Upwork
UPWK
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.
57% more first-time investments, than exits
New positions opened: 72 | Existing positions closed: 46
9% more funds holding
Funds holding: 253 → 277 (+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: 9 → 4 (-5)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
LSV Asset Management
Chicago,
Illinois
|
+$64M |
| 2 |
Morgan Stanley
New York
|
+$30.9M |
| 3 |
Allianz Asset Management
Munich,
Germany
|
+$22.7M |
| 4 |
T. Rowe Price Investment Management
Baltimore,
Maryland
|
+$20.7M |
| 5 |
Fiera Capital (Canada)
Montreal,
Quebec, Canada
|
+$16M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
DAM
Dorsey Asset Management
Chicago,
Illinois
|
-$49.8M |
| 2 |
CAM
Contour Asset Management
New York
|
-$24.6M |
| 3 |
AA
Ancient Art
Austin,
Texas
|
-$17.3M |
| 4 |
TGM
Tenzing Global Management
San Francisco,
California
|
-$12.2M |
| 5 |
ICM
Invenomic Capital Management
Boston,
Massachusetts
|
-$11.6M |
UPWK Hedge Fund Activity: Q1 2025 in Review
277 of the 7,458 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.