Upwork
UPWK
305 hedge funds and large institutions have $2.68B invested in Upwork in 2025 Q4 according to their latest regulatory filings, with 77 funds opening new positions, 117 increasing their positions, 86 reducing their positions, and 38 closing their positions.
103% more first-time investments, than exits
New positions opened: 77 | Existing positions closed: 38
36% more repeat investments, than reductions
Existing positions increased: 117 | Existing positions reduced: 86
18% more capital invested
Capital invested by funds: $2.27B → $2.68B (+$403M)
11.02% more ownership
Funds ownership: 92.32% → 103.34% (+11%)
11% more funds holding
Funds holding: 276 → 305 (+29)
0% less call options, than puts
Call options by funds: $40.9M | Put options by funds: $40.9M
40% less funds holding in top 10
Funds holding in top 10: 5 → 3 (-2)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
BlackRock
New York
|
+$156M |
| 2 |
T. Rowe Price Associates
Baltimore,
Maryland
|
+$108M |
| 3 |
Fidelity Investments
Boston,
Massachusetts
|
+$39.3M |
| 4 |
SPPAM
Summit Partners Public Asset Management
Boston,
Massachusetts
|
+$37.1M |
| 5 |
State Street
Boston,
Massachusetts
|
+$35M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Morgan Stanley
New York
|
-$36.7M |
| 2 |
Balyasny Asset Management
Chicago,
Illinois
|
-$32.2M |
| 3 |
Goldman Sachs
New York
|
-$26.2M |
| 4 |
Citadel Advisors
Miami,
Florida
|
-$14.5M |
| 5 |
Arrowstreet Capital
Boston,
Massachusetts
|
-$13.4M |
UPWK Hedge Fund Activity: Q4 2025 in Review
305 of the 8,267 institutional investors tracked by Wall St. Rank reported a position in Upwork (UPWK) for Q4 2025, worth a combined $2.68B — up 18% from $2.27B a quarter earlier.
Buyers outnumbered sellers: 77 funds opened new UPWK positions and 38 closed out — a net gain of 39 holders — while 117 added to existing stakes and 86 trimmed.
The largest buyer was BlackRock, adding an estimated $156M. The largest seller was Morgan Stanley, cutting an estimated $36.7M.
- 305 institutional investors held Upwork (UPWK) as of Q4 2025, up from 276 in Q3 2025.
- Funds reported $2.68B of Upwork stock for Q4 2025, up 18% quarter-over-quarter.
- 77 funds opened new Upwork positions in Q4 2025 and 38 closed out, a net change of +39 holders.
- The largest Upwork buyer in Q4 2025 was BlackRock, an estimated $156M added.
- The largest Upwork seller in Q4 2025 was Morgan Stanley, an estimated $36.7M sold.
Based on aggregated 13F filings for Q4 2025.