Appfolio Inc: which funds bought and sold

Institutions that bought and sold Appfolio shares in Q2 2026, from the holdings they reported to the SEC on Form 13F for March 31, 2026 and June 30, 2026.

Between March 31, 2026 and June 30, 2026, 214 institutions that filed 13F reports for both quarters added to or opened positions in Appfolio, and 196 cut or closed them. Together they added a net 1.8M shares, +8.7% on what they held at the start of the quarter. Active managers and hedge funds on our list were net buyers of 882K shares (+20.9%); index fund managers were net buyers of 151K shares (+2.2%). 58 opened a new position and 63 sold out entirely.

Bought, Q2 2026 214 institutions, 58 of them new holders Sold, Q2 2026 196 institutions, 63 of them sold out

Net change, all compared +1.8M shares (+8.7%)

Net change, active managers +882K shares (+20.9%), 20 bought, 30 sold

Buyers versus sellers

institutions compared, 445

214 bought 35 196 sold

Active managers and hedge funds 20 bought · 30 sold · +882K

Index fund managers 8 bought · 2 sold · +151K

Other institutions 186 bought · 164 sold · +805K

Biggest buyers

by change in shares held

Biggest buyers
Institution	Change in shares	Shares June 30, 2026	Value
London Co Of Virginia Active manager	+703K New position	703K	$113M
Neuberger Berman Group LLC Active manager	+393K +26072.5%	394K	$63.2M
Morgan Stanley	+275K +89.3%	582K	$93.3M
Invesco Ltd.	+228K +216.0%	334K	$53.6M
Wellington Management Group LLP Active manager	+225K New position	225K	$36.1M
Lead Edge Capital Management, LLC	+189K +90.1%	400K	$64.1M
Price T Rowe Associates Inc Active manager	+187K +36.4%	700K	$112M
Jennison Associates LLC Active manager	+162K +212.9%	238K	$38.2M
Jones Financial Companies LLLP	+144K +436.0%	177K	$27.5M
Natixis Advisors, LLC	+138K +403.6%	172K	$27.6M
FMR LLC Active manager	+123K +95.5%	251K	$40.3M
Federated Hermes, Inc. Active manager	+122K +5375.3%	124K	$19.9M
Long Walk Management LP	+100K +49.1%	305K	$48.9M
Principal Financial Group Inc	+99K +6.6%	1.6M	$257M
Blackrock, Inc. Index funds	+99K +3.9%	2.6M	$424M
Point72 Asset Management, L.P. Hedge fund	+82K +428.7%	101K	$16.2M
William Blair Investment Management, LLC Active manager	+79K +12.2%	722K	$116M
Hmi Capital Management, L.P.	+75K New position	75K	$12M
Royal Bank Of Canada	+56K +106.9%	109K	$17.4M
Langdon Equity Partners	+50K +141.1%	85K	$13.6M

Biggest buyers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
London Co Of Virginia Active manager	+703K New position	703K	$113M
Neuberger Berman Group LLC Active manager	+393K +26072.5%	394K	$63.2M
Wellington Management Group LLP Active manager	+225K New position	225K	$36.1M
Price T Rowe Associates Inc Active manager	+187K +36.4%	700K	$112M
Jennison Associates LLC Active manager	+162K +212.9%	238K	$38.2M
FMR LLC Active manager	+123K +95.5%	251K	$40.3M
Federated Hermes, Inc. Active manager	+122K +5375.3%	124K	$19.9M
Point72 Asset Management, L.P. Hedge fund	+82K +428.7%	101K	$16.2M
William Blair Investment Management, LLC Active manager	+79K +12.2%	722K	$116M
Royce & Associates LP Active manager	+49K New position	49K	$7.9M

Biggest sellers

by change in shares held

Biggest sellers
Institution	Change in shares	Shares June 30, 2026	Value
Jacobs Levy Equity Management, Inc Active manager	−340K −92.7%	27K	$4.3M
Arrowstreet Capital, Limited Partnership Hedge fund	−150K −39.1%	234K	$37.5M
Two Sigma Investments, LP Hedge fund	−108K −87.2%	16K	$2.6M
Kayne Anderson Rudnick Investment Management LLC Active manager	−103K −22.6%	352K	$56.4M
Fiera Capital Corp	−94K −42.8%	126K	$20.2M
Marshall Wace, LLP Hedge fund	−79K −84.2%	15K	$2.4M
Russell Investments Group, Ltd.	−76K −63.3%	44K	$7M
Millennium Management LLC Hedge fund	−73K −51.1%	69K	$11.1M
Citadel Advisors LLC Hedge fund	−71K Sold out	0	—
Edgestream Partners, L.P. Hedge fund	−64K −91.4%	6,006	$963,062
Pacer Advisors, Inc.	−63K −88.0%	8,610	$1.4M
Rockefeller Capital Management L.P.	−57K −99.1%	542	$86,911
Sei Investments Co	−54K −76.0%	17K	$2.7M
Tfj Management, LLC	−52K Sold out	0	—
Tidal Investments LLC	−51K Sold out	0	—
Squarepoint Ops LLC Hedge fund	−50K −62.3%	30K	$4.9M
Bank Of America Corp	−49K −14.0%	297K	$47.6M
Y-Intercept (Hong Kong) Ltd	−47K −91.7%	4,233	$678,762
Goldman Sachs Group Inc	−45K −40.4%	66K	$10.6M
Ranger Investment Management, L.P. Active manager	−42K −42.5%	57K	$9.1M

Biggest sellers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Jacobs Levy Equity Management, Inc Active manager	−340K −92.7%	27K	$4.3M
Arrowstreet Capital, Limited Partnership Hedge fund	−150K −39.1%	234K	$37.5M
Two Sigma Investments, LP Hedge fund	−108K −87.2%	16K	$2.6M
Kayne Anderson Rudnick Investment Management LLC Active manager	−103K −22.6%	352K	$56.4M
Marshall Wace, LLP Hedge fund	−79K −84.2%	15K	$2.4M
Millennium Management LLC Hedge fund	−73K −51.1%	69K	$11.1M
Citadel Advisors LLC Hedge fund	−71K Sold out	0	—
Edgestream Partners, L.P. Hedge fund	−64K −91.4%	6,006	$963,062
Squarepoint Ops LLC Hedge fund	−50K −62.3%	30K	$4.9M
Ranger Investment Management, L.P. Active manager	−42K −42.5%	57K	$9.1M

New positions

largest by value

Institution	Shares	Value June 30, 2026
London Co Of VirginiaActive manager	703K	$113M
Wellington Management Group LLPActive manager	225K	$36.1M
Hmi Capital Management, L.P.	75K	$12M
Royce & Associates LPActive manager	49K	$7.9M
Assenagon Asset Management S.A.	39K	$6.2M
Nicholas Investment Partners, LP	14K	$2.3M
Myda Advisors LLC	12K	$1.9M
Isthmus Partners, LLC	12K	$1.9M
Elo Mutual Pension Insurance Co	12K	$1.9M
Entropy Technologies, LP	6,059	$971,561

Sold out

largest by value

Institution	Shares	Value March 31, 2026
Citadel Advisors LLCHedge fund	71K	$11.2M
Tfj Management, LLC	52K	$8.2M
Tidal Investments LLC	51K	$8M
Quantum Capital Management, LLC / Nj	34K	$5.4M
Qube Research & Technologies LtdHedge fund	28K	$4.5M
Trexquant Investment LPHedge fund	26K	$4.1M
Bridgewater Associates, LPHedge fund	18K	$2.9M
Prudential Financial Inc	9,236	$1.5M
Campbell & Co Investment Adviser LLC	8,094	$1.3M
Lecap Asset Management Ltd	7,453	$1.2M

Who holds the shares

13F holdings at June 30, 2026

Institutions reporting: 388
Ten largest holders: 49.1%
Index fund managers: 30.7%
Active managers and hedge funds: 22.1%

Buying and selling by type of institution, March 31, 2026 to June 30, 2026
Type	Bought	Sold	New	Sold out	Net change in shares	Net %
Active managers and hedge funds	20	30	6	6	+882K	+20.9%
Index fund managers	8	2	0	0	+151K	+2.2%
Other institutions	186	164	52	57	+805K	+8.0%

Active managers and hedge funds: a list we maintain of about 400 well-known stock-picking firms and hedge funds, matched by SEC registration number (CIK) and checked against the filer names each quarter. Index fund managers: the large index houses, such as BlackRock, Vanguard, State Street, Geode and Northern Trust. Every other filer (banks, brokers, wealth managers, pension funds, insurers and firms not on the list) counts as another institution. A firm that files under several SEC registrations appears once for each.

What these filings can and cannot tell you

Form 13F lists the long positions in US-listed shares held by investment managers with more than $100 million in such holdings. Managers file it up to 45 days after each quarter ends, so this page shows what funds held at the end of each quarter, not what they are doing now: a position may have changed since. Short positions, most derivatives and smaller managers are not included, and a cut can mean a fund lost clients or rebalanced rather than a view on Appfolio.

Only managers that filed a holdings report for both quarters are compared (445 here). 14 other holders are left out: first-time or late filers, firms that changed their SEC registration, and filings that withheld positions under confidential treatment, any of which would otherwise look like a new position or a sale. Figures are as reported by each manager in the SEC's quarterly 13F data sets; option positions are excluded.

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