MediaAlpha
MAX
152 hedge funds and large institutions have $528M invested in MediaAlpha in 2025 Q2 according to their latest regulatory filings, with 30 funds opening new positions, 66 increasing their positions, 44 reducing their positions, and 22 closing their positions.
4,797% more call options, than puts
Call options by funds: $1.42M | Put options by funds: $29K
50% more funds holding in top 10
Funds holding in top 10: 2 → 3 (+1)
50% more repeat investments, than reductions
Existing positions increased: 66 | Existing positions reduced: 44
36% more first-time investments, than exits
New positions opened: 30 | Existing positions closed: 22
21% more capital invested
Capital invested by funds: $436M → $528M (+$92.2M)
6% more funds holding
Funds holding: 144 → 152 (+8)
1.22% more ownership
Funds ownership: 85.14% → 86.35% (+1.2%)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Goldman Sachs
New York
|
+$12.3M |
| 2 |
Janus Henderson Group
London,
|
+$5.98M |
| 3 |
Nuveen
Charlotte,
North Carolina
|
+$3.81M |
| 4 |
JAM
Jacobs Asset Management
New York
|
+$3.77M |
| 5 |
Lazard Asset Management
New York
|
+$3.76M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
TCM
TimesSquare Capital Management
New York
|
-$12.7M |
| 2 |
CC
Clearline Capital
New York
|
-$11.9M |
| 3 |
Millennium Management
New York
|
-$4.17M |
| 4 |
JGC
J. Goldman & Co
New York
|
-$3.79M |
| 5 |
Citadel Advisors
Miami,
Florida
|
-$3.04M |
MAX Hedge Fund Activity: Q2 2025 in Review
152 of the 7,613 institutional investors tracked by Wall St. Rank reported a position in MediaAlpha (MAX) for Q2 2025, worth a combined $528M — up 21% from $436M a quarter earlier.
Buyers outnumbered sellers: 30 funds opened new MAX positions and 22 closed out — a net gain of 8 holders — while 66 added to existing stakes and 44 trimmed.
The largest buyer was Goldman Sachs, adding an estimated $12.3M. The largest seller was TimesSquare Capital Management, exiting entirely with an estimated $12.7M sold.
- 152 institutional investors held MediaAlpha (MAX) as of Q2 2025, up from 144 in Q1 2025.
- Funds reported $528M of MediaAlpha stock for Q2 2025, up 21% quarter-over-quarter.
- 30 funds opened new MediaAlpha positions in Q2 2025 and 22 closed out, a net change of +8 holders.
- The largest MediaAlpha buyer in Q2 2025 was Goldman Sachs, an estimated $12.3M added.
- The largest MediaAlpha seller in Q2 2025 was TimesSquare Capital Management, an estimated $12.7M sold.
Based on aggregated 13F filings for Q2 2025.