MediaAlpha
MAX
171 hedge funds and large institutions have $618M invested in MediaAlpha in 2025 Q4 according to their latest regulatory filings, with 35 funds opening new positions, 76 increasing their positions, 48 reducing their positions, and 20 closing their positions.
169% more call options, than puts
Call options by funds: $2.29M | Put options by funds: $851K
75% more first-time investments, than exits
New positions opened: 35 | Existing positions closed: 20
58% more repeat investments, than reductions
Existing positions increased: 76 | Existing positions reduced: 48
14% more capital invested
Capital invested by funds: $544M → $618M (+$74M)
9% more funds holding
Funds holding: 157 → 171 (+14)
0.89% less ownership
Funds ownership: 84.87% → 83.98% (-0.89%)
33% less funds holding in top 10
Funds holding in top 10: 3 → 2 (-1)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
DSCM
Divisadero Street Capital Management
Miami,
Florida
|
+$9.31M |
| 2 |
Arrowstreet Capital
Boston,
Massachusetts
|
+$4.1M |
| 3 |
JP Morgan Chase
New York
|
+$3.78M |
| 4 |
JGC
J. Goldman & Co
New York
|
+$3.12M |
| 5 |
Dimensional Fund Advisors
Austin,
Texas
|
+$2.46M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
BBCM
Broad Bay Capital Management
New York
|
-$16.7M |
| 2 |
Millennium Management
New York
|
-$8.28M |
| 3 |
Goldman Sachs
New York
|
-$6.72M |
| 4 |
Lazard Asset Management
New York
|
-$3.35M |
| 5 |
LIP
Lighthouse Investment Partners
Palm Beach Gardens,
Florida
|
-$3.32M |
MAX Hedge Fund Activity: Q4 2025 in Review
171 of the 8,267 institutional investors tracked by Wall St. Rank reported a position in MediaAlpha (MAX) for Q4 2025, worth a combined $618M — up 14% from $544M a quarter earlier.
Buyers outnumbered sellers: 35 funds opened new MAX positions and 20 closed out — a net gain of 15 holders — while 76 added to existing stakes and 48 trimmed.
The largest buyer was Divisadero Street Capital Management, adding an estimated $9.31M. The largest seller was Broad Bay Capital Management, exiting entirely with an estimated $16.7M sold.
- 171 institutional investors held MediaAlpha (MAX) as of Q4 2025, up from 157 in Q3 2025.
- Funds reported $618M of MediaAlpha stock for Q4 2025, up 14% quarter-over-quarter.
- 35 funds opened new MediaAlpha positions in Q4 2025 and 20 closed out, a net change of +15 holders.
- The largest MediaAlpha buyer in Q4 2025 was Divisadero Street Capital Management, an estimated $9.31M added.
- The largest MediaAlpha seller in Q4 2025 was Broad Bay Capital Management, an estimated $16.7M sold.
Based on aggregated 13F filings for Q4 2025.