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Upwork
UPWK

276 hedge funds and large institutions have $2.27B invested in Upwork in 2025 Q3 according to their latest regulatory filings, with 50 funds opening new positions, 95 increasing their positions, 96 reducing their positions, and 39 closing their positions.

New
Increased
Maintained
Reduced
Closed

57% more call options, than puts

Call options by funds: $41.8M | Put options by funds: $26.6M

44% more capital invested

Capital invested by funds: $1.58B → $2.27B (+$693M)

28% more first-time investments, than exits

New positions opened: 50 | Existing positions closed: 39

25% more funds holding in top 10

Funds holding in top 10: 4 → 5 (+1)

3% more funds holding

Funds holding: 268 → 276 (+8)

2.98% more ownership

Funds ownership: 89.34% → 92.32% (+3%)

1% less repeat investments, than reductions

Existing positions increased: 95 | Existing positions reduced: 96

Holders
276
Holders Change
+8
Holders Change %
+2.99%
% of All Funds
3.62%
Holding in Top 10
5
Holding in Top 10 Change
+1
Holding in Top 10 Change %
+25%
% of All Funds
0.07%
New
50
Increased
95
Reduced
96
Closed
39
Calls
$41.8M
Puts
$26.6M
Net Calls
+$15.2M
Net Calls Change
+$21M

Top Buyers

1
Boston Partners
Boston Partners
Massachusetts
+$30.7M
2
BlackRock
BlackRock
New York
+$26.8M
3
ICM
Invenomic Capital Management
Massachusetts
+$19.9M
4
Allianz Asset Management
Allianz Asset Management
Germany
+$13.4M
5
Goldman Sachs
Goldman Sachs
New York
+$13M

Top Sellers

1
T. Rowe Price Investment Management
T. Rowe Price Investment Management
Maryland
-$26.2M
2
Capital International Investors
Capital International Investors
California
-$23.8M
3
Millennium Management
Millennium Management
New York
-$19.7M
4
Renaissance Technologies
Renaissance Technologies
New York
-$14.6M
5
Verition Fund Management
Verition Fund Management
Connecticut
-$13.7M
Name Holding Trade Value Shares
Change 		Change in
Stake
Vanguard Group
1
Vanguard Group
Pennsylvania
$272M -$5.9M -396,208 -3%
T. Rowe Price Associates
2
T. Rowe Price Associates
Maryland
$248M +$410K +27,531 +0.2%
BlackRock
3
BlackRock
New York
$214M +$26.8M +1,801,199 +18%
LSV Asset Management
4
LSV Asset Management
Illinois
$121M -$316K -21,200 -0.3%
Morgan Stanley
5
Morgan Stanley
New York
$88.6M +$812K +54,546 +1%
AA
6
Ancient Art
Texas
$79.3M +$7.37M +494,759 +13%
Goldman Sachs
7
Goldman Sachs
New York
$67.3M +$13M +873,209 +32%
Geode Capital Management
8
Geode Capital Management
Massachusetts
$57.3M +$1.34M +89,799 +3%
Invesco
9
Invesco
Georgia
$55.9M +$2.2M +147,852 +5%
State Street
10
State Street
Massachusetts
$55.4M -$182K -12,228 -0.4%
Dimensional Fund Advisors
11
Dimensional Fund Advisors
Texas
$52.5M +$1.06M +71,130 +3%
Capital International Investors
12
Capital International Investors
California
$44.4M -$23.8M -1,598,007 -40%
Boston Partners
13
Boston Partners
Massachusetts
$43M +$30.7M +2,060,356 +786%
Allianz Asset Management
14
Allianz Asset Management
Germany
$34.6M +$13.4M +900,525 +94%
Renaissance Technologies
15
Renaissance Technologies
New York
$33.5M -$14.6M -983,400 -35%
N
16
Nuveen
North Carolina
$33.4M +$9.59M +643,735 +56%
Balyasny Asset Management
17
Balyasny Asset Management
Illinois
$32.6M +$12.9M +863,810 +97%
Two Sigma Investments
18
Two Sigma Investments
New York
$27.6M -$13.5M -905,301 -38%
ICM
19
Invenomic Capital Management
Massachusetts
$24.8M +$19.9M +1,334,541 New
Bank of America
20
Bank of America
North Carolina
$23.9M +$8.01M +538,045 +72%
Northern Trust
21
Northern Trust
Illinois
$22.2M +$55.7K +3,740 +0.3%
Baillie Gifford & Co
22
Baillie Gifford & Co
United Kingdom
$21.9M -$8.63M -579,637 -33%
Charles Schwab
23
Charles Schwab
California
$20.3M +$1.11M +74,758 +7%
Arrowstreet Capital
24
Arrowstreet Capital
Massachusetts
$19.4M +$303K +20,370 +2%
Fiera Capital (Canada)
25
Fiera Capital (Canada)
Quebec, Canada
$19.3M -$350K -23,473 -2%
1
2 3 4 5

UPWK Hedge Fund Activity: Q3 2025 in Review

276 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in Upwork (UPWK) for Q3 2025, worth a combined $2.27B — up 44% from $1.58B a quarter earlier.

Buyers outnumbered sellers: 50 funds opened new UPWK positions and 39 closed out — a net gain of 11 holders — while 95 added to existing stakes and 96 trimmed.

The largest buyer was Boston Partners, adding an estimated $30.7M. The largest seller was T. Rowe Price Investment Management, cutting an estimated $26.2M.

  • 276 institutional investors held Upwork (UPWK) as of Q3 2025, up from 268 in Q2 2025.
  • Funds reported $2.27B of Upwork stock for Q3 2025, up 44% quarter-over-quarter.
  • 50 funds opened new Upwork positions in Q3 2025 and 39 closed out, a net change of +11 holders.
  • The largest Upwork buyer in Q3 2025 was Boston Partners, an estimated $30.7M added.
  • The largest Upwork seller in Q3 2025 was T. Rowe Price Investment Management, an estimated $26.2M sold.

Based on aggregated 13F filings for Q3 2025.