MediaAlpha
MAX
94 hedge funds and large institutions have $464M invested in MediaAlpha in 2023 Q2 according to their latest regulatory filings, with 15 funds opening new positions, 44 increasing their positions, 24 reducing their positions, and 19 closing their positions.
83% more repeat investments, than reductions
Existing positions increased: 44 | Existing positions reduced: 24
9.36% more ownership
Funds ownership: 91.38% → 100.74% (+9.4%)
4% less funds holding
Funds holding: 98 → 94 (-4)
21% less first-time investments, than exits
New positions opened: 15 | Existing positions closed: 19
23% less capital invested
Capital invested by funds: $603M → $464M (-$139M)
67% less funds holding in top 10
Funds holding in top 10: 3 → 1 (-2)
89% less call options, than puts
Call options by funds: $15K | Put options by funds: $140K
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
WMIG
White Mountains Insurance Group
Hanover,
New Hampshire
|
+$53.5M |
| 2 |
BlackRock
New York
|
+$2.07M |
| 3 |
BBCM
Broad Bay Capital Management
New York
|
+$1.99M |
| 4 |
JAM
Jacobs Asset Management
New York
|
+$1.96M |
| 5 |
HV
HST Ventures
Park City,
Utah
|
+$1.93M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
ACM
Ararat Capital Management
Westport,
Connecticut
|
-$7.7M |
| 2 |
DSCM
Divisadero Street Capital Management
Miami,
Florida
|
-$5.17M |
| 3 |
PMAM
Picton Mahoney Asset Management
Toronto,
Ontario, Canada
|
-$3.54M |
| 4 |
Vanguard Group
Malvern,
Pennsylvania
|
-$2.61M |
| 5 |
Millennium Management
New York
|
-$2.43M |
| Name | Holding | Trade Value |
Shares Change |
Change in Stake |
|
|---|---|---|---|---|---|
101
Lazard Asset Management
New York
| – | -$345K | -23,060 | Closed |
|
102
State of Wisconsin Investment Board
Madison,
Wisconsin
| – | -$304K | -20,289 | Closed |
|
|
EGM
103
Engineers Gate Manager
New York
| – | -$294K | -19,612 | Closed |
|
104
Sumitomo Mitsui Trust Group
Minato-Ku, Tokyo,
Japan
| – | -$237K | -15,792 | Closed |
|
105
Balyasny Asset Management
Chicago,
Illinois
| – | -$200K | -13,331 | Closed |
|
|
ECM
106
ExodusPoint Capital Management
New York
| – | -$197K | -13,183 | Closed |
|
|
AWAU
107
Alliance Wealth Advisors (Utah)
Centerville,
Utah
| – | -$151K | -10,094 | Closed |
|
108
SG Americas Securities
New York
| – | -$125K | -8,340 | Closed |
|
|
ASN
109
Advisory Services Network
Atlanta,
Georgia
| – | -$72.2K | -4,823 | Closed |
|
|
ACM
110
Aquatic Capital Management
Chicago,
Illinois
| – | -$21K | -1,400 | Closed |
|
|
MCM
111
Manchester Capital Management
Manchester,
Vermont
| – | -$705 | -47 | Closed |
|
|
PA
112
Parallel Advisors
San Francisco,
California
| – | -$584 | -39 | Closed |
|
MAX Hedge Fund Activity: Q2 2023 in Review
94 of the 6,369 institutional investors tracked by Wall St. Rank reported a position in MediaAlpha (MAX) for Q2 2023, worth a combined $464M — down 23% from $603M a quarter earlier.
Sellers outnumbered buyers: 19 funds closed out of MAX and 15 opened new positions — a net loss of 4 holders — while 24 trimmed existing stakes and 44 added.
The largest buyer was White Mountains Insurance Group, adding an estimated $53.5M. The largest seller was Ararat Capital Management, cutting an estimated $7.7M.
- 94 institutional investors held MediaAlpha (MAX) as of Q2 2023, down from 98 in Q1 2023.
- Funds reported $464M of MediaAlpha stock for Q2 2023, down 23% quarter-over-quarter.
- 15 funds opened new MediaAlpha positions in Q2 2023 and 19 closed out, a net change of -4 holders.
- The largest MediaAlpha buyer in Q2 2023 was White Mountains Insurance Group, an estimated $53.5M added.
- The largest MediaAlpha seller in Q2 2023 was Ararat Capital Management, an estimated $7.7M sold.
Based on aggregated 13F filings for Q2 2023.