We are live on ! Find out more

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
TGM
126
Tenzing Global Management
California
$653K -$12.2M -800,000 -94%
PHK
127
Point72 Hong Kong
Hong Kong
$582K +$654K +42,951 +2,656%
XT
128
XTX Topco
Cayman Islands
$564K +$258K +16,944 +64%
Aviva
129
Aviva
United Kingdom
$560K +$654K +42,914 New
Connor, Clark & Lunn Investment Management (CC&L)
130
Connor, Clark & Lunn Investment Management (CC&L)
British Columbia, Canada
$556K -$332K -21,795 -34%
Zurich Cantonal Bank
131
Zurich Cantonal Bank
Switzerland
$530K +$111K +7,287 +22%
LCM
132
Legato Capital Management
California
$524K -$7.72K -507 -1%
Canada Life
133
Canada Life
Manitoba, Canada
$515K -$93.9K -6,167 -14%
AssetMark Inc
134
AssetMark Inc
California
$508K +$593K +38,929 New
AIMCA
135
Alberta Investment Management Corp (AIMCo)
Alberta, Canada
$504K +$588K +38,584 New
State Board of Administration of Florida Retirement System
136
State Board of Administration of Florida Retirement System
Florida
$497K
SGAM
137
Smith Group Asset Management
Texas
$481K +$198 +13 +0%
ASRS
138
Arizona State Retirement System
Arizona
$475K +$427 +28 +0.1%
BCI
139
Brinker Capital Investments
Pennsylvania
$466K +$544K +35,716 New
OPS
140
Orion Portfolio Solutions
Nebraska
$466K +$544K +35,716 New
SG
141
Straightline Group
Michigan
$463K +$50.9K +3,338 +10%
Verition Fund Management
142
Verition Fund Management
Connecticut
$458K -$5.08M -333,635 -90%
SFG
143
Synergy Financial Group
California
$441K
VOYA Investment Management
144
VOYA Investment Management
Georgia
$440K -$61K -4,007 -11%
Handelsbanken Fonder
145
Handelsbanken Fonder
Sweden
$411K
VRS
146
Virginia Retirement Systems
Virginia
$410K +$478K +31,391 New
HighTower Advisors
147
HighTower Advisors
Illinois
$405K +$472K +31,012 New
HCA
148
Harbor Capital Advisors
Illinois
$403K -$404K -26,501 -46%
Parallax Volatility Advisers
149
Parallax Volatility Advisers
California
$373K -$125K -8,204 -22%
Commonwealth Equity Services
150
Commonwealth Equity Services
Massachusetts
$365K +$5K +328 +1%

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.