MediaAlpha
MAX
156 hedge funds and large institutions have $544M invested in MediaAlpha in 2025 Q3 according to their latest regulatory filings, with 25 funds opening new positions, 65 increasing their positions, 47 reducing their positions, and 21 closing their positions.
152% more call options, than puts
Call options by funds: $2.21M | Put options by funds: $876K
38% more repeat investments, than reductions
Existing positions increased: 65 | Existing positions reduced: 47
19% more first-time investments, than exits
New positions opened: 25 | Existing positions closed: 21
3% more funds holding
Funds holding: 152 → 156 (+4)
3% more capital invested
Capital invested by funds: $528M → $544M (+$15.7M)
0% more funds holding in top 10
Funds holding in top 10: 3 → 3 (0)
1.52% less ownership
Funds ownership: 86.35% → 84.84% (-1.5%)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Millennium Management
New York
|
+$13.8M |
| 2 |
Victory Capital Management
San Antonio,
Texas
|
+$7.27M |
| 3 |
JP Morgan Chase
New York
|
+$5.69M |
| 4 |
GIPM
G2 Investment Partners Management
New York
|
+$4.14M |
| 5 |
JGC
J. Goldman & Co
New York
|
+$3.93M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
BBCM
Broad Bay Capital Management
New York
|
-$11.4M |
| 2 |
Goldman Sachs
New York
|
-$8.02M |
| 3 |
D.E. Shaw & Co
New York
|
-$4.86M |
| 4 |
BlackRock
New York
|
-$4.75M |
| 5 |
UBS Group
Zurich,
Switzerland
|
-$4.3M |
MAX Hedge Fund Activity: Q3 2025 in Review
156 of the 7,621 institutional investors tracked by Wall St. Rank reported a position in MediaAlpha (MAX) for Q3 2025, worth a combined $544M — up 3% from $528M a quarter earlier.
Buyers outnumbered sellers: 25 funds opened new MAX positions and 21 closed out — a net gain of 4 holders — while 65 added to existing stakes and 47 trimmed.
The largest buyer was Millennium Management, adding an estimated $13.8M. The largest seller was Broad Bay Capital Management, cutting an estimated $11.4M.
- 156 institutional investors held MediaAlpha (MAX) as of Q3 2025, up from 152 in Q2 2025.
- Funds reported $544M of MediaAlpha stock for Q3 2025, up 3% quarter-over-quarter.
- 25 funds opened new MediaAlpha positions in Q3 2025 and 21 closed out, a net change of +4 holders.
- The largest MediaAlpha buyer in Q3 2025 was Millennium Management, an estimated $13.8M added.
- The largest MediaAlpha seller in Q3 2025 was Broad Bay Capital Management, an estimated $11.4M sold.
Based on aggregated 13F filings for Q3 2025.