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MediaAlpha
MAX

93 hedge funds and large institutions have $616M invested in MediaAlpha in 2021 Q4 according to their latest regulatory filings, with 20 funds opening new positions, 28 increasing their positions, 34 reducing their positions, and 16 closing their positions.

New
Increased
Maintained
Reduced
Closed

100% more funds holding in top 10

Funds holding in top 10: 1 → 2 (+1)

25% more first-time investments, than exits

New positions opened: 20 | Existing positions closed: 16

4.62% more ownership

Funds ownership: 96.75% → 101.37% (+4.6%)

4% more funds holding

Funds holding: 89 → 93 (+4)

13% less capital invested

Capital invested by funds: $708M → $616M (-$91.7M)

18% less repeat investments, than reductions

Existing positions increased: 28 | Existing positions reduced: 34

Holders
93
Holders Change
+4
Holders Change %
+4.49%
% of All Funds
1.43%
Holding in Top 10
2
Holding in Top 10 Change
+1
Holding in Top 10 Change %
+100%
% of All Funds
0.03%
New
20
Increased
28
Reduced
34
Closed
16
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
Norges Bank
Norges Bank
Norway
+$26.7M
2
ACM
Ararat Capital Management
Connecticut
+$21.1M
3
RCMNY
Rubric Capital Management (New York)
New York
+$10.6M
4
Morgan Stanley
Morgan Stanley
New York
+$6.79M
5
JAM
Jacobs Asset Management
New York
+$6.25M

Top Sellers

Rank Fund Capital Flow
1
Invesco
Invesco
Georgia
-$10.9M
2
BCIM
British Columbia Investment Management
British Columbia, Canada
-$7.48M
3
CC
Cannell & Co
New York
-$7.45M
4
WHCM
Wolf Hill Capital Management
Connecticut
-$7.22M
5
SSA
Schonfeld Strategic Advisors
New York
-$4.38M
Name Holding Trade Value Shares
Change 		Change in
Stake
Deutsche Bank
26
Deutsche Bank
Germany
$2.04M -$477K -28,570 -18%
M&T Bank
27
M&T Bank
New York
$1.11M -$83.9K -5,027 -7%
Goldman Sachs
28
Goldman Sachs
New York
$1.07M +$582K +34,868 +101%
Bank of New York Mellon
29
Bank of New York Mellon
New York
$1.04M -$1.8K -108 -0.2%
Two Sigma Investments
30
Two Sigma Investments
New York
$1.03M +$1.11M +66,602 New
TC
31
TownSquare Capital
Utah
$971K -$314K -18,814 -23%
Stifel Financial
32
Stifel Financial
Missouri
$945K -$108K -6,491 -10%
N
33
Nuveen
North Carolina
$850K -$131K -7,831 -11%
Nordea Investment Management
34
Nordea Investment Management
Sweden
$748K -$5.71K -342 -0.7%
William Blair & Company
35
William Blair & Company
Illinois
$678K -$2.19M -131,203 -75%
Nomura Holdings
36
Nomura Holdings
Japan
$624K +$667K +39,981 New
PPA
37
Parametric Portfolio Associates
Washington
$600K +$62.9K +3,773 +11%
Ameriprise
38
Ameriprise
Minnesota
$594K -$3.32M -199,111 -84%
AAM
39
Azzad Asset Management
Virginia
$566K -$26.6K -1,596 -4%
SEI Investments
40
SEI Investments
Pennsylvania
$559K -$67.1K -4,025 -10%
Millennium Management
41
Millennium Management
New York
$553K +$597K +35,811 New
CSS
42
Cubist Systematic Strategies
Connecticut
$533K +$385K +23,069 +201%
Swiss National Bank
43
Swiss National Bank
Switzerland
$520K – – –
Neuberger Berman Group
44
Neuberger Berman Group
New York
$515K -$96.8K -5,805 -15%
Citadel Advisors
45
Citadel Advisors
Florida
$514K +$99.5K +5,966 +22%
California State Teachers Retirement System (CalSTRS)
46
California State Teachers Retirement System (CalSTRS)
California
$384K +$19K +1,139 +5%
Los Angeles Capital Management
47
Los Angeles Capital Management
California
$379K +$123K +7,370 +43%
Sumitomo Mitsui Trust Group
48
Sumitomo Mitsui Trust Group
Japan
$378K – – –
PP
49
Paloma Partners
Connecticut
$362K +$391K +23,415 New
RhumbLine Advisers
50
RhumbLine Advisers
Massachusetts
$295K -$9.09K -545 -3%
1
2
3 4 5

MAX Hedge Fund Activity: Q4 2021 in Review

93 of the 6,498 institutional investors tracked by Wall St. Rank reported a position in MediaAlpha (MAX) for Q4 2021, worth a combined $616M — down 13% from $708M a quarter earlier.

Buyers outnumbered sellers: 20 funds opened new MAX positions and 16 closed out — a net gain of 4 holders — while 28 added to existing stakes and 34 trimmed.

The largest buyer was Norges Bank, opening a new position worth an estimated $26.7M. The largest seller was Invesco, exiting entirely with an estimated $10.9M sold.

  • 93 institutional investors held MediaAlpha (MAX) as of Q4 2021, up from 89 in Q3 2021.
  • Funds reported $616M of MediaAlpha stock for Q4 2021, down 13% quarter-over-quarter.
  • 20 funds opened new MediaAlpha positions in Q4 2021 and 16 closed out, a net change of +4 holders.
  • The largest MediaAlpha buyer in Q4 2021 was Norges Bank, an estimated $26.7M added.
  • The largest MediaAlpha seller in Q4 2021 was Invesco, an estimated $10.9M sold.

Based on aggregated 13F filings for Q4 2021.