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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
Janus Henderson Group
126
Janus Henderson Group
United Kingdom
$792K -$2.8M -195,204 -77%
XT
127
XTX Topco
Cayman Islands
$769K +$200K +13,946 +32%
Amundi
128
Amundi
France
$738K -$549K -38,237 -41%
BCM
129
Bayesian Capital Management
New York
$717K +$766K +53,350 New
Jennison Associates
130
Jennison Associates
New York
$712K +$39.1K +2,722 +5%
CP
131
CenterBook Partners
Connecticut
$663K +$708K +49,332 New
GAM
132
Groupama Asset Management
France
$661K
AG
133
Algert Global
California
$655K +$699K +48,720 New
FRM
134
Fox Run Management
Connecticut
$619K +$661K +46,076 New
ACP
135
Aviance Capital Partners
Florida
$619K +$661K +46,073 New
Canada Life
136
Canada Life
Manitoba, Canada
$614K +$90.4K +6,297 +16%
HSBC Holdings
137
HSBC Holdings
United Kingdom
$607K -$1.36M -95,047 -68%
Lazard Asset Management
138
Lazard Asset Management
New York
$591K -$5.37M -374,366 -89%
SO
139
STRS Ohio
Ohio
$564K +$603K +42,000 New
Zurich Cantonal Bank
140
Zurich Cantonal Bank
Switzerland
$544K -$2.01K -140 -0.3%
LCM
141
Legato Capital Management
California
$540K
SRL
142
Scientech Research LLC
New Jersey
$538K +$575K +40,043 New
AssetMark Inc
143
AssetMark Inc
California
$533K +$10.6K +740 +2%
BNP Paribas Financial Markets
144
BNP Paribas Financial Markets
France
$521K +$402K +28,001 +259%
State Board of Administration of Florida Retirement System
145
State Board of Administration of Florida Retirement System
Florida
$512K
ASRS
146
Arizona State Retirement System
Arizona
$505K +$16.6K +1,155 +3%
SG
147
Straightline Group
Michigan
$499K +$16.7K +1,160 +3%
SGAM
148
Smith Group Asset Management
Texas
$496K
BCI
149
Brinker Capital Investments
Pennsylvania
$481K +$1K +70 +0.2%
VOYA Investment Management
150
VOYA Investment Management
Georgia
$459K +$5.93K +413 +1%

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.