Upwork
UPWK
278 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, 97 increasing their positions, 96 reducing their positions, and 41 closing their positions.
57% more call options, than puts
Call options by funds: $41.8M | Put options by funds: $26.6M
35% more capital inflows, than outflows
Capital inflows: $309M | Capital outflows: $228M
25% more funds holding in top 10
Funds holding in top 10: 4 → 5 (+1)
22% more first-time investments, than exits
New positions opened: 50 | Existing positions closed: 41
2.98% more ownership
Funds ownership: 89.34% → 92.32% (+3%)
2% more funds holding
Funds holding: 272 → 278 (+6)
1% more repeat investments, than reductions
Existing positions increased: 97 | Existing positions reduced: 96
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Boston Partners
Boston,
Massachusetts
|
+$30.7M |
| 2 |
BlackRock
New York
|
+$26.8M |
| 3 |
Invenomic Capital Management
Boston,
Massachusetts
|
+$19.9M |
| 4 |
Allianz Asset Management
Munich,
Germany
|
+$13.4M |
| 5 |
Goldman Sachs
New York
|
+$13M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
T. Rowe Price Investment Management
Baltimore,
Maryland
|
-$26.2M |
| 2 |
Capital International Investors
Los Angeles,
California
|
-$23.8M |
| 3 |
Millennium Management
New York
|
-$19.7M |
| 4 |
Renaissance Technologies
New York
|
-$14.6M |
| 5 |
Verition Fund Management
Greenwich,
Connecticut
|
-$13.7M |
UPWK Hedge Fund Activity: Q3 2025 in Review
278 of the 7,661 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 41 closed out — a net gain of 9 holders — while 97 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.
- 278 institutional investors held Upwork (UPWK) as of Q3 2025, up from 272 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 41 closed out, a net change of +9 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.