MediaAlpha
MAX
154 hedge funds and large institutions have $611M invested in MediaAlpha in 2026 Q2 according to their latest regulatory filings, with 22 funds opening new positions, 47 increasing their positions, 66 reducing their positions, and 28 closing their positions.
35% more capital invested
Capital invested by funds: $452M → $611M (+$159M)
33% more funds holding in top 10
Funds holding in top 10: 3 → 4 (+1)
2.12% more ownership
Funds ownership: 87.9% → 90.02% (+2.1%)
6% less funds holding
Funds holding: 163 → 154 (-9)
21% less first-time investments, than exits
New positions opened: 22 | Existing positions closed: 28
29% less repeat investments, than reductions
Existing positions increased: 47 | Existing positions reduced: 66
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
DSCM
Divisadero Street Capital Management
Miami,
Florida
|
+$8.81M |
| 2 |
ER
EVR Research
Richmond,
Virginia
|
+$4.15M |
| 3 |
Citadel Advisors
Miami,
Florida
|
+$3.4M |
| 4 |
Jane Street
New York
|
+$2.54M |
| 5 |
Two Sigma Investments
New York
|
+$2.21M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
JGC
J. Goldman & Co
New York
|
-$5.52M |
| 2 |
PFMOSF
Philadelphia Financial Management of San Francisco
San Francisco,
California
|
-$4.46M |
| 3 |
Qube Research & Technologies (QRT)
London,
United Kingdom
|
-$3.05M |
| 4 |
Franklin Resources
San Mateo,
California
|
-$2.54M |
| 5 |
Pacer Advisors
Malvern,
Pennsylvania
|
-$2.4M |
MAX Hedge Fund Activity: Q2 2026 in Review
154 of the 8,318 institutional investors tracked by Wall St. Rank reported a position in MediaAlpha (MAX) for Q2 2026, worth a combined $611M — up 35% from $452M a quarter earlier.
Sellers outnumbered buyers: 28 funds closed out of MAX and 22 opened new positions — a net loss of 6 holders — while 66 trimmed existing stakes and 47 added.
The largest buyer was Divisadero Street Capital Management, adding an estimated $8.81M. The largest seller was J. Goldman & Co, cutting an estimated $5.52M.
- 154 institutional investors held MediaAlpha (MAX) as of Q2 2026, down from 163 in Q1 2026.
- Funds reported $611M of MediaAlpha stock for Q2 2026, up 35% quarter-over-quarter.
- 22 funds opened new MediaAlpha positions in Q2 2026 and 28 closed out, a net change of -6 holders.
- The largest MediaAlpha buyer in Q2 2026 was Divisadero Street Capital Management, an estimated $8.81M added.
- The largest MediaAlpha seller in Q2 2026 was J. Goldman & Co, an estimated $5.52M sold.
Based on aggregated 13F filings for Q2 2026.