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277 hedge funds and large institutions have $1.53B invested in Upwork in 2025 Q1 according to their latest regulatory filings, with 72 funds opening new positions, 78 increasing their positions, 86 reducing their positions, and 46 closing their positions.

New
Increased
Maintained
Reduced
Closed

57% more first-time investments, than exits

New positions opened: 72 | Existing positions closed: 46

9% more funds holding

Funds holding: 253277 (+24)

4.21% more ownership

Funds ownership: 82.32%86.53% (+4.2%)

9% less repeat investments, than reductions

Existing positions increased: 78 | Existing positions reduced: 86

15% less capital invested

Capital invested by funds: $1.8B → $1.53B (-$269M)

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
277
Holders Change
+24
Holders Change %
+9.49%
% of All Funds
3.71%
Holding in Top 10
4
Holding in Top 10 Change
-5
Holding in Top 10 Change %
-55.56%
% of All Funds
0.05%
New
72
Increased
78
Reduced
86
Closed
46
Calls
$14.8M
Puts
$22.8M
Net Calls
-$7.95M
Net Calls Change
-$18.5M
Name Holding Trade Value Shares
Change
Change in
Stake
Boston Partners
76
Boston Partners
Massachusetts
$2.12M +$2.47M +162,278 New
Robeco Institutional Asset Management
77
Robeco Institutional Asset Management
Netherlands
$1.85M +$2.16M +142,073 New
Corient Private Wealth
78
Corient Private Wealth
Florida
$1.84M -$484K -31,799 -18%
HSBC Holdings
79
HSBC Holdings
United Kingdom
$1.83M +$1.92M +126,230 +871%
CCIA
80
Campbell & Co Investment Adviser
Maryland
$1.82M +$2.12M +139,130 New
Legal & General Group
81
Legal & General Group
United Kingdom
$1.8M -$2.04K -134 -0.1%
PAM
82
Panagora Asset Management
Massachusetts
$1.77M
Schroder Investment Management Group
83
Schroder Investment Management Group
United Kingdom
$1.76M +$1.03M +67,642 +103%
EIM
84
Essex Investment Management
Massachusetts
$1.76M -$14.2K -935 -0.7%
Victory Capital Management
85
Victory Capital Management
Texas
$1.72M +$747K +49,036 +59%
OAC
86
OMERS Administration Corp
Ontario, Canada
$1.66M +$1.93M +127,000 New
GAM
87
Gotham Asset Management
New York
$1.62M +$1.89M +124,225 New
GCM
88
Graham Capital Management
Connecticut
$1.61M +$1.16M +75,876 +160%
American Century Companies
89
American Century Companies
Missouri
$1.58M +$962K +63,167 +109%
Teacher Retirement System of Texas
90
Teacher Retirement System of Texas
Texas
$1.5M +$199K +13,044 +13%
California State Teachers Retirement System (CalSTRS)
91
California State Teachers Retirement System (CalSTRS)
California
$1.49M -$43.9K -2,881 -2%
Citigroup
92
Citigroup
New York
$1.46M -$2.05M -134,625 -55%
CSP
93
Cary Street Partners
Virginia
$1.42M
Mackenzie Financial
94
Mackenzie Financial
Ontario, Canada
$1.39M +$1.63M +106,796 New
FPA
95
First Pacific Advisors
California
$1.37M
SFI
96
Susquehanna Fundamental Investments
Pennsylvania
$1.35M +$821K +53,868 +109%
DB
97
Danske Bank
Denmark
$1.33M -$4.66M -305,770 -75%
Stifel Financial
98
Stifel Financial
Missouri
$1.26M -$6.34M -416,435 -81%
Envestnet Asset Management
99
Envestnet Asset Management
Illinois
$1.26M +$1.47M +96,376 New
LPL Financial
100
LPL Financial
California
$1.21M +$315K +20,645 +29%

UPWK Hedge Fund Activity: Q1 2025 in Review

277 of the 7,457 institutional investors tracked by Wall St. Rank reported a position in Upwork (UPWK) for Q1 2025, worth a combined $1.53B — down 15% from $1.8B a quarter earlier.

Buyers outnumbered sellers: 72 funds opened new UPWK positions and 46 closed out — a net gain of 26 holders — while 78 added to existing stakes and 86 trimmed.

The largest buyer was LSV Asset Management, adding an estimated $64M. The largest seller was Dorsey Asset Management, exiting entirely with an estimated $49.8M sold.

  • 277 institutional investors held Upwork (UPWK) as of Q1 2025, up from 253 in Q4 2024.
  • Funds reported $1.53B of Upwork stock for Q1 2025, down 15% quarter-over-quarter.
  • 72 funds opened new Upwork positions in Q1 2025 and 46 closed out, a net change of +26 holders.
  • The largest Upwork buyer in Q1 2025 was LSV Asset Management, an estimated $64M added.
  • The largest Upwork seller in Q1 2025 was Dorsey Asset Management, an estimated $49.8M sold.

Based on aggregated 13F filings for Q1 2025.