Upwork
UPWK
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 53 closing their positions.
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: 4 → 4 (0)
4% less funds holding
Funds holding: 278 → 268 (-10)
13% less first-time investments, than exits
New positions opened: 46 | Existing positions closed: 53
31% less call options, than puts
Call options by funds: $12.8M | Put options by funds: $18.5M
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Morgan Stanley
New York
|
+$23.3M |
| 2 |
LSV Asset Management
Chicago,
Illinois
|
+$17M |
| 3 |
Goldman Sachs
New York
|
+$16.6M |
| 4 |
Millennium Management
New York
|
+$15.9M |
| 5 |
Jane Street
New York
|
+$14.3M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
T. Rowe Price Investment Management
Baltimore,
Maryland
|
-$41.6M |
| 2 |
Fidelity Investments
Boston,
Massachusetts
|
-$33.4M |
| 3 |
T. Rowe Price Associates
Baltimore,
Maryland
|
-$25.6M |
| 4 |
Allianz Asset Management
Munich,
Germany
|
-$18.3M |
| 5 |
PCM
Portolan Capital Management
Boston,
Massachusetts
|
-$8.41M |
UPWK Hedge Fund Activity: Q2 2025 in Review
268 of the 7,613 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: 53 funds closed out of UPWK and 46 opened new positions — a net loss of 7 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 278 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 53 closed out, a net change of -7 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.