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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
LPL Financial
176
LPL Financial
California
$287K -$1.02M -71,167 -77%
CAU
177
Caxton Associates (UK)
$241K +$258K +17,940 New
Pictet Asset Management
178
Pictet Asset Management
Switzerland
$240K
CC
179
Corton Capital
Ontario, Canada
$233K +$41.3K +2,875 +20%
QCM
180
Quantinno Capital Management
New York
$227K +$28.7K +1,998 +13%
Cetera Investment Advisers
181
Cetera Investment Advisers
Illinois
$220K +$79.7K +5,553 +51%
1C
182
111 Capital
France
$215K +$230K +16,016 New
Russell Investments Group
183
Russell Investments Group
United Kingdom
$213K +$105K +7,319 +86%
VRS
184
Virginia Retirement Systems
Virginia
$211K -$225K -15,700 -50%
CIP
185
Cornerstone Investment Partners
Georgia
$209K +$86 +6 +0%
CWM
186
CIBC World Markets
New York
$206K -$177K -12,309 -45%
CIM
187
Contravisory Investment Management
Massachusetts
$203K +$217K +15,102 New
EI
188
Ethic Inc
New York
$196K +$20.7K +1,443 +11%
GEM
189
Global Endowment Management
North Carolina
$193K -$79K -5,500 -28%
TRCT
190
Tower Research Capital (TRC)
New York
$188K +$187K +12,997 +1,333%
Public Employees Retirement Association of Colorado
191
Public Employees Retirement Association of Colorado
Colorado
$179K
PEAK6
192
PEAK6
Illinois
$177K +$170K +11,833 +873%
EAM
193
Erste Asset Management
Austria
$177K +$187K +13,011 New
AIP
194
Ameritas Investment Partners
Nebraska
$174K
PA
195
PharVision Advisers
Florida
$172K +$183K +12,768 New
Fidelity Investments
196
Fidelity Investments
Massachusetts
$166K -$33.4M -2,326,784 -99%
TCM
197
Teza Capital Management
Illinois
$156K -$124K -8,646 -43%
AIM
198
Alhambra Investment Management
Florida
$155K -$30.4K -2,120 -16%
New York State Teachers Retirement System (NYSTRS)
199
New York State Teachers Retirement System (NYSTRS)
New York
$152K
SCA
200
Snowden Capital Advisors
New York
$149K -$72 -5 -0%

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.