We are live on ! Find out more

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
UBS Group
51
UBS Group
Switzerland
$4.1M -$1.33M -92,708 -23%
SSA
52
Schonfeld Strategic Advisors
New York
$4.09M +$1.9M +132,520 +77%
Citadel Advisors
53
Citadel Advisors
Florida
$4.01M +$3.35M +233,550 +359%
New York State Common Retirement Fund
54
New York State Common Retirement Fund
New York
$4.01M
State of Wisconsin Investment Board
55
State of Wisconsin Investment Board
Wisconsin
$3.81M +$1.49M +103,459 +57%
SEI Investments
56
SEI Investments
Pennsylvania
$3.76M +$89.8K +6,253 +2%
Ameriprise
57
Ameriprise
Minnesota
$3.75M +$84.6K +5,896 +2%
OIA
58
OneDigital Investment Advisors
Kansas
$3.68M -$62.3K -4,338 -2%
GC
59
Globeflex Capital
California
$3.62M +$460K +32,078 +14%
Luther King Capital Management (LKCM)
60
Luther King Capital Management (LKCM)
Texas
$3.56M +$14.2K +987 +0.4%
Boston Partners
61
Boston Partners
Massachusetts
$3.52M +$1.43M +99,941 +62%
TI
62
Trexquant Investment
Connecticut
$3.46M +$798K +55,564 +28%
CCIA
63
Campbell & Co Investment Adviser
Maryland
$3.38M +$1.61M +112,133 +81%
Swiss National Bank
64
Swiss National Bank
Switzerland
$3.32M
Nordea Investment Management
65
Nordea Investment Management
Sweden
$3.22M -$38.7K -2,697 -1%
Connor, Clark & Lunn Investment Management (CC&L)
66
Connor, Clark & Lunn Investment Management (CC&L)
British Columbia, Canada
$3.18M +$2.79M +194,309 +456%
Franklin Resources
67
Franklin Resources
California
$3.17M -$191K -13,321 -5%
JP Morgan Chase
68
JP Morgan Chase
New York
$3.12M +$374K +26,047 +13%
Royal Bank of Canada
69
Royal Bank of Canada
Ontario, Canada
$2.95M +$404K +28,110 +15%
PCM
70
Penserra Capital Management
California
$2.86M -$1.06M -74,132 -26%
Wells Fargo
71
Wells Fargo
California
$2.8M -$66.8K -4,655 -2%
GAM
72
Gotham Asset Management
New York
$2.67M +$1.07M +74,248 +60%
Man Group
73
Man Group
United Kingdom
$2.62M +$1.93M +134,559 +224%
RhumbLine Advisers
74
RhumbLine Advisers
Massachusetts
$2.6M +$151K +10,539 +6%
Capital Fund Management (CFM)
75
Capital Fund Management (CFM)
France
$2.49M +$2.66M +185,226 New

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.