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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
B
101
Bailard
California
$1.3M +$91.5K +6,375 +7%
Envestnet Asset Management
102
Envestnet Asset Management
Illinois
$1.29M -$7.91K -551 -0.6%
ACM
103
Aquatic Capital Management
Illinois
$1.28M +$988K +68,792 +264%
EMPI
104
Elo Mutual Pension Insurance
Finland
$1.26M +$1.35M +94,000 New
YIH
105
Y-Intercept (HK)
Hong Kong
$1.25M +$1.34M +93,153 New
D.E. Shaw & Co
106
D.E. Shaw & Co
New York
$1.25M +$1.05M +72,893 +368%
IMC Chicago
107
IMC Chicago
Illinois
$1.19M +$1.27M +88,815 New
Citigroup
108
Citigroup
New York
$1.16M -$370K -25,767 -23%
QT
109
Quantbot Technologies
New York
$1.14M +$1.21M +84,523 New
HSA
110
Hussman Strategic Advisors
Maryland
$1.13M +$1.21M +84,000 New
CA
111
Cache Advisors
California
$1.09M
Stifel Financial
112
Stifel Financial
Missouri
$1.08M -$235K -16,396 -17%
Corient Private Wealth
113
Corient Private Wealth
Florida
$1.08M -$870K -60,573 -43%
MIM
114
MetLife Investment Management
New Jersey
$1.01M
BHCM
115
Brevan Howard Capital Management
Jersey
$996K +$1.06M +74,074 New
IIM
116
INTECH Investment Management
Florida
$983K -$148K -10,340 -12%
CAMG
117
CWA Asset Management Group
Florida
$957K +$1.02M +71,172 New
DTL
118
Dynamic Technology Lab
Singapore
$930K +$994K +69,231 New
Simplex Trading
119
Simplex Trading
Illinois
$921K +$171K +11,880 +21%
Mirae Asset Global ETFs Holdings
120
Mirae Asset Global ETFs Holdings
Hong Kong
$917K -$90K -6,271 -8%
Cerity Partners
121
Cerity Partners
New York
$910K -$9.24K -644 -0.9%
Teacher Retirement System of Texas
122
Teacher Retirement System of Texas
Texas
$896K -$697K -48,552 -42%
Manulife (Manufacturers Life Insurance)
123
Manulife (Manufacturers Life Insurance)
Ontario, Canada
$879K -$60.5K -4,215 -6%
SG Americas Securities
124
SG Americas Securities
New York
$865K +$924K +64,335 New
II
125
Inspire Investing
Idaho
$847K +$80.3K +5,592 +10%

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.