MediaAlpha
MAX
144 hedge funds and large institutions have $436M invested in MediaAlpha in 2025 Q1 according to their latest regulatory filings, with 20 funds opening new positions, 60 increasing their positions, 45 reducing their positions, and 37 closing their positions.
196% more call options, than puts
Call options by funds: $3.32M | Put options by funds: $1.12M
33% more repeat investments, than reductions
Existing positions increased: 60 | Existing positions reduced: 45
0% more funds holding in top 10
Funds holding in top 10: 2 → 2 (0)
2.06% less ownership
Funds ownership: 87.2% → 85.14% (-2.1%)
11% less funds holding
Funds holding: 162 → 144 (-18)
20% less capital invested
Capital invested by funds: $542M → $436M (-$106M)
46% less first-time investments, than exits
New positions opened: 20 | Existing positions closed: 37
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
CC
Clearline Capital
New York
|
+$15.7M |
| 2 |
BBCM
Broad Bay Capital Management
New York
|
+$5.65M |
| 3 |
D.E. Shaw & Co
New York
|
+$3.12M |
| 4 |
Citadel Advisors
Miami,
Florida
|
+$2.94M |
| 5 |
JGC
J. Goldman & Co
New York
|
+$2.74M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
DCM
Driehaus Capital Management
Chicago,
Illinois
|
-$10.8M |
| 2 |
Vanguard Group
Malvern,
Pennsylvania
|
-$7.58M |
| 3 |
CP
CenterBook Partners
Greenwich,
Connecticut
|
-$5.33M |
| 4 |
Lazard Asset Management
New York
|
-$5.15M |
| 5 |
Arrowstreet Capital
Boston,
Massachusetts
|
-$4.98M |
| Name | Holding | Trade Value |
Shares Change |
Change in Stake |
|
|---|---|---|---|---|---|
|
TAM
176
Tucker Asset Management
Littleton,
Colorado
| – | -$1.87K | -166 | Closed |
|
|
LC
177
Lindbrook Capital
Calabasas,
California
| – | -$519 | -46 | Closed |
|
|
SAM
178
Smartleaf Asset Management
Boston,
Massachusetts
| – | -$491 | -44 | Closed |
|
|
VCM
179
Versant Capital Management
Phoenix,
Arizona
| – | -$384 | -34 | Closed |
|
180
Nisa Investment Advisors
St. Louis,
Missouri
| – | -$169 | -15 | Closed |
|
|
ACM
181
Aquatic Capital Management
Chicago,
Illinois
| – | -$102 | -9 | Closed |
|
MAX Hedge Fund Activity: Q1 2025 in Review
144 of the 7,459 institutional investors tracked by Wall St. Rank reported a position in MediaAlpha (MAX) for Q1 2025, worth a combined $436M — down 20% from $542M a quarter earlier.
Sellers outnumbered buyers: 37 funds closed out of MAX and 20 opened new positions — a net loss of 17 holders — while 45 trimmed existing stakes and 60 added.
The largest buyer was Clearline Capital, adding an estimated $15.7M. The largest seller was Driehaus Capital Management, exiting entirely with an estimated $10.8M sold.
- 144 institutional investors held MediaAlpha (MAX) as of Q1 2025, down from 162 in Q4 2024.
- Funds reported $436M of MediaAlpha stock for Q1 2025, down 20% quarter-over-quarter.
- 20 funds opened new MediaAlpha positions in Q1 2025 and 37 closed out, a net change of -17 holders.
- The largest MediaAlpha buyer in Q1 2025 was Clearline Capital, an estimated $15.7M added.
- The largest MediaAlpha seller in Q1 2025 was Driehaus Capital Management, an estimated $10.8M sold.
Based on aggregated 13F filings for Q1 2025.