5.87M +393,929 New
1
2
3 4 5

UPWK Hedge Fund Activity: Q3 2025 in Review

276 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in Upwork (UPWK) for Q3 2025, worth a combined $2.27B — up 44% from $1.58B a quarter earlier.

Buyers outnumbered sellers: 50 funds opened new UPWK positions and 39 closed out — a net gain of 11 holders — while 95 added to existing stakes and 96 trimmed.

The largest buyer was Boston Partners, adding an estimated $30.7M. The largest seller was T. Rowe Price Investment Management, cutting an estimated $26.2M.

  • 276 institutional investors held Upwork (UPWK) as of Q3 2025, up from 268 in Q2 2025.
  • Funds reported $2.27B of Upwork stock for Q3 2025, up 44% quarter-over-quarter.
  • 50 funds opened new Upwork positions in Q3 2025 and 39 closed out, a net change of +11 holders.
  • The largest Upwork buyer in Q3 2025 was Boston Partners, an estimated $30.7M added.
  • The largest Upwork seller in Q3 2025 was T. Rowe Price Investment Management, an estimated $26.2M sold.

Based on aggregated 13F filings for Q3 2025.