UPWK

UPWK

UPWK

Market Cap: $1.79B

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	ACATIS Investment	-	-0.2%	300750.SZ, 6920.T, 9988.HK, CLS, CRM, HAL, HIMS, ICE, ISRG, KGHM.WA, KRN.DE, KVN, LRCX, PEP, TSM, UMI.BR, UNH, UPWK, VNA.DE, ZAL.DE	AI, Argentina, energy, global, Reform, semiconductors, technology	AI infrastructure continues to drive strong performance in semiconductor equipment manufacturers like Lam Research, Lasertec, and TSMC. Companies are benefiting from sustained AI demand with TSMC maintaining technological leadership and pricing power in the AI supply chain. Salesforce has reduced workforce due to AI reducing labor requirements, which the manager views positively.	UPWK UMI BB PEP KGH PW HIMS HAL ZAL GR CLS CN SNPS HOLX ICE KRN GR 2330 TT	View
2021 Q2	Jul 23, 2021	The Sound Shore Fund	1.2%	-	AGR, AMD, AMZN, BBBY, BMRN, CASI, CBOE, CCI, CNP, D, DHR, GOOGL, INCY, JKHY, MPLN, NUS, SAVA, UPWK, VST	Biotech, Energy Transition, Insider Trading, technology, Utilities, value		AMZN VST UPWK	View
2024 Q2	Jul 10, 2024	Mountain Vista Wealth Management	-	-	300750.SZ, 6920.T, 9988.HK, CLS, CRM, HAL, HIMS, ICE, ISRG, KGHM.WA, KRN.DE, KVUE, LRCX, PEP, TSM, UMI.BR, UNH, UPWK, VNA.DE, ZAL.DE	AI, Argentina, Energy Transition, global, healthcare, semiconductors, technology, value	AI infrastructure continues driving strong performance across semiconductor equipment manufacturers like Lam Research, Lasertec, and TSMC. Companies are benefiting from sustained AI demand with TSMC maintaining technological leadership and pricing power in the AI supply chain. Salesforce has reduced workforce due to AI reducing labor requirements, viewed positively by the manager.		View
2025 Q2	Jun 30, 2025	Airlie Australian Share Fund	-	-	300750.SZ, 6920.T, 9988.HK, CLS, CRM, HAL, HIMS, ICE, ISRG, KGHM.WA, KRN.DE, KVUE, LRCX, PEP, TSM, UMC.PA, UNH, UPWK, VNA.DE, ZAL.DE	AI, China, energy, Germany, healthcare, semiconductors, value	AI infrastructure continues driving strong performance across semiconductor equipment manufacturers and data center suppliers. Companies like Lam Research, TSMC, and Bloom Energy are benefiting from continued AI expansion, with Bloom Energy securing potentially its largest project for a 900 MW power plant to supply AI data centers.		View
2021 Q1	Apr 22, 2021	The Sound Shore Fund	28.4%	-	CBOE, CERN, COIN, DHR, HAE, INCY, INTC, MAC, NUS, RKT, SAVA, UPWK	Biotech, inflation, Insider Trading, small cap, Speculation, technology, value			View
2026 Q1	Apr 21, 2026	Harbor Mid Cap Value Fund	4.6%	4.6%	ANGI, APA, CF, CMC, DINO, EXPE, FLEX, FOXA, HAL, JBL, MTDR, SFD, UPWK, WDC	AI, energy, mid cap, quantitative, Rotation, small caps, value			View
2025 Q1	Mar 31, 2025	Emerald Wealth Partners – Focused Equity Strategy	-3.6%	-3.6%	300750.SZ, 6920.T, BABA, CLS, CRM, HAL, HIMS, ICE, ISRG, KGHM.WA, KRN.DE, KVUE, LRCX, PEP, TSM, UMC.PA, UNH, UPWK, VNA.DE, ZAL.DE	AI, Argentina, Germany, global, semiconductors, value	AI infrastructure driving strong performance in wafer equipment manufacturers and data center suppliers. Companies like Lam Research, TSMC, and Bloom Energy benefiting from AI expansion. Salesforce reducing workforce due to AI efficiency gains.		View
2023 Q1	Mar 31, 2023	PM Capital Global Companies Fund	4.6%	4.6%	300750.SZ, 6920.T, 981.HK, 9988.HK, CLS, CRM, HAL, HIMS, ICE, ISRG, KRN.DE, KVUE, LRCX, PEP, TSM, UNH, UPWK, VNA.DE, ZAL.DE	AI, Argentina, Banking, Germany, Reform, semiconductors, technology	AI infrastructure continues to drive strong performance across semiconductor equipment manufacturers and data center companies. Lam Research, Lasertec, and TSMC all benefited from AI-driven demand, with TSMC maintaining technological leadership and pricing power in the AI supply chain. The fund added positions in companies benefiting from AI expansion including Bloom Energy for data center power supply and Celestica for AI infrastructure development.		View
2024 Q3	Nov 7, 2024	Prosper Stars & Stripes	-2.0%	-	BIO, BLFS, CRS, DOCS, FLT, FND, FOXF, NR, PCT, RGEN, SHC, UPWK, WEX	aerospace, healthcare, infrastructure, interest rates, Long/Short, Recession, semiconductors, small cap	The semiconductor industry has experienced a 20%+ decline in revenues similar to past industry cycles, following supply shortages that drove demand to unsustainably high levels during the pandemic. The manager sees opportunities in this rolling cycle as the industry normalizes from previous boom-bust dynamics.		View
2025 Q3	Oct 31, 2025	Fairtree Wild Fig Multi Strategy Hedge Fund	1.4%	-	300750.SZ, 6920.T, 9988.HK, CLS, CRM, HAL, HIMS, ICE, ISRG, KGHM.WA, KRN.DE, KVUE, LRCX, PEP, TSM, UMI.BR, UNH, UPWK, VNA.DE, ZAL.DE	AI, energy, global, Reform, semiconductors, technology, value	AI infrastructure companies like Lam Research, TSMC, and Palantir benefited from continued strong expansion. Bloom Energy supports data center expansion with reliable power supply for AI infrastructure. Salesforce reduced workforce as artificial intelligence reduces labor requirements.		View
2025 Q3	Oct 28, 2025	AGT Partners	-	-	300750.SZ, 6920.T, 9988.HK, CLS, CRM, HAL, HIMS, ICE, ISRG, KGHM.WA, KKR, KRN.DE, LRCX, PEP, TSM, UMI.BR, UNH, UPWK, VNA.DE, ZAL.DE	AI, Argentina, Energy Transition, Germany, global, semiconductors, value	AI infrastructure continues to drive strong performance across semiconductor equipment manufacturers like Lam Research, Lasertec, and TSMC. Companies are benefiting from sustained AI demand with TSMC maintaining technological leadership and pricing power in the AI supply chain. Salesforce has reduced workforce due to AI efficiency gains, viewed positively by the manager.	6088 HK 6601 HK KKR APO	View
2021 Q3	Oct 10, 2021	The Sound Shore Fund	-3.7%	-	AMD, AMZN, BBBY, BHG, CASI, CCI, CRUS, EGHT, EVRG, GBX, GOOGL, LPX, MBIO, META, NSC, SAVA, SPY, TCS, UPWK, VRTX, VST, XOM	Cash, dividends, energy, inflation, Insider Trading, oil, Stagflation, Utilities		EVRG	View
2021 Q4	Jan 4, 2022	The Sound Shore Fund	0.8%	29.8%	AMD, AMZN, ATVI, BBY, CANO, CRUS, DOCU, EVRG, F, GOOGL, INTC, LPX, META, PYPL, TCBI, TEN, TSLA, UBER, UPWK, VST	insider buying, Short Selling, technology, Utilities, value		INTC CANO ATVI EVRG	View
2023 Q4	Jan 28, 2024	Highwood Value Partners	-	-	300750.SZ, 6920.T, 9988.HK, CLS, CRM, HAL, HIMS, ICE, ISRG, KGHM.WA, KRN.DE, KVUE, LRCX, PEP, TSM, UMI.BR, UNH, UPWK, VNA.DE, ZAL.DE	AI, energy, global, healthcare, semiconductors, technology, value	AI infrastructure continues driving strong performance across semiconductor equipment manufacturers like Lam Research, Lasertec, and TSMC. Companies are benefiting from sustained AI demand with TSMC maintaining technological leadership and pricing power in the AI supply chain, while data center infrastructure providers like Celestica are gaining from cloud and AI infrastructure growth.		View
2024 Q4	Jan 14, 2025	Liberty Park Capital Management	5.9%	8.6%	AIOT, BLN.TO, CGNX, GTLS, HQI, INOD, INTT, IONQ, LMB, LWLG, MOD, NVEE, SOUN, SWIM, THRY, TITN, UPWK, WHR, XMTR, YOU	AI, energy, Long/Short, Manufacturing, small caps, Staffing, Trump	Manager is significantly long small-cap equities in general, viewing them as beneficiaries of Trump presidency and rate cuts. The fund focuses on small-cap names with average market cap of $2.5 billion for longs. Performance significantly outpaced Russell 2000 in Q4.	HQI	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jun 15, 2026	Fund Letters	The Sound Shore Fund	Upwork Inc.	Internet Content & Information	Internet Services & Infrastructure	Bull	NASDAQ	Cash Flow Negative, covered calls, Disruptive Technology, Freelance Marketplace, growth, Options Strategy, SaaS	View Pitch
Feb 26, 2026	Fund Letters	Dr. Hendrik Leber	Upwork Inc.	Industrials	Human Resource & Employment Services	Bull	NASDAQ	Enterprise adoption, Freelancers, platform, profitability, valuation	View Pitch
Aug 8, 2025	Seeking Alpha	Busted IPO Forum	Upwork, Inc.	Communication Services	Internet Content & Information	Bull	NASDAQ	—	View Pitch

BSD Shareholders of UPWK

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
Tim Campbell	Baillie Gifford	$120.3B	$20.4M	0.02%	1,030,754	-147,509	-12.52%	1.1405%
Paul Tudor Jones	Tudor Investment Corp	$53.4B	$269,552	0.00%	13,600	-17,782	-56.66%	0.0150%
Ray Dalio	Bridgewater Associates	$27.4B	$10.7M	0.04%	541,073	-99,986	-15.60%	0.5987%
Dmitry Balyasny	Balyasny Asset Management	$76.6B	$677,844	0.00%	34,200	-45,900	-57.30%	0.0378%
Israel Englander	Millennium Management LLC	$233.2B	$1.0M	0.00%	50,506	-522,365	-91.18%	0.0559%
Jeremy Grantham	GMO LLC	$39.1B	$1.2M	0.00%	59,819	+8,454	+16.46%	0.0662%
Terrence Murphy	Clearbridge Investments	$124.9B	$6.6M	0.01%	332,525	+332,525	+100.00%	0.3679%
David Siegel & John Overdeck	Two Sigma Investments	$67.5B	$16.7M	0.02%	841,801	-642,283	-43.28%	0.9314%
Cliff Asness	AQR Capital Management	$190.6B	$8.5M	0.00%	431,206	+130,302	+43.30%	0.4771%
Bruce Kovner	Caxton Associates	$3.2B	$354,108	0.01%	21,658	+21,658	+100.00%	0.0198%

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