Circumference Group LLC UPWK — UPWORK INC

Ownership history in Circumference Group LLC  ·  9 quarters on record

AI Ownership Summary

Circumference Group LLC reported UPWORK INC (UPWK) in 9 quarterly 13F filings from 2023 Q4 through 2025 Q4. Peak portfolio weight reached 8.22% in 2025 Q4. The latest visible filing shows UPWK at 8.22% of the fund.

This page tracks quarterly shares, estimated market value, portfolio weight, filing dates, and disclosure-aligned stock prices directly from SEC EDGAR 13F filings.

What this UPWK ownership page tells you

This page is designed to answer the real investor question behind a 13F filing: how meaningful was Circumference Group LLC's position in UPWORK INC, and how did that conviction change over time? You can read the holding window, peak weight, latest reported size, disclosure timing, and quarter-by-quarter changes without piecing the story together from raw SEC rows.

Freshest filing
Latest Reported Filing
2025 Q4

UPWK was reported at 8.22% of portfolio in the most recent visible filing.

High-water mark
Peak Conviction
8.22% in 2025 Q4

Peak weight helps separate a token disclosure from a real conviction holding the fund genuinely cared about.

Time in book
Holding Window
2023 Q4 to 2025 Q4

Longer holding windows often tell a very different story from short-lived tactical trades or one-quarter experiments.

Decision context
Why It Matters
Position size beats headlines

Knowing that a fund owned a stock is useful. Knowing whether it was a 0.20% placeholder or a true high-conviction position is where the signal actually starts.

UPWK stock page Circumference Group LLC fund profile Circumference Group LLC full holdings
How Circumference Group LLC held UPWK — position size vs. price
% of Fund (quarterly)    UPWK price (quarter-end, indexed to 100)    SPY (indexed to 100)    QQQ (indexed to 100)
📋 Quarterly Holdings History 9 quarters  ▾
Quarter Action Sold % After 3M Timing Shares Change Chg % % of Fund Mkt Value Filed Price (Filed)
2025 Q4 ADDED — — — 385,000 +10,000 +2.7% 8.22% $7.6M 2026-02-14 (Est.) $13.23
2025 Q3 REDUCED 8.5% +9.3% ❌ 375,000 -35,000 -8.5% 7.78% $7.0M 2025-11-14 $16.48
2025 Q2 REDUCED 13.7% +41.4% ❌ 410,000 -65,000 -13.7% 5.72% $5.5M 2025-08-14 $13.70
2025 Q1 REDUCED 12.0% +3.0% ❌ 475,000 -65,000 -12.0% 7.60% $6.2M 2025-05-15 $17.09
2024 Q4 UNCHANGED — — — 540,000 — 0% 7.59% $8.8M 2025-02-14 $16.14
2024 Q3 ADDED — — — 540,000 +75,000 +16.1% 5.85% $5.6M 2024-11-14 $15.10
2024 Q2 ADDED — — — 465,000 +85,000 +22.4% 5.27% $5.0M 2024-08-13 $9.35
2024 Q1 ADDED — — — 380,000 +105,000 +38.2% 4.37% $4.7M 2024-05-15 $12.27
2023 Q4 INITIATED — — — 275,000 — — 3.60% $4.1M 2024-02-13 $13.92

🏢 Other funds also holding UPWK

As of 2026 Q1 — sorted by position size

KESTREL INVESTMENT MANAGEMENT CORP 3Y 7Y 2.83% Financial Gravity Asset Management, Inc. 3Y 7Y 0.83% Ground Swell Capital, LLC 3Y 7Y 0.23% Hillsdale Investment Management Inc. 3Y 7Y 0.15% Aviance Capital Partners, LLC 3Y 7Y 0.09% AlphaQuest LLC 0.06% HARBOR CAPITAL ADVISORS, INC. 3Y 0.05% MINDSET WEALTH MANAGEMENT, LLC 0.04% Covestor Ltd 3Y 0.04% Balboa Wealth Partners 3Y 0.03%

FAQ About Circumference Group LLC and UPWK

These are the practical questions this page is built to answer before you even open the full history table.

How long has Circumference Group LLC reported owning UPWK?

Circumference Group LLC reported UPWK across 9 quarterly 13F filings, from 2023 Q4 through 2025 Q4.

What was the largest reported UPWK position in Circumference Group LLC's portfolio?

The largest reported portfolio weight for UPWK was 8.22% in 2025 Q4.

What is the latest reported UPWK position on this page?

The most recent filing on this page is 2025 Q4, when Circumference Group LLC reported 385,000 shares, equal to 8.22% of portfolio, with an estimated market value of $7.6M.

What does the chart on this UPWK ownership page compare?

The chart compares Circumference Group LLC's quarterly UPWK portfolio weight with the stock's indexed share price, so you can see whether the fund was building, trimming, or holding the position as price moved.

How well did Circumference Group LLC time their UPWK position?

Based on 13F filing dates vs. subsequent UPWK price moves, Circumference Group LLC correctly timed 4 out of 7 reported position changes (57%). The annualised alpha on UPWK relative to SPY over the holding period was -18.0%.

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